Section 1. (a) Authorization.--Pursuant to the requirements of section 20(b) of the act of June 22, 1964 (Sp.Sess., P.L.131, No.8), known as the Project 70 Land Acquisition and Borrowing Act, the General Assembly hereby authorizes the release of Project 70 restrictions and sale of the lands owned by the City of Warren which are more particularly described in subsection (c) for a consideration of $123,500, which sum represents the fair market value of the property as determined by an appraisal.
(b) Freedom of restrictions.--The lands described in subsection (c) shall be free of restrictions on use and alienation imposed by the Project 70 Land Acquisition and Borrowing Act upon conveyance of said lands to Warren General Hospital.
(c) Lands to be released from restrictions.--The parcel of land to be released from Project 70 restrictions is situated in the City of Warren, Warren County, and more particularly described as follows:
All that certain piece or parcel of land being lots 39, 40, 43 and 44 as numbered on the map of Richlands which is recorded in the Recorders Office of Warren County in Deed Book 52 at page 162, said lots lying between Lee Street and Wayne Street. Containing 0.81 acres, more or less as shown on a survey plan prepared for Warren General Hospital by David See Surveyors and dated October 2, 2001.
(d) Use of proceeds.--The $123,500 consideration from the sale of the land shall be deposited in a special account established by the City of Warren for acquisition or development of park land to include a ballfield, parking lot and access road. Use of funds from the special account must be approved by the Department of Conservation and Natural Resources. Any funds remaining in the special account after five years of the date of deposit by the City of Warren shall be paid to the Commonwealth for deposit into the Project 70 Land Acquisition Sinking Fund.