Indiana Code Title 36. Local Government § 36-10-16-23

Sec. 23. (a) The provisions of this section concerning publication, bidding, and other procedures and requirements do not apply to sales, leases, or other dispositions of real property to eligible participants or Indiana nonprofit corporations or, if constructed by a developer with revenue bond proceeds, to such developer.  The provisions of this section also do not prevent the commission from renewing leases encumbering a property acquired by the commission if the renewals do not collectively exceed five (5) years.

(b) Before offering for sale or lease to the public any of the real property acquired, the commission shall cause two (2) separate appraisals of the sale value, or rental value in case of a lease, to be made by independent appraisers.  However, if the real property is less than five (5) acres in size and the fair market value of the real property or interest has been appraised by one (1) independent appraiser at less than fifty thousand dollars ($50,000), the commission may proceed with one (1) appraisal.  In making appraisals, the appraisers shall take into consideration the size, location, and physical condition of the parcels, the advantages accruing to the parcels under the development plan, and all other factors having a bearing on the value of the parcels.  The appraisals are solely for the information of the commission, and are not open for public inspection.

(c) Upon completion of the appraisals described in subsection (b), the commission shall prepare an offering sheet showing the parcels to be offered and the offering prices, which may not be less than the average of the two (2) appraisals.  Copies of the offering sheet shall be furnished to prospective buyers on request.  Maps and plats showing the size and location of all parcels to be offered shall also be kept available for inspection at the office of the commission.

(d) The commission shall publish notice in accordance with IC 5-3-1.  The notice must state that at a designated time the commission will open and consider written offers for the purchase or lease of the real property being offered.  In giving the notice it is not necessary to describe each parcel separately, or to specify the exact terms of disposition, but the notice must state:

(e) The notice shall provide when offers are due, and the commission shall open the offers at a public meeting.  These offers may consist of consideration in the form of cash, other property, or a combination of cash and other property.  However, with respect to property other than cash, the offer must be accompanied by evidence of the property's fair market value that is satisfactory to the commission in its sole discretion.  All offers received shall be opened at public meetings of the commission and shall be kept open for public inspection.

(f) The commission may reject any bids and may make awards to the highest and best bidders.  In determining the best bids, the commission shall take into consideration the following factors:

(g) The commission may contract with a bidder in regard to the factors listed in subsection (f), and the contract may provide for the deposit of surety bonds, the making of good faith deposits, liquidated damages, the right of repurchase, or other rights and remedies if the bidder fails to comply with the contract.

(h) After the opening and consideration of the written offers filed in response to the notice, the commission may dispose of the remainder of the available real property either at public sale or by private negotiation carried on by the commission, the commission's regular employees, or real estate experts employed for that purpose.  For a period of thirty (30) days after the opening of the written offers, no sale or lease may be made at a price or rental less than that shown on the offering sheet, except in the case of sales or rentals of ten (10) or more parcels to a purchaser or lessee who agrees to improve the parcels immediately, but after that period the commission may adjust the offering prices in the manner the commission considers necessary to further the development plan.

(i) A conveyance under this section may not be made until the agreed consideration has been paid, unless the commission passes a resolution expressly providing that the consideration does not need to be paid before the conveyance is made.  In addition, such a resolution may provide for a mortgage or other security.  All deeds, leases, land sale contracts, or other conveyances, and all contracts and agreements, including contracts of purchase and sale and contracts for advancements, loans, grants, contributions, or other aid, shall be executed in the name of the “Midwest Continental Divide Commission”, and shall be signed by the chair or vice chair of the commission and attested by the commission's secretary-treasurer.  A seal is not required on these instruments or any other instruments executed in the name of the commission.

(j) Once a property has been leased in accordance with this section, such lease may be renewed, extended, or replaced by the commission provided that the commission shall secure one (1) or more appraisals to evidence the existing fair market lease rental to the extent such renewals collectively exceed five (5) years from the expiration or termination of the original lease term or each extension or new lease interval entered into thereafter.  The commission shall consider the results of such appraisals before the approval of such lease renewal or new lease.