| INDUSTRIAL DEVELOPMENT
COMMISSION
| Meeting Schedule: |
As needed |
| Meeting Location: |
City Hall |
| Meeting Time: |
To be determined |
| # of Members: |
Five (5) |
| Length of Term: |
3 years |
The commission is constituted a public
instrumentality of the city and the exercise by the commission of
the powers conferred by this article shall be deemed and held to be
the performance of an essential public function. The
commission may exercise the following powers under this section;
provided, however, that in no event shall the commission encumber
city funds or incur city debt or liability without prior city council
approval; or take any final action under the provisions of the following
subsections without approval of the city council:
(1) To construct, acquire by gift, lease or
purchase, reconstruct, improve, better or extend, or to finance
the construction, acquisition, reconstruction, improvement, betterment,
or extension of any industrial project within or without the city
or partially within or partially without the city, but in no event
further than ten miles from the territorial boundaries of such city,
and to acquire by gift, lease or purchase lands or rights in land
in connection therewith.
(2) To rent, lease, sell or otherwise dispose of such industrial
project.
(3) To enter into agreements or contracts with any individual, association,
foundation, developer, private corporation, governmental agencies,
or any form of joint ownership or venture or any type of real estate
agreement containing covenants, restrictions and conditions regarding
the use of such property for industrial and commercial and related
purposes, in accordance with the planned project and such other
covenants, restrictions and conditions as the commission may deem
necessary to effectuate the purposes of this article.
(4) To make any of the covenants, restrictions on conditions of
the foregoing contracts, covenants running with the land, and to
provide appropriate remedies for any breach of any such covenants
or conditions, including the right in the commission to terminate
such contracts and any interest in the property created pursuant
thereto.
(5) To apply for and accept advances,
grants, contributions and any other form of financial assistance
from the federal government, the state, county, city or other public
body or from any sources, public or private, for the purposes of
this law, and to enter into and carry out contracts in connection
therewith.
(6) The commission, notwithstanding the provisions of any other
provision of this Code or ordinance, may include in any contract
for financial assistance with the federal government for a project
such conditions imposed pursuant to federal law as the commission
may deem reasonable and appropriate and which are not inconsistent
with the purpose of this article.
(7) To propose and to assist in the preparation of, designation
of, or plans for economic development projects and to assist in
the undertaking and carrying out of projects for economic development.
(8) To sell and convey such industrial project, including, without
limitation, the sale and conveyance thereof subject to a mortgage
or security interest as provided in 65 ILCS 5/11-74-1 et seq., for
such price and at such time as the governing body of the municipality
may determine. However, no sale or conveyance of such industrial
project shall ever be made in such manner as to impair the rights
or interests of the holder or holders of any bonds issued for the
construction, purchase, improvement or extension of any such industrial
project.
(9) To do all acts and things necessary or convenient for the promotion
of its businesses and the general welfare of the commission; to
carry out the powers granted to it by this section or any other
provision of this Code or ordinance.
(10) In subsections (1)--(9) of this section, the departments and
instrumentalities of the city are directed to cooperate with the
commission consistent with their responsibilities under law, the
general public interest, and the purposes of this article.
Return
to Boards & Commissions Listing
|
Home 
