Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. The commissioner of the division of capital asset management and maintenance, in consultation with the armory commission, may, notwithstanding the provisions of sections 40F, 40H and 40I, of chapter 7 of the General Laws, convey to the city of Malden for nonprofit recreational, educational or community use, the parcel of land and building situated thereon used as a state armory and commonly known as the Malden armory property. Said parcel being the same taken by said armory commission on October 30, 1907. The filing of a description of said land for the record in the Middlesex Southern district registry of deeds, recorded in Book 3334, Page 501 and by a plan of the same entitled, "Plan of the Armory Lot Malden, Massachusetts", dated October 16, 1907.

The consideration for the conveyance authorized by this act shall be the full and fair market value of the property, taking into consideration and account the use, restriction, value of any real estate said city of Malden may add to the Malden Armory Project by the city and the Malden Housing Authority for public use the value of any in-kind services to be provided by said city of Malden, any quasi-governmental agency, or any successor in title to said city of Malden.

There shall be an independent appraisal for use as described in this act of the fair market value of the property conveyed by the commonwealth to the city as consideration. The inspector general shall review and approve said appraisal and shall include an examination of the methodology utilized for the appraisal. Said inspector general shall prepare a report of his review and approval and file said report with said commissioner for submission to the house and senate committees on ways and means and the chairmen of the joint committee on state administration in accordance with this act. Said commissioner shall, 30 days before the execution of any agreement authorized by this act, or any subsequent amendment thereof, submit the agreement or amendment and a report thereon to said inspector general for his review and comment. Said inspector general shall issue his review and comment within 15 days of receipt of any agreement or amendment. Said commissioner shall submit the agreement and subsequent amendments thereof, the reports and the comments of said inspector general, if any, to the house and senate committees on ways and means and to the chairmen of the joint committee on state administration at least 15 days before execution.

SECTION 2. The city of Malden shall pay as part of the consideration described in section 1, the sum of $500,000 in the following manner. In fiscal year 2001 to 2005, inclusive, the city's lottery distribution from the State Lottery Fund under the provisions of section 35 of chapter 10 of the General Laws shall be reduced by $100,000.

SECTION 3. If the property is not used for the purposes described in this act, or is used for any other purpose, upon notice by the commissioner of the division of capital asset management and maintenance, the property shall revert to the care and control of the commonwealth through said division, under the care and control of the armory commission, and any further disposition of the property shall be subject to sections 40E to 40J, inclusive, of chapter 7 of the General Laws.

SECTION 4. The city of Malden shall pay all expenses associated with and any cost of appraisals, surveys and other expenses relating to the transfer of the land, and any cost and liabilities and expenses of any nature and kind for its ownership, maintenance or operation.