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(605 ILCS 10/9.12)
Sec. 9.12.
Land disclosure requirements.
(a) Disclosure required. The Authority
may not enter into any agreement or understanding for the use or
acquisition of land that is intended to be used or acquired for toll highway
purposes unless full disclosure of all
beneficial interests in the land is made under this Section.
(b) Condemnation proceedings. If the Authority commences condemnation
proceedings to acquire land that is intended to be used or acquired for toll
highway purposes, the holders of all beneficial interests in the land must make
full disclosure under this Section unless the court determines that the
disclosure would cause irreparable harm to one or more holders of a beneficial
interest.
(c) Beneficial interests. Each holder of any beneficial interest in
the land, including without limitation beneficial interests in a land trust,
must be disclosed, including both individuals and other entities. If any
beneficial interest is held by an entity, other than an entity whose shares are
publicly traded, and not by an individual, then all the holders of any
beneficial interest in that entity must be disclosed. This requirement
continues at each level of holders of beneficial interests until all beneficial
interests of all individuals in all entities, other than entities whose shares
are publicly traded, have been disclosed.
(d) Written statement. Disclosure must be made by a written
statement filed (i) with the Authority
contemporaneously with the execution of the agreement or understanding or (ii)
in the case of a condemnation proceeding, with the Authority and the court
within a time period ordered by the court. Each
individual and entity must be disclosed by name and address and by a
description of the interest held, including the percentage interest in the land
held by the individual or entity. The statement must be verified, subject to
penalty of perjury, by the individual who holds the greatest percentage of
beneficial interest in the land.
(e) Recordation. The Authority must
file the statement of record with the recorder of each county in which any part
of the land is located within 3 business days after the statement is filed with
the Authority.
(f) Agreements and understandings void. Any agreement or
understanding in violation of this Act is void.
(g) Penalty. A person who knowingly violates this Section is guilty of a
business offense and shall be fined $10,000.
(h) Other disclosure requirements. The disclosure required under
this Act is in addition to, and not in lieu of, any other disclosure required
by law.
(Source: P.A. 92-759, eff. 8-2-02.)
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