§ 8-23-7-13.5 — Indiana department of transportation nonmarketable property

Indiana § 8-23-7-13.5

• Jurisdiction: Indiana
• Art. 23: INDIANA DEPARTMENT OF
• Ch. 7: Real Property Transactions

Text

5. (a) If the department determines that real
property owned in fee simple by the department is nonmarketable due
to environmental mitigation requirements imposed by federal or state
regulations, the commissioner may, with the approval of the budget
agency, issue an order declaring the real property nonmarketable.
(b) The department may provide a certified copy of an order
described in subsection (a) to the Indiana department of administration.
(c) Nonmarketable real property described in subsection (a) shall be
transferred as described under IC 4-20.5-7, except that, after fulfilling
the requirements of IC 4-20.5-7-6 through IC 4-20.5-7-7.3, the
nonmarketable real property described in subsection (a) may be
disposed of only by:
(1) soliciting proposed uses for the nonmarketable real property
from nonprofit land management organizations; and
(2) transferring the nonmarketable real property to a chosen
nonprofit land management organization for a use consistent with
the tendered proposal.
Nonmarketable real property disposed of as described in this
subsection does not need to be appraised before the transfer of the real
property.

Legislative History

As added by P.L.196-2017, SEC.1.