State of Illinois
92nd General Assembly
Legislation

   [ Search ]   [ PDF text ]   [ Legislation ]   
[ Home ]   [ Back ]   [ Bottom ]


[ Introduced ][ Engrossed ][ Enrolled ]


92_SB0487ham001

 










                                             LRB9206266NTsbam

 1                    AMENDMENT TO SENATE BILL 487

 2        AMENDMENT NO.     .  Amend Senate Bill 487 as follows:
 3    on page 3,  immediately  below  line  31,  by  inserting  the
 4    following:
 5        "In  the  case of a sale of property to a tenant that has
 6    leased the property for 10  or  more  years  and  that  is  a
 7    non-profit  agency,  an  appraisal  is  required prior to the
 8    sale.  If the non-profit agency purchases  the  property  for
 9    less  than  the  appraised  value  and subsequently sells the
10    property, the agency may retain  only  a  percentage  of  the
11    profits  that  is  proportional  to  the  percentage  of  the
12    appraisal, plus any improvements made by the agency while the
13    agency  was  the  owner,  that the agency paid in the initial
14    sale.  The remaining portion  of  the  profits  made  by  the
15    non-profit agency shall revert to the school district."; and

16    on  page  6,  immediately  below  line  13,  by inserting the
17    following:
18        "In the case of a sale of property to a tenant  that  has
19    leased  the  property  for  10  or  more  years and that is a
20    non-profit agency, an appraisal  is  required  prior  to  the
21    sale.   If  the  non-profit agency purchases the property for
22    less than the appraised  value  and  subsequently  sells  the
23    property,  the  agency  may  retain  only a percentage of the
 
                            -2-              LRB9206266NTsbam
 1    profits  that  is  proportional  to  the  percentage  of  the
 2    appraisal, plus any improvements made by the agency while the
 3    agency was the owner, that the agency  paid  in  the  initial
 4    sale.    The  remaining  portion  of  the profits made by the
 5    non-profit agency shall revert to the school district.".

[ Top ]