Indiana Code 36-7-14-19.5. Requirements for redevelopment commission purchases of distressed properties from willing sellers
(1) blighted;
Terms Used In Indiana Code 36-7-14-19.5
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(3) abandoned;
(4) foreclosed; or
(5) structurally damaged;
from a willing seller.
(b) A redevelopment commission may purchase property described in subsection (a) as follows:
(1) The redevelopment commission may purchase the property if:
(A) the sale price of the property is not more than fifty thousand dollars ($50,000) or the property is for sale by another governmental agency; and
(B) the redevelopment commission:
(i) has a sufficient fund balance available; or
(ii) issues an obligation from public funds;
for the purchase of the property.
(2) If the sale price of the property is greater than fifty thousand dollars ($50,000), a redevelopment commission shall obtain two (2) independent appraisals of fair market value of the property. Any agreement by the redevelopment commission to:
(A) make a purchase under this subdivision that exceeds the greater of the two (2) appraisals;
(B) make payments for the property to be purchased for a term exceeding three (3) years; or
(C) pay a purchase price for the property that exceeds five million dollars ($5,000,000);
is subject to prior approval of the legislative body of the unit.
(c) Negotiations for the purchase of property may be carried on directly by the redevelopment commission, by its employees, or by expert negotiations, but no option, contract, or understanding relative to the purchase of real property is binding on the commission until approved and accepted by the commission in writing. The commission may authorize the payment of a nominal fee to bind an option and as a part of the consideration for conveyance may agree to pay the expense incident to the conveyance and determination of the title to the property. Payment for the property purchase shall be made when and as directed by the commission but only on delivery of proper instruments conveying the title or interest of the owner to the “City (or Town or County) of ___________, Department of Redevelopment”.
(d) All real property and interests in real property acquired by the redevelopment commission are free and clear of all governmental liens, assessments, and other governmental charges except for current property taxes, which must be prorated to the date of acquisition.
As added by P.L.52-2017, SEC.6. Amended by P.L.183-2018, SEC.3; P.L.236-2023, SEC.175.