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(65 ILCS 5/11-74.2-14) (from Ch. 24, par. 11-74.2-14)
Sec. 11-74.2-14.
The corporate authorities may at any time transfer
and sell the fee simple title, or any lesser estate that they acquired
to all or any part of the real property within the redevelopment area.
No such sale shall be inconsistent with the provisions of paragraph (e)
of Section 11-74.2-8.
Such sales and transfers may be made to:
(1) Any individual, association or corporation, organized under the
laws of this State or of any other State or country, which may legally
make such investments in this State, including foreign and alien
insurance companies, as defined in Section 2 of the "Illinois Insurance
Code"; or
(2) Any body politic and corporate, public corporation or private
individual, corporation, association or interest empowered by law to
acquire, develop and use such real property for such uses, public or
private, as are in accordance with the final redevelopment plan.
To provide that the real property sold by the corporate authorities
is used in accordance with the final redevelopment plan, the corporate
authorities shall inquire into and satisfy themselves concerning the
financial ability of the purchaser to complete the redevelopment in
accordance with the redevelopment plan and shall require the purchaser
to execute in writing such undertakings as the corporate authorities may
deem necessary to obligate the purchaser to:
(1) Use the land for the purposes designated in the approved plan;
(2) Commence and complete the building of the improvements or the renovation
of the property within the periods of time which the corporate authorities fix
as reasonable; and
(3) Comply with such other conditions as are necessary to carry out
the purposes of the final redevelopment plan.
Any redevelopment area may be sold either as an entirety or in such
parcels as the corporate authorities may select. It is not necessary
that title be acquired to all real property within the redevelopment
area before the sale of a part thereof may be made as provided in this
Section. All real property sold shall be sold at its use value which may
be less than its acquisition cost. For purposes of this Division, use
value represents the value at which the corporate authorities determine
that such land should be made available in order that it may be
developed or redeveloped for the purposes specified in the final
redevelopment plan.
(Source: P.A. 81-3.)
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