IL SB3296

Adds Section 40-60 to the Illinois Procurement Code governing third party management in real property leases and lease-to-own contracts with the State of Illinois.

Requires parties proposing leases or lease-to-own agreements where the State will pay third party management costs to submit identification of any third party manager who will represent the lessor's or owner's interests to the State.

Mandates disclosure of individuals who have ownership interests in both the third party manager and the subject real property.

Requires submission of a complete list of all services and representations the third party manager will provide on behalf of the lessor or owner to the State.

Requires an itemized cost schedule for management services and fees for representation to be paid by the State and included in the contract.

Takes effect January 1, 2013.