Government bodies that buy real property with public funds must disclose the purchase information within 60 days, with delayed timing rules for certain project-related purchases.
(a) The state, a county, a municipality, any other governmental entity, or any quasi-governmental entity, following the purchase of any real property with public funds for any reason, shall disclose information concerning the purchase within 60 days following the purchase. If the purchase is tied to a specific economic development project, disclosure is not required until 60 days following the announcement of the project. If the purchase is tied to an acquisition for public utility or public works purposes as a part of a single project or the acquisition of rights-of-way, disclosure is not required until 60 days following the acquisition of the last parcel of property needed for the particular public utility or public works project or right-of-way line for which the purchases are made. (b) The disclosure required by subsection (a) shall include appraisal information done on the property, any contracts related to the purchase, all terms of the purchase, the sources of all funds used in the purchase, and any other related materials. The required disclosure of appraisal information shall be limited to the property identification, appraiser identification, date of appraisal, and the appraised valued. (c) The disclosure required by subsection (a) shall be made via a report available to the public, shall be attached to the minutes for the next scheduled meeting of the body following the purchase, and, if the body maintains a website, shall be published on the website in a manner conspicuous to the public. (d) The disclosures required by this section are not necessary if the decision to purchase the property is made at an open meeting of the purchasing entity for which advance notice was given as required by law and the minutes of that meeting include all of the information required by subsection (b).