Sec. 4.2. (a) This section applies to a disposing agent who wants to sell or transfer real property not acquired through eminent domain procedures for any of the following purposes:

(1) To promote an economic development project.

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Terms Used In Indiana Code 36-1-11-4.2

  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
(2) To facilitate compatible land use planning.

     (b) The disposing agent shall first have the property appraised by two (2) appraisers. The appraisers must be:

(1) professionally engaged in making appraisals;

(2) licensed under IC 25-34.1; or

(3) employees of the political subdivision familiar with the value of the property.

     (c) Subject to subsection (d), the disposing agent may:

(1) negotiate a sale or transfer; and

(2) dispose of the real property;

at a value that is not less than the average of the two (2) appraisals under subsection (b).

     (d) The disposing agent may dispose of the real property for a value that is not less than the average of the two (2) appraisals under subsection (b) only after publishing a notice in accordance with IC 5-3-1 stating the amount of the offer to be accepted. The disposing agent may reject all offers. If the disposing agent rejects all offers, the disposing agent must make a written determination to reject all offers explaining why all offers were rejected.

As added by P.L.165-1994, SEC.3. Amended by P.L.188-2011, SEC.2.