State of Illinois
91st General Assembly
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91_HB0668

 
                                              LRB9100923DHmgA

 1        AN ACT to amend the Illinois Municipal Code  by  changing
 2    Section 11-74.3-3.

 3        Be  it  enacted  by  the People of the State of Illinois,
 4    represented in the General Assembly:

 5        Section 5.  The Illinois Municipal  Code  is  amended  by
 6    changing Section 11-74.3-3 as follows:

 7        (65 ILCS 5/11-74.3-3) (from Ch. 24, par. 11-74.3-3)
 8        Sec.  11-74.3-3.  In  carrying  out  a  business district
 9    development or redevelopment plan, the corporate  authorities
10    of each municipality shall have the following powers:
11             (1)  To  approve  all  development and redevelopment
12        proposals for a business district.
13             (2)  To exercise the use of eminent domain  for  the
14        acquisition of real and personal property for the purpose
15        of a development or redevelopment project.
16             (3)  To acquire, manage, convey or otherwise dispose
17        of real and personal property according acquired pursuant
18          to  the  provisions  of  a development or redevelopment
19        plan.
20             (4)  To apply for  and  accept  capital  grants  and
21        loans  from  the United States and the State of Illinois,
22        or any instrumentality of the United States or the State,
23        for business district development and redevelopment.
24             (5)  To borrow funds as it may be  deemed  necessary
25        for  the  purpose  of  business  district development and
26        redevelopment,  and  in  this   connection   issue   such
27        obligation  or  revenue  bonds  as  it  shall  be  deemed
28        necessary, subject to applicable statutory limitations.
29             (6)  To  enter  into  contracts  with  any public or
30        private agency or person.
31             (7)  To sell, lease,  trade  or  improve  such  real
 
                            -2-               LRB9100923DHmgA
 1        property  as  may be acquired in connection with business
 2        district development and redevelopment plans.
 3             (8)  To employ all such persons as may be  necessary
 4        for  the  planning,  administration and implementation of
 5        business district plans.
 6             (9)  To expend such public funds as may be necessary
 7        for the planning, execution  and  implementation  of  the
 8        business district plans.
 9             (10)  To   establish   by  ordinance  or  resolution
10        procedures for the planning, execution and implementation
11        of business district plans.
12             (11)  To create a Business District Development  and
13        Redevelopment   Commission   to  act  as  agent  for  the
14        municipality  for  the  purposes  of  business   district
15        development and redevelopment.
16        This  amendatory  Act  of  the  91st  General Assembly is
17    declarative of existing law and is not a new enactment.
18    (Source: P.A. 78-793.)

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