105 ILCS 5/5-22
2021 Illinois Compiled Statutes|Chapter 105 - SCHOOLS|105 ILCS 5/ - School Code.|Article 5 - Trustees of Schools

 (from Ch. 122, par. 5-22)Sec. 5-22. Sales of school sites, buildings or other real estate. When, in the opinion of the school board, a school site, or portion  thereof, building, or site with building thereon or any other real  estate of the district has become unnecessary, unsuitable, or  inconvenient for a school or unnecessary for the uses of the district,  the school board, by a resolution adopted by at least two-thirds of the  board members, may sell or direct that the property be sold in the manner  provided  in the Local Government Property Transfer Act or in the manner  herein provided or, in the case of residential property constructed or renovated by students as part of a curricular program, may engage the services of a licensed real estate broker to sell the property for a commission not to exceed 7%, contingent on the public listing of the property on a multiple listing service for a minimum of 14 calendar days and the sale of the property within 120 days.Unless legal title to the land is held by the school  board, the school board shall forthwith notify the trustees of  schools or other school officials having legal title to such land of the  terms upon which they desire the property to be sold.  If the property is to be sold to another unit of local government or  school district, the school board, trustees of schools, or other school  officials  having legal title to the land shall proceed in the manner provided  in the Local Government Property Transfer Act. In all other cases, except if  the property is to be sold to a tenant that has leased the  property for 10 or more years and that tenant is a non-profit agency,  the school  board, trustees  of schools, or other school officials having legal title to the land shall,  within 60 days after adoption of the resolution (if the school board holds  legal title to the land), or within 60 days after the  trustees of school or other school officials having legal title receive the  notice (if the school board does not hold legal title to the land), sell the  property at public sale, by  auction or sealed bids, after first giving notice of the time, place, and terms  thereof by notice published once each week for 3 successive weeks prior to the  date of the sale if sale is by auction, or prior to the final date of  acceptance of bids if sale is by sealed bids, in a newspaper published in the  district or, if no such newspaper is published in the district, then in a  newspaper published in the county and having a general circulation in the  district; however, if territory containing a school site, building, or site  with building thereon, is detached from the school district of which it is a  part after proceedings have been commenced under this Section for the sale of  that school site, building, or site with building thereon, but before the sale  is held, then the school board, trustees of schools, or other school  officials having legal title shall not advertise or sell that  school site, building, or site with building thereon, pursuant to those  proceedings. The notices may be in the following form:  NOTICE OF SALENotice is hereby given that on (insert date), the (here insert title of the school board, trustees of school, or  other school officials holding legal title) of (county)  (Township No. ...., Range No. .... P.M. ....) will sell at public sale (use  applicable alternative) (at ......... (state location of sale which shall  be within the district), at .... ..M.,) (by taking sealed bids which shall be  accepted until .... ..M., on (insert date), at (here insert location where bids will be accepted which shall be  within the district) which bids will be opened at .... ..M. on (insert  date) at (here insert location where bids  will be opened which shall be within the district)) the following described  property: (here describe the property), which sale will be made on the  following terms to-wit: (here insert terms of sale)  .... .... .... (Here insert title of school officials holding legal title)For purposes of determining "terms of sale" under this Section, the General  Assembly declares by this clarifying and amendatory Act of 1983 that "terms  of sale" are not limited to sales for cash only but include contracts for  deed, mortgages, and such other seller financed terms as may be specified  by the school board.If a school board specifies a reasonable minimum selling price and that  price is not met or if no bids are received, the school board may adopt a  resolution determining or directing that the services  of  a licensed real estate broker be engaged to sell the property for a  commission not to exceed 7%,  contingent on the sale of the property within 120 days.  If legal title to the  property is not held by the school board,  the trustees of schools or other school officials having legal title shall,  upon receipt of the resolution, engage the services of a licensed real estate  broker as directed in the resolution.  The board may accept a written offer equal to or greater than the established  minimum selling price for the described property. The services of a licensed  real estate broker may be utilized to seek a buyer. If the board lowers the  minimum selling price on the described property, the public sale procedures set  forth in this Section must be followed. The board may raise the minimum selling  price without repeating the public sale procedures.In the case of a sale of property to a tenant that has leased the  property for 10 or more years and that is a non-profit agency, an  appraisal is required prior to the sale.  If the non-profit agency purchases  the property for less than the appraised value and subsequently sells the  property, the agency may retain only a percentage of the profits that is  proportional to the percentage of the appraisal,  plus any improvements made by the agency while the agency was the  owner,  that the agency paid in the initial sale.   The remaining portion of the profits made by the non-profit agency  shall revert to the school district.The deed of conveyance shall be executed by the president and clerk  or secretary of the school board, trustees of schools, or other school  officials having legal title to the land, and the proceeds paid to the school  treasurer for the  benefit of the district. The school  board shall use the proceeds from the sale first to pay the principal  and interest on any outstanding bonds on the property being sold, and  after all such bonds have been retired, the remaining proceeds from the  sale next shall be used by the school board to meet any urgent district needs  as determined under Sections 2-3.12 and 17-2.11 and then for any other  authorized purpose and for deposit into any district fund.  But whenever the  school board of any school district determines that any schoolhouse site with  or without a building thereon is of no further use to the district, and agrees  with the school board of any other school district within the boundaries of  which the site is situated, upon the sale thereof to that district, and agrees  upon the price to be paid therefor, and the site is selected by the purchasing  district in the manner required by law, then after the payment of the  compensation the school board, township trustees, or other school  officials having legal title  to the land of the schools shall, by proper instrument in writing, convey the  legal title of the site to the school board of the purchasing district, or to  the  trustees of schools for the use of the purchasing district, in accordance  with law.  The provisions of this Section  shall not apply to any sale made pursuant to Section 5-23 or Section 5-24 or  Section 32-4.  (Source: P.A. 99-794, eff. 1-1-17; 100-963, eff. 1-1-19.)