As used in this Section 10-5, the following terms shall have
the meanings indicated:
ECONOMIC DEVELOPMENT
Any activity to increase tax revenue, the tax base, employment
or general economic health when that activity does not result in:
A.
The transfer of land to public ownership, such as for a road,
hospital, or military base;
B.
The transfer of land to a private entity that is a common carrier,
such as a railroad or utility; or
C.
The transfer of property to a private entity when eminent domain
will remove a harmful use of the land, such as the removal of public
nuisances, removal of structures that are beyond repair or that are
unfit for human habitation or use, or acquisition of abandoned property.
FAIR MARKET VALUE
The current value of land and improvements based on what
price the property would bring if the owner did not have to sell and
the buyer did not have to buy.