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 request for proposals process governed by the Illinois Procurement Code, rules adopted under that Code, and this Act, enter into a public-private agreement to develop, finance, construct, lease, manage, or operate the Hotel Florence 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.

(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.)