As part of entering into an agreement with the Capital Development Board, the community college board shall transfer to the Capital Development Board funds or designate for building purposes any real property it may own, either improved or unimproved, situated within the geographical boundaries of such community college district, or both, in an amount equal to at least 25% of the total amount necessary to finance the project, except that no real property may be so designated, unless prior to its acquisition by the community college district after December 18, 1975 the Capital Development Board has had an opportunity to evaluate the land and issue a report concerning its suitability for construction purposes. Of the total funds transferred from the community college board to the Capital Development Board, an amount equal to 40% of each of the fees under an architect or engineer contract, including any reimbursable items under the contract to cover contractual obligations through the design development phase of the project, shall be transferred prior to the signing of the contract. Prior to approval to proceed beyond the design development stage or to advertising the first bid package of a phased-bid project, whichever comes first, the community college board shall transfer funds to the Capital Development Board in an amount equal to the balance of the local share of the total project cost. For the purposes of this Section, the proceeds derived from the sale of bonds as provided in this Act, any lands designated as all or part of the 25% contribution by the community college district or any other money available to the community college for building purposes may be used.