Plain English Breakdown
The official text defines fair market value specifically 'only for the purposes of this subsection (b)', which limits how broadly that definition applies.
HB0037: Selling Illinois Sports Facilities Authority Property
This bill allows the Illinois Sports Facilities Authority to sell specific properties by setting rules for appraisals, sales methods, and how money from those sales must be used.
What This Bill Does
- Allows the Illinois Sports Facilities Authority to sell property listed in Section 12 of its Act.
- Requires three appraisals before a sale, with at least one done by an appraiser living in Cook County.
- Sets the fair market value as the highest appraisal amount plus the cost of getting those appraisals for this specific section.
- Permits sales through public auction after publishing notice on 3 separate days between 15 and 30 days before the sale in a local newspaper.
- Directs that sale money must first pay costs, then repay bonds or notes tied to the property, and finally go to the State Treasurer for deposit into the General Revenue Fund.
Who It Names or Affects
- The Illinois Sports Facilities Authority
- Buyers of the specified properties through auction or other means
- Appraisers hired to value the land
Terms To Know
- Illinois Sports Facilities Authority
- A state agency that manages sports facilities and related property.
- Appraisal
- An official estimate of the value of a piece of real estate made by an expert.
- General Revenue Fund
- The main account where the state keeps money for general government spending, as mentioned in this bill.
Limits and Unknowns
- The bill does not list which specific properties are included in Section 12.
- It is unclear if any property has already been sold or how much land remains to be sold.
- The text provided does not state when this law will take effect after passing the legislature.