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Indiana Code Title 36. Local Government § 36-1-11-4.2

Current as of January 02, 2024 | Updated by Findlaw Staff

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.

(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.

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Cite this article: FindLaw.com - Indiana Code Title 36. Local Government § 36-1-11-4.2 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-36-local-government/in-code-sect-36-1-11-4-2/

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