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65 ILCS 5/11-74.4-2
(65 ILCS 5/11-74.4-2) (from Ch. 24, par. 11-74.4-2)
Sec. 11-74.4-2.
(a) It is hereby found and declared that there exist in
many municipalities within this State blighted conservation and
industrial park conservation areas, as
defined herein; that the conservation areas are rapidly deteriorating and
declining and may soon become blighted areas if their decline is not
checked; that the stable economic and physical development of the blighted
areas, conservation areas and industrial park conservation
areas is endangered by the presence of blighting
factors as manifested by progressive and advanced deterioration of structures,
by the overuse of housing and other facilities, by a lack of physical maintenance
of existing structures, by obsolete and inadequate community facilities
and a lack of sound community planning, by obsolete platting, diversity
of ownership, excessive tax and special assessment delinquencies, by
the growth of a large surplus of workers who lack the skills to meet
existing or potential employment opportunities or by a
combination of these factors; that as a result of the existence of blighted
areas and areas requiring conservation, there is an excessive and disproportionate
expenditure of public funds, inadequate public and private investment, unmarketability
of property, growth in delinquencies and crime, and housing and zoning law
violations in such areas together with an abnormal exodus of families and
businesses so that the decline of these areas impairs the value of private
investments and threatens the sound growth and the tax base of taxing districts
in such areas, and threatens the health, safety, morals, and welfare of the
public and that the industrial park conservation areas include
under-utilized areas which, if developed as industrial parks, will promote
industrial and transportation activities, thereby reducing the evils
attendant upon involuntary unemployment and enhancing the public health and
welfare of this State.
(b) It is hereby found and declared that in order to promote and protect
the health, safety, morals, and welfare of the public, that blighted conditions
need to be eradicated and conservation measures instituted, and that redevelopment
of such areas be undertaken; that to remove and alleviate adverse conditions
it is necessary to encourage private investment and restore and enhance
the tax base of the taxing districts in such areas by the development or redevelopment
of project areas. The eradication of blighted areas and treatment and
improvement of conservation areas and industrial park conservation
areas by redevelopment projects is hereby declared
to be essential to the public interest.
(c) It is found and declared that the use of incremental tax revenues
derived from the tax rates of various taxing districts in redevelopment
project areas for the payment of redevelopment project costs is of benefit
to said taxing districts for the reasons that taxing districts located in
redevelopment project areas would not derive the benefits of an increased
assessment base without the benefits of tax increment financing, all surplus
tax revenues are turned over to the taxing districts in redevelopment
project areas and all said districts benefit from the removal of blighted
conditions, the eradication of conditions requiring conservation
measures, and the development of industrial parks.
(Source: P.A. 84-1090.)
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