The Evanston Economic Development Committee voted unanimously Wednesday to take another step toward redeveloping the area on Howard Street near the El station, a segment of the city that currently is struggling economically.
“(The area) is a waste of human resources and a waste of economic resources,” said Ald. Gene Feldman (9th). “It’s a deep, deep problem we’ve had for a long time. It has tentacles which spread not over just south Evanston, but over the entire city.”
Robert Rychlicki of consulting firm Kane, McKenna and Associates, Inc., presented a plan Wednesday to turn the area along Howard Street between Ridge Avenue and the Howard El station into a tax increment finance district. This plan would mark the area for rapid development. After the city puts up initial money for improvements, the amount of tax revenue taken from the area is capped and any excess money it generates goes directly to paying off the debt and furthering development of the district.
Currently, there are four TIF districts in Evanston, including one on Howard Street where Best Buy and Target are located.
The committee voted Wednesday to recommend that the City Council set dates for a joint review board meeting and public hearing on the TIF district. Both meetings must occur before the district can be established. If the TIF label is applied to the area, it could potentially be in effect for up to 23 years.
Rychlicki said the residents of TIF districts stand to benefit also as the commercial segment rebounds. He cited increased property values and an overall “positive impact” on the community. Over the next 23 years, an estimated $1.8 million could flow to TIF district schools as the new businesses generate tax revenue.
Rychlicki said the proposal for redeveloping the Howard area began in February, but progress accelerated significantly in the past two months.
Ald. Ann Rainey (8th) said she is pleased with the progress the committee made Wednesday and that the TIF district will revitalize the area.
“It’s the best thing that will ever happen in my ward,” she said.
Ann Dienner, Evanston resident and a frequent attendant at Economic Development Committee meetings, credited Rainey with getting the project off the ground.
“She’s been working very hard,” Dienner said. “Once Ann gets going, there’s no stopping her.”
The Economic Development Committee also heard a presentation from Bristol Chicago Development, LLC. The group proposed a construction project on Hartrey Avenue near Howard Street, outside the proposed district, with 335 condominiums and townhouses.
According to Bristol President Bill Walsh, the firm hopes to use the site where a 48-year-old industrial building now stands. Walsh said he expects the building to be vacated by the Shure Inc. — the current owners — within the next year.
