99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB4313

 

Introduced , by Rep. Jim Durkin

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 605/7.7 new

    Amends the State Property Control Act. Specifies that the administrator is authorized to dispose of the James R. Thompson Center in 3 ways. Allows the administrator to sell the real property by auction. Allows the administrator to sell or lease the real property pursuant to a competitive sealed bid. Allows the administrator to enter into a lease, a public-private partnership with a real estate developer, or other agreement that directly or indirectly gives the State a right to use, control, or possess some portion or interest in the real property. Provides that all moneys received from the sale or lease of the real property shall be deposited into the General Revenue Fund. Authorizes the administrator to enter into any agreements and execute any documents necessary. Provides that any agreement to sell or lease the real property must be entered into no later than 3 years after the effective date of this 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 James R. Thompson Center
11located in Chicago, Illinois in any of the following ways:
12        (1) The administrator may sell the real property as
13    provided in subsection (b).
14        (2) The administrator may sell or lease the real
15    property as provided in subsection (c).
16        (3) The administrator may enter into a lease, a
17    public-private partnership with a real estate developer,
18    or other agreement that directly or indirectly gives the
19    State a right to use, control, or possess all or part of
20    the real property. Notwithstanding any other provision of
21    law, a lease entered into by the administrator under this
22    paragraph (3) as either landlord, tenant or partner may
23    last for any period not exceeding 150 years.

 

 

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1    (b) The administrator shall obtain 3 appraisals of the real
2property transferred under paragraph (1) of subsection (a) of
3this Section, at least one of which shall be performed by an
4appraiser residing in the county in which the real property is
5located. The highest appraised value from the 3 appraisals
6received plus the cost of obtaining the appraisals shall
7represent the fair market value of the real property only for
8the purposes of subsection (b). No property may be conveyed
9under paragraph (1) of subsection (a) of this Section by the
10administrator for less than the fair market value. The
11administrator may sell the real property by public auction
12following notice of the sale by publication on 3 separate days
13not less than 15 nor more than 30 days prior to the sale in a
14daily newspaper having general circulation in the county in
15which the real property is located.
16    (c) The administrator may sell or lease the real property
17pursuant to the competitive sealed proposal process under
18Section 20-15 of the Illinois Procurement Code. The price may
19be lower than the established fair market value as determined
20under subsection (b). Any lease entered into pursuant to this
21subsection is subject to the period limitation provided in
22paragraph (3) of subsection (a) of this Section.
23    (d) The administrator shall have all power necessary to
24convey, condemn, and otherwise affect any and all interests in
25the real property subject to this Section. The administrator
26shall have authority to order such surveys, abstracts of title,

 

 

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1or commitments for title insurance as may, in his or her
2reasonable discretion, be deemed necessary to demonstrate to
3prospective purchasers, bidders, landlords, development
4partners, tenants or mortgagees good and marketable title in
5any real property offered for sale or lease under this Section.
6Unless otherwise specifically authorized by the General
7Assembly, all conveyances of title to real property made by the
8administrator under this Section shall be by quit claim deed,
9and all leasing shall be made by written lease.
10    (e) All moneys received from the sale or lease of real
11property under this Section shall be deposited into the General
12Revenue Fund.
13    (f) The administrator is authorized to enter into any
14agreements and execute any documents necessary to exercise the
15authority granted by this Section.
16    (g) Any agreement to sell or lease the James R. Thompson
17Center located in Chicago, Illinois pursuant to the authority
18granted by this Section must be entered into no later than 3
19years after the effective date of this amendatory Act of the
2099th General Assembly.
 
21    Section 99. Effective date. This Act takes effect upon
22becoming law.