100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB0500

 

Introduced , by Rep. Jim Durkin

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 605/7.7 new

    Amends the State Property Control Act. Allows the administrator to dispose of the James R. Thompson Center by sale, lease, or through entering a public-private partnership to redevelop the property. Establishes requirements necessary for the sale of the Thompson Center, and defines the fair market value of the Thompson Center. Prohibits sale of the Thompson Center for less than fair market value. Establishes requirements for the lease of the Thompson Center. Grants the administrator all power necessary to convey, condemn, and otherwise affect any and all interest in the Thompson Center. Requires the administrator to disburse any money received by the disposition of the Thompson Center in a certain manner. Provides that any agreement to sell or lease the Thompson Center under the authority of these provisions must be entered into no later than 3 years after the effective date of the amendatory Act. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The State Property Control Act is amended by
5adding Section 7.7 as follows:
 
6    (30 ILCS 605/7.7 new)
7    Sec. 7.7. James R. Thompson Center.
8    (a) Notwithstanding any other provision of this Act or any
9other law to the contrary, the administrator is authorized
10under this Section to dispose of the real property known as the
11James R. Thompson Center, bounded by Lake, Clark, Randolph, and
12LaSalle Streets in the City of Chicago, with an address of 100
13West Randolph Street, in any of the following ways:
14        (1) The administrator may sell the real property as
15    provided in subsection (b).
16        (2) The administrator may sell or lease the real
17    property as provided in subsection (c).
18        (3) The administrator may enter into a lease, a
19    public-private partnership with a real estate developer
20    pursuant to which the property is redeveloped, or other
21    agreement that directly or indirectly gives the State a
22    right to use, control, or possess all or part of the real
23    property after the redevelopment of the real property. In

 

 

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1    connection with a lease, public-private partnership, or
2    other agreement under this paragraph (3), the
3    administrator may use the competitive sealed proposal
4    process under Section 20-15 of the Illinois Procurement
5    Code to solicit and select proposals for such
6    public-private partnership.
7        Notwithstanding any other provision of law, a lease
8    entered into by the administrator under this paragraph (3)
9    as either landlord, tenant, or partner may last for any
10    period not exceeding 150 years.
11    (b) If the real property is to be transferred pursuant to
12paragraph (1) of subsection (a) of this Section, the
13administrator shall obtain 3 appraisals of the real property to
14be transferred, at least one of which shall be performed by an
15appraiser residing in the county in which the real property is
16located. The highest appraised value from the 3 appraisals
17received plus the cost of obtaining the appraisals shall
18represent the fair market value of the real property only for
19the purposes of this subsection (b). No property may be
20conveyed under paragraph (1) of subsection (a) of this Section
21by the administrator for less than the fair market value. The
22administrator may sell the real property by public auction
23following notice of the sale by publication on 3 separate days
24not less than 15 nor more than 30 days prior to the sale in a
25daily newspaper having general circulation in the county in
26which the real property is located.

 

 

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1    (c) The administrator may sell or lease the real property
2pursuant to the competitive sealed proposal process under
3Section 20-15 of the Illinois Procurement Code. The price may
4be lower than the established fair market value as determined
5under subsection (b) of this Section. Any lease entered into
6pursuant to this subsection (c) is subject to the period
7limitation provided in paragraph (3) of subsection (a) of this
8Section.
9    (d) The administrator shall have all power necessary to
10convey, condemn, and otherwise affect any and all interests in
11the real property subject to this Section. The administrator
12shall have authority to order any surveys, abstracts of title,
13or commitments for title insurance as may, in his or her
14reasonable discretion, be deemed necessary to demonstrate to
15prospective purchasers, bidders, landlords, development
16partners, tenants, or mortgagees good and marketable title in
17any real property offered for sale or lease under this Section.
18    Unless otherwise specifically authorized by the General
19Assembly, all conveyances of title to real property made by the
20administrator under this Section shall be by quit claim deed,
21and all leasing shall be made by written lease.
22    (e) All moneys received from the disposition of real
23property under this Section shall be applied as follows: first,
24to any cost incurred in connection with disposition or pursuant
25to this Section; second, to reimburse any applicable fund for
26any cost incurred in connection with disposition or pursuant to

 

 

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1this Section; third, the remainder shall be deposited into the
2General Revenue Fund.
3    (f) The administrator is authorized to enter into any
4agreements and execute any documents necessary to exercise the
5authority granted by this Section.
6    (g) In connection with or in preparation for any
7disposition, lease, or public-private partnership under this
8Section, the administrator is authorized to obtain
9entitlements, incentives, or other agreements with respect to
10the property which the administrator determines may enhance the
11value of the property prior to the disposition, lease, or
12public-private partnership.
13    (h) Any agreement to sell or lease the James R. Thompson
14Center located in the City of Chicago pursuant to the authority
15granted by this Section must be entered into no later than 3
16years after the effective date of this amendatory Act of the
17100th General Assembly.
 
18    Section 99. Effective date. This Act takes effect upon
19becoming law.