§ 36-7-15.1-15.2 — Sale or grant of real property to urban enterprise association

Indiana § 36-7-15.1-15.2

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 15.1: Redevelopment of Areas in Marion County Needing

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) 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.
(c) 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 (b), 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.
(d) 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 will
cause development on the property.
(e) Before conducting a meeting under subsection (d), 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.
(f) 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 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.
(g) A conveyance of property to an urban enterprise association
under this section shall be made in accordance with section 15(i) of this
chapter.
(h) 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.8. Amended by P.L.4-2005, SEC.137; P.L.146-2018, SEC.25.