Illinois § 815-25

§ 815-25.

Development Plans. (a) No development plan shall be approved by the Authority unless after a public hearing held upon notice published in a newspaper of general circulation in the county where the property is located, the Authority finds: (1) The plan provides for projects which will reduce unemployment; (2) The redevelopment area on the whole has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be developed without the adoption of the development plan; (3) The corporate authorities of the municipality with jurisdiction over the property under Section 11-12-6 of the Municipal Code have by resolution found that the development plan conforms to the comprehensive plan of the municipality; (4) A participating entity has agreed to enter into such contracts and other agreements as are necessary to acquire, redevelop and improve the property in accordance with the development plan; (5) The acquisition of the property, its possession and ultimate use according to the development plan can be financed by participating entities and the Authority and the development plan will be completed and all obligations of the Authority incurred in connection with the redevelopment plan will be retired within 20 years from the Authority's approval of the development plan; and (6) The development plan meets such other requirements as the Authority may establish by rule. (b) The Authority may dispose of any property which is the subject of a development plan in such manner, whether by sale, lease or otherwise, and for such price, rental or other consideration, including an amount not less than 2/3 of its acquisition cost, payable over such term, and bearing interest as to deferred payments, and secured in such manner, by mortgage or otherwise, all as the Authority shall provide in the development plan. (c) Pending disposition of such land, any existing property acquired by the Authority in the course of carrying out the provisions of this Act may be adequately and properly preserved, and may be maintained, leased or administered by the Authority by a contract made by the Authority with any participating entity, enterprise or individual with experience in the area of property development, management or administration. (d) Whenever the Authority shall have approved a development plan, the Authority may amend the development plan from time to time in conformity with this Section. (Source: P.A. 93-205, eff. 1-1-04.)