Section 36-7-14-22.7 - Disposal of real property; appraisal(a) The commission may dispose of real property to which section 22.5 of this chapter applies by following the procedure set forth in this section.(b) The commission shall first have the property appraised by two (2) appraisers. The appraisers must be: (1) persons who are professionally engaged in making appraisals;(2) persons who are licensed under IC 25-34.1; or(3) employees of the political subdivision familiar with the value of the property. The appraisers shall make a joint appraisal of the property.
(c) The commission may:(1) negotiate a sale or transfer; and(2) dispose of the property; at a value that is not less than the appraised value determined under subsection (b).
(d) Disposal of real property under this section is subject to the approval of the commission. The commission may not approve a disposal of property without conducting a public hearing after giving notice under IC 5-3-1.(e) In addition to any other reason for disapproving a disposal of property under this section, the commission may disapprove a sale of a tract of residential property to any bidder who does not by affidavit declare that the bidder will reside on that property for at least one (1) year after the bidder obtains possession of the property.Amended by P.L. 174-2022,SEC. 70, eff. 7/1/2022.As added by P.L. 169-2006, SEC.72.