Bill > S1706

This bill modifies existing laws concerning the sale and use of specific land parcels in Revere, Massachusetts. Primarily, it amends a 2011 law to stipulate that when the City of Revere sells certain parcels, referred to as the "north lot" and "maintenance facility lot," a portion of the sale proceeds must be placed into an escrow account managed by the commissioner of the division of capital asset management and maintenance (DCAMM), in consultation with the commissioner of conservation and recreation (DCR) and the city. These funds, along with any interest, are designated for various costs associated with designing and constructing a replacement maintenance facility on the Revere Beach Reservation, acquiring these lots from the Commonwealth, selling them to a redeveloper, and other public improvements related to transit-oriented development at Revere Beach, all subject to DCAMM and DCR approval. The bill also adds a new section to a 1977 law, authorizing an "Authority" to convey a parcel to the City of Revere for a price equivalent to the capitalized value of a lease, with the city retaining the right to convey it to a redeveloper for projects consistent with the act.