If the owner of property in an urban renewal area is willing to make the use of such property conform to the urban renewal plan and the Village Administrator is of the opinion that the acquisition of the owner’s property will not be necessary to carry out the urban renewal plan if the owner makes the property conform to the urban renewal plan, then in such case the Village Administrator, in lieu of acquiring such property may, on behalf of the village, enter into an agreement with such owner in which the owner agrees to conform the land, the structures thereon and the use thereof to the urban renewal plan within the time set forth in the agreement. The Village Administrator may require as a condition to entering into such agreement that the owner furnish such security for the performance of obligations under such agreement as the Village Administrator believes is necessary in order to protect the interests of the village.
(Ord. 96-32, passed 5-21-1996)