1. (a) This section applies to a parcel of real property located in a project area:

   1. (1) that is located in only one (1) county;
   2. (2) that is at least ten (10) acres in size; and
   3. (3) in which a condemnor or its agents has acquired clear title to at least ninety percent (90%) of the parcels in the project area.
2. (b) As used in this section, "project area" means an area designated by a condemnor and the legislative body for the condemnor for economic development.

3. (c) Notwithstanding sections 7 and 8 of this chapter, a condemnor may acquire a parcel of real property by the exercise of eminent domain under this section only if all of the following conditions are met:

   1. (1) The parcel of real property is not occupied by the owner of the parcel as a residence.
   2. (2) The legislative body for the condemnor adopts a resolution by a two-thirds (2/3) vote that authorizes the condemnor to exercise eminent domain over a particular parcel of real property.

4. (d) A condemnor that acquires a parcel of real property through the exercise of eminent domain under this section shall compensate the owner of the parcel as follows:

   1. (1) Payment to the owner equal to one hundred twenty five percent (125%) of the fair market value of the parcel as determined under IC 32-24-1 .
   2. (2) Payment of any other damages as determined under IC 32-24-1 and any loss incurred in a trade or business that is attributable to the exercise of eminent domain.
   3. (3) Payment of the owner's relocation costs, if any.

5. (e) The condemnor may not acquire a parcel of real property through the exercise of eminent domain under this section if the owner of the parcel demonstrates by clear and convincing evidence that:

   1. (1) the location of the parcel is essential to the viability of the owner's commercial activity; and
   2. (2) the payment of damages and relocation costs cannot adequately compensate the owner of the parcel.
6. (f) The court shall award the payment of reasonable attorney's fees to the owner of a parcel in accordance with this chapter.

As added by P.L.163-2006, SEC.17.