20 ILCS 3501/815-10
2021 Illinois Compiled Statutes|Chapter 20 - EXECUTIVE BRANCH|20 ILCS 3501/ - Illinois Finance Authority Act.|Article 815 - Land Bank Fund

Sec. 815-10. Definitions. The following terms, whenever used or referred  to in this Article, shall have the following meanings ascribed to them, except  where the context clearly requires otherwise:(a) "Property" means land, parcels or combination of parcels, structures,  and all improvements, easements and franchises.(b) "Redevelopment area" means any property which is a contiguous area  of at least 2 acres but less than 160 acres in the aggregate located within  one and one-half miles of the corporate limits of a municipality and not  included within any municipality, where, (1) if improved, a substantial  proportion of the industrial, commercial and residential buildings or  improvements are detrimental  to the public safety, health, morals or welfare because of a combination of any  of the following factors: age; physical configuration; dilapidation; structural  or economic obsolescence; deterioration; illegal use of individual structures;  presence of structures below minimum code standards; excessive and sustained  vacancies; overcrowding of structures and community facilities; inadequate  ventilation, light, sewer, water, transportation and other infrastructure  facilities; inadequate utilities; excessive land coverage; deleterious land use  or layout; depreciation or lack of physical maintenance; and lack of community  planning; or (2) if vacant, the sound utilization of land for industrial  projects is impaired by a combination of 2 or more of the following factors:  obsolete platting of the vacant land; diversity of ownership of such land; tax  and special assessment delinquencies on such land; and deterioration of  structures or site improvements in neighboring areas to the vacant land, or the  area immediately prior to becoming vacant qualified as a redevelopment improved  area; or (3) if an improved area within the boundaries of a development project  is located within the corporate limits of the municipality in which 50% or more  of the structures in the area have an age of 35 years or more, such area does  not qualify under clause (1) but is detrimental to the public safety, health,  morals or welfare and such area may become a redevelopment area pursuant to  clause (1) because of a combination of 3 or more of the factors specified in  clause (1).(c) "Enterprise" means an individual, corporation, partnership, joint  venture, trust, estate, or unincorporated association.(d) "Development plan" means the comprehensive program of the Authority and  the participating entity to reduce or eliminate those conditions the existence  of which qualified the project area as a redevelopment area. Each development  plan shall set forth in writing the program to be undertaken to accomplish such  objectives and shall include, without limitation, estimated development project  costs, the sources of funds to pay costs, the nature and term of any  obligations to be issued, the most recent equalized assessed valuation of  the project area, an estimate as to the equalized assessed valuation after  development and the general land uses to apply in the project area.(e) "Development project" means any project in furtherance of the objectives  of a development plan, including any building or buildings or building addition  or other structures to be newly constructed, renovated or improved and suitable  for use by an enterprise as an industrial project, and includes the sites and  other rights in the property on which such buildings or structures are located.(f) "Participating entity" means a municipality, a local industrial  development agency or an enterprise or any combination thereof.       (Source: P.A. 95-331, eff. 8-21-07.)