Illinois Statutes Chapter 30. Finance § 558/25-15. Formation of the public-private agreement

(a) In consideration of the requirements of this Act and in order to enable the State to facilitate the development, financing, construction, management, and operation of Civic and Transit Infrastructure Projects, a public agency shall have the authority and shall take all necessary steps to enter into a public-private agreement with a private entity to develop, finance, construct, operate, and manage Civic and Transit Infrastructure Projects. Prior to negotiating the public-private agreement, the public agency shall have the authority to take all necessary steps to enter into interim agreements with the private entity to facilitate the negotiations for the public-private agreement consistent with this Act.

(b) The public agency shall serve as a fiduciary to the State in entering into the public-private agreement with the private entity.

(c) The public agency may retain such experts and advisors as are necessary to fulfill its duties and responsibilities under this Act and may rely upon existing third-party reports and analyses related to the Civic and Transit Infrastructure Project. The public agency may expend funds as necessary to facilitate negotiating and entering into a public-private agreement.

(d) The public agency shall have the authority to adopt rules to facilitate the administration of the public-private agreement entered into consistent with this Act.

(e) The term of the public-private agreement, including all extensions, shall be no more than 75 years. The term of a public-private agreement may be extended by the public agency if it deems that such extension is in the best interest of the State.

(f) Except as otherwise provided under this Act, the Civic and Transit Infrastructure Project shall be subject to all applicable planning requirements otherwise required by the State or local law, including land use planning, regional planning, transportation planning, and environmental compliance requirements.

(g) The public agency shall be responsible for fulfilling all required obligations related to any requests for disclosure of records related to the public business of the public agency and expenditure of State moneys under this Act pursuant to the Freedom of Information Act.

(h) The public-private agreement shall require the private entity to enter into a project labor agreement.