Ill. Admin. Code tit. 44 § 5000.810

Current through Register Vol. 48, No. 45, November 8, 2024

Section 5000.810 - Local Government Offer to Purchase

a) Any local governing body may submit a binding offer to purchase the property for not less than the established fair market value. Such offer must be received within 60 days of the date of notice given to the governing body. Offers received late may be accepted unless public sale would be more advantageous.

b) If two or more acceptable offers are received sale will be made to the highest bidder. However, if the city, town or village in which the property is located bid on the property they will be given 10 days from bid opening to match the higher bid. If the higher bid is matched the sale will be made to the city, town or village.

c) In the event of tie bids the first bid received will be accepted except as provided in B above.

Ill. Admin. Code tit. 44, § 5000.810