Section 3.1. The Department of General Services, with the approval of the Governor, is hereby authorized and directed, on behalf of the Commonwealth of Pennsylvania, to sell and convey to Temple University, of the Commonwealth System of Higher Education, for a consideration equal to the greater of the fair market value, as determined by an independent appraisal obtained by the Department of General Services, or of the cost of acquisition incurred by the Commonwealth, the following tract of land situate in the 20th ward of the City of Philadelphia, Pennsylvania, bounded and described as follows:
Beginning at a point formed by the intersection of the northerly side of Montgomery Avenue (50 feet wide) and the easterly side of 12th Street (50 feet wide); thence extending from said beginning point, along the said easterly side of 12th Street, in a northerly direction, the distance of approximately 280 feet to an existing fence; thence extending along the said fence, in an easterly direction, the distance of 396 feet to a point on the westerly side of 11th Street (50 feet wide); thence extending along the westerly side of 11th Street, in a southerly direction, the distance of approximately 280 feet to the northerly side of Montgomery Avenue aforesaid; thence extending along the said northerly side of Montgomery Avenue, in a westerly direction, the distance of 396 feet to the easterly side of 11th Street and the first mentioned point and place of beginning.
The conveyance shall be made under and subject to all title restrictions of record at the time of the enactment of this act.
A purchase price equal to the greater of the fair market value or the cost of acquisition incurred by the Commonwealth shall be paid to the Commonwealth at time of settlement and shall be utilized to retire any outstanding bonds issued for the acquisition of this property.
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 and as Executive Director of the General State Authority.
Costs and fees incidental to this conveyance shall be borne by the grantee.
(3.1 added Dec. 20, 1984, P.L.1208, No.229)