Illinois Compiled Statutes 740 ILCS 30 Community Investment Recovery Act. Section 5

    (740 ILCS 30/5) (from Ch. 67 1/2, par. 655)

    Sec. 5. Liability. If, at the written request of a business, a State agency or unit of local government acquires, constructs, improves, or modifies any real property that results in a business locating or remaining on real property within the State or the unit of local government, that business shall be liable for damages to the State or unit of local government if the business closes down or terminates its operations on the real property within 24 months after commencing operations or, in the case of a business that remains in the State or unit of local government after real property is acquired or modified for its benefit, 24 months after the new or modified real property is first utilized by the business. The amount of damages shall equal the costs of acquiring, constructing, improving, or modifying the real property.

(Source: P.A. 87-212.)

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Last modified: February 18, 2015