§ 701. Title to historic property.

(a) General rule.--Unless otherwise provided by statute with respect to particular historic property, the title to historic property shall be taken in the name of this Commonwealth and shall, before its acquisition, be certified by counsel for the commission.

(b) Leases.--

(1) For purposes of historic preservation, or for educational, recreational or agricultural purposes, or for parking areas or concessions for the convenience and comfort of the public, the commission may lease historic property for a period not to exceed five years to any person or organization of the Commonwealth. The commission shall lease the property in the following manner:

(i) Those sites and museums which have nonprofit allied groups whose purpose is related to the educational mission of a particular property shall receive special contract preference. In those instances where the above criteria is met, the commission shall be permitted to enter into a lease without competitive bidding.

(ii) When the criteria enumerated in subparagraph

(i) are not met, sites and museums are to be leased in accordance with competitive bidding procedures, i.e. open to all profit and nonprofit organizations. All requests for bid proposals, as well as the leases, shall contain restrictions protecting the historical integrity of the site, insuring that appropriate historical preservation standards are maintained and require appropriate insurance coverage by the lessee.

(2) If a substantial capital investment is involved, the commission may, with the approval of the Governor, enter into such leases for that period required under sections 48(g)(2)(B)(vi) and 168(c) of the Internal Revenue Code of 1986 (Public Law 99-514, 26 U.S.C. §§ 48, 168) relating to investment tax credit for historic preservation.

(3) The commission shall monitor those leased properties to insure they are being managed in accordance with State law.

(4) The commission may lease historic property to a political subdivision willing to assume total fiscal and management responsibility for a period of time up to 99 years, provided that such leases contain restrictions protecting the historical integrity of the site, insuring that appropriate historical preservation standards are maintained and require appropriate insurance coverage by the lessee.