§ 36-1-10-11 — Property held in fee simple; sale procedure

(a) The lessor must hold in fee simple land
on which a structure is to be erected, acquired, improved, remodeled,
or expanded. The lessor must hold in fee simple a structure that is to be
acquired, improved, remodeled, or expanded.
(b) The leasing agent may sell land or a structure owned by the
political subdivision or agency to the lessor under the following
procedure if the political subdivision wants to lease a structure
proposed to be built, acquired, improved, remodeled, or expanded on
that land:
(1) The leasing agent shall appoint two (2) appraisers to appraise
the fair market value of the land or structure.
(2) The appraisers must be professionally engaged in making
appraisals or licensed under IC 25-34.1.
(3) The appraisers shall return their appraisal to the leasing agent
within two (2) weeks after the date of their appointment.
(4) The leasing agent shall sell the land or structure for not less
than the appraised value. However, if the political subdivision or
agency acquired the land or structure during the three (3) years
preceding the date of the appointment of the appraisers, the land
or structure may not be sold for an amount less than the amount
paid by the political subdivision or agency for the land or
structure.
(5) The leasing agent shall be paid in cash upon the agent's
delivery of the deed.
(6) The leasing agent is not required to comply with any other law
relating to the sale of land or structures by a political subdivision.
[Pre-Local Government Recodification Citation:
18-5-3.3-8.]
As added by Acts 1981, P.L.57, SEC.36. Amended by
P.L.188-1988, SEC.2.