(1) The Commissioner of Public Property and The Vacant Property Review Committee are, upon adoption by Council of a Resolution favorably recommended by Council's Committee on Public Property and Public Works, charged with the responsibility of acquiring or making available real estate within the definitions and pursuant to and in accordance with Chapter 16-400 of The Philadelphia Code and procedures adopted for the implementation thereof for this Program.

(2) Said Resolution shall describe each parcel of real estate to be included in this Program; identify the prospective applicant for each parcel or parcels of real estate; and describe the nature of the proposed use or reuse of each parcel or parcels of real estate.

(3) Said Resolution shall also authorize and direct the Commissioner of Public Property to convey title to the parcel or parcels of real estate to The Redevelopment Authority in accordance with and pursuant to Chapter 16-400 of The Philadelphia Code and procedures adopted for the implementation thereof who, in turn, will dispose of said property pursuant to and in accordance with Chapter 16-400 of The Philadelphia Code and procedures adopted for the implementation thereof.

(4) All conveyances hereunder shall be pursuant to Section 16-405 of The Philadelphia Code and shall include a provision that the selected recipient or recipients may not sell or otherwise dispose of real estate acquired pursuant to this Program for a period of three (3) years subsequent to the date of the Deed at a price greater than fifteen per cent over and above the documented cost of rehabilitation, improvement or development of the real estate unless authorized to do so by Resolution adopted by City Council.