IL HB2825

Amends the Illinois and Michigan Canal Development Act by adding Section 14.1 to authorize the Village of Lemont to exchange Illinois and Michigan Canal lands with a nongovernmental entity for other real property of substantially equal or greater value.

Requires that property received by the Village be of substantially the same or greater suitability for recreational, park, and parking purposes and be continuous to other Illinois and Michigan Canal lands already owned by the Village, with no additional cost to the Village.

Mandates the Village board hold a public hearing before any exchange, with notice published at least twice in a newspaper of general circulation within the Village, with first and last publication at least 10 days apart.

Specifies the exchange applies only to Parcel One (approximately 141 feet along the south line of the Illinois and Michigan Canal reserve strip in Cook County) owned by the Village for Parcel Two (Lots 8-19 and part of Lot 20 in Block 1 of the Village of Lemont plat) owned by a nongovernmental entity.

Overrides any existing restrictions on the property including State rights, easements, and conveyance and reversion clauses that would otherwise restrict the sale or exchange.