Section 2. Land within the Delaware River bed.
(a) Authorization.--The Commonwealth owns the lands within the bed of the Delaware River, a portion of which lands are located in the 5th ward of the City of Philadelphia, and includes lands commonly known as piers No. 36 North, No. 37 North, No. 38 North and No. 39 North. The Department of General Services, with the concurrence of the Department of Environmental Protection, acting on behalf of the Commonwealth, is hereby authorized to lease to the Isle of Capri Associates, for an initial term of up to 99 years, land within the bed of the Delaware River in the City of Philadelphia and to extend the period for all or any portion of the leased premises for an additional term of up to 99 years.
(b) Description.--The land to be leased is more particularly described as follows:
ALL THAT CERTAIN lot or piece of land situate in the 5th ward of the City of Philadelphia more particularly bound and described according to a plan of ALTA/ACSM land title survey of Tabas Riverfront Property prepared by Pennoni Associates Inc. and dated June 10, 1994, as follows to wit:
BEGINNING at a point, said point being north 40 degrees 00 minutes 13 seconds east a distance of 140.223 feet from the intersection of the easterly right-of-way of Delaware Avenue (width varies) and the southeasterly right-of-way of Penn Street (60 feet wide), north 40 degrees 00 minutes 13 seconds east, a distance of 624.260 feet to a point; thence (2) leaving the southeasterly right-of-way of Penn Street (60 feet wide) and passing through the center of a 10 feet wide alley, south 49 degrees 59 minutes 47 seconds east a distance of 723.219 feet to a pierhead line in the Delaware River, established January 5, 1894, approved by the Secretary of War September 10, 1940; thence (3) along the pierhead line in the Delaware River established January 5, 1894, approved by the Secretary of War September 10, 1940, south 44 degrees 43 minutes 16 seconds west a distance of 426.580 feet to a point; thence (4) along the same, south 25 degrees 35 minutes 34 seconds west a distance of 136.878 feet to a point on the northerly line of Fairmont Avenue produced; thence (5) along the northerly line of Fairmont Avenue produced, north 75 degrees 01 minutes 01 second west a distance of 55.471 feet to a point; thence (6) leaving the northerly line of Fairmont Avenue produced, along the southerly side of Cohocksink Creek, north 49 degrees 23 minutes 29 seconds west a distance of 361.500 feet to a point; thence (7) along the same, north 71 degrees 14 minutes 28 seconds west a distance of 125.677 feet to a point; thence (8) along the same north 50 degrees 20 minutes 49 seconds west a distance of 194.573 feet to the point of beginning being known as Nos. 877-923 Penn Street (Piers 36 to 39 North). Excepting, however, such portion of said described parcel situate to the west of the bulkhead line of the Delaware River established January 5, 1894, and approved by the Secretary of War September 10, 1940.
(c) Lease agreement.--The lease and any other documents hereby contemplated shall be approved by the Attorney General and shall be executed by the Department of General Services, with the approval of the Department of Environmental Protection, in the name of the Commonwealth. The lease shall grant the lessee the right to assign the lease or sublease or permit the sublease of the above-described premises for the purposes of development for residential, office, commercial, condominium, hotel, marina or other uses.
(d) Sublease.--The Department of General Services, with the concurrence of the Department of Environmental Protection, acting on behalf of the Commonwealth of Pennsylvania, is also specifically authorized to enter into one or more nondisturbance agreements with any sublessee of the premises described in this act pursuant to which the Commonwealth will agree that, if the Commonwealth succeeds to the interest of the sublessor under the sublease, it will not terminate the sublease unless the sublessee is in default.
(e) Improvements.--The Department of General Services, with the approval of the Attorney General, is hereby authorized to execute, on behalf of the Commonwealth of Pennsylvania, any declaration or other document necessary to submit these premises or any portion thereof and any improvements thereon to the provisions of 68 Pa.C.S. Pt. II Subpt. B (relating to condominiums) as a leasehold condominium.
(f) Consideration.--The Department of General Services shall lease to the Isle of Capri Associates the land within the bed of the Delaware River as described in subsection (b) upon such terms and conditions and for such consideration as it shall, with the concurrence of the Department of Environmental Protection, establish through the lease agreements.