65 ILCS 5/11-76-2
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-76-2)Sec. 11-76-2.         An ordinance directing a sale, or a lease of real estate for  any term in excess of 20 years, shall specify the location of the real  estate, the use thereof, and such conditions with respect to further use of  the real estate as the corporate authorities may deem necessary and  desirable to the public interest. Before the corporate authorities of a  city or village make a sale, by virtue of such an ordinance, notice of the  proposal to sell shall be published once each week for 3 successive weeks  in a daily or weekly paper published in the city or village, or if there is  none, then in some paper published in the county in which the city or  village is located. The first publication shall be not less than 30 days  before the day provided in the notice for the opening of bids for the real  estate. The notice shall contain an accurate description of the property,  state the purpose for which it is used and at what meeting the bids will be  considered and opened, and shall advertise for bids therefor. All such bids  shall be opened only at a regular meeting of the corporate authorities. The  corporate authorities may accept the high bid or any other bid determined  to be in the best interest of the city or village by a vote of 3/4 of the  corporate authorities then holding office, but by a majority vote of those  holding office, they may reject any and all bids. The consideration for  such a sale may include but need not be limited to the provision of  off-street parking facilities by the purchaser, which parking facilities  may be made part of the municipal parking system. Such consideration also  may include the provision of other public facilities by the purchaser.Before the corporate authorities of the city or village make a lease of  real estate for a term in excess of 20 years, they shall give notice of  intent to adopt such an ordinance. The notice must be published at least  once in a daily or weekly newspaper published in the city or village, and  if there is none, then in some paper published in the county in which the  city or village is located. The publication must be not less than 15 nor  more than 30 days before the date on which it is proposed to adopt such an  ordinance. The notice must contain an accurate description of the property,  state the purpose for which it is used and the restrictions upon the  proposed use of the property to be leased. The corporate authorities may  negotiate the consideration and terms of such lease. Such consideration may  include the provision of off-street parking facilities by the lessee, which  parking facilities may be made part of the municipal parking system. Such  consideration also may include the provision of other public facilities by  the lessee on the real estate acquired. The corporate authorities may  contract with the lessee for the use of a portion of a structure or  improvement to be constructed on the real estate leased.If such real estate is utilized in part for private use and in part for  public use, those portions of the improvements devoted to private use are  fully taxable. The land shall be exempt from taxation to the extent that  the uses thereon are public and taxable to the extent that the uses are  private. The taxable portion of the land is that percentage of the land's  total assessed valuation that the private development thereon bears to the  total development thereon. Nothing in this Section prevents the corporate  authorities from determining to sell or lease such property to the highest  responsible bidder. The corporate authorities may provide by ordinance for  the procedure to be followed in securing bids for the sale or lease of the  subject property. The disposition of real estate acquired pursuant to (a)  Section 6 of the "Urban Community Conservation Act", approved July 13,  1953, as now or hereafter amended, (b) Sections 12, 22 and 31 of the "Urban  Renewal Consolidation Act of 1961", approved August 15, 1961, as now or  hereafter amended, or (c) Division 11 of this Article by a municipality as  the Local Public Agency under an urban renewal program as defined therein,  is exempt from the requirements of this Section. Additionally, leases to  persons or corporations of municipally-owned or operated airport lands,  buildings, structures or other facilities for the shelter, servicing,  manufacturing and repair of aircraft, aircraft parts or accessories, or for  receiving and discharging passengers and, or cargo, are exempt from the  requirements of this Section.    (Source: Laws 1968, p. 519.)