The city council by ordinance may designate an area of the city as a business district when it finds and determines that such a designation will facilitate the development of an area with sound and stable commercial growth in order to promote the tax base of the city and the enhancement of employment opportunities.

(Ord. No. 43-11-91, § 1, 10-9-91)

In carrying out development or redevelopment within a business district, the city council shall have the following powers:

(1)

To approve a business district plan.

(2)

To approve all development and redevelopment proposals and agreements for a business district.

(3)

To exercise the use of eminent domain for the acquisition of real and personal property.

(4)

To acquire, manage, convey or otherwise dispose of real and personal property.

(5)

To apply for and accept capital grants and loans from the United States and the State of Illinois, or any instrumentality of the United States or the state.

(6)

To borrow funds, make loans and make grants.

(7)

To enter into contracts with any public or private agency or person.

(8)

To sell, lease, trade or improve real property.

(9)

To employ all such persons as may be necessary for the planning, administration and implementation of the business district.

(10)

To expend such public funds as may be necessary for the planning, execution and implementation of the business district.

(11)

To establish procedures for the planning, execution and implementation of the business district.

(12)

To establish a tax increment finance district.

(13)

To provide relocation benefits.

(14)

To enter into intergovernmental cooperation agreements.

(15)

To exercise such other powers as deemed necessary as a home rule unit under Article VII of the Illinois Constitution.

(Ord. No. 43-11-91, § 1, 10-9-91)