70 ILCS 925/40

(70 ILCS 925/40)

Sec. 40.

Power to sell or lease.

The Commission may sell, convey,
transfer, or lease, all at fair market value, any title or interest in real
property owned by it to any person or persons, to be used, subject to the
restrictions of this Act, for the purposes stated in Section 25, or for the
purpose of serving persons using the facilities offered within the District or
for carrying out of any aspect of the Commission's purposes as set forth in
Section 10 of this Act, subject to such restrictions as to the use of the real
property as the Commission shall determine
will carry out the purpose of this Act. To assure that the use of the
real property so sold or leased is in accordance with the provisions of
this Act, the Commission shall inquire into and satisfy itself
concerning the financial ability of the purchaser to complete the
project for which the real property is sold or leased in accordance with
a plan to be presented by the purchaser or lessee, which plan shall be
submitted, in writing, to the Commission. Under the plan, the purchaser or
lessee shall undertake (1) to use the land for the purposes
designated in the plan so presented; (2) to commence and complete the
construction of the buildings or other structures to be included in the
project within such periods of time as the Commission fixes as
reasonable; and (3) to comply with such other conditions as the
Commission shall determine are necessary to carry out the project.
All conveyances and leases
authorized in this Section shall be on condition that, in the event of use
for other than the purposes prescribed in this Act, or of nonuse for a
period of one year, title to the property shall revert to the
Commission. All conveyances and leases made by the Commission to
any corporation or person for the use of serving the residents or any person
using the facilities offered within the District shall be on condition
that in the event of violation of any of the restrictions as to the use
of the property as the Commission shall have determined will carry out the
purposes of this Act, that title to the property shall revert to the
Commission.  If, however, the Commission
finds that financing necessary for the acquisition or lease of any real
estate or for the construction of any building or improvement
to be used for purposes prescribed in this Act cannot be
obtained if title to the land or building or improvement is subject
to such a reverter provision, which finding shall
be made by the Commission after public hearing held pursuant to a single
publication notice given in a secular newspaper of general circulation
in the City of Springfield at least 10 days before the date of the
hearing, the notice to specify the time, place, and purpose for the
hearing, and upon that finding being made, the Commission may cause the
real property to be conveyed free of a reverter provision, provided
that at least 7 members of the Commission vote in favor thereof.
The Commission may also provide in the conveyances, leases, or other
documentation provisions for notice of such violations or default and the cure
thereof for the benefit of any lender or mortgagee as the Commission shall
determine are appropriate. If, at a regularly scheduled meeting, the Commission
resolves that a parcel of real estate leased by it, or in which it has sold the
fee simple title or any lesser estate, is not being used for the purposes
prescribed in this Act or has been in nonuse for a period of one year, the
Commission may file a law suit in the circuit court of Sangamon County
to enforce the terms of the sale or lease. If
a reverter of title to any property is ordered by the court under
the terms of this Act, the interest of the Commission shall be subject to any
then existing valid mortgage or trust deed in the nature of a mortgage, but if
the title is acquired through foreclosure of that mortgage or trust deed
or by deed in lieu of foreclosure of that mortgage or trust deed, then the
title to the property shall not revert, but shall be subject to the
restrictions as to use, but not any penalty for nonuse, contained in this Act
with respect to any mortgagee in possession or its successor or assigns.

No conveyance of real property shall be executed by the Commission
without the prior written approval of the Governor.
The Commission may not sell, convey, transfer, or lease any property pursuant
to this Section before a comprehensive master plan has been approved under
Section 70.

(Source: P.A. 92-870, eff. 1-3-03.)