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30 ILCS 605/7.4
(30 ILCS 605/7.4)
Thompson Center; Elgin Mental Health Center.
(a) Notwithstanding any other
provision of this Act or any other law to the contrary, the administrator is
authorized under this Section to
dispose of or mortgage (i) the
James R. Thompson Center located in Chicago, Illinois
and (ii) the Elgin Mental Health Center and surrounding land located at 750
Street, Elgin, Illinois
in any of the following
(1) The administrator may sell the property as
provided in subsection (b).
(2) The administrator may sell the property as
provided in subsection (b), and the administrator may immediately thereafter enter into a leaseback or other agreement that directly or indirectly gives the State a right to use, control, and possess the property. Notwithstanding any other provision of law, a lease entered into by the administrator under this subdivision (a)(2) may last for any period not exceeding 99 years.
(3) The administrator may enter into a mortgage
agreement, using the property as collateral, to receive a loan or a line of credit based on the equity available in the property. Any loan obtained or line of credit established under this subdivision (a)(3) must require repayment in full in 20 years or less.
(b) The administrator shall obtain 3 appraisals of the real property
under subdivision (a)(1) or (a)(2) of this Section, one of which shall be
performed by an
appraiser residing in the county in which the real property is located. The
these 3 appraisals, plus the costs of obtaining the appraisals, shall represent
market value of the real property. No property may be conveyed under
or (a)(2) of this Section by the administrator for less than the fair market
administrator may sell the real property by public auction following notice of
the sale by
publication on 3 separate days not less than 15 nor more than 30 days prior to
in a daily newspaper having general circulation in the county
the real property is located. If no
offers for the real property are received, the administrator may have new
appraisals of the
property made. The administrator shall have all power necessary to convey real
under subdivision (a)(1) or (a)(2) of this Section.
The administrator shall have authority to order such surveys, abstracts of
commitments for title insurance as may, in his or her reasonable discretion, be
necessary to demonstrate to prospective purchasers, bidders, or mortgagees good
in any property offered for sale or mortgage under
otherwise specifically authorized by the General Assembly, all conveyances of
made by the administrator under subdivision (a)(1) or (a)(2) of this Section
shall be by
quit claim deed.
(c) All moneys received from the sale or mortgage of real property under this
Section shall be deposited into the General Revenue Fund.
(d) The administrator is authorized to enter into any agreements and execute
documents necessary to exercise the authority granted by this Section.
(e) Any agreement to
of or mortgage (i) the James R. Thompson Center located in Chicago, Illinois
or (ii) the
Elgin Mental Health Center and surrounding land located at 750 S. State Street,
Illinois pursuant to the authority granted by this Section must be entered
into no later than one year after the effective date of this amendatory Act of
(Source: P.A. 93-19, eff. 6-20-03.)