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MUNICIPALITIES65 ILCS 5/11-74.2-14
(65 ILCS 5/) Illinois Municipal Code.
(65 ILCS 5/11-74.2-14)
(from Ch. 24, par. 11-74.2-14)
The corporate authorities may at any time transfer
and sell the fee simple title, or any lesser estate that they acquired
to all or any part of the real property within the redevelopment area.
No such sale shall be inconsistent with the provisions of paragraph (e)
of Section 11-74.2-8.
Such sales and transfers may be made to:
(1) Any individual, association or corporation, organized under the
laws of this State or of any other State or country, which may legally
make such investments in this State, including foreign and alien
insurance companies, as defined in Section 2 of the "Illinois Insurance
(2) Any body politic and corporate, public corporation or private
individual, corporation, association or interest empowered by law to
acquire, develop and use such real property for such uses, public or
private, as are in accordance with the final redevelopment plan.
To provide that the real property sold by the corporate authorities
is used in accordance with the final redevelopment plan, the corporate
authorities shall inquire into and satisfy themselves concerning the
financial ability of the purchaser to complete the redevelopment in
accordance with the redevelopment plan and shall require the purchaser
to execute in writing such undertakings as the corporate authorities may
deem necessary to obligate the purchaser to:
(1) Use the land for the purposes designated in the approved plan;
(2) Commence and complete the building of the improvements or the renovation
of the property within the periods of time which the corporate authorities fix
as reasonable; and
(3) Comply with such other conditions as are necessary to carry out
the purposes of the final redevelopment plan.
Any redevelopment area may be sold either as an entirety or in such
parcels as the corporate authorities may select. It is not necessary
that title be acquired to all real property within the redevelopment
area before the sale of a part thereof may be made as provided in this
Section. All real property sold shall be sold at its use value which may
be less than its acquisition cost. For purposes of this Division, use
value represents the value at which the corporate authorities determine
that such land should be made available in order that it may be
developed or redeveloped for the purposes specified in the final
(Source: P.A. 81-3.)
65 ILCS 5/11-74.2-15
(65 ILCS 5/11-74.2-15)
(from Ch. 24, par. 11-74.2-15)
Any real property in the redevelopment area that has not
been sold, or in the case of commercial projects sold or leased, by the
corporate authorities within 5 years after they have acquired title to all
the real property in the area shall be sold by the corporate authorities at
public sale for cash to the highest bidder who obligates himself to
redevelop the property in accordance with the final redevelopment plan.
Notice of the sale and of the place where the final redevelopment plan may
be inspected shall be published once in a newspaper having a general
circulation in the municipality in which the real property is situated at
least 20 days prior to the date of the public sale. The notice shall
contain a description of the real property to be sold and a general
statement of the use for which such property may be developed under the
The corporate authorities may reject the bids received if in their
opinion the highest bid does not equal or exceed the use value of the land
to be sold. Within 6 months after the bids have been rejected, the
corporate authorities shall again advertise for sale any real property then
remaining unsold. Each additional publication and offer for bids shall be
subject to the same requirements and conditions as the original
Any deed executed by the corporate authorities under this Division may
contain such restrictions as are required by the final redevelopment plan
and necessary building and zoning ordinances. All such deeds of conveyance
shall be executed in the name of the municipality by its chief executive
officer, and the seal of the municipality shall be attached to the deeds.
(Source: P.A. 78-1155.)
65 ILCS 5/11-74.2-16
(65 ILCS 5/11-74.2-16)
(from Ch. 24, par. 11-74.2-16)
The corporate authorities are authorized and
empowered to incur indebtedness and issue revenue bonds in such amounts
as they deem necessary for the purpose of raising funds for carrying out
the provisions of a final redevelopment plan providing for the
eradication and elimination of commercial blight and conditions likely
to create blight and the acquisition, development or redevelopment of
commercial blight or conservation areas and any other area which may
constitute a redevelopment area within the municipality or for the
purpose of financing in whole or in part the cost of acquisition,
construction and financing of any commercial projects. The ordinance
authorizing the issuance of such revenue bonds shall specify the total
amount of bonds to be issued, the form and denomination, the date they
are to bear, the place at which they are payable, the date or dates of
maturity which shall not be later than 40 years after date, the rate of
which shall not exceed that permitted in "An Act to authorize public corporations
to issue bonds, other evidences of indebtedness and tax anticipation warrants
subject to interest rate limitations set forth therein", approved May 26,
1970, as now or hereafter amended. The ordinance
shall also specify the dates
interest is payable. Such bonds shall be sold at private or public sale
at a price of not less than 97% of par. The bonds shall be executed by such officials as
may be provided in the bond ordinance. The bonds may be made
registerable to principal and may be made callable on any interest
payment date, with or without premium, plus accrued interest
after notice has been given in
the manner provided in the bond ordinance. The bonds shall remain valid
even though one or more of the officers executing the bonds cease to
hold office before the bonds are delivered.
The amendatory Acts of 1971, 1972 and 1973 are not a limit upon any
municipality which is a home rule unit.
(Source: P.A. 82-902.)
65 ILCS 5/11-74.2-17
(65 ILCS 5/11-74.2-17)
(from Ch. 24, par. 11-74.2-17)
The bonds shall contain a provision that the principal and
interest thereon shall be payable exclusively from the proceeds and
revenues of any commercial redevelopment plan or commercial project which
is financed in whole or in part with the proceeds of such bonds, together
with whatever funds of the municipality from whatever source derived as are
necessary to constitute a local matching cash grant-in-aid or contribution
for the redevelopment plan within the meaning of any applicable federal or
State law. Such bonds may be additionally secured by a pledge of any loan,
grant or contribution, or parts thereof, received from the United States of
America or any agency or instrumentality thereof, or any loan, grant or
contribution from any other public or private body, instrumentality,
corporation or individual, or any duly executed contract for such pledge,
loan, grant or contribution or by the assignment of any lease obligation of
any commercial concern.
The corporate authorities executing the revenue bonds shall not be
personally liable on the bonds because of their issuance. The bonds shall
not be the debt of any municipality or the State, or any subdivision
thereof. The bonds shall not be payable out of any funds of the
municipality except those indicated in this Section.
The bonds shall not constitute an indebtedness within the meaning of any
constitutional or statutory debt limitation or restriction.
(Source: P.A. 78-1155.)
65 ILCS 5/11-74.2-18
(65 ILCS 5/11-74.2-18)
(from Ch. 24, par. 11-74.2-18)
The revenue bonds issued pursuant to this Division shall
be sold to the highest and best bidder at not less than their par value and
accrued interest. The municipality shall, from time to time as bonds are to
be sold, advertise for proposals to purchase the bonds. Each such
advertisement may be published in such newspapers and journals as the
corporate authorities may determine but must be published at least once in
a newspaper having a general circulation in the municipality at least 10
days prior to the date of the opening of the bids. The municipality may
reserve the right to reject any and all bids and readvertise for bids.
Revenue bonds issued solely for the purpose of financing a commercial
project may, notwithstanding the foregoing provisions of this Section, be
sold at private sale without advertisement at not less than par and accrued
The bonds may be issued without submitting any proposition to the
electorate by referendum or otherwise.
Any bonds issued under this Section as limited bonds as defined in Section 3
the Local Government Debt Reform Act shall comply with the requirements of the
Bond Issue Notification Act.
(Source: P.A. 89-655, eff. 1-1-97.)
65 ILCS 5/11-74.2-19
(65 ILCS 5/11-74.2-19)
(from Ch. 24, par. 11-74.2-19)
In connection with the issuance of the revenue bonds
authorized by this Division, and in order to secure the payment of such
bonds, the corporate authorities may, subject to the powers and limitations
contained in this Division, covenant and agree in the bonds, bond ordinance
or resolution, or any trust agreement executed pursuant thereto, to any
necessary condition, power, duty, liability or procedure for the issuance,
payment, redemption, security, marketing, replacement or refinancing of
such bonds, and the use, disposition or control of all or any part of the
revenues realized from a commercial redevelopment plan.
(Source: Laws 1967, p. 3213.)
65 ILCS 5/Art. 11 Div. 74.3
(65 ILCS 5/Art. 11 Div. 74.3 heading)
DEVELOPMENT AND REDEVELOPMENT
65 ILCS 5/11-74.3-1
(65 ILCS 5/11-74.3-1)
(from Ch. 24, par. 11-74.3-1)
Division short title; declaration of public purpose.
This Division 74.3 may be cited as the Business District Development and Redevelopment Law.
It is hereby found and declared:
(1) It is essential to the economic and social welfare of
each municipality that business districts be developed, redeveloped, improved, maintained, and revitalized, that jobs and opportunity for employment be created within the municipality, and that, if blighting conditions are present, blighting conditions be eradicated by
assuring opportunities for development or redevelopment, encouraging private investment, and attracting
sound and stable business and commercial growth. It is further found and determined that as a result of economic conditions unfavorable to the creation, development, improvement, maintenance, and redevelopment of certain business and commercial areas within municipalities opportunities for private investment and sound and stable commercial growth have been and will continue to be negatively impacted and business and commercial areas within many municipalities have deteriorated and will continue to deteriorate, thereby causing a serious menace to the health, safety, morals, and general welfare of the people of the entire State, unemployment, a decline in tax revenues, excessive and disproportionate expenditure of public funds, inadequate public and private investment, the unmarketability of property, and the growth of delinquencies and crime. In order to reduce threats to and to promote and protect the health, safety, morals, and welfare of the public and to provide incentives which will create employment and job opportunities, will retain commercial businesses in the State and related job opportunities and will eradicate blighting conditions if blighting conditions are present, and for the relief of unemployment and the maintenance of existing levels of employment, it is essential that plans for business districts be created and implemented and that business districts be created, developed, improved, maintained, and redeveloped.
(2) The creation, development, improvement, maintenance, and redevelopment of business districts will stimulate economic activity in the State, create and maintain jobs, increase tax revenues, encourage the creation of new and lasting infrastructure, other improvements, and facilities, and cause the attraction and retention of businesses and commercial enterprises which generate economic activity and services and increase the general tax base, including, but not limited to, increased retail sales, hotel or restaurant sales, manufacturing sales, or entertainment industry sales, thereby increasing employment and economic growth.
(3) It is hereby declared to be the policy of the State, in the interest of promoting the health, safety, morals, and general welfare of all the people of the State, to provide incentives which will create new job opportunities and retain existing commercial businesses within the State and related job opportunities, and it is further determined and declared that the relief of conditions of unemployment, the maintenance of existing levels of employment, the creation of new job opportunities, the retention of existing commercial businesses, the increase of industry and commerce within the State, the reduction of the evils attendant upon unemployment, and the increase and maintenance of the tax base of the State and its political subdivisions are public purposes and for the public safety, benefit, and welfare of the residents of this State.
(4) The exercise of the powers provided in this Law is dedicated to the promotion of the public interest, to the enhancement of the tax base within business districts, municipalities, and the State and its political subdivisions, the creation of employment, and the eradication of blight, if present within the business district, and the use of such powers for the creation, development, improvement, maintenance, and redevelopment of business districts of a municipality is hereby declared to be for the public safety, benefit, and welfare of the residents of the State and essential to the public interest and declared to be for public purposes.
(Source: P.A. 96-1394, eff. 7-29-10.)