Indiana § 8-2-16-1 Valuation of property

Indiana Statutes

§ 8-2-16-1 — Valuation of property

Indiana·Art. 2 REGULATION OF CARRIERS GENERALLY·Ch. 16 Ferries─State Purchase of Displaced Ferries

(a)Within one (1) year after the opening for public use of any interstate bridge, the construction of which is authorized by any law of the state, regardless of the state agency, commission, or administrative body authorized to make such construction, the state agency, commission or administrative body so authorized to construct, operate, and maintain any interstate bridge shall purchase the ferry, equipment, real estate or interests therein, franchises, rights, and privileges used in connection with the operation of any ferry which has been in continuous operation for at least fifteen

(15)years prior thereto and which is located within ten (10) miles of the site of the bridge, and pay the owner therefor a fair cash value. If the agency, commission, or administrative body and the owner o

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(a) Within one (1) year after the opening for
public use of any interstate bridge, the construction of which is
authorized by any law of the state, regardless of the state agency,
commission, or administrative body authorized to make such
construction, the state agency, commission or administrative body so
authorized to construct, operate, and maintain any interstate bridge
shall purchase the ferry, equipment, real estate or interests therein,
franchises, rights, and privileges used in connection with the operation
of any ferry which has been in continuous operation for at least fifteen
(15) years prior thereto and which is located within ten (10) miles of
the site of the bridge, and pay the owner therefor a fair cash value. If
the agency, commission, or administrative body and the owner of the
ferry shall be unable to agree upon a fair cash value, the valuation of
the property shall be determined in the manner provided by law for the
condemnation of property for appropriate county purposes by counties.
In the event the owner of the ferry shall not agree to the establishment
of the valuation according to the foregoing method, then the agency,
commission, or administrative body shall not be required to purchase
the assets from the owner of the ferry.
(b) In the event that any agency, commission, or administrative body
shall purchase any ferry, equipment, or real estate or interests therein,
they shall forthwith proceed to have appraised and to sell the ferry,
equipment, and real estate or rights. After the appraisal and proposed
sale of the property, it shall be first offered for sale for a period of not
less than ninety (90) days to the local, county, or municipal unit of
government in which the ferry, equipment, and real estate or rights
therein are situated.
Formerly: Acts 1961, c.334, s.1. As amended by Acts 1978,
P.L.56, SEC.1; P.L.18-1990, SEC.29.