Section 1. Land in Mercer County.
(a) Conveyance.--The following described parcels of land situated in the Borough of Grove City, Mercer County, are hereby released from any restrictions imposed under provisions of the act of January 19, 1968 (1967 P.L.996, No.443), known as The Land and Water Conservation and Reclamation Act.
PARCEL NO. 1
Beginning at a point at the northeast corner of formerly the Wesley McDowell lot; thence south 79 degrees 30 minutes east 30 feet by the south line of a ten-foot alley to the northwest corner of the State Armory lot; thence south 11 degrees west 150 feet by the west line of said Armory lot to the north line of Erie Street; thence north 79 degrees 30 minutes west 30 feet by the north line of Erie Street to the said McDowell lot; thence north 11 degrees east 150 feet to the place of beginning.
Containing .1 acre more or less.
PARCEL NO. 2
Commencing at the northwest corner on the south side of an alley; thence south 81 degrees 30 minutes east 62 feet by said alley; thence south 8 degrees 30 minutes west 150 feet; thence north 81 degrees 30 minutes west 62 feet by the north side of Erie Avenue; thence north 8 degrees 30 minutes east 150 feet to the place of beginning.
Containing .2 acres more or less.
(b) Consideration.--The Borough of Grove City shall, for release of the Project 500 restrictions from the land described in subsection (a), deposit the sum of $40,000 into a special account established for development of outdoor recreation facilities at Memorial Park or Hunter Farm Tract, or both. No funds shall be dispensed from this special account until a plan is prepared for use of the funds by the Borough of Grove City and such plan has been approved by the Department of Community Affairs. Any funds remaining in the special account after five years from the effective date of this act shall be paid to the Commonwealth.