Sec. 10. Sale of Publicly-Owned Real Property in an Enterprise Zone.

419 words·~2 min read·/il/chapter-20/act-655/10

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Once an area becomes an Enterprise Zone, pursuant to provisions contained in the Enterprise Zone agreement, the State and any county or municipality that owns any unused structures or vacant land within the Enterprise Zone may dispose of such structure or vacant land in one of the following ways:

(A)sell such structures or vacant land at public auction or by other methods available to dispose of such property; or

(B)establish an urban homestead program that provides:

(1)that the State or county or municipality will sell an individual a residence or portion thereof it owns for a sum not to exceed $100.

(2)that the individual agrees to live in the residence for a period of seven years.

(3)that the individual agrees to renovate or remodel the property to meet the level of maintenance stated in the agreement between the individual and the State or county or municipality.

(4)that the State, county or municipality shall assign the property to the individual at the end of the seven year residency requirement when satisfactory improvements to the property have been made; or

(C)establish an urban shopstead program that provides:

(1)that the State or county or municipality will sell to a designated Zone organization a structure or portion thereof it owns for a sum not to exceed $100.

(2)that the designated Zone organization agrees to renovate or remodel the property to meet the level of maintenance stated in the agreement between the individual and the State or county or municipality.

(3)that the State, county or municipality shall assign the property to the designated Zone organization when satisfactory improvements to the property have been made.

(4)that the designated Zone organization may sell or lease such structure to commercial or industrial businesses pursuant to procedures which shall be contracted in the agreement between the Zone organization and the State or county or municipality. The Zone organization may also retain such structure in whole or part for its own use. Any proceeds derived from the use, lease, or sale of such property shall be used for cost recovery and for activities entered into pursuant to Section 8 of this Act, as agreed to between the State, County, or Municipality and the designated Zone organization.

Such disposal of real property by the methods described above shall give preference to a proposed enterprise zone in the selection process by the Department as set forth in Section 4.