(70 ILCS 1860/3.1)
(from Ch. 19, par. 286.1)
It is declared that the main purpose of this Act is to
promote economic development, including industrial, commercial and transportation activities, thereby
reducing the evils attendant upon unemployment and enhancing the public
health and welfare of this State.
All property of every kind belonging to the Port District shall be
exempt from taxation, provided that taxes may be assessed and levied
upon a lessee of the District by reason of the value of a leasehold
estate separate and apart from the fee or upon such improvements as are
constructed and owned by others than the District. All property of the
District shall be construed as constituting public property owned by a
municipal corporation and used exclusively for public purposes within
the provisions of Section 15-155 of the Property Tax Code.
(Source: P.A. 99-279, eff. 1-1-16