§ 36-7-14-22 — Public sale or lease of real property; procedure

(a) This section does not apply to the sale or
grant of real property or interests in real property to urban enterprise
associations or community development corporations under section
22.2 of this chapter. The provisions of this section concerning
publication and bidding procedures do 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, the redevelopment 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 ten thousand dollars ($10,000), the second
appraisal may be made by a qualified employee of the department of
redevelopment. 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 redevelopment 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) The redevelopment 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
department.
(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:
(1) must 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. 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) 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 the execution of the redevelopment
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, its 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
redevelopment plan.
(i) A conveyance under this section may not be made until the
agreed consideration has been paid, unless the redevelopment
commission passes a resolution expressly providing that the
consideration does not have 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 "City (or Town or
County) of ______________, Department of Redevelopment", and
shall be signed by the president or vice president of the redevelopment
commission and attested by its secretary. A seal is not required on these
instruments or any other instruments executed in the name of the
department.
[Pre-Local Government Recodification Citations: 18-7-7-19;
18-7-7-20; 18-7-7.1-19; 18-7-7.1-20.]
As added by Acts 1981, P.L.309, SEC.33. Amended by Acts
1981, P.L.45, SEC.30; P.L.114-1989, SEC.6; P.L.336-1989(ss),
SEC.51; P.L.31-1994, SEC.17; P.L.39-1994, SEC.24; P.L.113-2002,
SEC.5.