(110 ILCS 805/5-6) (from Ch. 122, par. 105-6)
Sec. 5-6.
Any community college district may, as a part of its 25%
contribution for building purposes, contribute real property situated within
the geographical boundaries of such community college district at market value
as determined at the time the contribution is made to the Capital Development
Board in accordance with the program and budget, the plan as approved by
the State Board by 3 licensed appraisers,
except that where a community college district has acquired
such lands without cost or for a consideration substantially less
than the market value thereof at the time of acquisition, the amount
of the community college district's contribution for the land shall
be limited (a) to the difference, if any, between the appraised market
value at the time of acquisition and the appraised market value
at the time the contribution is made to the Capital Development
Board, if the grantor is the Federal government, (except that no property
acquired prior to December 18, 1975 shall
be affected by the provisions of this Section), or any department,
agency, board or commission thereof or (b) to the actual amount, if
any, of the consideration paid for the land if the grantor is the
State of Illinois or any department, agency, board or commission thereof.
In the event the highest appraisal exceeds the average of the
other two appraisals by more than 10%, such appraisal shall not be
considered in determining the market value of the land and a new
appraiser shall be appointed by the State Board, who shall re-appraise
the land. The re-appraisal shall then become the third appraisal as
required by this Section. The cost of the appraisement shall be
paid by the community college district.
(Source: P.A. 100-884, eff. 1-1-19.)
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