IL SB1937

Authorizes the State Property Control Act administrator to dispose of the James R. Thompson Center in Chicago (100 West Randolph Street) by sale, lease, or public-private partnership redevelopment.

Requires 3 independent appraisals for outright sales, with fair market value set at the highest appraisal plus appraisal costs; prohibits sale below fair market value unless using competitive sealed proposal process.

Allows leases and public-private partnerships up to 150 years in duration, with competitive sealed proposal process permitted to solicit proposals for such arrangements.

Grants administrator authority to convey property via quit claim deed, obtain title insurance and surveys, and enter into necessary agreements to enhance property value before disposition.

Requires any sale or lease agreement to be finalized within 3 years of the Act's effective date, with proceeds first covering disposition costs, then reimbursing applicable funds, and remaining balance deposited into the General Revenue Fund.