1. (a) This section applies to a city having a population of more than sixty-nine thousand (69,000) and less than sixty-nine thousand five hundred (69,500).

2. (b) A city may hire an appraiser to conduct a series of appraisals of:

   1. (1) ten (10) residential properties, located throughout the city; and

   2. (2) ten (10) commercial properties of not less than five (5) acres, located throughout the city;

      each year to assist the city with disposing of the city's real property. An appraisal conducted under this section may be used by the city to meet the appraisal requirements under section 4(b) of this chapter and IC 36-7-14-22.7 (b).

3. (c) The city shall post the following information on the city's website, updated on an annual basis, after receiving appraisals under subsection (b):

   1. (1) The average value per square foot of the appraised residential properties.

   2. (2) The average value per acre of the appraised commercial properties.

      The city may use the average values under this subsection to establish a minimum offering price for the sale of the city's residential and commercial properties during the applicable year.

4. (d) An employee or appointed or elected officer of the city may not purchase a residential or commercial property for which an appraisal is conducted by an appraiser hired under this chapter.
5. (e) This section expires December 31, 2029.

As added by P.L.46-2026, SEC.1.