(a) When it is in the best interest of the state, and subject to the requirements of this chapter and the notice provisions of AS 38.05.945, the director may, with the consent of the commissioner, dispose of state land or interest in land, including the land estate, the mineral estate, or both, by exchanging it for land, interest in land, or other consideration.
(b) Land or an interest in land exchanged must be of approximately equal value; however, the director may accept from or pay to a party to an exchange cash or other consideration to equalize the value of the property conveyed and received by the state. If the director determines that the property to be exchanged is not of approximately equal value or if the value of the property cannot be ascertained with reasonable certainty, the director may enter into an exchange with a finding that the value of the property received, together with the value of other public benefits, equals or exceeds the value of the property relinquished by the state.
(c) Exchange procedures must comply with applicable statutes and regulations and follow the determination and review procedures provided under AS 38.05.035(e). The director may include in a patent or the written finding stipulations necessary to promote or protect the public interest.
(d) If the value of the state land exchanged exceeds $5,000,000, or if the exchange is not of an approximately equal value, the director shall forward the proposed exchange to the legislature for review under AS 38.50.140 not later than 10 days after the convening of the next legislative session.