[HISTORY: Adopted by the Mayor and Council of the Village of Bosque Farms 10-20-2005 (Sec. 10-5 of the 1980 Code). Amendments noted where applicable.]
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.
A. 
Restrictions; authorized use.
(1) 
The Village of Bosque Farms, or any agent of the Village, shall not use eminent domain, or the threat thereof, to take private property from a private property owner.
(2) 
The Village shall condemn property for public use only when the public health or safety of Village residents is threatened or at risk.
B. 
Procedure.
(1) 
Prior to enacting eminent domain to condemn property for the public use of the municipality, the Village shall try to buy the property from the property owner by good-faith negotiation. The Village shall make an unqualified offer to buy based on fair market value.
(2) 
Any property purchases for condemnation must be approved by a majority of the entire governing body in a regularly scheduled Council meeting.
(3) 
All property owners of a proposed condemned property shall be notified by certified mail 90 days prior to the final determination by the governing body.
(4) 
The Village shall ensure that parties displaced by the exercise of eminent domain shall be justly compensated for real property taken, improvements and reasonably compensated for relocation expenses incurred.
C. 
Prohibiting use of eminent domain for economic development. Notwithstanding any other provision of law, neither the Village of Bosque Farms nor any of its subdivisions shall use eminent domain to take private property to be used for economic development without the consent of the owner.
D. 
Prohibiting transfer of condemned property to private parties. Notwithstanding any other provision of law, private property acquired through eminent domain due to threat or risk to public health and safety without the consent of the owner shall not be dedicated, sold, leased in substantial part or otherwise transferred to a private person, partnership, corporation or any other entity for any reason.