Illinois Administrative Code
Title 44 - GOVERNMENT CONTRACTS, GRANTMAKING, PROCUREMENT AND PROPERTY MANAGEMENT
Part 5000 - ACQUISITION, MANAGEMENT AND DISPOSAL OF REAL PROPERTY
Subpart G - SURPLUS REAL PROPERTY
Section 5000.810 - Local Government Offer to Purchase

Universal Citation: 44 IL Admin Code ยง 5000.810

Current through Register Vol. 48, No. 38, September 20, 2024

a) Any local governing body may submit a binding offer to purchase the property for not less than the established fair market value. Such offer must be received within 60 days of the date of notice given to the governing body. Offers received late may be accepted unless public sale would be more advantageous.

b) If two or more acceptable offers are received sale will be made to the highest bidder. However, if the city, town or village in which the property is located bid on the property they will be given 10 days from bid opening to match the higher bid. If the higher bid is matched the sale will be made to the city, town or village.

c) In the event of tie bids the first bid received will be accepted except as provided in B above.

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