Illinois General Assembly - Illinois Compiled Statutes

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70 ILCS 1560/1

(70 ILCS 1560/1) (from Ch. 105, par. 327v6)

Sec. 1.

The Commissioners of any park district located in whole or in part
in any city having a population of 500,000 or more are hereby authorized
and empowered to lease to a Metropolitan Pier and Exposition Authority, for
a term not exceeding 40 years, any parcel or parcels of land, not exceeding
25% of the total park area of the park district, to be maintained and
operated by the Metropolitan Pier and Exposition Authority for its lawful
corporate purposes, including the construction, operation and maintenance
of auditoriums or exposition buildings. The park district shall not thereby
divest itself of ownership of the land demised or of its power to regulate
the land. The Commissioners of the Chicago Park District shall not lease
any park property under the provisions of this Act except property located
in Burnham Park and shall not so lease more than 180 acres. The lease shall
set out the terms and conditions, consistent with the statutory powers and
duties of the lessor and lessee, upon which the land so demised
may be used by the Authority, and may provide for its renegotiation and
renewal for terms not to exceed 40 years. Neither the lease
nor any renewal thereof shall be finally terminated while there is
outstanding against the Authority any unfunded bonded debt.

(Source: P.A. 87-895.)