Sec. 2. All that part of the real property known as Wolf Lake Memorial Park located in North Township, Lake County, Indiana, that:
(1) on March 14, 1957, was held by the state; and
(2) was not in use and occupied on March 15, 1957, by a toll road project constructed and maintained under IC 8-15-2;
is dedicated as a public recreation area. The use, possession, operation, maintenance, and development of the dedicated real property is vested perpetually in the city of Hammond, Indiana, subject to the limitations set forth in this chapter.