Indiana Code Title 5. State and Local Administration § 5-1-17.5-34

Sec. 34. (a) A lease from the authority to the commission under section 32 of this chapter shall give the commission an option to purchase the leased property before the expiration of the term of the lease:

However, such a lease may not provide, or be construed to provide, that the commission is under an obligation to purchase the leased structures or improvements or is under an obligation respecting any creditors or bondholders of the authority.

(b) If the commission does not exercise the option to purchase the property, then upon the expiration of the lease and upon full performance by the commission, the property becomes the absolute property of the commission or the authority's leasehold interest in such property terminates, as applicable.  The authority shall take the steps necessary to convey title or such leasehold interest to the commission.

(c) If the commission purchases the leased property as provided in subsection (a) or in the event described in subsection (b), the commission may convey, with or without consideration, its ownership or leasehold interest, as applicable, in such property to the owner or owners of the qualified motorsports facility.  However, the commission shall not convey its ownership or leasehold interest in any such property to the owner or owners of the qualified motorsports facility until: