In order to facilitate the public purposes specified in this Chapter and those purposes necessarily related thereto, the corporate authorities of the Village shall have the authority to exercise the following powers in carrying out any redevelopment activities for the downtown business district:

A. To commission the creation of a Downtown Business District Plan. B. To approve all redevelopment proposals for the business district created in the Village pursuant to this Chapter. C. To exercise the power of eminent domain for the acquisition of real and personal property for the purpose of implementing a redevelopment plan for such business district or any portion of it or a redevelopment project for which provision is made in such a plan. D. To acquire, manage, convey or otherwise dispose of real and personal property according to the provisions of a redevelopment plan. E. 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, for business district redevelopment. F. To borrow funds as it may be deemed necessary for the purpose of business district redevelopment, and in this connection issue such general obligation or revenue bonds as it shall be deemed necessary, subject to such limitations as the General Assembly of the State of Illinois may hereafter impose pursuant to Article VII of the 1970 Constitution of the State of Illinois. G. To enter into contracts with any public or private agency or person for the purpose of business district redevelopment. H. To sell, lease, trade, or improve real property in connection with business district redevelopment plans. I. To employ all such persons as may be necessary for the planning, administration and implementation of business district plans. J. To expend such public funds as may be necessary for the planning, execution and implementation of the business district plans. K. To establish by ordinance or resolution procedures for the planning, execution and implementation of business district plans. L. To extend assistance to the district's property owners in the form of tax incentives, rebates and waivers of municipal regulatory fees.

In implementing the objectives of this Chapter, the corporate authorities may exercise any powers and perform any functions which are incidental to those powers specified in Section 17.40.010, Downtown District Purpose, provided such actions are in accordance with applicable laws and regulations. The Village of Round Lake downtown business district plan shall be utilized as a policy guide for future planning.

All uses to be established within the downtown business district as part of new development or construction shall be substantially consistent with the Village of Round Lake Downtown Plan 2005 as amended, or any subsequent plan, and allowed and permitted only if authorized as a planned unit development under the provisions of Chapter 17.44, Planned Unit Developments. For purposes of this Section, the downtown business district means the area shown on the map attached to and incorporated as a part of the Village of Round Lake Downtown Plan 2005 as amended.