(70 ILCS 508/40)
(a) The Authority may, but need not, acquire title to any
project with respect to which it exercises its authority.
(b) The Authority shall have power to acquire by purchase, lease, gift, or
otherwise any property or rights therein from any person, the
State of Illinois, any municipal corporation, any local unit of government, the
government of the United States, any agency or instrumentality of the
United States, any body politic, or any county useful for its purposes, whether
improved for the purposes of any prospective project or unimproved. The
Authority may also accept any donation of funds for its
purposes from any of those sources.
(c) The Authority shall have power to develop, construct, and improve,
either under its own direction or through collaboration with any approved
applicant, or to acquire through purchase or otherwise any project, using
for that purpose the proceeds derived from its sale of revenue bonds, notes,
or other evidences of indebtedness or governmental loans or grants, and to
hold title in the name of the Authority to those projects.
(d) The Authority shall have the power to enter into intergovernmental
agreements with the State of Illinois, the county of Will,
the Illinois Finance Authority,
the Metropolitan Pier and Exposition
Authority, the United States government, any agency or instrumentality
of the United States, any unit of local government located within the
territory of the Authority, or any other unit of government to the extent
allowed by Article VII, Section 10 of the Illinois Constitution and the
Intergovernmental Cooperation Act.
(e) The Authority shall have the power to share employees with other
units of government, including agencies of the United States, agencies of
the State of Illinois, and agencies or personnel of any unit of local
(f) Subject to subsection (i) of Section 35 of this Act, the Authority shall
have the power to exercise powers and issue
revenue bonds as if it were a municipality so authorized in Divisions 12.1, 74,
74.1, 74.3, and 74.5 of Article 11 of the Illinois Municipal Code.
(g) All property owned by
the Joliet Arsenal Development Authority is exempt from property taxes.
Any property owned by the
Joliet Arsenal Development Authority and leased to an entity that is not exempt
shall remain exempt. The leasehold interest of the lessee shall be assessed
under Section 9-195 of the Property Tax Code.
(Source: P.A. 95-331, eff. 8-21-07.)