1. (a) The lessor corporation shall hold in fee simple the real property on which the library building or buildings exists or will be constructed. A public corporation or corporations proposing to lease the library building or buildings, either alone or jointly with another public corporation that owns the property, may sell the property to the lessor corporation in fee simple.

2. (b) Before a sale under this section may take place, the governing authority of the public corporation shall file a petition with the circuit court of the county in which the public corporation is located requesting the appointment of:

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

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

      who are residents of Indiana to determine the fair market value of the real property. One (1) of the appraisers described under subdivision (2) must reside not more than fifty (50) miles from the property. Upon their appointment, the three (3) appraisers shall fix the fair market value of the real property and report this amount to the circuit court not later than two (2) weeks from the date of their appointment. The public corporation may then sell the real property to the lessor corporation for an amount not less than the amount fixed as the fair market value by the appraisers. The amount shall be paid in cash upon delivery of the deed by the public corporation to the lessor corporation.

      [Pre-2005 Elementary and Secondary Education Recodification Citation: 20-14-10-10.]

As added by P.L.1-2005, SEC.49. Amended by P.L.113-2006, SEC.24.