Illinois § 15-103

§ 15-103.

Bi-State Development Agency. (a) Property owned by the Bi-State Development Agency of the Missouri-Illinois Metropolitan District is exempt. (b) The exemption under this Section is not affected by any transaction in which, for the purpose of obtaining financing, the Agency, directly or indirectly, leases or otherwise transfers the property to another for which or whom property is not exempt and immediately after the lease or transfer enters into a leaseback or other agreement that directly or indirectly gives the Agency a right to use, control, and possess the property. In the case of a conveyance of the property, the Agency must retain an option to purchase the property at a future date or, within the limitations period for reverters, the property must revert back to the Agency. (c) If the property has been conveyed as described in subsection (b), the property is no longer exempt under this Section as of the date when: (1) the right of the Agency to use, control, and possess the property is terminated; (2) the Agency no longer has an option to purchase or otherwise acquire the property; and (3) there is no provision for a reverter of the property to the Agency within the limitations period for reverters. (d) Pursuant to Sections 15-15 and 15-20 of this Code, the Agency shall notify the chief county assessment officer of any transaction under subsection (b). The chief county assessment officer shall determine initial and continuing compliance with the requirements of this Section for tax exemption. Failure to notify the chief county assessment officer of a transaction under this Section or to otherwise comply with the requirements of Sections 15-15 and 15-20 of this Code shall, in the discretion of the chief county assessment officer, constitute cause to terminate the exemption, notwithstanding any other provision of this Code. (e) No provision of this Section shall be construed to affect the obligation of the Agency under Section 15-10 of this Code to file an annual certificate of status or to notify the chief county assessment officer of transfers of interest or other changes in the status of the property as required by this Code. (Source: P.A. 91-513, eff. 8-13-99.)