92nd General Assembly
Summary of SB0487
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Short description: 
SCH CD-SELL PROPERTY TO TENANT                                             

Synopsis of Bill as introduced:
        Amends the School Code.  Allows school property that  has  become      
   unnecessary,  unsuitable,  or inconvenient to be sold to a tenant that      
   has leased the property for 10 or  more  years  and  is  a  non-profit      
   agency  (instead  of  requiring  the  property  to be sold at a public      
   sale).  Effective immediately.                                              
        HOUSE AMENDMENT NO. 1.                                                 
        Provides that in the case of a sale of property to a tenant  that      
   has  leased the property for 10 or more years and that is a non-profit      
   agency, an appraisal is required prior to the sale.  Provides that  if      
   the  non-profit  agency  purchases  the  property  for  less  than the      
   appraised value and subsequently sells the property,  the  agency  may      
   only  retain  a  percentage of the profits that is proportional to the      
   percentage that  the  agency  paid  in  the  initial  sale,  plus  any      
   improvements  made  by the agency while the agency was the owner (with      
   the remainder reverting to the school district).                            
Last action on Bill: PUBLIC ACT.............................. 92-0365

   Last action date: AUG-15-2001

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


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