(20 ILCS 3501/815-20)
Powers and Duties.
(a) The Authority shall have the following powers with respect to
(1) To acquire and possess property in a
(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
(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
(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.)