Section 1. Lower Merion Township, Montgomery County.
(a) Authorization.--Pursuant to the requirements of section 20(b) of the act of June 22, 1964 (Sp.Sess., P.L.131, No.8), known as the Project 70 Land Acquisition and Borrowing Act, the General Assembly authorizes the release of Project 70 restrictions on a portion of lands owned by Lower Merion Township, Montgomery County, which are more particularly described in subsection (c), for a consideration of $180,000, which represents the fair market value of the property as determined by an appraisal, in return for imposition of Project 70 restrictions on other land to be conveyed and deeded to the township, as described in subsection (d).
(b) Freedom of restrictions.--The land described in subsection (c) shall be free of restrictions on use and alienation imposed by the Project 70 Land Acquisition and Borrowing Act upon conveyance of the land by Lower Merion Township.
(c) Land to be released from restrictions.--The section of the land to be released from Project 70 restrictions is situated in the Township of Lower Merion, Montgomery County, and more particularly described as follows:
All that certain lot or piece of ground with the buildings and improvements thereon erected, situate in Lower Merion Township, Montgomery County, Pennsylvania and described according to the final subdivision plan for Portions of 112 Mary Waters Ford Road, prepared for Lower Merion Township, by Pennoni Associates, Inc., dated November 27, 2006, last revised March 19, 2008, as follows to wit:
Beginning at the point on the easterly side of Smith Drive (50 feet wide) which point is located the following four courses and distances from the intersection of the centerline of Mary Waters Ford Road with the easterly side of the above mentioned Smith Drive (50 feet wide) as follows: (1) extending along the easterly side of Smith Drive (50 feet wide) S 25°01'00" E, the distance of 100.98 feet to a point of curvature; thence (2) along the arc of a circle curving to the right having a radius of 710.58 feet the arc distance of 99.84 feet to a point of reverse curvature; thence (3) along the arc of a circle of reverse curvature curving the left with a radius of 710.58 feet the arc distance of 99.84 feet to a point on the easterly side of Smith Drive; thence (4) S 25°01'00" E, the distance of 88.33 feet to the place of beginning; thence extending from said point of beginning N 68°21'37" E the distance of 160.88 feet to a point; thence S 21°38'23" E the distance of 90.68 feet to a point; thence S 64°59'00" W the distance of 155.26 feet to the easterly side of the aforesaid Smith Drive; thence extending along the easterly side of said Smith Drive N 25°01'00" W the distance of 100.00 feet to the first mentioned point and place of beginning and containing these metes and bounds 15,057 square feet of land, more or less. Be the contents thereof what they may.
(d) Use of sale proceeds.--The consideration of $180,000 from the sale of the land shall be deposited in a special account established by Lower Merion Township for acquisition of park land. Within two years of the effective date of this section, the township shall acquire park land of equal market value and equivalent usefulness to replace the land described in subsection (c). Use of funds from the special account must be approved by the Department of Conservation and Natural Resources. Any funds remaining in the special account after two years of the effective date of this section shall be paid to the Commonwealth for deposit into the Project 70 Land Acquisition Sinking Fund.
(e) Remedies.--If Lower Merion Township fails to comply with subsection (d), the Department of Conservation and Natural Resources may invoke the remedies provided for in section 20 of the Project 70 Land Acquisition and Borrowing Act.
(f) Project 70 deed clause.--The following restrictions shall be included in the deed for the replacement land:
"This indenture is given to provide land for recreation, conservation and historical purposes, as said purposes are defined in the act of June 22, 1964 (Sp.Sess., P.L.131, No.8), known as the Project 70 Land Acquisition and Borrowing Act."
(g) Costs and fees.--Costs and fees incidental to this conveyance shall be borne by the grantee.