(315 ILCS 20/20) (from Ch. 67 1/2, par. 270)
Sec. 20.
Extension of time for initiation and completion of development.
Upon application in writing filed by a Neighborhood Redevelopment
Corporation with the Redevelopment Commission for an extension of the time
limit within which to initiate or to complete the Development, or both as
the case may be, pursuant to the certificate of convenience and necessity
possessed by the Neighborhood Redevelopment Corporation, the Redevelopment
Commission shall hold a hearing and shall examine into the said application
and the reasons for the failure to initiate or complete the Development, or
both as the case may be, within the time limit originally allotted
therefor, which reasons shall be stated in detail in the application, and
the Redevelopment Commission, if satisfied that the failure was not
occasioned by purposeful non-exercise, without excuse, of the authority
contained in the certificate of convenience and necessity, shall grant such
extension or extensions of the said time limits as the circumstances of the
case may require. Nothing herein contained shall be construed to debar a
Neighborhood Redevelopment Corporation from making applications for
successive extensions of the time limits.
If the Redevelopment Commission shall grant an extension or extensions
of the time limits, as in this Section provided, the secretary of said
Redevelopment Commission shall notify in writing the surety or sureties
upon the bond of the Neighborhood Redevelopment Corporation, filed pursuant
to subparagraph (a) of paragraph 2 of Section 17 of this Act, of the fact
and duration of the extension or extensions. Every such bond made by such
surety or sureties shall be subject to the power and authority of the
Redevelopment Commission to authorize the extension or extensions, and no
surety shall be discharged by reason of failure of notice or knowledge of
the extension or extensions.
(Source: Laws 1941, vol. 1, p. 431.)
|