USE AND DISPOSITION OF NAVAL PROPERTY.

(a) The authority may use naval property in ways that replace and enhance the economic benefits generated by the former Naval Station Ingleside through diversified activities, including uses to foster:

(1) job creation and retention;

(2) economic development;

(3) industry;

(4) commerce;

(5) manufacturing;

(6) housing;

(7) recreation; and

(8) infrastructure installation on naval property.

(b) The port commission may:

(1) declare any portion of naval property surplus if the property is not needed for a navigation-related project; and

(2) sell or lease the surplus property on terms the port commission considers advisable to carry out the purposes of this chapter.

(c) Notwithstanding any other law and subject to the terms of this subsection, the authority may sell or lease property declared surplus under this section with or without public bidding. The authority may not sell naval property declared surplus under this section in a private sale for less than the property's fair market value. The authority shall obtain an appraisal of the surplus property, which is conclusive evidence of the surplus property's fair market value.

(d) The authority may contract with another person for assistance in accomplishing the purposes of this section by competitive bidding or negotiated contract as the port commission considers appropriate, desirable, and in the authority's best interests.