State of Illinois
92nd General Assembly
Legislation

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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.

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