Illinois General Assembly - Illinois Compiled Statutes

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20 ILCS 3407/45-15

    (20 ILCS 3407/45-15)
    Sec. 45-15. Authority to enter public-private agreement.

(a) Notwithstanding any provision of law to the contrary, the Department on behalf of the State may, pursuant to a competitive solicitation process governed by this Act, enter into a public-private agreement to develop, finance, construct, lease, manage, divest ownership in, and operate the Hotel Florence and the Pullman Factory on behalf of the State, pursuant to which the contractors may receive certain revenues, including management or user fees in consideration of the payment of moneys to the State for that right. At the discretion of the Department, the Factory Grounds may be included in the public-private agreement.

(b) The term of a public-private agreement shall be no less than 25 years and no more than 75 years.

(c) The term of a public-private agreement may be extended, but only if the extension is specifically authorized by the General Assembly by law.

(Source: P.A. 103-570, eff. 1-1-24; 103-865, eff. 1-1-25.)