Proposed Main/ChicagoTax Increment Financing (TIF) District

City of EvanstonIntroduction of Ordinances

December 10, 2012

Chicago/Main TIF

TIF will give City ability to:

1. Invest in necessary infrastructure in Main/Chicago neighborhood;

2. Participate in public/private partnerships; and

3. Encourage transit-oriented development and improvements.

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Ordinances for Introduction

• Ordinance 130-O-12: Approving the Tax Increment Redevelopment Plan

• Ordinance 131-O-12: Designating the Chicago/Main Redevelopment Project Area

• Ordinance 132-O-12: Adopting Tax Increment Financing to Pay for Redevelopment Project Costs

Key Elements of the TIF Plan

• Base EAV: $11.49 million (2011 EAV)• Projected EAV: Upon completion of TIF approximately new

EAV projected to be $30,000,000 to $35,000,000• Proposed TIF Budget: $25,000,000 (see next slide)

– The TIF Budget is:• A maximum amount which does not obligate the City to expend such

amounts• Sized to accommodate potential development requirements• 23 year budget, not annual budget

• Proposed Land Uses: Retail, commercial, institutional, and residential uses

• Key “But-For” Finding– Redevelopment will not go forward without the TIF assistance

Proposed TIF BudgetProgram/Improvements Estimated Costs

Land Acquisition, Assembly, Relocation $2,500,000

Site Prep, Remediation, Demolition, Site Grading $2,500,000

Utility Improvements $6,000,000

Rehabilitation of Existing Public and Private Structures;Taxing District Capital Improvements

$5,500,000

Public Facilities (Incl. Parking & Streetscaping) $4,500,000

Interest Costs Pursuant to the Act $2,000,000

Professional Service Costs $1,000,000

Job Training $500,000

Statutory School District Payments $500,000

TOTAL ESTIMATED TIF BUDGET $25,000,000

Review of Eligibility

1. Lack of Growth in Equalized Assessed Value2. Inadequate Utilities3. Obsolescence4. Deterioration5. Deleterious Layout6. Lack of Community Planning

Lack of Growth in EAV

 2011 2010* 2009 2008 2007* 2006

Total EAV for TIF District

11,489,118 13,387,919 13,162,887 14,012,954 13,595,805 10,413,394

EAV Change (%) -14.18% 1.71% -6.07% 3.07% 30.56% -- 

City-wide EAV(Excluding TIF)

2,715,878,455

3,028,496,168

3,292,826,482

2,924,384,938

2,758,744,224

2,235,479,352

City EAV Change (%)

-10.32% -8.03% 12.60% 6.00% 23.41% -- 

CPI  3.2%  1.6%  -0.4% 3.8% 2.8%

Deterioration

Deterioration

Deterioration

Work to Date:Implementation Plan for TIF District• Coordinated with 3rd, 4th, and 9th Ward

Alderman for Main Street (Ridge to Hinman)• Worked with merchants in proposed district

to prioritize projects and planning activities• Development of Implementation Plan

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Plan for Implementation• Guide for implementation of the Chicago/Main TIF District• Merchant Meeting on Nov. 28, 2012

– Multi-story Parking Deck– Improved streetscape and lighting– Program to upgrade older properties to improve energy efficiency– Façade Improvements– Enhanced green space/open space in district– Advisory Board for TIF Projects

• Draft Implementation Plan: Four Major Areas of New Investment– Transit-Oriented Development– Public Infrastructure– Open Space– Private Development.• Larger Neighborhood Meeting Planned for January 2013

Next Steps Main Street Planning

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