Industrial Development Commission
Meeting Schedule: As needed
Meeting Location: City Hall
Meeting Time: To be determined
# of Members: Five (5)
Length of Term: 3 years
There is created a body politic and corporate to be known as the industrial development commission of the city. The commission is constituted a public instrumentality of the city and the exercise by the commission of the powers conferred by this article shall be deemed and held to be the performance of an essential public function.
The mayor, with the approval of the city council, shall appoint the members of the industrial development commission, whose terms of office shall commence from the date of appointment.
The commission shall consist of five members.
On creation of the commission, initial appointments to the commission shall be as follows: Two members for two-year terms; two members for three-year terms; one member for a four-year term. Thereafter, whenever a vacancy occurs by reason of the expiration of the term of any member, the mayor, with the approval of the city council, shall appoint a member to the commission for a term of three years.
Members of the commission shall hold office until their successors are appointed and may serve more than one successive term.
Whenever a vacancy on the commission shall occur as a result of resignation, death, or any other reason other than expiration of the term of a member, the mayor, with the approval of the city council, shall appoint a member to complete the term of vacancy.
Members of the commission shall receive no compensation for their services.
Removal from the commission by the mayor shall be for cause and only with the concurrence of the city council.
The commission shall determine bylaws consistent with the purposes of this section subject to approval of the city council.
The commission may exercise the following powers under this section; provided, however, that in no event shall the commission encumber city funds or incur city debt or liability without prior city council approval; or take any final action under the provisions of the following subsections without approval of the city council:
To construct, acquire by gift, lease or purchase, reconstruct, improve, better or extend, or to finance the construction, acquisition, reconstruction, improvement, betterment, or extension of any industrial project within or without the city or partially within or partially without the city, but in no event further than ten miles from the territorial boundaries of such city, and to acquire by gift, lease or purchase lands or rights in land in connection therewith.
To rent, lease, sell or otherwise dispose of such industrial project.
To enter into agreements or contracts with any individual, association, foundation, developer, private corporation, governmental agencies, or any form of joint ownership or venture or any type of real estate agreement containing covenants, restrictions and conditions regarding the use of such property for industrial and commercial and related purposes, in accordance with the planned project and such other covenants, restrictions and conditions as the commission may deem necessary to effectuate the purposes of this article.
To make any of the covenants, restrictions on conditions of the foregoing contracts, covenants running with the land, and to provide appropriate remedies for any breach of any such covenants or conditions, including the right in the commission to terminate such contracts and any interest in the property created pursuant thereto.
To apply for and accept advances, grants, contributions and any other form of financial assistance from the federal government, the state, county, city or other public body or from any sources, public or private, for the purposes of this law, and to enter into and carry out contracts in connection therewith.
The commission, notwithstanding the provisions of any other provision of this Code or ordinance, may include in any contract for financial assistance with the federal government for a project such conditions imposed pursuant to federal law as the commission may deem reasonable and appropriate and which are not inconsistent with the purpose of this article.
To propose and to assist in the preparation of, designation of, or plans for economic development projects and to assist in the undertaking and carrying out of projects for economic development.
To sell and convey such industrial project, including, without limitation, the sale and conveyance thereof subject to a mortgage or security interest as provided in 65 ILCS 5/11-74-1 et seq., for such price and at such time as the governing body of the municipality may determine. However, no sale or conveyance of such industrial project shall ever be made in such manner as to impair the rights or interests of the holder or holders of any bonds issued for the construction, purchase, improvement or extension of any such industrial project.
To do all acts and things necessary or convenient for the promotion of its businesses and the general welfare of the commission; to carry out the powers granted to it by this section or any other provision of this Code or ordinance.