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Illinois Statutes Chapter 30. Finance § 605/7.9. Surplus real property assessment; report

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 7.9. Surplus real property assessment; report.

(a) The administrator shall assess surplus real property, as defined under Section 7.1, and determine the marketability of the property in its current condition. The administrator shall consider the following factors in making an assessment under this Section:

(1) the length of time the property has been designated as surplus real property;

(2) the annual State maintenance and security costs; and

(3) any excessive liabilities or other prominent concerns.

(b) The administrator shall prepare a report based upon the assessment that includes all surplus real properties. The report shall further include:

(1) the number of years each property has been vacant;

(2) the annual maintenance costs the State incurs for each property; and

(3) a statement describing the latest attempts made by the administrator to sell each property, including, where available, the estimated demolition and remediation costs at the time of the last attempted sale.

(c) By February 1, 2025 and February 1 of every odd-numbered year thereafter, the administrator shall submit the report prepared under this Section to the Governor and the General Assembly.

(d) The administrator may adopt rules necessary to implement and perform the requirements of this Section.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 30. Finance § 605/7.9. Surplus real property assessment; report - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-30-finance/il-st-sect-30-605-7-9/

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