Pub. Resources Code, § 5540.5

(a) Notwithstanding Section 5540, a district, with the approval by a two-thirds vote of the members of its board of directors, may exchange real property or an interest in real property dedicated and used for park or open-space purposes, or both park and open-space purposes, for real property or an interest in real property that the board of directors determines to be of equal or greater value and necessary to be acquired for park or open-space purposes, or both park and open-space purposes.

(b) If a proposed exchange of real property or an interest in real property pursuant to subdivision (a) is not feasible due to inability to identify a compatible or comparable exchange on an equal or greater value basis or for park or open-space purposes under subdivision (a), the East Bay Regional Park District may accept monetary compensation concluded by a highest and best market value determined and documented by a certified, licensed appraiser. The acceptance of monetary compensation under this subdivision is only permissible when the real property or interest in real property exchange is with another public agency. Monetary compensation accepted pursuant to this subdivision shall be used to purchase real property or an interest in real property for park and open-space purposes.

(c) A district shall not in a calendar year exchange more than 10 acres of district-owned real property or an interest in real property pursuant to this section for other real property or an interest in real property, and the real property or interest in real property acquired by the district shall be adjacent to other real property owned by the district.

(d) Notwithstanding subdivision (c), the East Bay Regional Park District, the Midpeninsula Regional Open Space District, and the Sonoma County Agricultural Preservation and Open Space District may exchange up to a maximum of 80 acres of district-owned real property or an interest in real property in a calendar year pursuant to this section for other real property or an interest in real property, and real property or an interest in real property acquired pursuant to this section by the district shall be adjacent to other real property owned by the district.