(a) The Authority shall have the following powers with respect to redevelopment areas: (1) To acquire and possess property in a redevelopment area; (2) To clear any such areas so acquired by demolition of existing structures and buildings and to make necessary improvements to the property essential to its reuse in conformity with a development plan; and (3) To convey property for use in accordance with a development plan. (b) Before acquiring property under this Section the Authority shall hold a public hearing after notice published in a newspaper of general circulation in the county in which the property is located and shall find: (1) The property is in a redevelopment area; (2) Such acquisition or possession is necessary or reasonably required to retain existing enterprises or attract new enterprises and to promote sound economic growth and to carry out the purposes of Section 815-5 through 815-30 of this Act; (3) The assembly of property is not unduly competitive with similar assemblies by private enterprise in the area or surrounding areas; and (4) The participating entity, without the involvement of the Authority, would be unlikely, unwilling or unable to undertake such redevelopment of the property as was necessary for economic development. (c) No property may be acquired by the Authority unless the acquisition is consented to by resolution of the corporate authorities of the municipality with jurisdiction over the property under Section 11-12-6 of the Municipal Code. (d) The Authority may acquire any interest in property in a redevelopment area by purchase, lease, or gift, but shall not have the power of condemnation. (e) No property shall be acquired under this Section unless the Authority has adopted a development plan under the provisions of Section 815-25. redevelopment area; of existing structures and buildings and to make necessary improvements to the property essential to its reuse in conformity with a development plan; and development plan. reasonably required to retain existing enterprises or attract new enterprises and to promote sound economic growth and to carry out the purposes of Section 815-5 through 815-30 of this Act; competitive with similar assemblies by private enterprise in the area or surrounding areas; and of the Authority, would be unlikely, unwilling or unable to undertake such redevelopment of the property as was necessary for economic development.
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