Indiana Code Title 8. Utilities and Transportation § 8-6-2.1-11

Sec. 11. (a) When the land or any part of it is to be acquired by purchase, the resolution shall also state the maximum proposed cost, and the board may at any time prior to the adoption of the resolution obtain from the owner or owners of the land an option for its purchase, or the board may enter into a contract for the purchase of the land upon the terms and conditions the board considers best.  The option or contract is subject to final confirmation or rescission of the resolution, and subject further to the condition that the land be paid for only out of the special fund resulting from the sale of grade separation district bonds and the collection of benefit assessments, or out of funds coming to the city from equitable settlements between the parties.  If the board desires to acquire any lots or parcels of land by purchase, it shall appoint:

who are residents of Indiana, who are not interested in any land to be acquired or in land which may incur local benefits under such resolution, to appraise the value of the land.  One (1) of the appraisers appointed under subdivision (2) must reside not more than fifty (50) miles from the property.  The appraisers shall take an oath that they have no interest in the matter and that they will honestly and impartially make the valuation.  The appraisers shall then proceed to view the land and consider and determine its true market value at that time.

(b) The appraisers shall submit a written report of their appraisement to the board and the report shall be filed with and become a part of the record of the proceeding.  The board may not exercise any option on the land or enter into a contract to purchase the land at a higher price than the value named in the report.