§ 8-23-7-19 — Exchange of lands, rights, and easements; improvements

Indiana § 8-23-7-19

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

Text

(a) If an exchange under section 17 of this
chapter includes improvements to be constructed on either parcel of
real property, the department shall enter into an agreement with the
owner of the parcel of property that the department will receive. An
agreement under this section must include the following:
(1) The appraisal required under section 18 of this chapter must
include the value of improvements constructed or to be
constructed on the property.
(2) The construction contract for improvements under this section
must be guaranteed by a construction or performance bond issued
by a surety company approved by the department. The
department:
(A) shall require a performance bond from a contractor for a
project if the estimated cost of the project is more than two
hundred thousand dollars ($200,000); and
(B) may require a performance bond from a contractor for a
project if the estimated cost of the project is not more than two
hundred thousand dollars ($200,000).
(3) The plans and specifications for improvements under this
section must be certified by a licensed architect or engineer.
(b) The department must approve in writing the construction
contract, bond, plans, and specifications for the improvements before
entering into an exchange agreement under this section.

Legislative History

As added by P.L.18-1990, SEC.216. Amended by P.L.133-2007, SEC.10.