(a) A land bank may convey to a public entity such as a flood control district or a municipal parks and recreation department real property held by the land bank:
(1) for which the highest and best use is flood control or storm water retention or drainage; and
(2) that, as a result of housing and building code restrictions, flood plain elevations, other local, state, or federal laws, or public or private agreements, conditions, and limitations, is no longer capable of being developed or redeveloped.
(b) The transfer of real property by a land bank under this section may be:
(1) by grant, deed lease, or other conveyance and may include additional limitations, restrictions, and conditions determined by the land bank; and
(2) for nominal consideration, for consideration consisting of contractual commitments, for an exchange of real properties, or for other consideration determined by the land bank.