Sec. 19. (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.

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Terms Used In Indiana Code 8-23-7-19

  • Appraisal: A determination of property value.
  • Contract: A legal written agreement that becomes binding when signed.
  • in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
(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.

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

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