53 Pa. Stat. § 14208
The director shall have power to lease, for a period not to exceed ten years, under such covenants and conditions as he may prescribe, storage facilities, wharves, piers, bulkheads, docks, slips, and basins belonging to said cities. All leases of public storage facilities, wharves, piers, bulkheads, docks, slips, and basins shall be exposed to public sale, and sold to the highest bidder by public sale and vendue or outcry, at such place and time as the director may designate; and, if no bid satisfactory to the said director is made at such sale, the director may, in the manner aforesaid, again expose the said lease or leases to public vendue or outcry; or the director may lease the same, for a term not exceeding one year, for such rent or rents as he may deem advisable. At least two weeks' public notice of such sale or sales shall be given by advertising at least twice a week for two successive weeks, in at least two newspapers of general circulation, published in the city in which the premises are situated. The term of any such lease so sold shall begin within twelve months from the date of such sale. The director may, in his discretion, require of the lessee or lessees a bond, with satisfactory surety, for the faithful performance of the conditions and covenants of said lease; but said cities shall have power, by ordinance heretofore or hereafter enacted, to provide for the leasing of the said structures, or any of them, for such period in excess of ten years and not exceeding fifty years, on such terms and conditions as may be deemed advantageous or desirable, subject to the foregoing provisions with respect to public sale, vendue and outcry, pursuant to published notice and advertisement as hereinabove provided.
53 P.S. § 14208