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(20 ILCS 3501/815-20)
Sec. 815-20.
Powers and Duties.
(a) The Authority shall have the following powers with respect to
redevelopment areas:
(1) To acquire and possess property in a |
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(2) To clear any such areas so acquired by demolition
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| of existing structures and buildings and to make necessary improvements to the property essential to its reuse in conformity with a development plan; and
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(3) To convey property for use in accordance with a
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(b) Before acquiring property under this
Section the Authority shall hold a
public hearing after notice published in a newspaper of general circulation in
the county in which the property is located and shall find:
(1) The property is in a redevelopment area;
(2) Such acquisition or possession is necessary or
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| reasonably required to retain existing enterprises or attract new enterprises and to promote sound economic growth and to carry out the purposes of Section 815-5 through 815-30 of this Act;
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(3) The assembly of property is not unduly
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| competitive with similar assemblies by private enterprise in the area or surrounding areas; and
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(4) The participating entity, without the involvement
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| of the Authority, would be unlikely, unwilling or unable to undertake such redevelopment of the property as was necessary for economic development.
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(c) No property may be acquired by the Authority unless the acquisition is
consented to by resolution of the corporate authorities of the municipality
with jurisdiction over the property under Section 11-12-6 of the Municipal
Code.
(d) The Authority may acquire any interest in property in a redevelopment
area by purchase, lease, or gift, but shall not have the power of condemnation.
(e) No property shall be acquired under this Section unless the Authority
has adopted a development plan under the provisions of Section 815-25.
(Source: P.A. 93-205, eff. 1-1-04.)
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