Section 4. Penn's Landing development.
The Department of General Services, with the approval of the Governor and the Department of Environmental Protection, is authorized to take such action with respect to the Commonwealth's real property interests in the site commonly known as Penn's Landing, on portions of the Delaware River between a point north of Market Street and South Street, as appropriate, to facilitate the further development plans for the real property, including, but not limited to, conveying any land to the west of the bulkhead line to the City of Philadelphia and entering into a submerged lands lease with the City of Philadelphia for an initial term of 99 years and a renewal term, to be exercised in the discretion of the Department of General Services, of an additional 99 years, on such terms and conditions as are acceptable to the Department of General Services.