B. 1. Except as otherwise provided by subsection C of this section, no sale of any real property or personal property having a fair market value exceeding the public construction contract amount specified by the Public Competitive Bidding Act of 1974 shall be made by the port authority unless notice calling for bids for the contract has been given by publication as provided by Section 1101 of this title.

2. No sale of real property or personal property shall be made except to the highest responsible bidder.

3. In the case of any sale of land by the port authority requiring competitive bids, specifications for the bids for the sale shall be in such form and detail as is determined by the port authority. Provided, however, if the port authority finds that an immediate emergency exists, which findings shall be entered in the minutes of the port authority, by reason of which an expenditure in an amount exceeding the public construction contract amount specified by the Public Competitive Bidding Act of 1974 is necessary in order to avoid loss of life, substantial damage to property, or damage to the public peace or safety, then such contracts may be executed without public notice or competitive bids.

1. The real property or personal property is to be sold for industrial development purposes;

2. The real property or personal property was acquired by the port authority for industrial development purposes; and

3. The contract for the sale of the real property or personal property has been approved by the board of directors of such port authority.