Section 1. Pursuant to the requirements of subsection (b) of section 20, act of June 22, 1964 (P.L.131, No.8), known as the "Project 70 Land Acquisition and Borrowing Act," the General Assembly authorizes the City of Bethlehem to transfer the hereinafter described land in the City of Bethlehem in Northampton County to the Department of Transportation for right-of-way for construction of Highway Project, L.R. 1045, Section F03, involving new location of Interstate 78.
Such land shall be free of the restrictions on use and alienation prescribed by section 20 of the act of June 22, 1964 (P.L.131, No.8), known as the "Project 70 Land Acquisition and Borrowing Act," upon:
(1) Payment to the city in an amount equal to the fair market value of the land transferred; or
(2) At the option of the city, acquisition by the Department of Transportation of suitable replacement land, as approved by the Department of Justice; and
(3) Execution and filing of a document of transfer and release, citing such payment or acquisition, transfer and release of the said land from the restrictions on use and alienation prescribed by subsection (b) of section 20 of said act.
The document of transfer and release in such cases shall, upon such reimbursement or acquisition, be approved by the Department of Justice and filed in the office of the Recorder of Deeds of the county in which the said land is located. Compliance with this subsection constitutes the express approval of the General Assembly of release of the restrictions on use and alienation of lands acquired by the Department of Transportation required by subsection (b) of section 20 of said act.