(A) Pursuant to ILCS Ch. 20, Act 655, § 10 of the State Enterprise Zone Act, being ILCS Ch. 20, Act 655, §§ 1 et seq., the village hereby establishes an urban shopstead program and an urban homestead program. Under the urban shopsteading program, the village may sell to a designated zone organization a structure or portion thereof it owns for a sum not to exceed $100. The designated zone organization shall agree to renovate or remodel the property to meet the standards and level of maintenance stated in the agreement between the designated zone organization and the village. The designated zone organization may sell or lease the structure to commercial or industrial businesses pursuant to the procedures set forth in the sales agreement between it and the village. The designated zone organization may retain the structure in whole or in part for its own use. Any proceeds derived from the use, lease or sale of the property shall accrue to the designated zone organization.
(B) Under the urban homestead program, the village may sell to an individual a residence or any portion thereof that the village owns within the zone area for a sum of $100. The individual must agree to renovate or remodel the property to meet the standards and level of maintenance stated in the sales agreement between the individual and the village, and the individual must live in the residence for seven years. At the end of the seven-year period, the village shall assign title to the property over to the individual, provided satisfactory improvements to the property have been made pursuant to the agreement with the village.
(C) The urban homestead program and the urban shopstead program shall be subject to rules and guidelines issued by the Zone Administrator, with the approval of the management organization, provided the rules and guidelines are not inconsistent with the Act.
(1994 Code, § 10-1-7) (Ord. 87-9, passed 6-11-1987)