IL SB2823

School boards may sell school property deemed unnecessary, unsuitable, or inconvenient by adopting a resolution with at least two-thirds board member approval, using procedures in the Local Government Property Transfer Act or public auction/sealed bid methods.

Residential property constructed or renovated by students as part of a curricular program may be sold through a licensed real estate broker for a commission not exceeding 7%, provided the property is publicly listed on a multiple listing service for at least 14 calendar days and sold within 120 days.

School property must be sold at public auction or sealed bids with notice published for 3 successive weeks, unless selling to another government unit, school district, or a non-profit tenant who has leased for 10 or more years.

If a minimum selling price is not met or no bids are received, the school board may engage a licensed real estate broker to sell the property for a commission not exceeding 7% within 120 days.

Proceeds from property sales must first pay principal and interest on outstanding bonds, then address urgent district needs, with remaining funds deposited into authorized district accounts.