Section 1

Section 1. The Commonwealth of Pennsylvania owns the lands within the bed of the Delaware River between the bulkhead and pierhead lines and a point north of the north line of Market Street produced and a point north of the north line of Race Street produced in the fifth ward of the City of Philadelphia, which lands consist of a portion of Penn's Landing (Stage II). Penn's Landing in the City of Philadelphia is the historic site on the bank of the Delaware River at which William Penn disembarked to found the colonial Province of Pennsylvania. The City of Philadelphia desires to eliminate the blight and deterioration which now exist in this historic area and undertake the redevelopment of this site for the substantial benefit of the people of the City of Philadelphia and the surrounding areas. The Commonwealth has agreed to assist the City of Philadelphia in the renewal of this historic area by leasing a portion of the bed of the Delaware River in Penn's Landing (Stage II) to the City of Philadelphia as hereinafter provided.