(65 ILCS 5/11-74.6-45)
Sec. 11-74.6-45.
Expenditure of certain revenues.
(a) Revenues received
by the municipality from any property, building or facility owned, leased
or operated by the municipality or any agency or authority established by
the municipality may be used to pay redevelopment project costs, or reduce
outstanding obligations of the municipality incurred
under this Law for redevelopment project costs. The municipality may
deposit those revenues into a special tax allocation fund. The fund shall
be held by the municipal treasurer or other person designated by the
municipality. Revenue received by the municipality from the sale or other
disposition of real property acquired by the municipality with the proceeds
of obligations funded by tax increment allocation financing shall be
deposited by the municipality into the special tax allocation fund.
(b) (Blank).
(Source: P.A. 91-474, eff. 11-1-99.)
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(65 ILCS 5/11-74.6-50) Sec. 11-74.6-50. Report; sunset of authority. On or before the date which is 60 months following the
date
on which
this amendatory Act of 1994 becomes law, the Department shall submit to the
General Assembly a
report detailing the number of redevelopment project areas that have been
established, the number and type of jobs created or retained
therein, the aggregate amount of tax increment incentives provided, the
aggregate amount of private investment produced therein, the amount of tax
increment revenue produced and available for expenditure within the tax
increment financing districts and such additional
information
as the Department may determine to be relevant. On or after January 1, 2012 the authority
granted hereunder to municipalities to establish redevelopment
project areas and to adopt tax increment allocation financing in connection
therewith
shall expire unless the General Assembly shall have
authorized municipalities to continue to exercise said
powers. (Source: P.A. 96-1220, eff. 7-23-10.) |
(65 ILCS 5/Art 11 prec Div 75 heading)
LEASE, SALE AND TRANSFER OF PUBLIC PROPERTY
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(65 ILCS 5/Art. 11 Div. 75 heading) DIVISION 75.
LEASE OF SPACE AROUND
MUNICIPAL BUILDINGS
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(65 ILCS 5/11-75-1) (from Ch. 24, par. 11-75-1)
Sec. 11-75-1.
Every municipality has the power to lease the space above and
around buildings located on land owned or otherwise held by the
municipality to any person for any term not exceeding 99 years.
Every municipality has the power to lease, in the same manner and for a
similar term, any space over any street, alley, or other public place, in
the municipality, more than 12 feet above the level of the street, alley,
or other public place, to the person who owns the fee or a leasehold
estate, for a term not less than that of the proposed lease, in the
property on both sides of the portion of the street, alley, or other public
place so to be leased, whenever the corporate authorities of the
municipality are of the opinion that that space is not needed for street,
alley, or other public purpose, and that the public interest will be
subserved by such leasing. The leasing of such a space shall be authorized
by ordinance. In this ordinance the lease and its terms shall be set forth
with reasonable certainty.
(Source: Laws 1961, p. 576.)
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