(65 ILCS 5/11-74.2-15) (from Ch. 24, par. 11-74.2-15)
Sec. 11-74.2-15.
Any real property in the redevelopment area that has not
been sold, or in the case of commercial projects sold or leased, by the
corporate authorities within 5 years after they have acquired title to all
the real property in the area shall be sold by the corporate authorities at
public sale for cash to the highest bidder who obligates himself to
redevelop the property in accordance with the final redevelopment plan.
Notice of the sale and of the place where the final redevelopment plan may
be inspected shall be published once in a newspaper having a general
circulation in the municipality in which the real property is situated at
least 20 days prior to the date of the public sale. The notice shall
contain a description of the real property to be sold and a general
statement of the use for which such property may be developed under the
redevelopment plan.
The corporate authorities may reject the bids received if in their
opinion the highest bid does not equal or exceed the use value of the land
to be sold. Within 6 months after the bids have been rejected, the
corporate authorities shall again advertise for sale any real property then
remaining unsold. Each additional publication and offer for bids shall be
subject to the same requirements and conditions as the original
publication.
Any deed executed by the corporate authorities under this Division may
contain such restrictions as are required by the final redevelopment plan
and necessary building and zoning ordinances. All such deeds of conveyance
shall be executed in the name of the municipality by its chief executive
officer, and the seal of the municipality shall be attached to the deeds.
(Source: P.A. 78-1155.)
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