Illinois Compiled Statutes
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230 ILCS 10/7.5
(230 ILCS 10/7.5)
When the Board determines that it will re-issue an owners license pursuant to
open and competitive bidding process, as set forth in Section 7.1, or that it
will issue a managers license pursuant to an open and competitive bidding
process, as set forth in Section 7.4, the open and competitive bidding process
shall adhere to the following procedures:
(1) The Board shall make applications for owners and managers
licenses available to the public and allow a reasonable time for applicants to
submit applications to the Board.
(2) During the filing period for owners or managers license applications,
Board may retain the services of an investment banking firm to assist the Board
in conducting the open and competitive bidding process.
(3) After receiving all of the bid proposals, the Board shall open all of
proposals in a public forum and disclose the prospective owners or managers
names, venture partners, if any, and, in the case of applicants for owners
licenses, the locations of the proposed development sites.
(4) The Board shall summarize the terms of the proposals and may make this
summary available to the public.
(5) The Board shall evaluate the proposals within a reasonable time and
more than 3 final applicants to make presentations of their
proposals to the Board.
(6) The final applicants shall make their presentations to the
the same day during an open session of the Board.
(7) As soon as practicable after the public presentations by the final
the Board, in its
discretion, may conduct further negotiations among the 3 final applicants.
During such negotiations, each final applicant may increase its license bid or
otherwise enhance its bid proposal. At the conclusion of such
negotiations, the Board shall
select the winning proposal. In the case of negotiations for
an owners license, the Board may, at the conclusion of such negotiations,
make the determination allowed under Section 7.3(a).
(8) Upon selection of a winning bid, the Board shall evaluate the winning
within a reasonable period of time for licensee suitability in accordance with
all applicable statutory and regulatory criteria.
(9) If the winning bidder is unable or otherwise fails to
consummate the transaction, (including if the Board determines that the winning
bidder does not satisfy the suitability requirements), the Board may, on the
same criteria, select from the remaining bidders or make the determination
allowed under Section 7.3(a).
(Source: P.A. 93-28, eff. 6-20-03.)