(a) The commission may enter into an exchange, with any person or any private or public entity, of filled or reclaimed tide and submerged lands or beds of navigable waterways, or interests in these lands, that are subject to the public trust for commerce, navigation, and fisheries, for other lands or interests in lands, if the commission finds that all of the following conditions are met:

1. (1) The exchange is for one or more of the purposes listed in subdivision (c).
2. (2) The lands or interests in lands to be acquired in the exchange will provide a significant benefit to the public trust.
3. (3) The exchange does not substantially interfere with public rights of navigation and fishing.
4. (4) The monetary value of the lands or interests in lands received by the trust in exchange is equal to or greater than that of the lands or interests in lands given by the trust in exchange.
5. (5) The lands or interest in lands given in exchange have been cut off from water access and no longer are in fact tidelands or submerged lands or navigable waterways, by virtue of having been filled or reclaimed, and are relatively useless for public trust purposes.
6. (6) The exchange is in the best interests of the state.

(c) An exchange made by the commission pursuant to subdivision (a) shall be for one or more of the following purposes, as determined by the commission:

1. (1) To improve navigation or waterways.
2. (2) To aid in reclamation or flood control.
3. (3) To enhance the physical configuration of the shoreline or trust land ownership.
4. (4) To enhance public access to or along the water.
5. (5) To enhance waterfront and nearshore development or redevelopment for public trust purposes.
6. (6) To preserve, enhance, or create wetlands, riparian or littoral habitat, or open space.
7. (7) To resolve boundary or title disputes.