§ 36-10-10-18 — Sale or lease of land by city to authority

(a) A city desiring to have a convention
center erected on land owned or to be acquired by it may sell or lease
the land to the authority. The land may be leased at a nominal lease
rental, but the term of the lease may not be less than the term of the
lease of the convention center to the city.
(b) Before a sale may take place, the city executive, with the
approval of the city legislative body, shall file a petition with the circuit
court of that county requesting the appointment of:
(1) one (1) disinterested freeholder of the city as an appraiser; and
(2) 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 under subdivision (2) must
reside not more than fifty (50) miles from the land. Upon their
appointment, the appraisers shall fix the fair market value of the land
and report within two (2) weeks from the date of their appointment.
The city may then sell the land to the authority for an amount not less
than the amount fixed as the fair market value by the appraisers, the
amount to be paid in cash upon delivery of the deed by the city to the
authority. A sale of land by a city to the authority shall be authorized
by the city executive and city legislative body by ordinance, which
shall be entered in the official records of the legislative body. The deed
shall be executed on behalf of the city by the executive and attested by
the city clerk.
As added by Acts 1982, P.L.218, SEC.4. Amended by
P.L.113-2006, SEC.23.