Indiana § 8-6-2.1-11 Options to purchase land; appraisals

Indiana Statutes

§ 8-6-2.1-11 — Options to purchase land; appraisals

Indiana § 8-6-2.1-11

Art. 6RAILROAD CROSSINGS

Ch. 2.1Railroad Grade Crossing Separations

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Bluebook

Ind. Code § 8-6-2.1-11 (2026).

Text

(a)When the land or any part of it is to be acquired by purchase, the resolution shall also state the maximum proposed cost, and the board may at any time prior to the adoption of the resolution obtain from the owner or owners of the land an option for its purchase, or the board may enter into a contract for the purchase of the land upon the terms and conditions the board considers best. The option or contract is subject to final confirmation or rescission of the resolution, and subject further to the condition that the land be paid for only out of the special fund resulting from the sale of grade separation district bonds and the collection of benefit assessments, or out of funds coming to the city from equitable settlements between the parties. If the board desires to acquire any lots o

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(a) When the land or any part of it is to be
acquired by purchase, the resolution shall also state the maximum
proposed cost, and the board may at any time prior to the adoption of
the resolution obtain from the owner or owners of the land an option for
its purchase, or the board may enter into a contract for the purchase of
the land upon the terms and conditions the board considers best. The
option or contract is subject to final confirmation or rescission of the
resolution, and subject further to the condition that the land be paid for
only out of the special fund resulting from the sale of grade separation
district bonds and the collection of benefit assessments, or out of funds
coming to the city from equitable settlements between the parties. If the
board desires to acquire any lots or parcels of land by purchase, it shall
appoint:
(1) one (1) freeholder residing in the city, or in the county in
which the city is located; and
(2) two (2) appraisers licensed under IC 25-34.1;
who are residents of Indiana, who are not interested in any land to be
acquired or in land which may incur local benefits under such
resolution, to appraise the value of the land. One (1) of the appraisers
appointed under subdivision (2) must reside not more than fifty (50)
miles from the property. The appraisers shall take an oath that they
have no interest in the matter and that they will honestly and
impartially make the valuation. The appraisers shall then proceed to
view the land and consider and determine its true market value at that
time.
(b) The appraisers shall submit a written report of their
appraisement to the board and the report shall be filed with and become
a part of the record of the proceeding. The board may not exercise any
option on the land or enter into a contract to purchase the land at a
higher price than the value named in the report.
[Pre-Local Government Recodification Citation:
19-5-14-11.]
As added by Acts 1980, P.L.8, SEC.70. Amended by
P.L.113-2006, SEC.6.