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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0
END OF INQUIRY
Full Text Bill Status