Section 36-1-11-4.2 - Sale or transfer of real property not acquired through eminent domain to promote an economic development project or facilitate compatible land use planning(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.(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.Amended by P.L. 188-2011, SEC. 2, eff. 7/1/2011.As added by P.L. 165-1994, SEC.3.