§ 36-7-14.5-18 — Lease or sale of property from commission to authority; fiscal body approval

Indiana § 36-7-14.5-18

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 14.5: Redevelopment Authority

Text

(a) The commission may lease for a
nominal lease rental, or sell to the authority, one (1) or more local
public improvements or portions thereof or land upon which a local
public improvement is located or is to be constructed.
(b) Any lease of all or a portion of a local public improvement by
the commission to the authority must be for a term equal to the term of
the lease of that local public improvement back to the redevelopment
commission.
(c) Subject to the prior approval of the fiscal body of the unit under
IC 36-7-14-25.2, the commission may sell property to the authority for
such amount as the commission determines to be in the best interest of
the commission, which amount may be paid from the proceeds of
bonds of the authority.

Legislative History

As added by P.L.380-1987(ss), SEC.18. Amended by P.L.149-2014, SEC.27.