Indiana Code 14-34-19-8. Public sale of land
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Sec. 8. If land acquired by the director under this chapter is suitable for industrial, commercial, residential, or recreational development, the director may sell the land:
(2) under other conditions that are adopted by the commission by rule to ensure that the land is put to proper use consistent with local and state land use plans.
(1) by public sale under a system of competitive bidding at not less than fair market value; and
Terms Used In Indiana Code 14-34-19-8
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
[Pre-1995 Recodification Citation: 13-4.1-15-8.]
As added by P.L.1-1995, SEC.27.