Section 6. (a) The Department of General Services, with the approval of the Governor and the Department of Education, is hereby authorized and directed, on behalf of the Commonwealth of Pennsylvania, to lease to Temple University, for a term of 50 years and upon such terms and conditions as the Department of General Services shall prescribe, the property described hereinafter in consideration of the assurance by Temple University to continue to use such property in furtherance of its educational mission, specifically for student housing, such property being the tract of land, with improvements thereon, situate in the City of Philadelphia and bounded and described as follows:
Beginning at a point on the northwesterly side of Broad Street, 113 feet wide, which point is measured northeastwardly along the said northwesterly side of Broad Street the distance of 120 feet, more or less, from a point formed by an intersection of the said northwesterly side of Broad Street and the northeasterly side of Diamond Street, 70 feet wide; thence extending from said point of beginning northwestwardly the distance of 138 feet, 7 inches, more or less, to a point; thence extending northeastwardly the distance of 2 1/4 inches, more or less, to a point; thence extending northwestwardly the distance of 61 feet, 5 inches, more or less, to a point on the southeasterly side of Carlisle Street, 40 feet wide; thence extending northeastwardly along the southeasterly side of Carlisle Street the distance of 304 feet, 9 3/4 inches, more or less, to a point on the southwesterly side of a 3-foot wide alley, which extends southeastwardly communicating with various width alleys; thence extending southeastwardly partly along the southwesterly side and the said 3-foot wide alley the distance of 200 feet, more or less, to a point of the said northwesterly side of Broad Street the distance of 305 feet, more or less, to a point, being the first mentioned point and place of beginning.
(b) The instrument of lease shall contain a clause that the property leased thereunder shall be used by Temple University in furtherance of its educational mission, specifically for student housing, and, if at any time Temple University ceases to use such property therefor, the lease shall immediately terminate and full title to the property shall revert to and revest in the Commonwealth of Pennsylvania. The instrument of lease shall be approved as provided by law and shall be executed by the Secretary of General Services in the name of the Commonwealth of Pennsylvania. Prior to execution of the aforementioned proposed lease, there shall be a five-year offsite community development plan that shall be agreed upon in writing between community representatives and Temple University affecting the area bounded by North Broad Street, Susquehanna Avenue, North Fifteenth Street and Diamond Street, pursuant to a memorandum of understanding dated November 19, 1990.
(c) Any costs and fees incidental to the instrument of lease shall be borne by Temple University.