Whenever the owners of the property lying on the west side of East First Street and east of the Oswego Canal from the center line of Rochester Street, south to the north line of the premises known as the "stone house" in said city, shall, by quit-claim deed, convey to said city all of their rights, title and interest in said property, such conveyances shall be accepted by the Common Council, and thereafter said property shall be held by the city for park purposes, and no buildings, billboard or other structure shall ever thereafter be erected thereon.