16-12-080  Urban homestead and shopstead programs.
   (a)   An urban homestead program shall be established in each enterprise zone. In this program the city may sell to an individual a residence or portion thereof that the city owns within the enterprise zone, for a sum of $100.00. The individual must personally live in the residence for seven years. The individual must agree to renovate or remodel the property to meet the level of maintenance stated in the sales agreement between the individual and the city. At the end of this seven-year period the city shall assign the property over to the individual, but only when satisfactory improvements to the property have been made pursuant to the agreement with the city. The zone administrator shall supervise any such sales, and work with the state and county to provide similar sales of the state and county-owned property within the enterprise zone.
   (b)   An urban shopstead program shall be established in each enterprise zone. In this program the city may sell to a designated zone organization a structure or portion thereof that the city owns within the enterprise zone, for a sum of $100.00. The designated zone organization shall agree to renovate or remodel the property to meet the level of maintenance stated in the sales agreement between the organization and the city. The designated zone organization shall be allowed to sell or lease such structure to commercial or industrial businesses pursuant to the procedures set forth in the sales agreement between it and the city. The organization shall also be allowed to retain the structure in whole or in part for its own use. Any proceeds derived from the use, lease, or sale of such property shall be used for cost recovery and for activities entered into pursuant to Section 16-12-070(b) of this chapter as agreed between it and the city. The zone administrator shall supervise any sales to such organizations, and work with the state and county to provide similar sales of state and county-owned property within the enterprise zone.
   (c)   The programs under (a) and (b) above shall only apply to an enterprise zone if such zone is declared an enterprise zone under the Illinois Enterprise Zone Act.
(Prior code §  201-8)