65 ILCS 5/11-74.4-2
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-74.4-2)Sec. 11-74.4-2.         (a) It is hereby found and declared that there exist in  many municipalities within this State blighted conservation and  industrial park conservation areas, as  defined herein; that the conservation areas are rapidly deteriorating and  declining and may soon become blighted areas if their decline is not  checked; that the stable economic and physical development of the blighted  areas, conservation areas and industrial park conservation  areas is endangered by the presence of blighting  factors as manifested by progressive and advanced deterioration of structures,  by the overuse of housing and other facilities, by a lack of physical maintenance  of existing structures, by obsolete and inadequate community facilities  and a lack of sound community planning, by obsolete platting, diversity  of ownership, excessive tax and special assessment delinquencies, by  the growth of a large surplus of workers who lack the skills to meet  existing or potential employment opportunities or by a  combination of these factors; that as a result of the existence of blighted  areas and areas requiring conservation, there is an excessive and disproportionate  expenditure of public funds, inadequate public and private investment, unmarketability  of property, growth in delinquencies and crime, and housing and zoning law  violations in such areas together with an abnormal exodus of families and  businesses so that the decline of these areas impairs the value of private  investments and threatens the sound growth and the tax base of taxing districts  in such areas, and threatens the health, safety, morals, and welfare of the  public and that the industrial park conservation areas include  under-utilized areas which, if developed as industrial parks, will promote  industrial and transportation activities, thereby reducing the evils  attendant upon involuntary unemployment and enhancing the public health and  welfare of this State.(b) It is hereby found and declared that in order to promote and protect  the health, safety, morals, and welfare of the public, that blighted conditions  need to be eradicated and conservation measures instituted, and that redevelopment  of such areas be undertaken; that to remove and alleviate adverse conditions  it is necessary to encourage private investment and restore and enhance  the tax base of the taxing districts in such areas by the development or redevelopment  of project areas.  The eradication of blighted areas and treatment and  improvement of conservation areas and industrial park conservation  areas by redevelopment projects is hereby declared  to be essential to the public interest.(c) It is found and declared that the use of incremental tax revenues  derived from the tax rates of various taxing districts in redevelopment  project areas for the payment of redevelopment project costs is of benefit  to said taxing districts for the reasons that taxing districts located in  redevelopment project areas would not derive the benefits of an increased  assessment base without the benefits of tax increment financing, all surplus  tax revenues are turned over to the taxing districts in redevelopment  project areas and all said districts benefit from the removal of blighted  conditions, the eradication of conditions requiring conservation  measures, and the development of industrial parks.    (Source: P.A. 84-1090.)