Indiana Code Title 36. Local Government § 36-10-16-22

Sec. 22. (a) The commission shall comply with IC 5-22 (public purchasing), IC 36-1-12 (public work projects), and any applicable federal bidding statutes and regulations.  A purchasing agency (as defined in IC 5-22-2-25) of a political subdivision or other eligible participant may enter into a lease for property with the commission at any price and under any other terms and conditions as may be determined by the political subdivision or eligible participant.

(b) The commission may purchase real property and shall first approve the price to be offered to the owner of each parcel of interest.  For properties and interests in real property that:

the initial price to be offered may not exceed the average of two (2) independent appraisals of fair market value procured by the commission, except that appraisals are not required in transactions with other governmental agencies.  The price offered may not exceed the average of the two (2) appraisals unless specifically authorized by the commission or ordered by a court in condemnation proceedings.  Appraisals made under this subsection are for the information of the commission and are not public records or open for public inspection.  Negotiations for the purchase of property may be carried on directly by the commission, by its employees, or by expert negotiators, but no option, contract, or understanding related to the purchase of real property is binding on the commission until approved and accepted by the commission in writing.  The commission may also authorize the payment of a nominal fee to bind an option and as a part of the consideration for conveyance may agree to pay the expense incident to the conveyance and determination of the title of the property.  Payment for the property purchased shall be made when and as directed by the commission, but only on delivery of proper instruments conveying the title or interest of the owner to the “Midwest Continental Divide Commission”.  All real property and interests in real property acquired by the commission are free and clear of all governmental liens, assessments, and other governmental charges except for current property taxes, which shall be prorated to the date of acquisition.

(c) Notwithstanding subsections (a) and (b), the commission may, before the time referred to in this section, accept gifts of property if the property is free and clear of all governmental liens other than taxes, assessments, and other governmental charges.  The commission may, before the time referred to in this section, take options on or contract for the acquisition of property if the options and contracts are not binding on the commission until the time referred to in this section and until money is available to pay the consideration set out in the options or contracts.