Illinois § 25-45

§ 25-45.

Term of agreement; transfer of the civic build to the State. Following the completion of the Project and the termination of the public-private agreement, the private entity's authority and duties under the public-private agreement shall cease, except for those duties and obligations that extend beyond the termination, as set forth in the public-private agreement, which may include ongoing management and operations of the civic build, and all interests and ownership in the civic build shall transfer to the State; provided that the State has made all required payments to the private entity as required under this Act and the public-private agreement. The State may also exercise an option to not accept its interest and ownership in the civic build. In the event the State exercises its option to not accept its interest and ownership in the civic build, the private entity shall maintain its interest and ownership in the civic build and shall have the authority to maintain, further develop, encumber, or sell the civic build consistent with its authority as the owner of the civic build. In the event the State exercises its option to have its interest and ownership in the civic build after all required payments have been made to the private entity consistent with the public-private agreement and this Act, the private entity shall have the authority to enter into an operating agreement with the public agency, on such terms that are reasonable and customary for operating agreements, to operate and manage the civic build for an annual operator fee and payment from the State representing a portion of the net operating income of the civic build as further defined and described in the public-private agreement between the private entity and the public agency. (Source: P.A. 101-10, eff. 6-5-19; 102-558, eff. 8-20-21.)