Sec. 14. (a) The commission may lease for a nominal lease rental, or sell to the authority, one (1) or more local public improvements or portions thereof or land upon which a local public improvement is located or is to be constructed.
(b) Any lease of all or a portion of a local public improvement by the commission to the authority must be for a term equal to the term of the lease of that local public improvement back to the redevelopment commission.
(c) The commission may sell property to the authority for such amount as it determines to be in the best interest of the commission, which amount may be paid from the proceeds of bonds of the authority.
As added by P.L.84-1987, SEC.14.
Structure Indiana Code
Article 7. Planning and Development
Chapter 15.3. Redevelopment Authority in Marion County
36-7-15.3-1. Application of Chapter
36-7-15.3-2. "Authority" Defined
36-7-15.3-5. "Commission" Defined
36-7-15.3-6. "Local Public Improvement" Defined
36-7-15.3-7. Additional Purposes; Prohibitions
36-7-15.3-8. Additional Powers
36-7-15.3-8.5. Redevelopment Authority Subject to Open Government Laws
36-7-15.3-8.6. Electronic Meetings
36-7-15.3-9. Refunding of Bonds
36-7-15.3-10. Requirements for Lease of Local Improvements to Commission
36-7-15.3-11. Authorization for Leases Between the Authority and Commission; Exception
36-7-15.3-12. Local Public Improvements; Plans and Specifications
36-7-15.3-13. Common Wall or Other Agreements
36-7-15.3-14. Local Public Improvement; Sale or Nominal Rental to Authority
36-7-15.3-15. Issuance of Bonds; Purpose; Conditions
36-7-15.3-16. Issuance of Bonds; Full and Complete Authority; Status
36-7-15.3-17. Trust Indenture; Provisions
36-7-15.3-18. Option to Purchase Leased Property; Bonds