There is a newer version of the Illinois Compiled Statutes
2005 Illinois 65 ILCS 5/ Illinois Municipal Code. Division 74.1 - Acquiring Land For Industrial Purposes
(65 ILCS 5/11‑74.1‑1) (from Ch. 24, par. 11‑74.1‑1)
Sec. 11‑74.1‑1.
For the public purposes set forth in the Illinois
Finance Authority Act, the corporate authorities
of each municipality may (1) acquire, singly or jointly with other
municipalities
or counties, by gift, purchase or otherwise, but not by condemnation, except
in furtherance of the Illinois
Finance Authority Act, land,
or any interest in land, whether located within or without its corporate
limits, and, singly or jointly, may improve or arrange for the improvement
of such land for industrial or commercial purposes and may donate and
convey such land,
or interest in land, so acquired and so improved, to the Illinois
Finance Authority; and (2) donate corporate
funds to such Authority.
(Source: P.A. 93‑205, eff. 1‑1‑04.)
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