(20 ILCS 805/805-330) (was 20 ILCS 805/63a14)
Sec. 805-330.
Lease of concessions.
The Department has the power to lease concessions on any property under the jurisdiction of
the Department for a period not
exceeding 25 years. All such leases, for whatever period, shall be made
subject to the written approval of the Governor. All concession leases
executed after January 1, 1982, extending for a period in excess of 10 years,
shall contain provisions for the Department to participate, on a
percentage
basis, in the revenues generated by any concession operation.
The Department is authorized to
allow for provisions for a reserve account and a leasehold account included
within departmental concession lease agreements for the purpose of setting
aside revenues for the maintenance, rehabilitation, repair, improvement,
and
replacement of the concession facility, structure, and equipment of the
Department that are a part of the
leased premises.
The leasehold account shall allow for the amortization of certain
authorized expenses that are incurred by the concession lessee but
that are not an
obligation of the lessee under the terms and conditions of the lease
agreement. The Department may allow
a reduction of up to 50% of the monthly rent due for the purpose of enabling
the recoupment of the lessee's authorized expenditures during the term of the
lease.
The lessee shall be required to pay into the reserve account a percentage
of gross receipts, as set forth in the lease, to be set aside and expended
in a manner acceptable to the Department by the concession lessee for the
purpose of ensuring that an appropriate amount of the lessee's monies are
provided by the lessee to satisfy the lessee's incurred responsibilities
for
the operation of the concession facility under the terms and conditions of
the concession lease.
(Source: P.A. 91-239, eff. 1-1-00.)
|