§ 36-7-14-19.5 — Requirements for redevelopment commission purchases of distressed properties from willing sellers

Indiana § 36-7-14-19.5

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 14: Redevelopment of Areas Needing Redevelopment

Text

5. (a) Notwithstanding section 19 of this
chapter, a redevelopment commission may purchase property in
accordance with this section that the redevelopment commission
determines is:
(1) blighted;
(2) unsafe;
(3) abandoned;
(4) foreclosed; or
(5) structurally damaged;
from a willing seller.
(b) A redevelopment commission may purchase property described
in subsection (a) as follows:
(1) The redevelopment commission may purchase the property if:
(A) the sale price of the property is not more than fifty thousand
dollars ($50,000) or the property is for sale by another
governmental agency; and
(B) the redevelopment commission:
(i) has a sufficient fund balance available; or
(ii) issues an obligation from public funds;
for the purchase of the property.
(2) If the sale price of the property is greater than fifty thousand
dollars ($50,000), a redevelopment commission shall obtain two
(2) independent appraisals of fair market value of the property.
Any agreement by the redevelopment commission to:
(A) make a purchase under this subdivision that exceeds the
greater of the two (2) appraisals;
(B) make payments for the property to be purchased for a term
exceeding three (3) years; or
(C) pay a purchase price for the property that exceeds five
million dollars ($5,000,000);
is subject to prior approval of the legislative body of the unit.
(c) Negotiations for the purchase of property may be carried on
directly by the redevelopment commission, by its employees, or by
expert negotiations, but no option, contract, or understanding relative
to the purchase of real property is binding on the commission until
approved and accepted by the commission in writing. The commission
may authorize the payment of a nominal fee to bind an option and as a
part of the consideration for conveyance may agree to pay the expense
incident to the conveyance and determination of the title to the
property. Payment for the property purchase shall be made when and
as directed by the commission but only on delivery of proper
instruments conveying the title or interest of the owner to the "City (or
Town or County) of ___________, Department of Redevelopment".
(d) All real property and interests in real property acquired by the
redevelopment commission are free and clear of all governmental liens,
assessments, and other governmental charges except for current
property taxes, which must be prorated to the date of acquisition.

Legislative History

As added by P.L.52-2017, SEC.6. Amended by P.L.183-2018, SEC.3; P.L.236-2023, SEC.175.