(315 ILCS 20/37) (from Ch. 67 1/2, par. 287)
Sec. 37.
Determination of development cost.
(1) The Redevelopment Commission shall upon the issuance of a
certificate of convenience and necessity pursuant to Section 18 of this
Act (unless the order by virtue of which the certificate was issued has
been suspended pursuant to subsection (2) of Section
33 of this Act) proceed
to a prospective determination of the Development Cost of the Development.
In connection with such determination the Redevelopment Commission shall
hold a hearing and may make such inquiry or investigation, and examine such
witnesses, books, papers, accounts, documents and contracts and require the
filing of such data, as it may deem of assistance. The Redevelopment
Commission shall require the Neighborhood Redevelopment Corporation to
disclose every interest of its directors in any transaction under
investigation. The Redevelopment Commission shall have power to investigate
all such transactions and inquire into the good faith thereof, to examine
books, papers, accounts, documents and contracts of Neighborhood
Redevelopment Corporations, construction companies or other companies or of
firms and individuals with whom the Neighborhood Redevelopment Corporation
shall have or shall have had financial transactions, for the purpose of
enabling it to verify any statements furnished, and to examine into the
cost of Real Property acquired or proposed to be acquired by such
Neighborhood Redevelopment Corporation. Upon the conclusion of the hearing,
the Redevelopment Commission shall determine of its own judgment the
prospective Development Cost and shall issue to the Neighborhood
Redevelopment Corporation a certificate stating the amount thereof as so
determined. The amount as so determined shall thereafter be conclusive upon
the Redevelopment Commission.
(2) A Neighborhood Redevelopment Corporation may, at any time, whether
prior or subsequent to the completion of its Development, whenever it
appears that the actual Development Cost will be greater in amount than the
prospective determination thereof made pursuant to subsection
(1) of this
Section, apply to the Redevelopment Commission for a determination of
additional Development Cost. The Redevelopment Commission shall, upon such
application, proceed to the determination thereof, in the same manner and
with the same authority as provided by subsection (1)
of this Section. Upon
the conclusion of its hearing and the determination of the application, the
Redevelopment Commission shall issue to the Neighborhood Redevelopment
Corporation a certificate stating the amount of the additional Development
Cost, if any. The additional amount as so determined shall thereafter be
conclusive upon the Redevelopment Commission.
(Source: P.A. 91-357, eff. 7-29-99.)
|