Sec. 5-14008. Powers of commission; real property.
145 words·~1 min read·
/il/chapter-55/act-5/5-14008A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 5-14008. Powers of commission; real property. The regional planning commission may acquire, by purchase, gift, or legacy, and hold real property for the purposes of the regional planning commission, and may sell and convey that property. The value of the real property shall be determined by an appraisal performed by an appraiser licensed under the Real Estate Appraiser Licensing Act of 2002 and who is certified to appraise the type or types of property to be valued. The appraisal report of the appraiser shall be available for public inspection.
The regional planning commission may purchase the real property under contracts providing for payment in installments over a period of time of not more than 20 years and may finance the purchase of the real property under finance contracts providing for payment in installments over a period of time of not more than 20 years.