Illinois Compiled Statutes 20 ILCS 3407/45-15 – Authority to enter public-private agreement
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(a) Notwithstanding any provision of law to the contrary, the Department on behalf of the State may, pursuant to a competitive request for proposals process governed by the Illinois Procurement Code, rules adopted under that Code, and this Act, enter into a public-private agreement to develop, finance, construct, lease, manage, or operate the Hotel Florence on behalf of the State, pursuant to which the contractors may receive certain revenues, including management or user fees in consideration of the payment of moneys to the State for that right.
(b) The term of a public-private agreement shall be no less than 25 years and no more than 75 years.
(c) The term of a public-private agreement may be extended, but only if the extension is specifically authorized by the General Assembly by law.
(b) The term of a public-private agreement shall be no less than 25 years and no more than 75 years.
Terms Used In Illinois Compiled Statutes 20 ILCS 3407/45-15
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
- User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.
(c) The term of a public-private agreement may be extended, but only if the extension is specifically authorized by the General Assembly by law.