HB 500

Abstract

Amends the State Property Control Act. Allows the administrator to dispose of the James R. Thompson Center by sale, by lease, or through entering a public-private partnership to redevelop the property. Establishes requirements necessary for the sale of the Thompson Center, and defines the fair market value of the Thompson Center. Prohibits sale of the Thompson Center for less than fair market value. Establishes requirements for the lease of the Thompson Center. Grants the administrator all power necessary to convey, condemn, and otherwise affect any and all interest in the Thompson Center. Requires the administrator to disburse any money received by the disposition of the Thompson Center in a certain manner. Provides that any agreement to sell or lease the Thompson Center under the authority of these provisions must be entered into no later than 3 years after the effective date of the amendatory Act. Effective immediately.