§ 20-47-2-15 — Acquisition of land for building site; sale to lessor corporation

The lessor corporation shall acquire, own,
and hold in fee simple the land on which a school building or buildings
are to be erected under this chapter. A school corporation that proposes
to lease such a school building, either alone or jointly with another
school corporation, and owns the land on which it desires that the
building or buildings be erected may sell and transfer that land to the
lessor corporation in fee simple, subject to the following conditions:
(1) Before the sale may take place, the governing body of the
school corporation must file a petition with the circuit court of the
county in which the school corporation is located, requesting the
appointment of:
(A) one (1) disinterested freeholder of the school corporation as
an appraiser; and
(B) two (2) disinterested appraisers licensed under IC 25-34.1;
who are residents of Indiana to determine the fair market value of
the land. One (1) of the appraisers described in clause (B) must
reside not more than fifty (50) miles from the land.
(2) Upon their appointment, the three (3) appraisers shall proceed
to fix the fair market value of the land and shall report the amount
fixed to the circuit court within two (2) weeks after their
appointment.
(3) The school corporation may sell the land to the lessor
corporation for an amount not less than the amount fixed as the
fair market value by the three (3) appraisers, which shall be paid
in cash upon delivery of the deed by the school corporation to the
lessor corporation. However, if the land was acquired by the
school corporation within three (3) years immediately preceding
the date of the filing of the petition with the circuit court, the land
may not be sold for an amount less than the amount paid by the
school corporation for the land.
[Pre-2006 Recodification Citation: 21-5-11-8.]

Legislative History

As added by P.L.2-2006, SEC.170. Amended by P.L.113-2006, SEC.15.