Bill > H5415

This bill authorizes the Commissioner of Capital Asset Management and Maintenance to convey a certain parcel of land in the town of Lancaster. The key provisions are: 1. The town of Lancaster must pay the Commonwealth $1 as consideration for the land conveyance. 2. If the town sells or leases any portion of the land, the net proceeds will be split equally between the town and the Commonwealth, though the Commonwealth's share can be reduced to not less than 40% to provide incentives for the town to sell or lease the land expeditiously. 3. If the town retains all or any portion of the land for municipal purposes, it must pay the Commonwealth the fair market value for the retained portion, as determined by an independent appraisal approved by the Inspector General. 4. The town of Lancaster must pay all costs and expenses related to the land conveyance and ownership, except for the cost of the appraisal under Section 4. 5. If the town does not complete the purchase by June 30, 2024, the Commissioner may sell, lease, or otherwise convey the land to other purchasers or lessees using competitive bidding processes.

Budget and Finance

Joint Committee on State Administration and Regulatory Oversight (J)

https://malegislature.gov/Bills/192/H5415