Sec. 10. (a) In exercising the power of eminent domain, the board shall proceed under IC 32-24.

     (b) The title to all real property acquired by the department shall be conveyed to “City of ______________”.

     (c) The board may make and enter into contracts or agreements necessary or incidental to the performance of its duties and the execution of its powers under this chapter. All contracts shall be entered into under the general provisions of this title.

     (d) The board may lease or rent to others any parking facility or any property acquired for off-street parking purposes, including air rights above the facilities or property, in accordance with IC 36-1-11.

     (e) The board may sell any property, including air rights, acquired or developed for off-street parking purposes, if it first adopts a resolution specifically describing the property to be sold and declaring either:

(1) that the property is no longer needed for the use of the department; or

(2) that a sale of the property subject to any restriction, limitation, or condition set out in the resolution will effect the purposes of this chapter.

The property shall then be sold in accordance with IC 36-1-11. Property that has been pledged, or the revenues of which have been pledged, to secure the payment of any outstanding obligations on it, may not be sold unless all the obligations are redeemed and cancelled coincidentally with the conveyance of the property.

     (f) All conveyances of real property shall be executed in the name of “City of _____________”, and must be approved by the executive of the consolidated city. Such an instrument is not required to have a seal in order to be executed.

     (g) In the letting of construction contracts the board shall proceed under IC 36-1-12, subject to the approval of the executive.

As added by Acts 1982, P.L.77, SEC.13. Amended by P.L.2-2002, SEC.121.