Sec. 4.2. (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) To promote an economic development project. (2) To facilitate compatible land use planning. (b) The disposing agent shall first have the property appraised by two (2) appraisers. The appraisers must be: (1) professionally engaged in making appraisals; (2) licensed under IC 25-34.1 ; or (3) employees of the political subdivision familiar with the value of the property. (c) Subject to subsection (d), the disposing agent may: (1) negotiate a sale or transfer; and (2) dispose of the real property; at a value that is not less than the average of the two (2) appraisals under subsection (b). (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.
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