94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB5834


 
Introduced 09/21/06, by Rep. Michael J. Madigan - Barbara Flynn Currie
 
SYNOPSIS AS INTRODUCED:
 		













30 ILCS 605/8.3 new










    Amends the State Property Control Act.  Authorizes the administrator to sell all or any part of the property in Chicago known as the John J. Madden Mental Health Center to Loyola University Medical Center at its fair market value, to be determined by appraisals. Provides that the property may not be sold or leased to any other party without first offering it for sale to Loyola. Effective immediately.
















LRB094 21308 RCE 59652 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB5834

LRB094 21308 RCE 59652 b






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    AN ACT concerning property.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The State Property Control Act is amended  by 
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adding Section 8.3 as follows:
 
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    (30 ILCS 605/8.3  new)
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    Sec. 8.3.  John J. Madden Mental Health Center.
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    (a)  Notwithstanding any other provision of this Act or any 
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other law to the contrary, the administrator is authorized 
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under this Section to sell all or any part, from time to time, 
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of the property in Chicago known as the John J. Madden Mental 
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Health Center to Loyola University Medical Center at its fair 
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market value as determined under subsection (b).
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    (b) The administrator shall obtain 3 appraisals of property 
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to be sold under subsection (a).  Each appraiser must be 
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licensed under the Real Estate Appraiser Licensing Act of 2002, 
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or a successor Act.  At least 2 of the appraisals must be 
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performed by appraisers residing in Cook County. The average of 
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these 3 appraisals, plus the cost of obtaining the appraisals, 
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shall represent the fair market value of the property to be 
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sold.
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    (c) Neither all nor any part of the property may be sold or 
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leased to any other party by the administrator or by any other 
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State officer or agency, at any time, unless it has first been 
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offered for sale to Loyola University Medical Center as 
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provided in this Section.
 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.