§ 36-7-13-5.5 — Sales or leases of property acquired for industrial development

Indiana § 36-7-13-5.5

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 13: Industrial Development

Text

5. (a) This section does not apply to sales,
leases, or other dispositions of real property to other public agencies for
public purposes.
(b) Before offering for sale or lease to the public any of the real
property acquired under this chapter, the advisory commission on
industrial development shall have two (2) separate appraisals of the
sale value, or rental value in case of a lease, made by independent
appraisers. In making appraisals, the appraisers shall take into
consideration the size, location, and physical condition of the parcels
and all other factors having a bearing on the value of the parcels. The
appraisals are solely for the information of the commission, the unit's
executive, and the unit's legislative body and are not open for public
inspection.
(c) The commission shall then 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 sheets
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 or the
unit's legislative body.
(d) A notice shall be published 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:
(1) state the general location of the parcels;
(2) call attention generally to any limitations on the use to be
made of the real property offered; and
(3) state 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 modify the trust.
(e) At the time fixed in the notice the commission shall open and
consider any offers received. All offers received shall be opened at
public meetings of the commission and shall be kept open for public
inspection.
(f) The commission may make recommendations to the legislative
body for 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.
(2) The bidder's plans and ability to improve the real property
with reasonable promptness.
(3) Whether 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 industrial development of the unit and
best serve the interest of the community from the standpoint of
both human and economic welfare.
(g) The legislative body may contract with a bidder with regard to
the factors listed in subsection (f). 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. A conveyance under this
chapter may not be made until the agreed consideration has been paid.
(h) After the opening and consideration of the written offers filed in
response to the notice, the legislative body may dispose of the
remainder of the available real property either at public sale or by
private negotiation. For a period of ninety (90) days after the opening
of the written offers, a sale or lease may not be made at a price or rental
less than that shown on the offering sheet. After that period, the
commission may adjust the offering prices in the manner it considers
necessary to further industrial development.

Legislative History

As added by P.L.214-1986, SEC.2. Amended by P.L.336-1989(ss), SEC.50; P.L.262-1993, SEC.5.