Bill Text: IL SB1937 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the State Property Control Act. Allows the administrator to dispose of the James R. Thompson Center by sale or lease or through entering a public-private partnership to redevelop the property. Establishes requirements necessary for the sale of the Thompson Center, and defines the fair market value of the Thompson Center. Prohibits sale of the Thompson Center for less than fair market value. Establishes requirements for the lease of the Thompson Center. Grants the administrator all power necessary to convey, condemn, and otherwise affect any and all interest in the Thompson Center. Requires the administrator to disburse any money received by the disposition of the Thompson Center in a certain manner. Provides that any agreement to sell or lease the Thompson Center under the authority of these provisions must be entered into no later than 3 years after the effective date of the amendatory Act. Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2019-01-09 - Session Sine Die [SB1937 Detail]

Download: Illinois-2017-SB1937-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 SB1937 Introduced 2/10/2017, by Sen. Christine Radogno SYNOPSIS AS INTRODUCED:
30 ILCS 605/7.7 new
Amends the State Property Control Act. Allows the administrator to dispose of the James R. Thompson Center by sale, lease, or through entering a public-private partnership to redevelop the property. Establishes requirements necessary for the sale of the Thompson Center, and defines the fair market value of the Thompson Center. Prohibits sale of the Thompson Center for less than fair market value. Establishes requirements for the lease of the Thompson Center. Grants the administrator all power necessary to convey, condemn, and otherwise affect any and all interest in the Thompson Center. Requires the administrator to disburse any money received by the disposition of the Thompson Center in a certain manner. Provides that any agreement to sell or lease the Thompson Center under the authority of these provisions must be entered into no later than 3 years after the effective date of the amendatory Act. Effective immediately.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The State Property Control Act is amended by
adding Section 7.7 as follows:
(30 ILCS 605/7.7 new)
Sec. 7.7. James R. Thompson Center.
(a) Notwithstanding any other provision of this Act or any
other law to the contrary, the administrator is authorized
under this Section to dispose of the real property known as the
James R. Thompson Center, bounded by Lake, Clark, Randolph, and
LaSalle Streets in the City of Chicago, with an address of 100
West Randolph Street, in any of the following ways:
(1) The administrator may sell the real property as
provided in subsection (b).
(2) The administrator may sell or lease the real
property as provided in subsection (c).
(3) The administrator may enter into a lease, a
public-private partnership with a real estate developer
pursuant to which the property is redeveloped, or other
agreement that directly or indirectly gives the State a
right to use, control, or possess all or part of the real
property after the redevelopment of the real property. In

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connection with a lease, public-private partnership, or
other agreement under this paragraph (3), the
administrator may use the competitive sealed proposal
process under Section 20-15 of the Illinois Procurement
Code to solicit and select proposals for such
public-private partnership.
Notwithstanding any other provision of law, a lease
entered into by the administrator under this paragraph (3)
as either landlord, tenant, or partner may last for any
period not exceeding 150 years.
(b) If the real property is to be transferred pursuant to
paragraph (1) of subsection (a) of this Section, the
administrator shall obtain 3 appraisals of the real property to
be transferred, at least one of which shall be performed by an
appraiser residing in the county in which the real property is
located. 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 paragraph (1) of subsection (a) of this Section
by the administrator for less than the fair market value. The
administrator 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.

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(c) The administrator may sell or lease the real property
pursuant to the competitive sealed proposal process under
Section 20-15 of the Illinois Procurement Code. The price may
be lower than the established fair market value as determined
under subsection (b) of this Section. Any lease entered into
pursuant to this subsection (c) is subject to the period
limitation provided in paragraph (3) of subsection (a) of this
Section.
(d) The administrator shall have all power necessary to
convey, condemn, and otherwise affect any and all interests in
the real property subject to this Section. The administrator
shall have authority to order any surveys, abstracts of title,
or commitments for title insurance as may, in his or her
reasonable discretion, be deemed necessary to demonstrate to
prospective purchasers, bidders, landlords, development
partners, tenants, or mortgagees good and marketable title in
any real property offered for sale or lease under this Section.
Unless otherwise specifically authorized by the General
Assembly, all conveyances of title to real property made by the
administrator under this Section shall be by quit claim deed,
and all leasing shall be made by written lease.
(e) All moneys received from the disposition of real
property under this Section shall be applied as follows: first,
to any cost incurred in connection with disposition or pursuant
to this Section; second, to reimburse any applicable fund for
any cost incurred in connection with disposition or pursuant to

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this Section; third, the remainder shall be deposited into the
General Revenue Fund.
(f) The administrator is authorized to enter into any
agreements and execute any documents necessary to exercise the
authority granted by this Section.
(g) In connection with or in preparation for any
disposition, lease, or public-private partnership under this
Section, the administrator is authorized to obtain
entitlements, incentives, or other agreements with respect to
the property which the administrator determines may enhance the
value of the property prior to the disposition, lease, or
public-private partnership.
(h) Any agreement to sell or lease the James R. Thompson
Center located in the City of Chicago pursuant to the authority
granted by this Section must be entered into no later than 3
years after the effective date of this amendatory Act of the
100th General Assembly.
Section 99. Effective date. This Act takes effect upon
becoming law.