Illinois Compiled Statutes 620 ILCS 50/22 – To acquire land in fee simple, rights in and over land, and …
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Terms Used In Illinois Compiled Statutes 620 ILCS 50/22
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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
- Personal property: All property that is not real property.
To acquire land in fee simple, rights in and over land, and easements, upon, over or across land, and leasehold interests in land, and tangible and intangible personal property, used or useful for the location, establishment, maintenance, development, expansion, extension or improvement of any such airport or airports. Such acquisition may be by dedication, purchase, gift, agreement, lease, use or adverse possession or by condemnation.