State of Illinois
91^st General Assembly
Public Acts

Public Act 91-0418

HB0668 Enrolled                               LRB9100923DHmgA

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

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

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

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