(a)This section does not apply to the sale
or grant of real property or interests in real property to:
(1)nonprofit corporations, community development corporations,
or neighborhood development corporations under section 15.1 of
this chapter; or
(2)an urban enterprise association under section 15.2 of this
chapter.
The provisions of this section concerning appraisal, publication, and
bidding requirements do not apply to sales, leases, or other dispositions
of real or personal property or interests in property to other public
agencies, including the federal government or any agency or
department of the federal government, for public purposes.
(b)Before offering for sale, exchange, or lease (or a combination of
methods) to the public any of the property or interests acquired, the
commiss
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(a) This section does not apply to the sale
or grant of real property or interests in real property to:
(1) nonprofit corporations, community development corporations,
or neighborhood development corporations under section 15.1 of
this chapter; or
(2) an urban enterprise association under section 15.2 of this
chapter.
The provisions of this section concerning appraisal, publication, and
bidding requirements do not apply to sales, leases, or other dispositions
of real or personal property or interests in property to other public
agencies, including the federal government or any agency or
department of the federal government, for public purposes.
(b) Before offering for sale, exchange, or lease (or a combination of
methods) to the public any of the property or interests acquired, the
commission shall cause two (2) separate appraisals of the fair market
value to be made by independent appraisers. However, if the 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. In
the case of an exchange, the same appraiser may not appraise both of
the properties to be exchanged. 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 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, plats, or
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 property or
interests 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 in the redevelopment
or urban renewal plan 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. The offers may consist of consideration
in the form of cash, other property, or a combination of cash and
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 the commission's 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 or all bids or 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 reversion or repurchase, or other rights and
remedies if the bidder fails to comply with the contract.
(h) After the opening, consideration, and determination of the
written offers filed in response to the notice, the commission may
dispose of all or part of the remaining available property or interests for
any approved use, 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 and determination on them, no sale,
exchange, 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:
(1) ten (10) or more parcels to a purchaser or lessee who agrees
to improve the parcels immediately;
(2) parcels of property to individuals or families whose income is
at or below the county's median income for individual and family
income, respectively, for the purpose of constructing single family
or two (2) family housing; or
(3) parcels of property to a contractor or developer for the purpose
of constructing single family or two (2) family housing for
individuals or families whose income is at or below the county's
median income for individual and family income, respectively;
but after that period the commission may adjust the offering prices in
the manner it considers necessary to further the redevelopment or
urban renewal plan.
(i) A conveyance under this section may not be made until the
agreed consideration has been paid, unless the commission adopts a
resolution:
(1) stating that consideration does not have to be paid before the
conveyance is made; and
(2) setting forth an arrangement for future payment of
consideration or provision of an infrastructure credit against the
consideration, or both.
If full consideration is not paid before the conveyance is made, the
commission may use a land sale contract or mortgage to secure
payment of the consideration or may accept as a credit against the
agreed consideration a contractual obligation to perform public
infrastructure work related to the property being conveyed. All deeds,
land sale contracts, leases, or other conveyances, and all contracts and
agreements, including contracts of purchase, sale, or exchange and
contracts for advancements, loans, grants, contributions, or other aid,
shall be executed in the name of the "City of _________, Department
of Metropolitan Development", and shall be executed by the president
or vice president of the commission or by the director of the department
if authorized. A seal is not required on these instruments or any other
instruments executed in the name of the department.
As added by Acts 1982, P.L.77, SEC.8. Amended by
P.L.193-1988, SEC.4; P.L.336-1989(ss), SEC.52; P.L.14-1991,
SEC.18; P.L.28-1993, SEC.13; P.L.113-2002, SEC.7.