SB3152 Summary

• Increases the rent threshold for small property leases exempt from the request for information process from $100,000 to $200,000 per year for properties under 10,000 square feet.

• Reduces the Procurement Policy Board review period for proposed leases of 10,000+ square feet or $200,000+ annual rent from 30 calendar days to 14 calendar days, with leases becoming effective if no written objection is filed within that timeframe.

• Changes lease term calculations to make renewal options exclusive rather than inclusive of the initial 10-year term, allowing up to an additional 10 years of renewal options separate from the initial term beginning July 1, 2020.

• Allows University of Illinois leases for healthcare uses, academic facilities, dormitories, or other support uses to exceed 10 years (up to 30 years maximum) when lessor makes capital improvements exceeding $100,000 and the Board of Trustees determines extended term is necessary and in the university's best interest.