(20 ILCS 3501/815‑20)
Sec. 815‑20. Powers and Duties.
(a) The Authority shall have the following powers with respect to redevelopment areas:
(1) To acquire and possess property in a |
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(2) To clear any such areas so acquired by |
| demolition of existing structures and buildings and to make necessary improvements to the property essential to its reuse in conformity with a development plan; and | |
(3) To convey property for use in accordance with a |
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(b) Before acquiring property under this Section the Authority shall hold a public hearing after notice published in a newspaper of general circulation in the county in which the property is located and shall find:
(1) The property is in a redevelopment area;
(2) Such acquisition or possession is necessary or |
| reasonably required to retain existing enterprises or attract new enterprises and to promote sound economic growth and to carry out the purposes of Section 815‑5 through 815‑30 of this Act; | |
(3) The assembly of property is not unduly |
| competitive with similar assemblies by private enterprise in the area or surrounding areas; and | |
(4) The participating entity, without the |
| involvement of the Authority, would be unlikely, unwilling or unable to undertake such redevelopment of the property as was necessary for economic development. | |
(c) No property may be acquired by the Authority unless the acquisition is consented to by resolution of the corporate authorities of the municipality with jurisdiction over the property under Section 11‑12‑6 of the Municipal Code.
(d) The Authority may acquire any interest in property in a redevelopment area by purchase, lease, or gift, but shall not have the power of condemnation.
(e) No property shall be acquired under this Section unless the Authority has adopted a development plan under the provisions of Section 815‑25.
(Source: P.A. 93‑205, eff. 1‑1‑04.) |
(20 ILCS 3501/815‑25)
Sec. 815‑25. Development Plans.
(a) No development plan shall be approved by the Authority unless after a public hearing held upon notice published in a newspaper of general circulation in the county where the property is located, the Authority finds:
(1) The plan provides for projects which will reduce |
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(2) The redevelopment area on the whole has not been |
| subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be developed without the adoption of the development plan; | |
(3) The corporate authorities of the municipality |
| with jurisdiction over the property under Section 11‑12‑6 of the Municipal Code have by resolution found that the development plan conforms to the comprehensive plan of the municipality; | |
(4) A participating entity has agreed to enter into |
| such contracts and other agreements as are necessary to acquire, redevelop and improve the property in accordance with the development plan; | |
(5) The acquisition of the property, its possession |
| and ultimate use according to the development plan can be financed by participating entities and the Authority and the development plan will be completed and all obligations of the Authority incurred in connection with the redevelopment plan will be retired within 20 years from the Authority's approval of the development plan; and | |
(6) The development plan meets such other |
| requirements as the Authority may establish by rule. | |
(b) The Authority may dispose of any property which is the subject of a development plan in such manner, whether by sale, lease or otherwise, and for such price, rental or other consideration, including an amount not less than 2/3 of its acquisition cost, payable over such term, and bearing interest as to deferred payments, and secured in such manner, by mortgage or otherwise, all as the Authority shall provide in the development plan.
(c) Pending disposition of such land, any existing property acquired by the Authority in the course of carrying out the provisions of this Act may be adequately and properly preserved, and may be maintained, leased or administered by the Authority by a contract made by the Authority with any participating entity, enterprise or individual with experience in the area of property development, management or administration.
(d) Whenever the Authority shall have approved a development plan, the Authority may amend the development plan from time to time in conformity with this Section.
(Source: P.A. 93‑205, eff. 1‑1‑04.) |