Illinois Compiled Statutes
20 ILCS 3501/ - Illinois Finance Authority Act.
Article 815 - Land Bank Fund

(20 ILCS 3501/Art. 815 heading)

(20 ILCS 3501/815-5)
Sec. 815-5.
Findings and Declaration of Policy.
It is hereby found and
declared that there exists within the State a condition of substantial and
persistent unemployment which is detrimental to the welfare of the people of
the
State; that the absence of an orderly conversion and development of certain
property results in blight, economic dislocation, and additional unemployment;
that there exists within the State a significant resource of underutilized
property which, if returned to productive economic use, will increase
employment, increase revenues for the State and units of local government, and
lead to a more stable economy; that the acquisition, development or disposition
of such land or property in conjunction with units of local government, local
industrial development agencies and private enterprise in accordance with
development plans will stimulate economic development within the State; that
the
establishment of the Illinois Land Bank Fund and the exercise by the Authority
of the powers granted in
this Article will promote
economic development resulting in increased employment and public revenues; and
that the provisions of this Act are hereby declared to be in the public
interest
and benefit and a valid public purpose.

(Source: P.A. 93-205, eff. 1-1-04.)

(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.)

(20 ILCS 3501/815-15)
Sec. 815-15.
Illinois Land Bank Fund; Creation; Use.
There is hereby
created
the Illinois Land Bank Fund, hereafter referred to in
Sections 815-15 through 815-30 of this Act as the "Fund". The Treasurer of the
Authority shall have custody
of the Fund, which shall be held outside of the State treasury. The Authority
is authorized to accept any and all grants, loans, subsidies, matching funds,
reimbursements, appropriations, transfers of appropriations, federal grant
monies, income derived from investments, or other things of value from the
federal or state governments or units of local government or any agency thereof
or from an enterprise for deposit in the Fund. The Authority is authorized to
use monies deposited in the Fund expressly for the purposes specified in and
according to the procedures established by Sections 815-20 through 815-30 of
this Act.

(Source: P.A. 93-205, eff. 1-1-04.)

(20 ILCS 3501/815-20)
Sec. 815-20.
Powers and Duties.
(a) The Authority shall have the following powers with respect to
redevelopment areas:
(b) Before acquiring property under this
Section the Authority shall hold a
public hearing after notice published in a newspaper of general circulation in
the county in which the property is located and shall find:
(c) No property may be acquired by the Authority unless the acquisition is
consented to by resolution of the corporate authorities of the municipality
with jurisdiction over the property under Section 11-12-6 of the Municipal
Code.
(d) The Authority may acquire any interest in property in a redevelopment
area by purchase, lease, or gift, but shall not have the power of condemnation.
(e) No property shall be acquired under this Section unless the Authority
has adopted a development plan under the provisions of Section 815-25.

(Source: P.A. 93-205, eff. 1-1-04.)

(20 ILCS 3501/815-25)
Sec. 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:
(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.)

(20 ILCS 3501/815-30)
Sec. 815-30.
Local Planning; Relocation Costs.
The Authority may arrange
or
contract with a municipality or municipalities for the planning, re-planning,
opening, grading or closing of streets, roads, alleys or other places or for
the
furnishing of facilities or for the acquisition by the municipality or
municipalities of property or property rights or for the furnishing of property
or services in connection with a development project or projects.
The Authority is hereby authorized to pay the reasonable relocation costs, up
to
a total of $25,000 per relocatee, of persons and businesses displaced as a
result of carrying out a development plan as authorized by
this Article.

(Source: P.A. 93-205, eff. 1-1-04.)