1. (a) This section applies to a disposing agent who wants to sell or transfer real property not acquired through eminent domain procedures for any of the following purposes:

   1. (1) To promote an economic development project.
   2. (2) To facilitate compatible land use planning.

2. (b) The disposing agent shall first have the property appraised by two (2) appraisers. The appraisers must be:

   1. (1) professionally engaged in making appraisals;
   2. (2) licensed under IC 25-34.1 ; or
   3. (3) employees of the political subdivision familiar with the value of the property.

3. (c) Subject to subsection (d), the disposing agent may:

   1. (1) negotiate a sale or transfer; and

   2. (2) dispose of the real property;

      at a value that is not less than the average of the two (2) appraisals under subsection (b).

4. (d) The disposing agent may dispose of the real property for a value that is not less than the average of the two (2) appraisals under subsection (b) only after publishing a notice in accordance with IC 5-3-1 stating the amount of the offer to be accepted. The disposing agent may reject all offers. If the disposing agent rejects all offers, the disposing agent must make a written determination to reject all offers explaining why all offers were rejected.

As added by P.L.165-1994, SEC.3. Amended by P.L.188-2011, SEC.2.