(50 ILCS 350/5)
Sec. 5. Findings and purpose.
(a) The General Assembly finds that:
(1) There is a great need for economic revitalization
in many communities throughout this State.
(2) Each community has valuable resources at its
fingertips that can be tapped in the revitalization process.
(3) With adequate support and assistance from the
State and other resources, each community can participate in and shepherd its own economic renewal.
(4) Successful redevelopment plans are based on
policy that is responsive to the existing composition and character of the economically distressed community and that allows and compels the community to participate in the redevelopment planning process.
(5) A successful redevelopment initiative creates and
maintains a capable and adaptable workforce, has access to capital, has a sound fiscal base, has adequate infrastructure, has well-managed natural resources, and has an attractive quality of life.
(b) It is the purpose of this legislation to provide a mechanism for an economically distressed community to use in its efforts to revitalize the community.
(Source: P.A. 95-557, eff. 8-30-07.)
Last modified: February 18, 2015