IL SB3143

Department of Central Management Services must survey existing State-owned and leased property before leasing or purchasing new office, storage space, buildings, or land for State agencies.

Leases are limited to 5 years (except for Illinois Building Authority leases up to 30 years), and purchase contracts are limited to 30 years with installment payments and interest rates capped at 3 percentage points above comparable U.S. Treasury obligations.

All leases exceeding 10,000 square feet require Director certification that leasing is in the State's best interest, considering programmatic needs, vacant State-owned space availability, and cost-benefits of purchasing or constructing new space.

Installment or lease purchase agreements must meet seven specific conditions, including that the building is in new or like-new condition, has no major structural component with remaining economic life under 10 years, is environmentally sound or has an acceptable remediation plan, and costs less than traditional leasing.

Department must submit an annual report by February 15 to the Auditor General, Appropriations Committee Chairs, Legislative Research Unit, and Clerk and Secretary of the General Assembly detailing all installment and lease purchases, including analysis of leases with purchase options after the third year.