Section 14-39-1-17 - Duty to provide notice and make a written offer for compensation; requirements for an offer to compensate(a) Before the anticipated migration of carbon dioxide as predicted by the testing and monitoring activities pursuant to the Class VI permit issued to the carbon sequestration pilot project, the pilot project operator shall: (1) notify: (A) the person who owns the pore space in fee simple; or(B) any person with a right by a recorded conveyance document to use the pore space; of the anticipated migration of the carbon dioxide; and
(2) make an offer of compensation in writing:(A) to the person identified in subdivision (1)(A) to acquire, lease, or occupy the pore space; or(B) to a person identified in subdivision (1)(B) for any diminution in the rights that the person has acquired to use the pore space.(b) An offer of compensation required by subsection (a)(2), with respect to a parcel, must be a yearly payment of forty percent (40%) of the average estimated cash rent per acre for the area of Indiana and the average class of land, according to the Farmland Values & Cash Rents Survey Results published by Purdue University most recently before the offer of compensation is made, every year until the cessation of injection of carbon dioxide.Added by P.L. 53-2023,SEC. 5, eff. 7/1/2023.