315 ILCS 30/18
2021 Illinois Compiled Statutes|Chapter 315 - URBAN PROBLEMS|315 ILCS 30/ - Urban Renewal Consolidation Act of 1961.|Part I - Slum And Blighted Areas

 (from Ch. 67 1/2, par. 91.118)Sec. 18.         The Department may at such times as it deems expedient transfer  and sell the fee simple title, or such lesser estate as the Department may  have acquired, or as may theretofore have been acquired by a land clearance  commission, to all or any part of the real property within the area of a  redevelopment project not disposed of in accordance with Sections 15, 16,  and 17 hereof to (1) Neighborhood Redevelopment Corporations operating  under the "Neighborhood Redevelopment Corporation Law," approved July 9,  1941, as amended, (2) Insurance Companies operating under Section 125a of  the "Illinois Insurance Code," approved June 29, 1937, as amended, (3)  any individual, association, or corporation, organized under the laws of  this State or of any other State or country, which may legally make such  investments in this State, including foreign and alien insurance companies,  as defined in Section 2 of said "Illinois Insurance Code", or (4) bodies  politic and corporate, public corporations, or any private interest  empowered by law to acquire, develop and use such real property for such  uses, public or private, as are in accordance with an approved plan;  provided, however, that any sale of real property to a housing authority  shall be made only in accordance with the provisions of Sections 16 and 17  hereof. To assure that the real property so sold is used in accordance with  the approved plan referred to in Section 19 hereof, the Department shall  inquire into and satisfy itself concerning the financial ability of the  purchaser to complete the redevelopment in accordance with the approved  plan and shall require the purchaser to execute in writing such  undertakings as the Department may deem necessary to obligate the  purchaser: (1) to use the land for the purposes designated in the approved  plan, (2) to commence and complete the building of the improvements within  the periods of time which the Department fixes as reasonable, and (3) to  comply with such other conditions as are necessary to carry out the  purposes of this Act. Any such area may be sold either as an entirety or in  such parcels as the Department shall deem expedient. It shall not be  necessary that title be acquired to all real property within the area of a  redevelopment project before the sale of a part thereof may be made as  provided herein. Any real property sold pursuant to the foregoing  provisions of this Section shall be sold at its use value (which may be  less than its acquisition cost), which represents the value at which the  Department determines such land should be made available in order that it  may be developed or redeveloped for the purposes specified in the approved  plan.Any real property lying within the area of the redevelopment project  which has not been sold by the Department within five years after the  Department has acquired title to all the real property within the area of  that redevelopment project, shall be forthwith sold by the Department at  public sale for cash to the highest bidder obligating himself in the manner  set forth in the preceding paragraph of this Section to redevelop the  property in accordance with the approved plan. Notice of such sale and of  the place where the approved plan may be inspected shall be published once  in a newspaper having a general circulation in the municipality in which  the real property is situated at least twenty (20) days prior to the date  of such public sale, and shall contain a description of the real property  to be sold.The Department may reject the bids received if, in the opinion of the  Department, the highest bid does not equal or exceed the use value (as  hereinabove defined) of the land to be sold. At the expiration of six (6)  months from the date of rejecting bids, the Department shall again  advertise for sale any real property then remaining unsold. Each  publication shall be subject to the same requirements and conditions as the  original publication.    (Source: P.A. 83-333.)