(65 ILCS 5/11-76-1) (from Ch. 24, par. 11-76-1)
Sec. 11-76-1.
Any city or village incorporated under any general or special
law which acquires or holds any real estate for any purpose whatsoever,
except real estate granted to a municipality as commons by a grant which
has been confirmed by the government of the United States, has the power to
lease the real estate for any term not exceeding 99 years, and to convey
the real estate when, in the opinion of the corporate authorities, the real
estate is no longer necessary, appropriate, required for the use of,
profitable to, or for the best interests of the city or village. This power
shall be exercised by an ordinance passed by three-fourths of the corporate
authorities of the city or village then holding office, at any regular
meeting or at any special meeting called for that purpose. However, the
corporate authorities have the power to authorize any municipal officer to
make leases for terms not exceeding 2 years in such manner as they may
determine. The disposition of real estate acquired pursuant to Section 6 of
the "Urban Community Conservation Act", approved July 13, 1953, as
heretofore and hereafter amended, and acquired pursuant to Sections 12,
22 and 31 of the "Urban Renewal Consolidation Act of 1961", enacted by the
Seventy-Second General Assembly, and acquired pursuant to Division 11-11
by a municipality as the Local Public Agency under an urban renewal project
as defined therein, shall be exempt from the requirements of this section.
(Source: Laws 1967, p. 3425.)
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