65 ILCS 5/ Illinois Municipal Code.

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65 ILCS 5/11-48.2-1

(65 ILCS 5/11-48.2-1) (from Ch. 24, par. 11-48.2-1)

Sec. 11-48.2-1.

It is hereby found and declared that in all municipalities
the movements and shifts of population and the changes in residential,
commercial, and industrial use and customs threaten with disappearance
areas, places, buildings, structures, works of art and other objects having
special historical, community, or aesthetic interest or value and whose
preservation and continued utilization are necessary and desirable to sound
community planning for such municipalities and to the welfare of the
residents thereof. The granting to such municipalities of the powers herein
provided is directed to such ends, and the use of such rights and powers
for the preservation and continued utilization of such property is hereby
declared to be a public use essential to the public interest.

(Source: Laws 1965, p. 957.)

65 ILCS 5/11-48.2-1A

(65 ILCS 5/11-48.2-1A) (from Ch. 24, par. 11-48.2-1A)

Sec. 11-48.2-1A.

(1) The development rights of a landmark site are the rights granted
under applicable local law respecting the permissible bulk and size of
improvements erected thereon. Development rights may be calculated in
accordance with such factors as lot area, floor area, floor area ratios,
height limitations, or any other criteria set forth under local law for
this purpose.

(2) A preservation restriction is a right, whether or not stated in the
form of a restriction, easement, covenant or condition, in any deed, will
or other instrument executed by or on behalf of the owner of the land or in
any order of taking, appropriate to the preservation of areas, places,
buildings or structures to forbid or limit acts of demolition, alteration,
use or other acts detrimental to the preservation of the areas, places,
buildings or structures in accordance with the purposes of the Division.
Preservation restrictions shall not be unenforceable on account of lack of
privity of estate or contract, or of lack of benefit to particular land or
on account of the benefit being assignable or being assigned.

(3) A transfer of development rights is the transfer from a landmark
site of all or a portion of the development rights applicable thereto,
subject to such controls as are necessary to secure the purposes of this
Division. The transfer of development rights pursuant to sound community
planning standards and the other requirements of this Division is hereby
declared to be in accordance with municipal health, safety and welfare
because it furthers the more efficient utilization of urban space at a time
when this objective is made urgent by the shrinking land base of urban
areas, the increasing incidence of large-scale, comprehensive development
in such areas, the evolution of building technology and similar factors.

(4) A development rights bank is a reserve into which may be deposited
development rights associated with publicly and privately-owned landmark
sites. Corporate authorities or their designees shall be authorized to
accept for deposit within the bank gifts, donations, bequests or other
transfers of development rights from the owners of said sites, and shall be
authorized to deposit therein development rights associated with (i) the
sites of municipally-owned landmarks and (ii) the sites of privately-owned
landmarks in respect of which the municipality has acquired a preservation
restriction through eminent domain or purchase. All transfers of
development rights from the development rights bank shall be subject to the
requirements of Sections 11-76-1 through 11-76-6 of the Municipal Code of
Illinois, and all receipts arising from the transfers shall be deposited in
a special municipal account to be applied against expenditures necessitated
by the municipal landmarks program.

(5) The term, public easement, shall have the same meaning and effects
herein as it has in Article IX, Section 3 of the Illinois Constitution of
1870 and Article IX, Section 4(c) of the Illinois Constitution of 1970.
This amendatory Act of 1971 does not apply to any municipality which is a
home rule unit.

(Source: P.A. 77-1372.)