§ 36-10-16-23 — Disposing of property

(a) The provisions of this section
concerning publication, bidding, and other procedures and
requirements do not apply to sales, leases, or other dispositions of real
property to eligible participants or Indiana nonprofit corporations or,
if constructed by a developer with revenue bond proceeds, to such
developer. The provisions of this section also do not prevent the
commission from renewing leases encumbering a property acquired by
the commission if the renewals do not collectively exceed five (5)
years.
(b) Before offering for sale or lease to the public any of the real
property acquired, the commission shall cause two (2) separate
appraisals of the sale value, or rental value in case of a lease, to be
made by independent appraisers. However, if the real property is less
than five (5) acres in size and the fair market value of the real property
or interest has been appraised by one (1) independent appraiser at less
than fifty thousand dollars ($50,000), the commission may proceed
with one (1) appraisal. In making appraisals, the appraisers shall take
into consideration the size, location, and physical condition of the
parcels, the advantages accruing to the parcels under the development
plan, and all other factors having a bearing on the value of the parcels.
The appraisals are solely for the information of the commission, and
are not open for public inspection.
(c) Upon completion of the appraisals described in subsection (b),
the commission shall prepare an offering sheet showing the parcels to
be offered and the offering prices, which may not be less than the
average of the two (2) appraisals. Copies of the offering sheet shall be
furnished to prospective buyers on request. Maps and plats showing the
size and location of all parcels to be offered shall also be kept available
for inspection at the office of the commission.
(d) The commission shall publish notice in accordance with IC 5-3-1. The notice must state that at a designated time the commission
will open and consider written offers for the purchase or lease of the
real property being offered. In giving the notice it is not necessary to
describe each parcel separately, or to specify the exact terms of
disposition, but the notice must state:
(1) the general location of the parcels;
(2) any limitations on the use to be made of the real property
offered; and
(3) that a bid submitted by a trust (as defined in IC 30-4-1-1(a))
must identify each:
(A) beneficiary of the trust; and
(B) settlor empowered to revoke or change the trust.
(e) The notice shall provide when offers are due, and the
commission shall open the offers at a public meeting. These offers may
consist of consideration in the form of cash, other property, or a
combination of cash and other property. However, with respect to
property other than cash, the offer must be accompanied by evidence
of the property's fair market value that is satisfactory to the commission
in its sole discretion. All offers received shall be opened at public
meetings of the commission and shall be kept open for public
inspection.
(f) The commission may reject any bids and may make awards to the
highest and best bidders. In determining the best bids, the commission
shall take into consideration the following factors:
(1) The size and character of the improvements proposed to be
made by the bidder on the real property bid on.
(2) The bidder's plans and ability to improve the real property
with reasonable promptness.
(3) If the real property when improved will be sold or rented.
(4) The bidder's proposed sale or rental prices.
(5) The bidder's compliance with subsection (d)(3).
(6) Any factors that will assure the commission that the sale or
lease, if made, will further the execution of the commission's
development plan and best serve the interest of the community,
from the standpoint of both human and economic welfare.
(g) The commission may contract with a bidder in regard to the
factors listed in subsection (f), and the contract may provide for the
deposit of surety bonds, the making of good faith deposits, liquidated
damages, the right of repurchase, or other rights and remedies if the
bidder fails to comply with the contract.
(h) After the opening and consideration of the written offers filed in
response to the notice, the commission may dispose of the remainder
of the available real property either at public sale or by private
negotiation carried on by the commission, the commission's regular
employees, or real estate experts employed for that purpose. For a
period of thirty (30) days after the opening of the written offers, no sale
or lease may be made at a price or rental less than that shown on the
offering sheet, except in the case of sales or rentals of ten (10) or more
parcels to a purchaser or lessee who agrees to improve the parcels
immediately, but after that period the commission may adjust the
offering prices in the manner the commission considers necessary to
further the development plan.
(i) A conveyance under this section may not be made until the
agreed consideration has been paid, unless the commission passes a
resolution expressly providing that the consideration does not need to
be paid before the conveyance is made. In addition, such a resolution
may provide for a mortgage or other security. All deeds, leases, land
sale contracts, or other conveyances, and all contracts and agreements,
including contracts of purchase and sale and contracts for
advancements, loans, grants, contributions, or other aid, shall be
executed in the name of the "Midwest Continental Divide Commission
", and shall be signed by the chair or vice chair of the commission and
attested by the commission's secretary-treasurer. A seal is not required
on these instruments or any other instruments executed in the name of
the commission.
(j) Once a property has been leased in accordance with this section,
such lease may be renewed, extended, or replaced by the commission
provided that the commission shall secure one (1) or more appraisals
to evidence the existing fair market lease rental to the extent such
renewals collectively exceed five (5) years from the expiration or
termination of the original lease term or each extension or new lease
interval entered into thereafter. The commission shall consider the
results of such appraisals before the approval of such lease renewal or
new lease.

Legislative History

As added by P.L.141-2025, SEC.1.