Section 355.306  Real Property

Donations of real property be: the fee simple interest in such real property; the beneficial interest of a land trust if a land trust holds title to such real property; a ground lease with a minimum term of 50 years leasing the real property to the Sponsor; or a sale of the fee simple interest on real property at a discount ("Discounted Sale").  Donations of a fee simple interest in real property shall be evidenced by a copy of the recorded deed conveying the fee simple title of the real property to the Sponsor and a title search or equivalent documentation showing that the Donor held fee simple title to the real property as of the date of the transfer.  A Donation of a ground lease shall be evidenced by a copy of the ground lease under which the real property is leased.  A Donation of real property held in a land trust shall be evidenced by the document transferring the beneficial interest in the land trust to the Sponsor and a copy of the land trust agreement, certified by the land trustee, showing that the Sponsor is the sole beneficiary of the land trust.  The value of the real property or the leasehold interest in a ground lease shall be determined on or prior to the date of the Donation by a current independent appraisal done by a State-licensed appraiser, based on the highest and best use of the real property, completed within 6 months prior to the date of the Donation.  The valuation of the property or leasehold interest must be based on existing legal restrictions.  An Agency may, in its discretion, have another appraisal done by a State-licensed appraiser; in such a case, the value shall be the lesser of the two appraisals.  In a Discounted Sale, the Agency must be provided with a copy of contract of sale, the settlement statement and an appraisal of the real property.  The amount of Donation shall be the difference between the appraised value of the real property and the sale price.

(Source:  Amended at 31 Ill. Reg. 5797, effective March 30, 2007)