Norfolk State University is authorized to enter into a written agreement with the City of Norfolk, the Transportation District Commission of Hampton Roads, operating as Hampton Roads Transit, and the Norfolk Redevelopment and Housing Authority relating to the Norfolk Light Rail Transit Project, pursuant to which the university will convey to the City fee simple title to a parcel of land containing 0.98 acres, more or less, and will grant a number of easements to the City to serve the operational needs of Norfolk's light rail transit system. The transit system extends along, and adjacent to, the entire southern boundary of the university's campus. As part of the consideration and in exchange, and at no additional cost to the Commonwealth, the university is authorized to acquire from the City of Norfolk fee simple title to certain properties now comprising the McDemmond Center's improved parking lot, located at the southeast corner of the intersection of Reservoir and Claiborne Avenues, as well as various remnant parcels as described in the agreement, including parcels containing 1.373, 0.198, and 0.124 acres, more or less, and a parcel comprised of a narrow strip of land lying, in part, between the rail line corridor and the university's Ballentine parking lot, all primarily to serve the parking and open space needs of the university. Prior to acceptance thereof, assurances to the satisfaction of the Governor, or his designee, shall be obtained through an environmental study indicating the properties to be acquired are free from hazardous materials and conditions.