IL SB2940

Allows township electors to delegate property purchasing, selling, and leasing authority to the township board for up to 12 months, with the board able to specify properties being considered.

Permits leasing of township property for up to 10 years (or up to 25 years for wireless telecommunications towers) at fair market value, and up to 50 years for leases to governmental bodies or not-for-profit corporations constructing improvements.

Requires a public hearing with notice by newspaper publication and posting in at least 5 public places at least 15 days prior when leasing property to a not-for-profit corporation.

Establishes that township real property sales require three-fourths board approval and must be at least 80% of appraised value, while personal property sales require only majority board approval.

Allows township boards or highway commissioners to sell personal property through public auction conducted by a licensed auctioneer or approved Internet auction service.