(a) The commission may recommend to the city council that the city:
(1) Acquire by purchase, gift, lease, condemnation, option or otherwise any rights in real property, including air rights in any redevelopment project area. If any such real property is subject to easements the corporate authorities in their discretion may acquire the fee simple title to such real property subject to such easements if they determine that such easements will not interfere with carrying out the redevelopment plan;
(2) Clear any area acquired, by demolition or removal of existing buildings and structures, and prepare the area for reuse in accordance with the redevelopment plan;
(3) Renovate, rehabilitate, or physically relocate any structure or building acquired, or if any structure or building or the land supporting it has not been acquired, permit the owner to renovate or rebuild the structure or building in accordance with the redevelopment plan;
(4) Install, repair, construct, reconstruct, or relocate streets, utilities, and site improvements essential to the preparation of the redevelopment project area for use in accordance with a redevelopment plan, and with or without charge grant easements for such utilities;
(5) Sell, mortgage, or lease, or otherwise transfer or convey any interest in real property acquired for use in accordance with the redevelopment plan at such time as the city may determine. The commission shall recommend a selling price or lease rate for such property, which may be less than acquisition costs, that represents the highest reasonable value at which the property is likely to be purchased or leased for development or redevelopment in accordance with the redevelopment plan. However, no sale, mortgage or lease shall ever be made in such manner as to impair the rights or interests of the holder or holders of any bonds issued to finance the project costs of such project.
Any development project area may be sold either as an entirety or in such parcels as the commission may select. It will not be necessary that title be acquired to all real property within the redevelopment area before the sale of a part thereof may be made as provided in this section;
(6) Convey any part of the redevelopment project area to any public body, and the city may charge for such conveyance whatever price it and the public body receiving the land may agree upon;
(7) Resell real property for uses prescribed in the redevelopment plan;
(8) Engage in such relocation activities as are prescribed by the redevelopment plan;
(9) Enter into such cooperative agreements, with or without consideration, as the commission shall deem appropriate to carry out the purposes of the redevelopment plan;
(10) Make loans and grants, or guarantee loans made by other institutions, public or private, to persons in the redevelopment project areas for the purposes of rehabilitating structures or constructing new structures in such areas;
(11) Borrow money, apply for and accept advances, loans, grants, contributions, gifts, services, or other financial assistance from the United States of America, or any agency or instrumentality thereof, the state, county or other public body, or from any source, public or private, for or in aid of any other purposes of the redevelopment plan or redevelopment project;
(12) Issue, to defray in whole or in part, redevelopment project costs of any one or more redevelopment projects, bonds or other obligations secured in whole or in part by income and revenues received with respect to the redevelopment projects, on such terms and conditions as the city council may determine;
(13) Raise revenue by the adoption of such taxes and establishment of such special tax districts as are permitted under the constitution and the laws of the State of Illinois;
(14) Exercise the power of eminent domain for the acquisition of any interest in real or personal property for the purposes of this chapter;
(15) Exercise any one or more of the foregoing powers in any redevelopment project, and to exercise such other powers as shall be necessary to carry out the purposes of the redevelopment plan project;
(16) Exercise the powers specified in Section 11-74.4-4(b) – (j) and (l) – (m) of the Tax Increment Allocation Redevelopment Act of the State of Illinois, 65 ILCS 5/11-74.4-1, et seq., as amended, and in Section 11-74.6-15 (b) – (k) and (m) – (n) of the Industrial Jobs Recovery Law of the State of Illinois, 65 ILCS 5/11-74.6-1, et seq., as amended.
Nothing in this chapter shall limit the power of the corporate authorities to exercise the foregoing powers notwithstanding any action or failure to act pursuant to this chapter, and nothing in this chapter shall limit the authority of the Commissioner of Planning and Development to exercise powers pursuant to Chapter 2-45 or to limit the authority of the Commissioner of Housing to exercise powers pursuant to Chapter 2-44 of this Code.
(b) The commission shall have and exercise the following powers with respect to the development and redevelopment of any area:
(1) Designate, subject to approval by the city council, a redevelopment area and approve the redevelopment plan in the manner prescribed herein;
(2) Cooperate with other departments and agencies of the City of Chicago in the implementation of the objectives set forth in this ordinance in the redevelopment of any area;
(3) Approve such agreements and undertakings in connection with the disposition of any interest in land which will bind the purchaser to redevelop the area in accordance with the redevelopment plan and the objectives contained therein. The commission may approve proposals negotiated with any person by the commissioner of planning and development or his or her designee, or by the commissioner of housing or his or her designee, for the purchase, lease or other transfer of any real property acquired pursuant to this chapter and shall consider all redevelopment and rehabilitation proposals submitted to it and the financial and legal ability of the persons making such proposals to carry them out.
(c) Pursuant to Section 11-74.4-4(k) of the Tax Increment Allocation Redevelopment Act of the State of Illinois, 65 ILCS 5/11-74.4-1, et seq., as amended, and pursuant to Section 11-74.6-22 of the Industrial Jobs Recovery Law of the State of Illinois, 65 ILCS 5/11-74.6-1, et seq., as amended, the commission shall have the power to hold public hearings and make recommendations to the city council of the City of Chicago concerning the adoption of redevelopment plans, redevelopment projects, and the designation of redevelopment project areas (including redevelopment planning areas), as those terms are defined in Section 11-74.4-3 of the Tax Increment Allocation Redevelopment Act and as those terms are defined in Section 11-74.6-10 of the Industrial Jobs Recovery Law.
(Added Coun. J. 12-11-91, p. 10936; Amend Coun. J. 10-1-97, p. 52922; Amend Coun. J. 11-19-08, p. 47220, Art. VIII, § 1; Amend Coun. J. 11-17-10, p. 106597, Art. IX, § 2; Amend Coun. J. 11-26-13, p. 67481, Art. I, § 7; Amend Coun. J. 11-14-18, p. 90308, Art. I, § 28)