Senate Sponsors: WALSH,L. House Sponsors: MCGUIRE-SAVIANO-BOLAND-O'BRIEN Short description: SCH CD-SELL PROPERTY TO TENANT Synopsis of Bill as introduced: Amends the School Code. Allows school property that has become unnecessary, unsuitable, or inconvenient to be sold to a tenant that has leased the property for 10 or more years and is a non-profit agency (instead of requiring the property to be sold at a public sale). Effective immediately. HOUSE AMENDMENT NO. 1. Provides that in the case of a sale of property to a tenant that has leased the property for 10 or more years and that is a non-profit agency, an appraisal is required prior to the sale. Provides that if the non-profit agency purchases the property for less than the appraised value and subsequently sells the property, the agency may only retain a percentage of the profits that is proportional to the percentage that the agency paid in the initial sale, plus any improvements made by the agency while the agency was the owner (with the remainder reverting to the school district). Last action on Bill: PUBLIC ACT.............................. 92-0365 Last action date: AUG-15-2001 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status