§ 36-7-14-22.7 — Disposal of real property; appraisal

Indiana § 36-7-14-22.7

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

Text

7. (a) The commission may dispose of real
property to which section 22.5 of this chapter applies by following the
procedure set forth in this section.
(b) The commission shall first have the property appraised by two
(2) appraisers. The appraisers must be:
(1) persons who are professionally engaged in making appraisals;
(2) persons who are licensed under IC 25-34.1; or
(3) employees of the political subdivision familiar with the value
of the property.
The appraisers shall make a joint appraisal of the property.
(c) The commission may:
(1) negotiate a sale or transfer; and
(2) dispose of the property;
at a value that is not less than the appraised value determined under
subsection (b).
(d) Disposal of real property under this section is subject to the
approval of the commission. The commission may not approve a
disposal of property without conducting a public hearing after giving
notice under IC 5-3-1.
(e) In addition to any other reason for disapproving a disposal of
property under this section, the commission may disapprove a sale of
a tract of residential property to any bidder who does not by affidavit
declare that the bidder will reside on that property for at least one (1)
year after the bidder obtains possession of the property.

Legislative History

As added by P.L.169-2006, SEC.72. Amended by P.L.174-2022, SEC.70.