In addition to powers which it may now have, any county has the power under this Act:
         (a) To make and enter into all contracts necessary or
    
incidental to the implementation and furtherance of an economic development plan.
        (b) Within an economic development project area, to
    
acquire by purchase, donation, lease or eminent domain and to own, convey, lease, mortgage or dispose of land and other real or personal property or rights or interest therein; and to grant or acquire licenses, easements and options with respect thereto, all in the manner and at such price the county determines is reasonably necessary to achieve the objectives of the economic development plan. No conveyance, lease, mortgage, disposition of land or other property acquired by the county, or agreement relating to the development of property shall be made or executed except pursuant to prior official action of the county.
        (c) To clear any area within an economic development
    
project area by demolition or removal of any existing buildings, structures, fixtures, utilities or improvements, and to clear and grade land.
        (d) To install, repair, construct, reconstruct or
    
relocate public streets, public utilities, and other public site improvements within or without an economic development project area which are essential to the preparation of an economic development project area for use in accordance with an economic development plan.
        (e) To renovate, rehabilitate, reconstruct, relocate,
    
repair or remodel any existing buildings, improvements, and fixtures within an economic development project area.
        (f) To construct public improvements, including but
    
not limited to, buildings, structures, works, utilities or fixtures within any economic development project area.
        (g) To issue obligations as in this Act provided.

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Terms Used In Illinois Compiled Statutes 55 ILCS 85/9

  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Personal property: All property that is not real property.

         (h) To fix, charge and collect fees, rents and
    
charges for the use of any building, facility or property or any portion thereof owned or leased by the county within an economic development project area.
        (i) To accept grants, guarantees, donations of
    
property or labor, or any other thing of value for use in connection with an economic development project.
        (j) To pay or cause to be paid economic development
    
project costs. Any payments to be made by the county to developers or other nongovernmental persons shall be made only pursuant to the prior official action of the county evidencing an intent to pay or cause to be paid those economic development project costs. A county is not required to obtain any right, title or interest in any real or personal property in order to pay economic development costs associated with such property. The county shall adopt such accounting procedures as may be necessary to determine that those economic development project costs are properly paid.
        (k) To exercise any and all other powers necessary to
    
effectuate the purposes of this Act.
        (l) To create a commission of not less than 5 or more
    
than 15 persons to be appointed by the chief executive officer of the county with the consent of the majority of the corporate authorities of the county. Members of a commission shall be appointed for initial terms of 1, 2, 3, 4 and 5 years, respectively, in such numbers as to provide that the terms of not more than 1/3 of all such members shall expire in any one year. Their successors shall be appointed for a term of 5 years. The commission, subject to approval of the corporate authorities, may exercise the power to hold the public hearings required by this Act and make recommendations to the corporate authorities concerning the approval of economic development plans, the establishment of economic development project areas, and the adoption of property tax allocation financing for economic development project areas.