IL HB2909

City of Chicago shall transfer the property at 558 West De Koven Street to the Firemen's Annuity and Benefit Fund as soon as practicable after discontinuing its use as a firefighter training academy.

Transferred property becomes a Fund asset but does not count toward the city's required pension contributions or funding obligations under Illinois Pension Code Sections 6-165 and 6-165.2.

Fund must exercise fiduciary duties in administering the property and shall prioritize uses that add value to the Chicago Fire Department and its membership; property cannot be sold without affirmative vote of three-fifths of board members.

If the Fund leases the property to a non-exempt entity, the lessee becomes liable for property taxes on the leasehold estate, though no tax lien may attach to the exempt real estate itself.

State Mandates Act exemption provided, stating no state reimbursement is required for implementation of mandates created by this Act.