1. (a) Except as provided in subsection (b), the lessor corporation shall acquire, own, and hold in fee simple the land on which a school building or buildings are to be erected under this chapter.
2. (b) The lessor corporation may acquire, own, and hold in fee simple the land by agreement and conveyance with a school corporation or with the public education corporation subject to the conditions of this section. The lessor corporation may lease such a school building directly to the public education corporation or to a school corporation. If the lessor corporation leases such a school building to a school corporation, the school corporation may assign or sublet its lease to the public education corporation.

3. (c) A school corporation or the public education corporation that proposes to lease a school building, either alone or jointly with another school corporation, and owns the land on which it desires to be erected the building or buildings may sell and transfer that land to the lessor corporation in fee simple, subject to the following conditions:

   1. (1) Before the sale may take place, the governing body of the school corporation or the corporation board must file a petition with the circuit court of the county in which the school corporation is located, requesting the appointment of:

      1. (A) one (1) disinterested freeholder of the school corporation as an appraiser; and

      2. (B) two (2) disinterested appraisers licensed under IC 25-34.1 ;

         who are residents of Indiana to determine the fair market value of the land. One (1) of the appraisers described in clause (B) must reside not more than fifty (50) miles from the land.

   2. (2) Upon appointment, the three (3) appraisers shall proceed to fix the fair market value of the land and shall report the amount fixed to the circuit court within two (2) weeks after the appointment.

   3. (3) The school corporation or the public education corporation may sell the land to the lessor corporation for an amount not less than the amount fixed by the three (3) appraisers as the fair market value, which shall be paid in cash upon delivery of the deed by the school corporation or the public education corporation to the lessor corporation. However, if the land was acquired by the school corporation or public education corporation within three (3) years immediately preceding the date of the filing of the petition with the circuit court, the land may not be sold for an amount less than the amount paid by the school corporation or public education corporation for the land.

      [Pre-2006 Recodification Citation: 21-5-12-8.]

As added by P.L.2-2006, SEC.170. Amended by P.L.113-2006, SEC.16; P.L.101-2026, SEC.51.