House Sponsors: SILVA, GILES AND TURNER,ART. Short description: U OF I-DISPLACEMENT PROGRAM Synopsis of Bill as introduced: Amends the University of Illinois Act. Provides that persons who contract with the University of Illinois to acquire from the University and develop land and buildings which the University acquired by purchase, lease, or exercise of the power of eminent domain in an area located on or adjacent to the University's Chicago campus shall pay 1% of the equalized assessed value of the land or buildings to the University. Requires the University to retain those amounts in its own treasury in a separate account designated as the Relocation Assistance Account. Requires the University to develop and implement a relocation assistance plan for businesses and residential and other property owners displaced as a result of the University's acquisition and the development of the area in which the displaced businesses and residential and other property owners were located. Requires use of amounts in the Relocation Assistance Account solely to implement the relocation plan, under which substitute property within one mile of the displacement area may be acquired by the Board of Trustees for the benefit of the displaced businesses and property owners. Effective immediately. FISCAL NOTE (U of I at Chicago) If a 1% fee is permitted, approximately $40,000 would be gener- ated from land remaining and targeted for acquisition by UIC. If UIC sells land to community groups or developers for $25 M, about $90,000 would be generated; if the developer pays the 1%, cost would be approximately $90,000. The relocation program would therefore be self-supporting. However, due to UIC's tax status, there is no assessed value of the land, so there would not be any funds set aside for the relocation program. STATE MANDATES FISCAL NOTE In the opinion of DCCA, HB855 fails to meet the definition of a State mandate. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status