UNIVERSITY PARK DEVELOPMENT

Creates the University Park Development Authority Act. Creates the University Park Development Authority for the purpose of facilitating and promoting the redevelopment of certain property. Provides that the jurisdiction of the Authority extends over the Village of University Park and any and all property that the Village may annex during the course of the existence of the Authority. Provides that the Authority is governed by a 5-member Board of Directors. Sets forth the powers and responsibilities of the Authority, including the power to acquire, own, lease, sell, and dispose of real property and, under the supervision of the Illinois Finance Authority, the power to issue revenue bonds. Contains other provisions. Amends the Illinois Finance Authority Act. Provides that all bond issuances of the University Park Development Authority are subject to supervision, management, control, and approval of the Illinois Finance Authority. Effective immediately.