An Act releasing certain land use restrictions held by the commonwealth in the city of Revere

This bill allows the state of Massachusetts to remove specific land use restrictions on a parcel in Revere, enabling the current owner to develop the property more freely. Under the legislation, the owner must pay the state the full market value of these restrictions, which will be determined by an independent appraisal reviewed by the Inspector General. As a condition of the release, at least 10 percent of any new housing units built on the land must be affordable for households earning up to 80 percent of the area's median income for a period of 20 years. The bill also requires the owner to cover all costs related to the legal and engineering work needed to finalize the land transfer.