90th General Assembly
Summary of SB1064
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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.                                             
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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