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20 ILCS 2705/2705-555
(20 ILCS 2705/2705-555) (was 20 ILCS 2705/49.13)
Sec. 2705-555. Lease of land or property.
(a) The Department has the power from
time to time to lease any land or property, with or without
appurtenances, of which the Department has jurisdiction and that is not
immediately to be used or developed by the State; provided that no such
lease be for a longer period of time than that in which it can reasonably
be expected the State will not have use for the property, and
further
provided that no such lease be for a longer period of time than 5 years,
except as provided in subsection (b).
(b) In counties with a population of not less than 500,000 and not more
than 800,000, a lease
to any other
department of State
government, any authority, commission, or agency of the State, or a
municipality, county, or township of the State, including in any land lease the
corresponding vertical rights, subterranean and air rights, and sublease
rights,
may be for a period of time no longer than 25 years.
(c) In counties with a population of not less than 3,000,000, a lease initially entered into within one year after the effective date of this amendatory Act of the 93rd General Assembly, including in any land lease the corresponding vertical rights, subterranean and air rights, and sublease rights, may be for a period of time no longer than 35 years. The land or property shall be leased by the Department at fair market value.
(Source: P.A. 93-1100, eff. 3-31-05.)
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