Section 1. Pursuant to the requirements of subsection (b) of section 20, act of June 22, 1964 (P.L.131, No.8), known as the "Project 70 Land Acquisition and Borrowing Act," the General Assembly authorizes the Borough of Shamokin Dam to transfer the hereinafter described land in the Borough of Shamokin Dam in Snyder County to the Department of Transportation for right-of-way for construction of Highway Project, L.R. 1083, Section A10.
Such land shall be free of the restrictions on use and alienation prescribed by section 20 of the act of June 22, 1964 (P.L.131, No.8), known as the "Project 70 Land Acquisition and Borrowing Act," upon:
(1) Payment to the Borough in an amount equal to the fair market value of the land transferred as determined by the Department of Transportation based on appraisals of two qualified real estate appraisers; and
(2) Execution and filing of a document of transfer and release, citing such payment or acquisition, transfer and release of the said land from the restrictions on use and alienation prescribed by subsection (b) of section 20 of said act.
The document of transfer and release in such cases shall, upon such reimbursement or acquisition, be approved by the Department of Justice and filed in the office of the Recorder of Deeds of the county in which the said land is located. Compliance with this subsection constitutes the express approval of the General Assembly of release of the restrictions on use and alienation of lands acquired by the Department of Transportation required by subsection (b) of section 20 of said act.