315 ILCS 30/22

(315 ILCS 30/22) (from Ch. 67 1/2, par. 91.122)

Sec. 22.

The Department of a municipality shall have the power to acquire
by purchase, condemnation or otherwise any improved or unimproved real
property the acquisition of which is necessary or appropriate for the
implementation of a conservation plan for a conservation area as defined
herein; to remove or demolish substandard or other buildings and structures
from the property so acquired; to hold, improve, mortgage and manage such
properties; and to sell, lease, or exchange such properties,
provided that
contracts for repair, improvement or rehabilitation of existing
improvements as may be required by the conservation plan to be done by the
Department involving in excess of $1,000.00 shall be let by free and
competitive bidding to the lowest responsible bidder upon such bond and
subject to such regulations as may be set by the Department, and provided
further that all new construction for occupancy and use other than by any
municipal corporation or subdivision thereof shall be on land privately
owned. The acquisition, use or disposition of any real property in
pursuance of this section must conform to a conservation plan developed in
the manner hereinafter set forth. In case of the sale or lease of any real
property acquired under the provisions of this Act such buyer or lessee
must as a condition of sale or lease, agree to improve and use such
property according to the conservation plan, and such agreement may be made
a covenant running with the land and on order of the governing body such
agreement shall be made a covenant running with the land. The Department
shall by public notice by publication once each week for 2 consecutive
weeks in a newspaper having general circulation in the municipality prior
to the execution of any contract to sell, lease or otherwise transfer real
property and prior to the delivery of any instrument of conveyance with
respect thereto, invite proposals from and make available all pertinent
information to redevelopers or any person interested in undertaking to
redevelop or rehabilitate a conservation area, or any part thereof,
provided that, in municipalities in which no newspaper is published,
publication may be made by posting a notice in 3 prominent places within
the municipality. Such notice shall contain a description of the
conservation area, the details of the conservation plan relating to the
property which the purchaser shall undertake in writing to carry out and
such undertakings as the Department may deem necessary to obligate the
purchaser, his  successors and assigns (1) to use the property for the
purposes designated in the conservation plan, (2) to commence and complete
the improvement, repair, rehabilitation, or construction of the
improvements within the periods of time which the Department fixes as
reasonable and (3) to comply with such other conditions as are necessary to
carry out the purposes of the Act. The Department may negotiate with any
persons for proposals for the purchase, lease or other transfer of any real
property acquired pursuant to this Act and shall consider all redevelopment
and rehabilitation proposals submitted to it and the financial and legal
ability of the persons making such proposals to carry them out. The
Department, as agent for the municipality, at a public meeting, notice of
which shall have been published in a newspaper of general circulation
within the municipality at least 15 but not more than 30 days prior to such
meeting, may accept such proposals as it deems to be in the public interest
and in furtherance of the purposes of this Act; provided that, all sales or
leases of real property shall be made at not less than fair use value.

Condemnation proceedings instituted hereunder shall be brought by and in
the name of the municipality and shall be in all respects in the manner
provided for the exercise of the right of
eminent domain under the Eminent Domain Act.

No property shall be held for more than 5 years, after which period such
property shall be sold to the highest bidder at public sale. The Department
may employ competent private real estate management firms to manage such
properties as may be acquired, or the Department may manage such
properties.

(Source: P.A. 94-1055, eff. 1-1-07.)