§ 36-9-13-29 — Sale or lease of land or government building by eligible entity to authority; authorization; procedure

(a) An eligible entity that wants to have all
or part of a government building constructed, reconstructed, or
renovated on land owned or to be acquired by it may:
(1) sell that land or building to a building authority; or
(2) lease the land or building to the authority for the same period
of years that the eligible entity proposes to lease all or part of the
building, and may grant an option to the authority to purchase the
land or building within six (6) months after the expiration of the
lease on the building if the eligible entity does not exercise an
option to purchase the land or building within the terms of the
lease.
If the option price of the land or building is not fixed in the lease, then
the price to be paid for the land or building under the option shall be
determined by an appraisal by one (1) disinterested freeholder residing
in the county and two (2) disinterested appraisers licensed under IC 25-34.1, who must be residents of Indiana, and who shall be appointed
by the circuit court for the county. One (1) of the appraisers appointed
under this subsection must reside not more than fifty (50) miles from
the land.
(b) A sale or lease of land or a building under this section must be
authorized by resolution or ordinance of the governing body of the
eligible entity, which shall be entered in the official records of the
governing body. This authorization must be given concurrently with the
authorization by the eligible entity of a lease of the building, or part of
it, to be constructed, reconstructed, or renovated wholly or in part on
the land.
(c) The deed, in the case of a sale of the land, or the lease, must be
executed on behalf of the eligible entity by the officer or officers
authorized by law to execute contracts on behalf of the entity, and on
behalf of the authority by the president or vice president and secretary
of its board of directors.
(d) Before the sale of any land or building under this section, a
petition must be filed with the circuit court of the county requesting the
appointment of:
(1) one (1) appraiser who must be a resident of the eligible entity
selling the land or building and a disinterested freeholder; and
(2) two (2) disinterested appraisers licensed under IC 25-34.1;
who are residents of Indiana. One (1) of the appraisers described under
subdivision (2) must reside not more than fifty (50) miles from the land
or building. The appraisers shall fix the fair market value of the land or
building and report their decision within three (3) weeks after their
appointment. The eligible entity may then sell the land or building to
the authority for an amount not less than the fair market value fixed by
the appraisers, which amount may be paid from proceeds of bonds of
the authority.
[Pre-Local Government Recodification Citation:
19-8-4-15.]
As added by Acts 1981, P.L.309, SEC.86. Amended by Acts
1981, P.L.188, SEC.8; P.L.113-2006, SEC.21.