This chapter applies only to real property that satisfies all of the following conditions:

1. (1) The real property is owned by the state and under the control of a state institution.
2. (2) The real property is undeveloped.
3. (3) The executive of the city identifies the real property through a legal description of the property.
4. (4) The state approves the legal description prepared under subdivision (3).

As added by P.L.147-1993, SEC.1.