Sec. 7.5. Competitive bidding.
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/il/chapter-230/act-10/7-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 7.5. Competitive bidding. When the Board determines that
(i)it will re-issue an owners license pursuant to an open and competitive bidding process, as set forth in Section 7.1,
(ii)it will issue a managers license pursuant to an open and competitive bidding process, as set forth in Section 7.4, or
(iii)it will issue an owners license pursuant to an open and competitive bidding process, as set forth in Section 7.12, the open and competitive bidding process shall adhere to the following procedures:
(1)The Board shall make applications for owners and managers licenses available to the
public and allow a reasonable time for applicants to submit applications to the Board.
(2)During the filing period for owners or managers license applications, the Board may
retain the services of an investment banking firm to assist the Board in conducting the open and competitive bidding process.
(3)After receiving all of the bid proposals, the Board shall open all of the proposals
in a public forum and disclose the prospective owners or managers names, venture partners, if any, and, in the case of applicants for owners licenses, the locations of the proposed development sites.
(4)The Board shall summarize the terms of the proposals and may make this summary
available to the public.
(5)The Board shall evaluate the proposals within a reasonable time and select no more
than 3 final applicants to make presentations of their proposals to the Board.
(6)The final applicants shall make their presentations to the Board on the same day
during an open session of the Board.
(7)As soon as practicable after the public presentations by the final applicants, the
Board, in its discretion, may conduct further negotiations among the 3 final applicants. During such negotiations, each final applicant may increase its license bid or otherwise enhance its bid proposal. At the conclusion of such negotiations, the Board shall select the winning proposal. In the case of negotiations for an owners license, the Board may, at the conclusion of such negotiations, make the determination allowed under Section 7.3(a).
(8)Upon selection of a winning bid, the Board shall evaluate the winning bid within a
reasonable period of time for licensee suitability in accordance with all applicable statutory and regulatory criteria.
(9)If the winning bidder is unable or otherwise fails to consummate the transaction,
(including if the Board determines that the winning bidder does not satisfy the suitability requirements), the Board may, on the same criteria, select from the remaining bidders or make the determination allowed under Section 7.3(a).