Bill > HB0037

This bill amends the Illinois Sports Facilities Authority Act to provide specific guidelines for the sale of property owned by the Illinois Sports Facilities Authority (ISFA). The bill authorizes the ISFA to sell specified parcels of property, with a mandatory requirement to obtain three independent appraisals, including at least one from an appraiser in Cook County. The highest appraised value plus the cost of obtaining the appraisals will be considered the fair market value for the sale. The bill stipulates that no property can be sold for less than its fair market value and mandates that the sale must be conducted through a public auction. The auction requires publication of sale notices in a daily newspaper with general circulation in the county where the property is located, with notices published on 3 separate days between 15 and 30 days prior to the sale. While the bill mentions that all moneys received from the sale will be processed in a certain way, the specific details of this disposition are cut off in the provided text. The legislation provides a transparent and structured approach to potential property sales by the ISFA, ensuring fair valuation and public transparency in the process.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=37&GAID=18&DocTypeID=HB&SessionID=114&GA=104