(65 ILCS 110/65)
Conflicts of interest; disclosure.
(a) If any member of the corporate authorities of a municipality or an
employee or consultant of the municipality involved in the planning, analysis,
preparation, or administration of an economic development plan or an economic
development project (or a proposed economic development plan or proposed
economic development project) owns or controls any direct or indirect interest
in any property included in an economic development project area or proposed
economic development project area, he or she shall disclose the interest in
writing to the municipal clerk. The disclosure shall include the dates, terms,
and conditions of any disposition of any such interest. The disclosures shall
be acknowledged by the corporate authorities of the municipality and entered
upon the official records and files of the corporate authorities.
(b) An individual holding an interest shall refrain from any further
official involvement regarding the established or proposed economic development
project area, economic development plan, or economic development project and
shall also refrain from voting on any matter pertaining to that project, plan,
or area and from communicating with any members of the corporate authorities or
any employees or consultants of the municipality regarding any matter relating
to the project, plan, or area.
(c) No member of the corporate authorities of the municipality and no
employee of the municipality shall acquire any direct or indirect interest in
any real or personal property or rights or interest in property within an
economic development project area or a proposed economic development project
area after the person obtains knowledge of the project, plan, or area or after
the first public notice of the project, plan, or area is given by the
municipality, whichever first occurs.
(Source: P.A. 89-176, eff. 1-1-96.)