Section 1. (a) Pursuant to the requirements of subsection (b) of section 20, 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 Borough of Warren to sell and convey certain tracts of land containing 6.826 acres more or less situated in the Borough of Warren, County of Warren and Commonwealth of Pennsylvania.
(b) Said land shall be free of restrictions on use and alienation prescribed by section 20 of the "Project 70 Land Acquisition and Borrowing Act," provided:
(1) The properties shall be sold by the Borough of
Warren at the fair market value which shall be determined by
an independent appraisal.
(2) That 50% of the proceeds of the sale of said
properties be returned to the Commonwealth through deposit
into the Project 70 Land Acquisition Sinking Fund.
(3) That the portion of the proceeds of the sale
retained by the borough be deposited into the borough's
general fund for additional recreational activities or
capital recreational improvements.
(c) The Borough of Warren shall not be required to purchase additional recreational land to replace the Project 70 land disposed of under this act as the recreational needs of the Borough of Warren are more than adequately addressed through other recreational lands and facilities of the Borough of Warren.