Sec. 13.5. (a) If the department determines that real property owned in fee simple by the department is nonmarketable due to environmental mitigation requirements imposed by federal or state regulations, the commissioner may, with the approval of the budget agency, issue an order declaring the real property nonmarketable.

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Terms Used In Indiana Code 8-23-7-13.5

  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
     (b) The department may provide a certified copy of an order described in subsection (a) to the Indiana department of administration.

     (c) Nonmarketable real property described in subsection (a) shall be transferred as described under IC 4-20.5-7, except that, after fulfilling the requirements of IC 4-20.5-7-6 through IC 4-20.5-7-7.3, the nonmarketable real property described in subsection (a) may be disposed of only by:

(1) soliciting proposed uses for the nonmarketable real property from nonprofit land management organizations; and

(2) transferring the nonmarketable real property to a chosen nonprofit land management organization for a use consistent with the tendered proposal.

Nonmarketable real property disposed of as described in this subsection does not need to be appraised before the transfer of the real property.

As added by P.L.196-2017, SEC.1.

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