(1) Such district shall have the power, right, and authority after notice and public hearing (a) to purchase within or without such county railroad rights-of-way including the improvements, (b) to purchase land not presently owned or used by any railroad company for additional right-of-way or additional switch or yard space where changes of routes or construction of interconnections or of new railroad yards is necessary or desirable, and (c) to acquire through the exercise of the power of eminent domain, but only upon the vote of the directors of such district, which vote shall require a five-sixths majority in districts governed pursuant to subsection (1) of section 74-1304 and a two-thirds majority in districts governed pursuant to subsection (2) of section 74-1304, and the written approval by each railroad involved in the contemplated relocation project, such land as set forth in subdivision (1)(b) of this section for the purposes set forth in such subdivision, which acquisition shall follow the procedures set forth in sections 76-704 to 76-724.

Such land and improvements as may be acquired for the purpose of the removal of railroad trackage may be disposed of by conveying the same for reasonable consideration to a governmental entity for public purposes or by sale of the same as set forth in this section. Such new railroad rights-of-way, switches, and yards as may be obtained and constructed may be leased for use to railroads or may be sold to such railroads or may be traded to such railroads for other property belonging to such railroads.

Such property, real or personal, shall be sold in such manner and under such terms and conditions as the board shall deem in the best interests of the district, except that if the fair market value exceeds five thousand dollars, it may only be sold after due notice and hearing by such board at a regular meeting upon the vote of a majority of such board.

(2) The board of directors of such district shall also have the right and authority to enter into contracts or other arrangements with the United States Government or its departments, any persons, railroads, corporations, political subdivisions, public and municipal corporations, and the state government of this state, making full use of the Interlocal Cooperation Act and the Joint Public Agency Act, for (a) cooperation or assistance in the design, construction, maintenance, sale, or lease of the works of the district, (b) making surveys and investigations or reports in relation to the objectives of the district, (c) cooperation or assistance in obtaining the construction, maintenance, or operation of a work or works of public improvement within the district for any of the purposes described in section 74-1302, (d) receiving the title or possession, or both, of any property and funds connected directly or indirectly with the purposes described in section 74-1302, (e) assuming, and becoming bound by, any obligations, promises, or covenants so connected, or (f) holding and saving the United States or others free from damages resulting from any construction works that may be undertaken.

(3) Prior to implementing any plans affecting matters of planning by or the interests of any planning commission located within such district, the interests of any municipality, county or state educational institution or school district a portion of which lies within such district, any municipal county, any agricultural society, any airport authority, any natural resources district, or any other similar political entity, and any railroads, shippers, and affected property owners, the board shall consult with and submit such plans to such entities as may be concerned for study, review, comment, and suggestion. Approval of any state or federal regulatory agency shall be secured, when necessary, prior to implementing any of the provisions contained in sections 74-1301 to 74-1308 and the district shall comply with the requirements of any such agency.

(4) In developing plans for specific projects, to determine the feasibility of implementing the purposes of sections 74-1301 to 74-1308, the district shall examine the costs and benefits to the community or communities, the railroads, and the highway users and shall calculate the costs and benefits by consideration being given but not limited to loss of revenue, increased operating costs, costs of installation, acquisition of real and personal property, relocation, signalization, communication, utilities, avoidance of hazards, creation of transportation efficiencies, resolving conflicts of land use, and any other ancillary or peripheral costs or benefits.