§ 36-10-11-19 — Sale or lease of land by governmental entity to authority

(a) A governmental entity or entities
desiring to have buildings 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 building to the governmental entity.
(b) The governmental entity may also grant an option to the
authority to purchase the land within six (6) months after the expiration
of the lease on the building if the governmental entity or entities has
not exercised an option to purchase the building within the terms of the
contract of lease. If the option price on the land is not fixed in the
original contract of lease, then the price to be paid for the land under
that option shall be determined by appraisal to be made by three (3)
appraisers residing in the county appointed by the judge of the circuit
court of the county. A sale or lease of land by a governmental entity to
the authority shall be authorized by the fiscal body of the entity by
ordinance or resolution, which shall be entered in the official records
of the fiscal body. The authorization shall be given concurrently with
the authorization by the governmental entity of a lease by it of the
particular building, or part of it, to be constructed wholly or in part on
the land. The deed or lease shall be executed on behalf of the entity by
the officer or officers authorized by law to enter into contracts on
behalf of the entity and on behalf of the authority by the president or
vice president and secretary of the board of directors.
As added by Acts 1982, P.L.218, SEC.5.