65 ILCS 5/ Illinois Municipal Code.

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65 ILCS 5/Art 11 prec Div 75

(65 ILCS 5/Art 11 prec Div 75 heading)

LEASE, SALE AND TRANSFER OF PUBLIC PROPERTY

65 ILCS 5/Art. 11 Div. 75

(65 ILCS 5/Art. 11 Div. 75 heading) DIVISION 75.

LEASE OF SPACE AROUND

MUNICIPAL BUILDINGS

65 ILCS 5/11-75-1

(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.)

65 ILCS 5/11-75-2

(65 ILCS 5/11-75-2) (from Ch. 24, par. 11-75-2)

Sec. 11-75-2.

The lease provided for in Section 11-75-1 by its terms shall
specify the purpose for which the leased space may be used. If the purpose
is to erect in the space a building above or around a building owned by the
municipality, the lease (1) shall contain a reasonably accurate description
of the building to be erected and of the manner in which it shall be
imposed upon or around the existing building of the municipality, (2) shall
contain a provision granting to the lessor municipality the option of
renting for municipal use from the lessee any part of the building to be
erected and stating the terms upon which this option may be exercised as
well as the rent which, after exercise of this option, shall be paid by the
municipality, and (3) shall contain a provision granting to the
municipality the option to purchase for municipal use the entire building
to be erected in the space leased and stating the terms upon which this
option may be exercised and the price which shall be paid for the building
by the municipality in the event it exercises its option to purchase.

(Source: Laws 1961, p. 576.)

65 ILCS 5/11-75-3

(65 ILCS 5/11-75-3) (from Ch. 24, par. 11-75-3)

Sec. 11-75-3.

Any building erected in the space leased, by exercise of the
power granted by Section 11-75-1, which is above or around buildings
located on land owned or otherwise held by the municipality shall be
operated, as far as practicable, separately and apart from any building
owned or operated by the municipality. No liability shall in any manner
attach to the municipality by reason of the erection or operation of the
building in the space so leased.

(Source: Laws 1961, p. 576.)