Sec. 3. (a) This section does not apply to the disposal of real property under section 5, 5.5, 5.9, 8, or 18 of this chapter.
(b) Disposal of real property under this chapter is subject to the approval of:
(1) the executive of the political subdivision or agency; or
(2) the fiscal body of the political subdivision or agency, if there is no executive.
The executive or fiscal body may not approve a disposal of property without conducting a public hearing after giving notice under IC 5-3-1. However, in a municipality the executive shall designate a board or commission of the municipality to give notice, conduct the hearing, and notify the executive of its recommendation.
(c) Except as provided in section 3.2 of this chapter, in addition, the fiscal body of a unit must approve the following:
(1) Every sale of real property that has an appraised value of at least:
(A) except as provided in clause (B) and subsection (d), fifty thousand dollars ($50,000); or
(B) an amount greater than fifty thousand dollars ($50,000) that is specified in an ordinance or a resolution adopted by the fiscal body of the unit under subsection (d).
(2) Every lease of real property for which the total annual rental payments will be twenty-five thousand dollars ($25,000) or more.
(3) Every transfer of real property under section 14 or 15 of this chapter.
(d) The fiscal body of a unit may adopt an ordinance (in the case of a county or municipality) or a resolution (in the case of a township) to increase the threshold that applies under subsection (c)(1) to an amount greater than fifty thousand dollars ($50,000).