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92_HB0418eng HB0418 Engrossed LRB9203736DHmb 1 AN ACT concerning property transactions. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 1. Short title. This Act may be cited as the 5 Transportation and Toll Highway Property Transaction Act. 6 Section 5. Definitions. As used in this Act, unless the 7 context requires otherwise: 8 "Authority" means the Illinois State Toll Highway 9 Authority. 10 "Department" means the Department of Transportation. 11 Section 10. Acquisition disclosure. 12 (a) The Department shall disclose to the Department of 13 Central Management Services all acquisitions of real property 14 purchased on or after the effective date of this Act with 15 State moneys, in whole or in part. 16 (b) The Authority shall disclose to the Department of 17 Central Management Services all acquisitions of real property 18 purchased on or after the effective date of this Act with 19 State moneys, in whole or in part. 20 (c) The Authority shall disclose to the Department of 21 Central Management Services the acquisition of real property 22 related to the I-355 Corridor Extension for the route south 23 of I-355 from I-55 to I-80 and from I-80 to I-57, purchased 24 in whole or in part with State moneys, whether purchased 25 before, on, or after the effective date of this Act. 26 Section 15. Form of acquisition disclosure. The 27 disclosure required under Section 10 shall be filed with the 28 property control division of the Department of Central 29 Management Services in a form and manner prescribed by the HB0418 Engrossed -2- LRB9203736DHmb 1 Department of Central Management Services. 2 The disclosure shall include, but need not be limited to, 3 the following: 4 (1) the names of the owners from whom the property 5 was purchased, including individuals and land trusts as 6 defined in the Land Trust Beneficial Interest Disclosure 7 Act, and the name and address of each beneficiary of any 8 such land trust owner; 9 (2) the fair market value of the property before 10 the sale; 11 (3) the purchase price; 12 (4) the bidding procedures used; and 13 (5) the intended State use or purpose of the 14 property. 15 Section 20. Department sale to Authority; fair market 16 value. The price at which the Department sells any real 17 property to the Authority must be within at least 5% of the 18 fair market value of that property. 19 Section 25. Department and Authority transfers. The 20 fair market value of real property transferred between the 21 Department and the Authority must be within at least 5% of 22 the fair market value of real property transferred in 23 exchange between the Department and the Authority. 24 Section 30. Construction of Act. The requirements of 25 this Act are in addition to, and not in substitution for, any 26 other requirements imposed by law upon real property 27 transactions of the Department and Authority.