§ 36-7-14-22.2 — Sale or grant of real property to urban enterprise association or community development corporation; procedure

Indiana § 36-7-14-22.2

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

Text

2. (a) The commission may sell or grant, at
no cost, title to real property to an urban enterprise association for the
purpose of developing the real property if the following requirements
are met:
(1) The urban enterprise association has incorporated as a
nonprofit corporation under IC 5-28-15-14(b)(2).
(2) The parcel of property to be sold or granted is located entirely
within the enterprise zone for which the urban enterprise
association was created under IC 5-28-15-13.
(3) The urban enterprise association agrees to cause development
on the parcel of property within a specified period that may not
exceed five (5) years from the date of the sale or grant.
(4) The urban enterprise association agrees to rehabilitate or
otherwise develop the property in a manner that is similar to and
consistent with the use of the other properties in the enterprise
zone.
(b) The commission may sell or grant, at no cost, title to real
property to a community development corporation (as defined in IC 4-4-28-2) for the purpose of providing low or moderate income housing
or other development that will benefit or serve low or moderate income
families if the following requirements are met:
(1) The community development corporation has as a major
corporate purpose and function the provision of housing for low
and moderate income families within the geographic area in
which the parcel of real property is located.
(2) The community development corporation agrees to cause
development that will serve or benefit low or moderate income
families on the parcel of real property within a specified period,
which may not exceed five (5) years from the date of the sale or
grant.
(3) The community development corporation agrees that the
community development corporation and each applicant,
recipient, contractor, or subcontractor undertaking work in
connection with the real property will:
(A) use lower income project area residents as trainees and as
employees; and
(B) contract for work with business concerns located in the
project area or owned in substantial part by persons residing in
the project area;
to the greatest extent feasible, as determined under the standards
specified in 24 CFR 135.
(4) The community development corporation agrees to
rehabilitate or otherwise develop the property in a manner that is
similar to and consistent with the use of the other properties in the
area served by the community development corporation.
(c) To carry out the purposes of this section, the commission may
secure from the county under IC 6-1.1-25-9(e) parcels of property
acquired by the county under IC 6-1.1-24 and IC 6-1.1-25.
(d) Before offering any parcel of property for sale or grant, the fair
market value of the parcel of property must be determined by an
appraiser, who may be an employee of the department. However, if the
commission has obtained the parcel in the manner described in
subsection (c), an appraisal is not required. An appraisal under this
subsection is solely for the information of the commission and is not
available for public inspection.
(e) The commission must decide at a public meeting whether the
commission will sell or grant the parcel of real property. In making this
decision, the commission shall give substantial weight to the extent to
which and the terms under which the urban enterprise association or
community development corporation will cause development on the
property.
(f) Before conducting a meeting under subsection (g), the
commission shall publish a notice in accordance with IC 5-3-1
indicating that at a designated time the commission will consider
selling or granting the parcel of real property under this section. The
notice must state the general location of the property, including the
street address, if any, or a common description of the property other
than the legal description.
(g) If the county agrees to transfer a parcel of real property to the
commission to be sold or granted under this section, the commission
may conduct a meeting to sell or grant the parcel to an urban enterprise
zone or to a community development corporation even though the
parcel has not yet been transferred to the commission. After the
hearing, the commission may adopt a resolution directing the
department to take appropriate steps necessary to acquire the parcel
from the county and to transfer the parcel to the urban enterprise
association or to the community development corporation.
(h) A conveyance of property under this section shall be made in
accordance with section 22(i) of this chapter.
(i) An urban enterprise association that purchases or receives real
property under this section shall report the terms of the conveyance to
the board of the Indiana economic development corporation not later
than thirty (30) days after the date the conveyance of the property is
made.

Legislative History

As added by P.L.113-2002, SEC.6. Amended by P.L.1-2003, SEC.99; P.L.4-2005, SEC.134; P.L.146-2018, SEC.24.