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 certain land use restrictions on a specific parcel in Revere, enabling the current owner to develop the land more freely. The restrictions being lifted include limits on using the land only for parking, preventing the owner from increasing floor area ratios on neighboring properties, and a right of reverter held by a trust. To compensate the state, the landowner must pay a fair market value determined by an independent appraisal reviewed by the inspector general. As a condition of this release, at least 10% of any new housing units built on the land must be affordable for households earning up to 80% of the area median income for 20 years.