30 ILCS 605/7.1
This report shall be filed with the Speaker, the Minority Leader and the Clerk of the House of Representatives and the President, the Minority Leader and the Secretary of the Senate and shall be duplicated and made available to the members of the General Assembly for evaluation by such members for possible liquidation of unused public property at public sale.
No surplus real property may be conveyed by the Administrator for less than the fair market value, unless the Administrator makes a written determination that it is in the best interests of the State to establish a different value. That written determination shall be published in the Illinois Procurement Bulletin. Such written determination, along with an affidavit setting forth the conditions and circumstances that make the use of a different value in the best interests of the State, shall also be filed with the Executive Ethics Commission. The Executive Ethics Commission shall have 30 days to review the written determination. The Executive Ethics Commission may order an additional 30 days to review the written determination. The Administrator shall provide the Executive Ethics Commission with any information requested by the Executive Ethics Commission related to the Administrator's determination of the value of the surplus real property. If the Executive Ethics Commission objects in writing to the value determined by the Administrator, then the Administrator shall not convey the surplus real property for less than either the fair market value as determined by the average of appraisals or an amount agreed upon by the Executive Ethics Commission and the Administrator. Circumstances in which it is in the best interests of the State to establish a different value may include, but are not limited to, the following: (i) an auction did not yield any bids at the established fair market value; (ii) a unit of local government is interested in acquiring the surplus real property; or (iii) the costs to the State of maintaining such surplus real property are sufficiently high that it would be reasonable to a prudent person to sell such surplus real property for less than the fair market value established by the average of the appraisals. In no event shall the Administrator sell surplus real property for less than 75% of fair market value and before such property has been offered to an interested unit of local government or made available at public auction.
Prior to offering the surplus real property for sale to the public the Administrator shall give notice in writing of the existence of the surplus real property to each State agency and to the governing bodies of the county and of all cities, villages and incorporated towns in the county in which such real property is located. Any such State agency or governing body may notify the Administrator of its interest in acquiring the surplus real property within a notice period set by the Administrator of at least 30 days. If any State agency notifies the Administrator of its interest in acquiring the surplus property, the Administrator may deny any such requests by such agency if the Administrator determines that it is more advantageous to the State to dispose of the surplus real property to a governing body or the public. If a governing body notifies the Administrator of its interest in acquiring the property, then the Administrator shall wait a minimum of 30 additional days during which the Administrator may engage in negotiations with such governing body for the sale of the surplus real property . After the notice period set by the Administrator of at least 30 days has passed, the Administrator may sell the surplus real property by public auction, which may include an electronic auction or the use of sealed bids, following notice of such sale by publication on 3 separate days not less than 15 nor more than 30 days prior to the sale in the State newspaper and in a newspaper having general circulation in the county in which the surplus real property is located. The Administrator shall post "For Sale" signs of a conspicuous nature on such surplus real property offered for sale to the public. If no acceptable offers for the surplus real property are received, the Administrator may have new appraisals of such property made. The Administrator shall have all power necessary to convey surplus real property under this Section. All moneys received for the sale of surplus real property shall be deposited in the General Revenue Fund, except that:
The Administrator shall have authority to order such surveys, abstracts of title, or commitments for title insurance as may, in his reasonable discretion, be deemed necessary to demonstrate to prospective purchasers or bidders good and marketable title in any property offered for sale pursuant to this Section. Unless otherwise specifically authorized by the General Assembly, all conveyances of property made by the Administrator shall be by quit claim deed.
30 ILCS 605/7.1