Section 1. (a) Authorization.--The Department of General Services, with the approval of the Governor, is hereby authorized and directed on behalf of the Commonwealth of Pennsylvania to grant and convey to ORIX Wilkinson Neshaminy Venture the tract of land described in subsection (b) for fair consideration based on a fair market value as determined by an independent appraisal.
(b) Description.--The property to be conveyed pursuant to subsection (a) is the following tract of land situate in Bensalem Township, Bucks County, bounded and described as follows:
Starting point is a Railroad Spike placed in the right-of-way for roadway of Neshaminy Boulevard (Formerly Trevose Road, T329); then N 53 degrees 29' 12" W, a distance of 771.21 feet along New Road to point in Center of New Road; then 36 degrees 30' 48" E, a distance of 16.50 feet to Railroad Spike; then N 53 degrees 29' 12" W, a distance of 261.54 feet to a point in the Right-of-Way of US Route 1 (L.R. 281 Par); then along the Right-of-Way for US Route 1 along the arc of a circle curving to the right having a radius of 34,297.48 feet for an arc distance of 493.68 feet, a chord distance of 114.09 feet bearing S 36 degrees 06' 03" E to a point; then S 53 degrees 29' 12" E, a distance of 1094.05 feet to point in the right-of-way for Neshaminy Boulevard (Formerly Trevose Road, T329); then S 61 degrees 08' 00" W, a distance of 143.63 feet along the right-of-way for Neshaminy Boulevard to the point of beginning.
Containing 3.0888 acres of land.
Being a portion of that tract, which was granted to the Department of General Services, by deed dated September 30, 1985, recorded in Deed Book 1364, Page 604.
(c) Easements.--The conveyance shall be made under and subject to all easements and rights of others, including, but not confined to, streets, roadways and rights of any telephone, telegraph, water, electric, sewer, gas or pipeline companies, as well as under and subject to any interest, estates or tenancies vested in third persons, whether or not appearing of record, for any portion of the land or improvements erected thereon.
(d) Execution.--The Deed of Conveyance 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. In the event this property is not conveyed to ORIX Wilkinson Neshaminy Venture within 12 months of the effective date of this act, at the discretion of the Secretary of General Services the property shall be offered for sale through auction, sealed bid or request for proposal, under terms of the act of April 9, 1929 (P.L.177, No.175), known as The Administrative Code of 1929, and conditions in section 2405-A of The Administrative Code of 1929 authorizing the sale of the herein-noted property to ORIX Wilkinson Neshaminy Venture shall automatically cease and become null and void.
(e) Costs.--Costs and fees incidental to this conveyance shall be borne by the Grantee.