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, acting in consultation with the commissioner of the metropolitan district commission may, subject to the provisions of sections 40E to 40J, inclusive, of chapter 7 of the General Laws, convey and sell by deed a certain parcel of state-owned land acquired for park and recreation purposes and located on the corner of the intersection of Mugar Way and Beaver Place in the city of Boston as described in a deed recorded with the Suffolk county registry of deeds in Book 3915, Page 525 to an individual or entity for residential or recreational purposes. The exact boundaries of the property shall be determined by the commissioner, based on a survey.

SECTION 2. The parcel shall be conveyed to the highest bidder for an amount that is equal to or greater than the full and fair market value of the parcel as determined by an independent appraisal. The inspector general shall review and approve the appraisal, and the review shall include an examination of the methodology utilized for the appraisal. The inspector general shall prepare a report of his review and file the report with the commissioner of the division of capital asset management and maintenance for submission to the house and senate committees on ways and means and the joint committee on state administration.

SECTION 3. The recipient of the property shall assume all costs of any appraisals, surveys, title examinations, deed preparation and other expenses deemed necessary by the commissioner. The recipient of the property shall acquire it in its existing condition without warranty by the commonwealth.

SECTION 4. If the parcel of land conveyed by this act is not used for residential or recreational purposes, all interests in the parcel shall revert to the commonwealth.