Bill Text: IL HB5916 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Illinois Sports Facilities Authority Act. Provides that the Illinois Sports Facilities Authority may sell certain specified property. Provides for the disposition of moneys received from the sale. Authorizes the Illinois Sports Facilities Authority to enter into any agreements and execute any documents necessary to arrange for the sale of the property.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-11-19 - Referred to Rules Committee [HB5916 Detail]

Download: Illinois-2023-HB5916-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5916 Introduced , by Rep. La Shawn K. Ford SYNOPSIS AS INTRODUCED:
70 ILCS 3205/12.2 new
Amends the Illinois Sports Facilities Authority Act. Provides that the Illinois Sports Facilities Authority may sell certain specified property. Provides for the disposition of moneys received from the sale. Authorizes the Illinois Sports Facilities Authority to enter into any agreements and execute any documents necessary to arrange for the sale of the property.
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A BILL FOR
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AN ACT concerning local government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Sports Facilities Authority Act is
amended by adding Section 12.2 as follows:
(70 ILCS 3205/12.2 new)
Sec. 12.2. Sale of property.
(a) The Authority is authorized to sell any or all of the
parcels of property described in Section 12.
(b) If the Authority sells the property described in
Section 12, the Authority shall obtain 3 appraisals of that
property, at least one of which shall be performed by an
appraiser residing in Cook County. The highest appraised value
from the 3 appraisals received plus the cost of obtaining the
appraisals shall represent the fair market value of the real
property only for the purposes of this subsection (b). No
property may be conveyed under this Section for less than the
fair market value. The Authority may sell the real property by
public auction following notice of the sale by publication on
3 separate days not less than 15 nor more than 30 days prior to
the sale in a daily newspaper having general circulation in
the county in which the real property is located.
(c) All moneys received from the sale of real property

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