Section 1. (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 hereby authorizes the release of Project 70 restrictions and sale of the lands owned by the City of Erie which are more particularly described in subsection (c) for a consideration of $150,000, which sum represents the fair market value of the property as determined by an appraisal.
(b) Freedom of restrictions.--The lands 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 said lands by the City of Erie.
(c) Land to be released from restrictions.--The parcel of land to be released from Project 70 restrictions is situated in the City of Erie, Erie County, and more particularly described as follows:
Beginning at an iron pin at the intersection of the north Right-of-Way of West Grandview Boulevard and the west Right-of- Way of Ellsworth Avenue; thence along said Right-of-Way of Ellsworth Avenue, North 27 degrees 46 minutes 19 seconds West, 1290.92 feet to an iron pin; continuing along said Right-of-Way, curving to the right, with a radius of 450.00 feet, an arc distance of 62.74 feet to an iron pin; continuing along said Right-of-Way, curving to the left, with a radius of 390.00 feet, an arc distance of 57.27 feet to an iron pin; continuing along said Right-of-Way, North 28 degrees 11 minutes 49 seconds West, 16.20 feet to an iron pin; thence South 80 degrees 43 minutes 46 seconds West, 238.23 feet to a stone monument in Lands of the Housing Authority of the City of Erie; thence along said lands, South 28 degrees 09 minutes 18 seconds East, 245.62 feet to a monument; thence along said lands, South 60 degrees 49 minutes 43 seconds West, 246.25 feet to a monument; thence along the lands of Lake Erie College of Osteopathic Medicine, South 28 degrees 08 minutes 21 seconds East, 960.22 feet to a monument; thence along the lands of FSJ Rental Properties, North 60 degrees 59 minutes 06 seconds East, 246.50 feet to a monument; thence by said lands, South 28 degrees 09 minutes 18 seconds East, 300.36 feet to a monument in the north Right-of-Way of West Grandview Boulevard; thence along said Right-of-Way, North 60 degrees 59 minutes 40 seconds East, 207.87 feet to an iron pin, Point of Beginning.
Containing 12.617 acres.
(d) Use of proceeds.--The $150,000 consideration from the sale of the land shall be deposited in a special account established by the City of Erie for acquisition or development of park land. Use of funds from the special account must be approved by the Department of Conservation and Natural Resources.
(e) Condition of sale.--The City of Erie shall authorize the sale of the property described in subsection (c) and convey such property under the terms and conditions provided herein to the Lake Erie College of Osteopathic Medicine, a Pennsylvania nonprofit corporation, of the City of Erie, County of Erie, State of Pennsylvania. All costs and fees incidental to the conveyance shall be borne by the grantee.