(70 ILCS 915/6) (from Ch. 111 1/2, par. 5009)
Sec. 6.
The Commission may sell, convey, transfer, or lease any title
or interest in real estate owned by it to any person or persons, to be
used, subject to the restrictions of this Act, for the purposes stated in
Section 4, or for the purpose of serving persons using the facilities
offered within the District or for carrying out of any aspect of the
Commission's purpose as set forth in Section 2 of this Act, subject to such
restrictions as to the use thereof as the Commission shall determine
will carry out the purpose of this Act. To assure that the use of the
real property so sold or leased is in accordance with the provisions of
this Act, the Commission shall inquire into and satisfy itself
concerning the financial ability of the purchaser to complete the
project for which said real estate is sold or leased in accordance with
a plan to be presented by the purchaser or lessee, which plan shall be
submitted, in writing, to the Commission. Such purchaser or lessee shall
under such plan undertake (1) to use the land for the purposes
designated in the plan so presented; (2) to commence and complete the
construction of the buildings or other structures to be included in the
project within such periods of time as the Commission fixes as
reasonable; and (3) to comply with such other conditions as the
Commission shall determine are necessary to carry out the project. Any
real property sold by the Commission pursuant to the provisions of this
Act shall be sold at its use value, which may be more or less than its
acquisition cost, and which use value represents the value at which the
Commission determines, after a hearing by the Commission or by such
person as the Commission designates to hold such hearing, such real
property should be made available for sale or rental in order that it
may be developed for the accomplishment of the purposes of this Act. In
determining the use value of the real property, the Commission shall
take into consideration whether or not said property is to be used by a
wholly or partially tax supported body created under the laws of the
State of Illinois, by any department of the State government or any
political subdivision of the State, by a charitable institution, or by
a private person or institution operating for profit; and the Commission
shall also consider the contribution that the project will make toward
the development of the District and the furtherance of the purposes of
this Act in determining such use price, provided, however, that the
Commission may convey the fee simple title to land acquired by it,
without the payment of any consideration, to the State of Illinois, any
political subdivision thereof or to any body politic and corporate or
public corporation created under the laws of the State of Illinois for
the carrying out of any function of the State. At any hearing for the
purpose of the Commission's making the aforesaid determinations, an
investigation should be made and such witnesses and documentary evidence
examined as will have bearing on the use value of the property to be
sold or leased as is herein provided. The Commission shall designate a
Commissioner or other person of legal age to conduct the hearing
provided for herein, and such Commissioner or other person so designated
by the Commission shall give reasonable notice to the interested parties
of the time, place and purpose for the holding of such hearing. Such
Commissioner or other person designated by the Commission to hold such
hearing shall have the power to administer oaths and affirmations, and
shall cause to be taken the testimony of witnesses and the production of
papers, books, records, accounts and documents; and the person so
designated to hold such hearing shall certify to the Commission the
record of the proceedings held before him in connection with such
hearing. Such record of proceedings shall become a part of the records
of the Commission. All conveyances and leases
authorized in this Section shall be on condition that, in the event of use
for other than the purposes prescribed in this Act, or of nonuse for a
period of one year, title to such property shall revert to the
Commission. All conveyances and leases made by the Commission to
any corporation or person for use of serving the residents or any person
using the facilities offered within the District shall be on condition
that in the event of violation of any of the restrictions as to the use
thereof as the Commission shall have determined will carry out the
purposes of this Act, that title to such property shall revert to the
Commission. However, if the Commission
finds that financing necessary for the acquisition or lease of any real
estate or for the construction of any building or improvement
to be used for purposes prescribed in this Act cannot be
obtained if title to the land or building or improvement is subject
to such reverter provision, which finding shall
be made by the Commission after public hearing held pursuant to a single
publication notice given in a secular newspaper of general circulation
in the City of Chicago at least 10 days prior to the date of such
hearing, such notice to specify the time, place and purpose for such
hearing, and upon such finding being made, the Commission may cause such
real property to be conveyed free of such reverter provision, provided
that at least 5 members of the Commission vote in favor thereof.
The Commission may also provide in the conveyances, leases, or other
documentation provisions for notice of such violations or default and the cure
thereof for the benefit of any lender or mortgagee as the Commission shall
determine are appropriate.
If, at a regularly scheduled meeting, the Commission resolves that a parcel
of real estate leased by it, or in which it has sold the fee simple title
or any lesser estate, is not being used for the purposes prescribed in this
Act or has been in nonuse for a period of one year, the Commission may
file a law suit in the circuit court of the county in which the property
is located to enforce the terms of the sale or lease. In the event a
reverter of title to any Property is ordered by the court pursuant
to the terms of this Act, the interest of the Commission shall be
subject to any then existing valid mortgage or trust deed in the nature
of a mortgage, but in case the title is acquired through foreclosure of
such mortgage or trust deed or by deed in lieu of foreclosure of such
mortgage or trust deed, then the title to the property shall not revert, but
shall be subject to the restrictions as to use, but not any penalty for
nonuse, contained in this Act with respect to any mortgagee in possession
or its successor or assigns.
No conveyance of real property shall be executed by the Commission
without the prior written approval of the Governor.
Commission property leased or occupied by others for purposes permitted under
this Act or Commission property held for redevelopment shall not constitute
"property" for the purposes of the State Property Control Act.
(Source: P.A. 89-356, eff. 8-17-95.)
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