65 ILCS 5/ Illinois Municipal Code.

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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.)

65 ILCS 5/11-75-4

(65 ILCS 5/11-75-4) (from Ch. 24, par. 11-75-4)

Sec. 11-75-4.

Such lease shall be signed in the name of the municipality by
the mayor or president and shall be attested by the municipal clerk under
the corporate seal. The lease shall also be executed by the lessee in such
manner as may be necessary to bind him. After being so executed, the lease
shall be duly acknowledged and thereupon shall be recorded in the office of
the recorder of the county in which is located the land involved
in the lease.

(Source: P.A. 83-358.)

65 ILCS 5/11-75-5

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

Sec. 11-75-5.

If, in the judgment of the corporate authorities, the public
interest requires that any building erected in the leased space be removed
so that a street, alley, or public place may be restored to its original
condition, the lessor municipality may condemn the lessee's interest in the
leased space by proceeding in the manner provided for the exercise of the
right of eminent domain under the Eminent Domain Act. After payment of such damages as may be fixed in the
condemnation proceedings, the municipality may remove all buildings or
other structures from the leased space and restore the buildings adjoining
the leased space to their original condition.

(Source: P.A. 94-1055, eff. 1-1-07.)

65 ILCS 5/Art. 11 Div. 76

(65 ILCS 5/Art. 11 Div. 76 heading) DIVISION 76.

SALE OR LEASE OF REAL OR

PERSONAL PROPERTY

65 ILCS 5/11-76-1

(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.)