A8 a10 chicago main intro of ordinances 2012 12/10

1. Proposed Main/Chicago
Tax Increment Financing (TIF) District
City of Evanston
Introduction of Ordinances
December 10, 2012

2. 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.

3. 3

4. 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

5. 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

6. Proposed TIF Budget
Program/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

7. Review of Eligibility
1. Lack of Growth in Equalized Assessed Value
2. Inadequate Utilities
3. Obsolescence
4. Deterioration
5. Deleterious Layout
6. Lack of Community Planning

8. 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%

9. Deterioration

10. Deterioration

11. Deterioration

12. 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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13. 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

14. Next Steps Main Street Planning
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