Indiana § 36-12-10-10 - Applicability; title to real property; sale; procedure

§ 36-12-10-10. Applicability; title to real property; sale; procedure

Sec. 10. (a) This section applies only to a sale of real property:

(1) under this chapter; and

(2) by a municipal corporation that operates and maintains library facilities.

(b) This section and not:

(1) IC 36-1-11; or

(2) any other statute;

applies to a sale of real property under this chapter.

(c) The lessor corporation shall hold in fee simple the real property on which the library building or buildings exists or will be constructed.

(d) A municipal corporation or corporations proposing to lease the library building or buildings, either alone or jointly with another municipal corporation that owns the property, may sell the property to the lessor corporation in fee simple.

(e) Before a sale under this section may take place, the governing authority of the municipal corporation shall file a petition with the circuit court of the county in which the municipal corporation is located. The petition must request the appointment of two (2) disinterested appraisers who are:

(1) professionally engaged in making appraisals; and

(2) licensed under IC 25-34.1;

to determine the fair market value of the real property. The two (2) appraisers shall fix the fair market value of the real property and report this amount to the circuit court not later than two (2) weeks from the date of their appointment. The municipal corporation may then sell the real property to the lessor corporation for an amount not less than the amount fixed as the fair market value by the appraisers. If each appraiser determines a different fair market value of the real property, the municipal corporation may sell the real property to the lessor corporation for an amount that is not less than the amount of the lower of the two (2) appraisals. The amount shall be paid in cash upon delivery of the deed by the municipal corporation to the lessor corporation.

[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-14-10-10.]

As added by P.L.1-2005, SEC.49. Amended by P.L.113-2006, SEC.24; P.L.42-2018, SEC.55.