With the approval of the legislative body of each governmental unit in which a project is proposed to be located, the Board of Public Works may convey to the Corporation, for economic development purposes, any real property, including improvements, that: was transferred to the State, by gift or otherwise for substantially below market value, as a vacant or underutilized industrial facility or site; has existed for at least 10 years; and is at least 10 acres. If a person who transfers property described in subsection (a)(1) of this section to the State owns property adjoining the transferred property, the Board of Public Works shall have the first option to purchase the adjoining property at a price determined when the original property was transferred. Property conveyed under this section may be insured under Title 9 of the State Finance and Procurement Article.