Illinois Compiled Statutes
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30 ILCS 605/7.5
(30 ILCS 605/7.5)
Illinois State Toll Highway Authority headquarters.
(a) Notwithstanding any other
provision of this Act or any other law to the contrary, the Illinois State Toll
Highway Authority, as set forth in items (1) through
authorized under this Section to dispose of or mortgage the
Illinois State Toll Highway Authority headquarters building and surrounding
located at 2700 Ogden Avenue, Downers Grove, Illinois in any of the following
(1) The Authority may sell the property as provided
(2) The Authority may sell the property as provided
in subsection (b) and may immediately thereafter enter into a leaseback or other agreement that directly or indirectly gives the State or the Authority a right to use, control, and possess the property. Notwithstanding any other provision of law, a lease entered into under this subdivision (a)(2) may last for any period not exceeding 99 years.
(3) The Authority may enter into a mortgage
agreement, using the property as collateral, to receive a loan or a line of credit based on the equity available in the property. Any loan obtained or line of credit established under this subdivision (a)(3) must require repayment in full in 20 years or less.
(b) The Illinois State Toll Highway Authority shall obtain 3 appraisals of
the real property
under subdivision (a)(1) or (a)(2) of this Section, one of which shall be
performed by an
appraiser residing in the county in which the real property is located. The
these 3 appraisals, plus the costs of obtaining the appraisals, shall represent
market value of the real property. No property may be conveyed under
or (a)(2) of this Section by the Authority for less than the fair market
Authority 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
in a daily newspaper having general circulation in the county
in which the real property is located. If no acceptable
offers for the real property are received, the Authority may have new
appraisals of the
property made. The Authority shall have all power necessary to convey real
under subdivision (a)(1) or (a)(2) of this Section.
The Illinois State Toll Highway Authority shall have authority to order such
surveys, abstracts of
commitments for title insurance as may, in his or her reasonable discretion, be
necessary to demonstrate to prospective purchasers, bidders, or mortgagees good
in any property offered for sale or mortgage under
otherwise specifically authorized by the General Assembly, all conveyances of
made by the Authority under subdivision (a)(1) or (a)(2) of this Section
shall be by
quit claim deed.
(c) All moneys received from the sale or mortgage of real property under this
Section shall be deposited into the General Revenue Fund.
(d) The Authority is authorized to enter into any
agreements and execute
documents necessary to exercise the authority granted by this Section.
(e) Any agreement to dispose of or mortgage the Illinois State Toll
Authority headquarters building and surrounding land located at 2700 Ogden
Grove, Illinois pursuant to the authority granted by this Section must be
entered into no
later than one year after the effective date of this amendatory Act of the 93rd
(f) The provisions of this Section apply and control notwithstanding any
other provision of this Act or any other law to the contrary.
(Source: P.A. 93-19, eff. 6-20-03.)