Illinois General Assembly - Illinois Compiled Statutes

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20 ILCS 3501/815-10

(20 ILCS 3501/815-10)

Sec. 815-10. Definitions.

The following terms, whenever used or referred
to in this Article, shall have the following meanings ascribed to them, except
where the context clearly requires otherwise:

(a) "Property" means land, parcels or combination of parcels, structures,
and all improvements, easements and franchises.

(b) "Redevelopment area" means any property which is a contiguous area
of at least 2 acres but less than 160 acres in the aggregate located within
one and one-half miles of the corporate limits of a municipality and not
included within any municipality, where, (1) if improved, a substantial
proportion of the industrial, commercial and residential buildings or
improvements are detrimental
to the public safety, health, morals or welfare because of a combination of any
of the following factors: age; physical configuration; dilapidation; structural
or economic obsolescence; deterioration; illegal use of individual structures;
presence of structures below minimum code standards; excessive and sustained
vacancies; overcrowding of structures and community facilities; inadequate
ventilation, light, sewer, water, transportation and other infrastructure
facilities; inadequate utilities; excessive land coverage; deleterious land use
or layout; depreciation or lack of physical maintenance; and lack of community
planning; or (2) if vacant, the sound utilization of land for industrial
projects is impaired by a combination of 2 or more of the following factors:
obsolete platting of the vacant land; diversity of ownership of such land; tax
and special assessment delinquencies on such land; and deterioration of
structures or site improvements in neighboring areas to the vacant land, or the
area immediately prior to becoming vacant qualified as a redevelopment improved
area; or (3) if an improved area within the boundaries of a development project
is located within the corporate limits of the municipality in which 50% or more
of the structures in the area have an age of 35 years or more, such area does
not qualify under clause (1) but is detrimental to the public safety, health,
morals or welfare and such area may become a redevelopment area pursuant to
clause (1) because of a combination of 3 or more of the factors specified in
clause (1).

(c) "Enterprise" means an individual, corporation, partnership, joint
venture, trust, estate, or unincorporated association.

(d) "Development plan" means the comprehensive program of the Authority and
the participating entity to reduce or eliminate those conditions the existence
of which qualified the project area as a redevelopment area. Each development
plan shall set forth in writing the program to be undertaken to accomplish such
objectives and shall include, without limitation, estimated development project
costs, the sources of funds to pay costs, the nature and term of any
obligations to be issued, the most recent equalized assessed valuation of
the project area, an estimate as to the equalized assessed valuation after
development and the general land uses to apply in the project area.

(e) "Development project" means any project in furtherance of the objectives
of a development plan, including any building or buildings or building addition
or other structures to be newly constructed, renovated or improved and suitable
for use by an enterprise as an industrial project, and includes the sites and
other rights in the property on which such buildings or structures are located.

(f) "Participating entity" means a municipality, a local industrial
development agency or an enterprise or any combination thereof.

(Source: P.A. 95-331, eff. 8-21-07.)