HomeMy WebLinkAboutORDINANCES-2009-082-O-098/25/2009
• 82-0-09
AN ORDINANCE
Terminating the Redevelopment Project Area
of the City of Evanston, Illinois, and Related Matters
("Downtown II TIF")
WHEREAS, pursuant to Resolutions 152-R-84, 153-R-84, and 154-R-84
adopted January 28, 1985, as supplemented and amended, the City of Evanston, Illinois
(the "City") adopted a redevelopment plan and a related redevelopment project (the
"Redevelopment Plan and Redevelopment Project"), designated a redevelopment
project area (the "Redevelopment Project Area") (as described in Exhibit "A" attached
to this ordinance), and adopted tax increment finance for the Redevelopment
Project Area.
WHEREAS, City Council has received the certification of the City's
• Treasurer and Director of Planning, Zoning, and Community Development that all
redevelopment project costs for the Redevelopment Project Area have been paid, that
all obligations in connection with the Redevelopment Project Area have been retired,
and all excess monies have been distributed, and notice of the dissolution of the special
tax allocation fund and the termination of the Redevelopment Project Area was given
by the City Clerk on or before November 1, 2009, to all affected taxing districts.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF EVANSTON, ILLINOIS, as follows:
SECTION 1: The City dissolves the special tax allocation fund for the
Redevelopment Project Area, and terminates the Redevelopment Project Area as a
"redevelopment project area" under the Act.
• SECTION 2: The City Clerk shall immediately file a certified copy of this
Ordinance 82-0-09 with the County Clerk of Cook County, Illinois.
SECTION 3: This Ordinance 82-0-09 shall become effective immediately
upon its passage and approval. •
Upon motion by I i , �Lio--PAALseconded by Iro,rir, OI
,
adopted this day of0A 2009, by roll call vote as follows:
Voting "Yes" (names):
v
�j Lam►., ����-
Voting No (names):
Attes Approved: + '-4) 2009
dney Gr en6, City Clerk Eli'ateth B. Tisdahl, Mayor
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• STATE OF ILLINOIS )
COUNTY OF COOK ) SS.
CITY OF EVANSTON )
CERTIFICATION OF ORDINANCE 82-0-09
1, Rodney Greene do hereby certify that I am the
duly selected, qualified, and acting City Clerk of the City of Evanston, Cook County,
Illinois (the "Municipality") and, as such Official, I am the keeper of the records and
files of the Municipality and of its City Council (the "Corporate Authorities").
I do further certify that the attached ordinance constitutes a full, true, and
correct excerpt from the proceedings of the Municipality's Corporate Authorities held
on October 12, , 2009, entitled:
AN ORDINANCE
Terminating the Redevelopment Project Area of the City of Evanston, Illinois, and
Related Matters ("Downtown II TIF")
a true, correct, and complete copy of which ordinance as adopted at such meeting
• appears in the minutes of such meeting and is hereto attached. Such ordinance was
adopted and approved on the date thereon set forth by not less than an affirmative vote
of a majority of the Corporate Authorities and approved by the Mayor on the date
indicated thereon.
I do further certify that the deliberations of the Corporate Authorities on
the adoption of the above ordinance were taken openly, that the vote of the adoption of
such ordinance was taken openly and was preceded by a public recital of the nature of
the matter being considered and such other information as would inform the public of
the business being conducted, that such meeting was held at a specified time and place
convenient to the public, that notice of such meeting was duly given to all of the news
media requesting such notice, that such meeting was called and held in strict
compliance with the provisions of the Illinois Municipal Code, as amended, and that the
Corporate Authorities have complied with all of the applicable provisions of such laws
and such Code and their procedural rules in the adoption of such ordinance.
IN WITNESS WHEREOF, I hereunto affix my official signature and the
seal of the City of Evanston, Illinois, this 12tl&ay of October 2009.
(SEAL)
Rodney Gree , City Clerk
Exhibit A
•
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CITY OF EVANSTON
DOWNTOWN II TAX INCREMENT
REDEVELOPMENT AREA
REDEVELOPMENT FLAN
AND
PROJECT
September, 1984
Ordinance 81-0-09 and 82-0-09
TABLE Oi CONTENTS
I.
incroducmion........................................
1
IT
RedeveLaoment Project Area Legal Description .........
6
Iii.
Redevelooment Plan Goals and Objectives ......
8.
IV.
ConservaLi on Area Conditions Existing in the
Redevelopment Project Area .......................
11
V.
Downtown II Redevelopment Project ...................
16
A. Redevelopment Plan and Project Objectives ......16
B. Redevelooment Activities ........................16
C. General Land Use Plan ..........................21
D. Additional Controls and Design Criteria ........25
E. Estimated Redevelopment Costs ..................27
F. Sources of Funds to Pay Redevelopment
Project. Costs...............................28
G. Nature and Term of Obligations to be
31
Issued......................................
H. Most Recent Equalized Assessed Valuation
of Properties in the Redevelopment
ProjectArea................................32
I. Anticipated Assessed Valuation .................32
VI. Phasing and Scheduling of Redevelopment Project .....34
A. Initial Phase (Phase 1, 1984-1988) .............34
B. Second Phase (Phase 2, 1986-1996) ..............35
C. Third Phase (Phase 3, 1988-1996) .36
D. Comoletion of Redevelopment Project and
Retirement of Obligations to Finance
Redevelopment Project Costs .................38
VII. Provisions for Amending the Tax .Increment Plan ......39
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LIST OF TABLES AND EXHIBITS
Tables
T au i e i i Dc-w1tAwn Pro] 2CL ..
Estimated P--oject Costs ....................... 30
Table 2, Block Summary of 1983 Equalized
AssessedValues ............................... 33
Exhibits
Exhibit 1,
Exhibit 2,
Exhibit 3,
BoundaryMap ............................... 7
Property Ownership and
Acquisition Program ........................ 18
Land Use Plan .............................. 22
i . iNTROD C T T ON
Evanston, Illinois, _s a diverse f it-sL-ring suburb of
Chicago with a povularion of approximately 4,000 persons.
Located 12 miles from Chicago's "L000", Evanston has a.ft estab-
l.i sh ed business anvironment and is among Chicago's most desirable
residential carmnunitles. 1. a c, cntmunizii ofi.ers a -number uf' ur:�an_
amenities including excellent public transportation and is the
home of Northwestern University. These attributes are complemen-
ted by Evanston's location an Lake Michigan, which provides
additional natural and recreational benefits.
The Central Business District (CBD) of Evanston is central-
ly located in the eastern rortion of the city, approximately imile
west of the Lake Michigan shoreline. Downtown Evanston is an
established office, retail, and residential center with an estimated
8,000 to 10,000 employees working in the downtown and another 2,000
persons living in the area. The economy is dominated by such major
corporations as Washington national Insurance Company and American
Hospital Supply Corporation, which together employ about 2,000 per-
sons. Northwestern University, bordering the downtown area on the
north, employs approximately 3,000 persons including faculty, and
contains a student population of about 10,000. Downtown Evanston
represents a highly service -oriented environment. Except for the
major corporations, a majority of office space in Evanston is
occupied by the medical, legal, consulting, design and financial
professions.
During the late 19501s, Evanston's downtown contained over
1.5 million square feet of retail space and was the primary retail
hub for the North Shore suburbs. With the development of nearby
regional shopping centers, downtown Evanston has lost much of its
local market share and now only contains slightly over 500,000
square feet of retail space. Although absolute retail sales in
Evanston have increased steadily during the past twenty years, •
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• Evanston's share of total metropolitan retail sales has declined
from about 1.5 percent in 1963 to 1.2 percent in 1977, the date
of the most recent retail census.• The market s.zre of sh000ers'
goods sales, i_-i particular, has eroded. Evar_ston's share of meta
ropc1itan general merchandise sales fell from 1.8 percent in 1963
to only 0.5 percent in 1977;.the apparel and accessories market
share declined from 1.4 percent to -0-. 9' percent ; furniture, home
furn_shings, and appliance sales declined from.2.5 percent to about
one percent of the market. Today, the CtD functions primarily as
a specialty retail center serving local residents, downtown em-
ployees and university students.
Downtown Evanston is well served by the regional public
transportation system. The Chicago and North Western Railroad
and CTA elevated rapid transit provide excellent north -south ser-
vice to Chicago and northern suburbs. The CBD is further served
by both Chicago Transit Authority buses providing transportation
• from Chicago and within Evanston, and Regional Transportation
Authority buses providing links to north and northwest suburbs.
Automobile access to downtown Evanston is perceived less
favorably than access by public transportation. The downtown lies
approximately four miles from the nearest freeway, the Edens Ex-
pressway (1-94); it is between, but not adjacent to, two major
north -south surface streets, Ridge Avenue and Sheridan Road. To
enter downtown Evanston from either.of these routes, drivers
typically use the. Davis Street/Church Street one-wav pair, which
provides east -west access into the downtown. Chicago Avenue is
the only major north -south route carrying traffic directly into
the downtown.
.Downtown Evanston has escaped much of the deterioration and
abandonment that have impacted many older urban communities. During
the mid-1970's, a Special Service District was created to provide
• an attractive streetscape for a large part of the CBD. The down --
town is generally perceived as attractive and well maintained.
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--he onl<< maicc exception to this image i5 the nor�`:Ewestern portion •
c. the CSD dubbed the "Downtown II" redevelopment area. This Por-
tion of the downtown includes about.26 acres of land in an eight -
block area bounded by Emerson Street and Elgin Road on the north,
Sharman Avenue and Benson Avenue on the east, Davis Street and
Clark Street on the south, and the Chicago and North Western
Railroad an, the west.
Seven of the blocks in the Downtown II area were approved
by the City Council in 1984 as "an intensive redevelopment planning
area to be approached in a unified manner", and the eighth block
was added in 1982. A private development team was selected in
1981 to plan the redevelopment of Downtown II, and certain parcels
have been cleared in anticipation of future development. The area
contains a wide range of uses including retail, commercial services,
auto -oriented coru::ercial, warehousing, office, residential, insti-
tutional and cultural services, and large tracts of vacant property
used for surface parking. Much of the vacant property was the •
former site of the City's maintenance facilities. To date, many
conditions have mitigated against the feasibility of private re-
development in this area. As a result, the City has declared its
willingness to consider a wide variety of development incentives to
stimulate the private redevelopment of the Downtown II area, in-
cluding the use of tax increment financing
Illinois Revised Statutes Chapter 24, Section 11-74.4-1,
et seq:, which sections are known as the "Real Property Tax Increment
Allocation Redevelopment Act" was adopted in 1977. The Act focuses on
the elimination .of blighted or rapidly deteriorating areas within
Illinois communities through the implementation of a redevelopment plan.
The Act authorizes the use of tax increment revenues derived from the
tax rates of all taxing districts in a project area for the payment of
redevelopment project costs incurred by the municipality. Since these
costs are oai.d for by tat revenues derived from the increase in
value of redevelopment Properties, no additional tax burden is •
placed on anv taxoaver other than the o,,Piners of -redeveloped
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• properties which have increased in fair market value.
After --a'bliqhted or deterioratigg area is designated as a.
"Redevelopment Proj ec t Area" and tax increment. i l; dnClilg 1s dC'lonted
according to the provisions of the -Act, all taxing districts. con-
tinue to receive the tax revenue they received prior to redevelop-
ment from real property in the area. The new tax revenue generated
by the application of tax rates to the increase in assessed values
resulting from redevelopment is described as the tax increment. If
more tax increment revenue is received than is necessary to pay for
redevelopment project costs and principal and interest on obligations
issued to pay for such costs, the excess revenue is redistributed
to the taxing districts having jurisdiction in the redevelopment
project area.
This Downtown II Redevelopment Plan and Redevelopment Pro-
ject has been formulated in accordance with the provisions of the
Act. This plan should be used as a general guide to all proposed
• public and private actions in Downtown II. It also specifically
describes the Downtown II Redevelopment Project Area which meets
the eligibility requirements of the Act. A legal description of
the area is provided in Section II of this Redevelopment Plan.
After approval of the Redevelopment Plan and Project, the Evanston
City Council will formally designate this Redevelopment Project
Area.
The Downtown II Redevelopment Plan and Project represents
Evanston's most ambitious redevelopment efforts to date. It pre-
sents many challenges and opportunities for a massive infusion
into the local economy. The spread of blighting conditions cannot.
be arrested without the adoption of such a plan and project en-
tailing the redevelopment program necessary for revitalization of
the Downtown II area. The problems of land assembly and the mag=
nitude of the investment needed to install infra -structure of
•public improvements necessary for redevelopment preclude the pos-
sibility of private investors undertaking the entire burden of
financing the redevelopment of Downtown II. This Redevelopment
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?roject Area has not been subject to growth and development. by •
Private enterprise, but public investment can create a stable
environment that will again attract the private irzvestor's.,
Public and private investment is possible,only if tax
increment financing is used pursuant to the terms of the Act.
The revenue generated by the development will play a decisive
role in encouraging private d velciFment. Conditions of -blight:
that have precluded intensive private investment in the past will
be eliminated. Through this Redevelopment plan, the City of
Evanston will serve as the central force for attracting th6 assets
and energies of the private sector for a unified cooperative
public -private redevelopment effort. Ultimately, implementation of
this Redevelopment Plan will benefit the City, its neighborhoods
and all the taxing districts which encompass Downtown II in the
form of a significantly expanded tax base, employment opportuni-
ties and a aide range of other benefits.
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1I. REDEVELGP. diT PROJECT ARIA LEGAL EESCRI 7-10IN
Boundaries of the Downtown II Tax Inc--ament Redevalopment
Project Area are shown on the Scundary Mao, h,c;t 1, The City
Of Evanston oronoses that this Redevelopment- Project Area enccm-
passes the following area within the corporate limits of the City,
particularly described, to -grit: ,
A tract of land consisting of Lots and Blocks or
parts thereof and streets and alleys of Blocks 1, 2, and
3 in the West part of the N.W. 1 of Section 18, Blocks
6, 7, 8 and 18 in the East part of the N-W. I' of Section
IS, and Block 66 in the East part of the S.W. 1 of Section
18, all, in the Village of Evanston, Section 18, Township
41 North, Range.4, East of the Third Principal Meridian,
in the City of Evanston, County of Cook, State of Illinois
and bounded as follows:
Beginning at a paint at the intersection of the cen-
ter line of Church Street and the East line of Benson
Avenue, thence North along the East line of Benson Avenue
to the South line of Clark Street, thence East along the
• South line of Clark Street to the East line of Sherman
Avenue, thence North along the East line of Sherman Avenue
to the North line of Elgin Road, thence Northwesterly along
the North line of Elgin Road to the North line of Emerson
Street, thence West along the North line of Emerson Street
to the East line of Ridge Avenue, thence South along the
East line of Ridge Avenue to the: West line of the Chicago
and North Western Railroad right-of-way, thence South-
easterly along said West right-of-way line to the South
line of Davis Street, thence East along the South line of
Davis Street to the East line of Benson Avenue, thence
North along the East line of Benson Avenue to the center
line of Church Street, said point being the point of be-
ginning, all in the N.W. 1 and the S.W. 1 of Section 18,
Township 41 North, Range 14, East of the Third Principal
Meridian, in, the City of Evanston, County of Cook, State
of Illniois.
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• I I { . RED E l� c LOP�iNT PROjECT AREA GOALS AN7 OBJECTI JES
The Dowpn.town Ii area has been studied as a potential
renewal area for more than ten years. It was identified ir,
vanston's Comm rehensove General Plan of 1974 (currently tieing
updated) as a pctential redevelopment area for predomi-nand .
business and office development. Throughout the 1.970 s and
early 1980 s, the Downtown II area has consistently been referred
to in various studies as the area of the city with the highest
potential for redevelopment.
New private investment in the Downtown II area is essential
to the continued vitality of the Evanston CBD. Redevelopment in
this project area will strengthen the entire city through environ-
mental improvements, a greater tax base and additional employment
opportunities. The joint effort between the City and the private
sector to redevelop Downtown II will receive significant support
• from the financing methods made available in: the .tax increment
financing legislation.
•
This section of the Redevelopment Plan identifies the goals
and objectives of the Redevelopment Project Area. These goals and
objectives correlate with the revisions to the Comprehensive
General Plan for citywide and CBD business development_ Sections
V and VI of this Redevelopment Plan identify the more specific
programs and activities, and the Redevelopment Project which the
City plans to.undertake to achieve these goals and objectives.
General Goals
1_ To strengthen Evanston`s economic position,
thus improving both the quality of life
provided through services and the personal
prosperity of residents.
ME
2. To enhance the economic Vitality, *,,,,)"nVsical •
uauality and diversity of servizes of
downtown Evanston so that it will remain
an attractive center of activity which
serves the needs of Evanston residents,
businesses and users from surrounding
areas.
General Objectives
1. Attract and retain enterprises which
strengthen Evanston`s economic Tease.
2. Preserve existing employment and create
additional local, job opportunities.
3. Establish and maintain a safe, pleasant,
and functional environment in our com-
mercial areas while encouraging new
economic development.
4. Encourage diversity of activity and land
uses within the Central Business District. •
S. Expand the revenue generating potential
of downtown Evanston through the.selective
redevelopment of areas with possibilities
for new growth while conserving and up-
grading those buildings and features which
establish the character of the Central
Business District.
6. Maintain and enhance the quality of the
physical environment of downtown Evanston
Redevelooment Pr oiect Area Specific objectives '
1. Increase the opportunities for evening use
of the Central Business District.
2. Encourage development of multiple -use
facilities where applicable to conserve
and make the most efficient use of high •
value land_
cm
• . Maintain the balance of land uses ov
encouraging activities such as retail,
hotel, residential, cultural and service
'funct-ions that complement the role of the
Central Business District as an office
center.
•
4. Encourage the creation of facilities
which serve. cultural purposes such as
theaters, art galleries, restau.ra:nts,
and - mu-Sica 1 events.
5. improve the parking and traffic system,
as needed, to respond to new growth and
changing system demands.
6. Establish programs to further enhance the
scale, design and overall environment in
order to create a pleasant pedestrian
atmosphere.
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? i , CONSE RV A' TON AREA CONDITIONS --EXISTING IN THE •
REDEVELOPMENT PROJECT REA
Based 'upon. various inspections and analyses of the area,
and an of=icial building records of the City of Evanston, the
R.edeve ocment Pro-ject Area qualifies as a "conservation area" as
defiZed..by .t1ne A--_- T`..e Statutory _ers`..'._re-sIe t _c_ dss=7r�n_r_c : as -
a. conservation area is that 50% of the buildings in the area have
an age of 355 years or greater. In addition, the presence of a
combination of three or more blighting factors, rendering the
area detrimental to the public safety, health and welfare of the
citizens of the city qualifies it as a conservation area under the
tax increment financing legislation. An analysis was made of each
of the eligibility factors listed in the legislation to determine
whether each or any are present in the project area, and if so,
to what extent and in what locations. A detailed study to deter-
mine whether the area qualified as a conservation area was •
completed in April, 1954, and is on file in the City of Evanston
Planning Department. The following is a summary evaluation of
each factor from the legislation that was exhibited in the Rede-
velopment Project Area,
A. Aqe
Fifty percent or more of the structures in the area must
be 35 years of age or older to qualify as a conservation
area. Of the 41 primary structures in the Downtown II
area, 30 or 73 percent are 35 years old or older based
on data derived from the City of Evanston building files.
No private commercial construction has occurred in the
Downtown 'II area since 1960.
B. Dilapidation
Building condition evaluations and surveys of property •
conditions were conducted daring the months of July, 1982,
• and July, 1983. Dilapidated. buildings are characterized
by major structural defects what are so serious and =x-
tansive as to impair the continued safe use or the
buildings'. Dilapidated buildings are also classified as
structural 1 v substandard. On the basis of the struct oral
surveys, 10 buildings or 24 percent of the total are di-
Lapidated. This factor is considered to be strongly
prase,.it in the Redevelopment Project Area.
C. Obsolescence
Obsolescence is present in 18 or 44 percent of the struc-
tures in the Redevelopment Project Area. These structures
are characterized by conditions indicating the structure
is incapable of efficient or economic use according to
contemporary standards. This factor includes both func-
tional obsolescence, which relates to the physical utility
• of a structure, and economic obsolescence, which relates
to a property's ability to compete in the marketplace_
Functional Obsolescence. Buildings become obsolescent
when they contain characteristics or deficiencies which
limit the use and marketability of such buildings. fte
characteristics include loss in value to a property
resulting from an inherent deficiency existing from
poor design or layout, improper orientation of the
building, etc., which detracts from the overall use-
fulness or desirability of a property.
Economic obsolescence. Economic obsolescence is
normally a result of adverse conditions which cause
some degree of market rejection and hence, deprecia-
tion in market values. Typically, buildings classified
as dilapidated and buildings which contain vacant
space are characterized by problem conditions which
may not be economically curable resulting in net rental
losses and/or depreciation in market value.
D. Deterioration
is 18 or 44 percent of the structures in the Redevelopment Pro-
ject Area are deteriorated. Buildings throughout the Downtown.
a&Z
II area are characterized. i:,v defects that are causing the •
general decline of the structures. Deteriorating buildings
contain deficiencies in one or more primary structural
components or deficiencies in two or more secondary com-
conents. primary components are defined as foundations,
exterior walls, and roof and roof structure. Secondary
components are defined as elements such as -exterior porches
and stairs, windows and window units, doors and door units,
exterior surfaces, gutters and downspouts, and chutneys.
B. Presence of Structures Below Minimum Code Standards
19 structures or 46 percent of the total are below minimum
code standards in the Redevelopment Project Area. Many
buildings in the Downtown II area no longer meet contempo-
rary zoning or building codes. Some structures have a long
history of code violations. Structures exhibiting any of
the following characteristics were considered to be below •
minimum code standards.
- inadequate sanitary facilities
- substandard mechanical systems
- excessive dwelling unit density
- apparent fire hazards
- inadequate light or ventilation
- uses not conforming to present zoning
- unsanitary conditions
- dilapidation (as defined herein)
F. vacancies or Abandonment
Four buildings in the Redevelopment Project Area were
found to have vacancies. Other structures that had been
abandoned were demolished since 1980. Several major parcels
remain vacant of any structures. •
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Overcrowding of Structures and Commun° t Facilitie,
16ithin certain blocks there are structures which are charac-
terized by over -intensive use.. Also, loading and .ser.tice
for some buildings is limited to narrow alleys or to front
doors thus requiring access from the public right-of-way.
This contributes to problems of traffic congestion and
restricts oedes=rian usage of sidewalks in some cases.
H. Lack of Ventilation, Light, or Sanitary Facilities
Upon interior inspections of several structures in the
Redevelopment Project Area, it was found that certain
structures lacked adequate ventilation, lighting or sani-
tary facilities according to contemporary development and
current code standards.
I. Deleterious Land Use or Layout.
Deleterious land use or layout is present in 27 or 66 per-
cent of the buildings in the Redevelopment Project Area.
Many of the: structures in the area are land uses not in
conformance with the City`s Zoning Ordinance. other land
uses are outmoded, having a harmful effect on the surround-
ing area and contributing little to the local tax base.
Additionally, the layouts of many parcels are obsolete and
present a deterrent to the assembly of appropriate sites
for contemporary development. This factor is also demon-
strated by a wide variety of parcel sizes and shapes_ The
subdivision of properties is haphazard, resulting in obso-
lete platting of the area.
J. Depreciation of Phvsical Maintenance
Depreciation of physical maintenance is also present in 27
• or 66 percent of the buildings in the Redevelopment Project
Area. Properties in the area evidence a lack of routine
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maintena nca of building comnonezts. Problem conditions
include peeling or blistering paint, loose or improperiv
s=cured building materials, deteriorating accessory
buildings, unkempt storage areas, and the accumulation of
debris in parking and yard areas.
K✓ rack- 0f'E0TcmU — t!'% n.n
The Downtown II area developed before the City`s adoption
of a comprehensive plan. Much of it was even developed
before Evanston's first zoning ordinance was adopted.
The platting and development shows little evidence of
coordination and planning among buildings and activities.
The lack of community planning throughout the development
of this area has contributed to the problem conditions
previously cited as characteristics of the entire area
including obsolescence, overcrowding of structures and
facilities, and deleterious land use or layout. Inadequate •
community planning has resulted in major obstacles to re-
development.
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•
V , DCMvTTOKLN II REDS VrELQRMENT PROJECIf
-�. Redevelopment Plan and Proiect Objectives
The City of Evanston proposes to realize its goals and
objectives of redevelopment and encouraging private investment
in the Downtown area through public finance techniques in-
cluding but not limited to tax increment financing;
(1) By implementing a plan that provides for the
assemblage of sites for redevelopment through
the application of appropriate land assemblage
techniques, including the acquisition and re-
moval of deteriorated and/or obsolete buildings
and buildings so situated as to interfere with
replatting of the land into parcels suitable for
redevelopment and vacating certain public rights -
of -way and making them a part of one or more re-
development sites in accordance with this
.Redevelopment Plan.
(2) By assisting in the relocation of residents and
business establishments where necessary to achieve
the objectives of the Redevelopment Plan.
(3) By providing for the conservation and preservation
of three or more structures in the Redevelopment
area.
(4) By providing public improvements which may include:
(a) off-street parking, (b) railroad viaduct and
underpass, (c) new utilities or utility adjustments,
(d) transit systems connection facility, (e) public
plazas., (f) surface right-of-way improvements, (g)
pedestrian walkways.
(5) By entering redevelopment agreements for the rehabi-
litation or construction of other improvements in
accordance with the Redevelopment Plan.
B. Redevelopment Activities
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_ Assemblage Of Sites •
To achieve the renewal of the Downtown II
Redevelooment Project Area, property identified in
Exhibit 2, Property Ownershic. and Acauisi`ion Pro-
siram, male be acquired by the City of Evanston and
cleared of all improvements and either (a) sold
or leased for private redevelc=e_nt-, o -
leased, or dedicated for construction of public
improvements or facilities. The City may deter-
mine that to meet the renewal objectives of this
Redevelopment Plan and Project, other properties
in the Redevelopment Project Area not scheduled for
acquisition should be acquired, or certain property
currently listed for acquisition should not be
acquired.
Individual structures may be exempted from ac-
quisition if they are located so as not to interfere •
with the implementation of the objectives of this
Redevelopment Plan or the projects implemented pur-
suant to this Redevelopment Plan and the owner(s)
agree(s) to rehabilitate or redevelop the property,
if necessary, in accordance with the objectives of
the Plan as determined by the City of Evanston.
Clearance and demolition activities will, to
the greatest extent possible, be timed to coincide
with redevelopment activities so that tracts of land
do not remain vacant for extended periods of time
and so that the adverse effects of clearance activi-
ties may be minimized. The City of Evanston may
choose to devote property which it has acquired to
temporary uses, such as surface,narking, prior to
such time as property is needed for redevelopment. •
-17-
-Ly jm -snnp ana Acquisition Progr.
0
F_'MERZCN 57PEET
IX
.. .......
.
STREET
liq
NN
. ....... .. ...
r 11 CLARK
N
STREET ;�
Property Owned by Ci'L_v of Evanston
Property Owned by Northwestern Universit\y-\
N
Property to be Purchased for Redevelopment
State/Federal Purchase for Transportation -Center
0AVfS
—18—
P�usin_sses or residences that are acquired b,; the •
Citj remain as such until redevelopment plans '
are oreoared. to be infolemented.'
2. Relocation
Owners and tenants of businesses or._esidences
that are displaced by the acquisition of property -
may be provided with relocation assistance and
advisory services.
3. Conservation and Preservation
Conservation and preservation are important con--
ceots to be considered in the Downtown II redevelopment.
It is contemplated that at least three existing build-
ings may be retained for preservation of their archi-
tectural significance or because they can be readily
rehabilitated -for reuse. These include: (1) the •
Commonwealth Edison substation at the southeast
corner of.Maple Avenue and Clark Street, (2) the
brick warehouse at the northeast corner of university
Place and East Railroad Avenue, and (3) the Chicago
and North Western Davis Street railroad station.
It is possible that certain additional structures
will be proposed for retention during the course of
redevelopment. The City encourages the productive
use or reuse of structures in the Redevelopment Pro-
ject Area insofar as those structures: (a) are located
so as not to impede overall economic development, and
(b) are owned by parties with whom the City has a formal
agreement committing the owners to making necessary
improvements to bring the buildings into accord with
this Redevelopment Plan.
4. Provision of Public Improvements and Facilities •
• Adeg7uate public improveame:?'-s and f1ciliaril
be orovid,ed to service the anti_ra RedevelopI?ient _ Pro-
ject Area. Public improvemen-zz a`nd facilities may
inc Lud'' e , but are not limited to
a. Development of off-street par:{1.P'g facilities
including above and below -grade structures.
t. `onstr!�.ction.of a laduct and underpass ate_
Clark Street for the Chicago Tra:isit Autho-
rity rapid transit line allowing for improved
east -west access to and from the Downtown Ii
area.
c. Adjustments to or new construction of sewer
and water Lines and the relocation of other
utility lines as may be necessary to serve
and facilitate redevelopment. w
d. Construction of a permanent connecting
concourse between the Davis Street CTA sta-
tion and the Chicago and North Western
• Railroad station as part of the downtown
transportation center. (To be undertaken
jointly with private development and the
Illinois Department of Transportation.)
e. Development of public plazas equipped with
fountains, benches, landscaping, and other
site amenities.
f. The vacation, removal, resurfacing, widening,
reconstruction and other improvements of
streets and alleys.
g.- Construction of pedestrian walkway improvements.
h. Construction of a facility for civic uses.
S. Redevelocment Agreements
Land assemblage shall be conducted for (a) sale,
lease or conveyance to private developers, or (b)
sale, lease, conveyance or dedication for the con-
struct -ion of public improvements or facilities. Terns
of conveyance shall be incorporated in appropriate
-20-
�i 1:03itiOn agree tents which maY contain more Spec-7 is •
ccntrclS than those sated in this Redevelopment
'_'-an.
in the event the city determines that construc-
tion of certain improvements is not financially
se SL .ia, the -l.ty may reduce the scope of tt'!e pro-
cosed improvements.
C. General Land Use Plan
Redevelopment in the Downtown II area will occur for
the most part on the existing pattern of the grid framework.
Possible exceptions to this may include the closing of parts
of East Railroad Avenue, the closing of one block of Benson
Avenue, and the relocation of one block of University Place.
Land uses ir, the redevelopment area will be significantly
changed from the present. The Land Use Plan, Exhibit 3, •
identifies the proposed uses for the blocks comprising the
Downtown II Redevelopment Project Area. Locations are shown
to indicate the preferred distribution and mix within the
Redevelopment Project Area. However, without amendment to
this plan, minor modifications may be necessary and bene-
ficial to the redevelopment of this area.
The proposed land uses conform to the- Comprehensive
General Plan for the City of Evanston. Rezoning of two
blocks will eventually be necessary for conformance with
the Evanston Zoning ordinance. The following land use
provisions are established for the Redevelopment. Project
Area.
1. Retail Uses
Large-scale retail with a regional focus is not
Feasible for the Downtown II area. However, conve- •
-zl-
son
LJ
• 1LEXED 04f Off".
!Man&
noun
rant onNaw.J.H..
t
F, I rrrwPto
0
am am asw! a
4" 91
WOOF
IMIw
0
-4
1 east
sine v Pao K
LCI 01LBAUNQUip CNLEYGAMIAL (9LXV 0V0(
-^Alsfis g"M "gor-Al"Ark-ra
EVANSTON DOWNTOWN
wo-isr Cuomo" 94)" �- W. 44,06 NUVIII(MIL RL
4:40 mos PROPOSED SCHEME EXHIBIT 3
ki .1"n UNIVERSITY PLACE
1 Wll 11c;F PtAP)
n? ence and specialty retail opportunities of a •
moderate size do exist. Convenience retail space
ser-7icing both residential and office/research
de=re'opment could include: an expanded and relocated
grocers store, restaurants and food shoos, retail
establishments catering to noon -hour shopping re-
quirements, and household -related retail facilities.
Specialty retail would- include .t 4.e types of apparel, -
gift and novelty stores that downtown Evanston is
still noted for_ All retail development in the
Redevelopment project Area would be carefully inte-
grated and construction would be phased with office,
research and residential development. Ground -floor
retail in office and research facilities will be
encouraged.
2. Office Uses
Office development will make up a major portion •
of the Downtown II redevelopment. Market surveys have
indicated that the majority of Evanston's office mar-
ket demand would be derived from e::isting local
service -oriented businesses. New office space users
would be attracted to downtown Evanston's lower
leasing costs and less traffic congestion when com-
pared to Chicago's Loop, and cultural, entertainment
and shopping amenities. Office development is expec-
ted to be the major focus of the eastern and southern-
most blocks of the Redevelopment Project area with
smaller concentrations possible in other blocks of
the Downtown II area.
3. Residential Uses
The potential exists for significant housing de- •
velonment in the Redevelopment Project Area. However,
-23-
• a S-y?', I _% SLTLCess==L research center mad �.T,' _ t�
oaportunities for residential development in
Downtown II'. housing developmer_ could occur in
the norther=cst blocks of the Downtown II area
because they ;corder on existing residential areas.
The principal strengths supporting housing delrelop-
meet in the Downtown II area are its proximity to
major employment and retailing ccncentrations in the
CBD. Further, its proximity to mass transit connec-
tions and Northwestern University make this rede-
veloment area a desirable residential site for
urban --oriented home buyers and renters.
4. Research Facilities
A signiAficant opportunity exists to develop a
research park within the Redevelopment.Pxoject Area.
• Directly adjacent to North-western University, a
research park would offer corporations the opportu-
nity to develop integral office and research
laboratory facilities with a direct relationship to
the major academic strengths of the university. This
Evanston/University Research Park would be unique
among such developments because it would focus upon the
advanced technology needs of basic industries as well.
as high-technology firms. For smaller firms, an in-
cubator Facility is planned to provide low-cost
opportunities for research and product development.
5. Transportation Center and Other Amenities
A public transportation center is planned for the
southernmost block of the Redevelopment Project Area.
• This center will improve train and bus access and
significantl%r upgrade the physical surroundings of the
various transportation modes. Other similar and
-24-
CGs'it r�tlb1Y dcwntown LacilJ ies such as a major health •
club, a corfererica center, retention of the Levy
Senior Citizen Center, a cultural arts center and
public library may also be considered as part of.
`he Down, own Z T redevelopment..
o. Alternate Use
in the event thdt the Tr ansoorta zion Center
office facility or a portion of the research cen-
ter is not f easible or desirable at the time of
construction, an alternate use of a hotel facility
may be considered.
D. Additional Controls and Design Criteria
The following controls and criteria shall apply to
.redevelopment in the Redevelopment Project Area:
U
1. General
a. Redevelopment shall complement existing
surrounding activities in use, scale and
quality of materials.
b. Mixed -use development and visual/functional
inter -relationships are encouraged so that
the entire area may appear and function as
an integrated whole.
2. Pedestrian Access
Design layout shall facilitate i4iternal pedestrian
circulation and movement between major traffic
generators and parking facilities.
3. Massina of Buildings
The Redevelopment Project area will be designed
as a dense, high -intensity employment and resi- is
dential center. However, building mass should
-25-
'4J'e limited to the extent that it is economically
feasible to do so. Desig.n importance will be
stressed in the treatment of streetscapes, first
floor activities, and the relationships of build-
ing facades#
.- coei� sca.ces
Small plazas and open spaces are encouraged to
Provide vistas and attractive areas for pedes-
trians. Such areas can often be created from
limited building setbacks. Enclosed atria are
also encouraged, especially at nodes where pe-
destrian routes meet or cross.
5. Parkinq
Development should provide for an adequate supply
• of appropriately located short-term patron and
long-term emplcyee parking spaces. Parking
structures should be visually integrated with
other development. Buffering, screening, or
landscaping should be used to make parking faci-
lities as attractive as Dossible.
6. signs
The design and use of signs shall be in keeping
with the area's overall architectural character
and shall be coordinated in type, size and loca-
tion with those in nearby developments, all in
accordance with the City's sign ordinance.
7. Utilities
All utility lines should be located underground.
• The Commonwealth Edison substation located in the
center, c- the redevelooment site should b?
-26-
a.esthetica.11V improved sQ as not tc detract from .
the attractiveness of the redevelop;nrnt.
Additional planning and design controls :nay be Lncluded
in each land discositio n agreement -with developers.
E. Estimated Redevelopment Project Costs
Redevelopmenr project costs mean a-nd include the sLma
total of all reasonable or necessary costs incurred or esti-
mated to be incurred, and any such costs incidental' to this
Redevelopment Plan and a Redevelopment Project. The state
legislation states that such costs may include, without
limitation, the following:
1. Costs of studies and surveys, plans, and specifi-
cations; professional service costs including but
not limited to architectural, engineering, legal,
marketing, financial, planning or special ser-
vices; •
2. Property assembly costs, including but not limited
to acquisition of land and other property, real
or personal, or rights or interests therein, de-
molition of buildings, and the clearing and
grading of land;
3. Casts of rehabilitation, reconstruction or repair
or remodeling of existing buildings and fixtures;
4. Costs of the construction of public works or
improvements;
S. Financing costs, including but not limited to all
necessary and incidental expenses related to the
issuance of obligations and which. may include
payment of interest on any obligations issued
hereunder accruing during the estimated period
of construction of any redevelopment project for
which such obligations are issued and for not
exceeding 18 months thereafter and including
reasonable reserves related thereto;
6. All or a portion of a taxing district's capital •
costs resulting from the redevelopment project
-27-
• necessarily incurred er to be incurred in fur-
therance of the objectives of the rede:relopanent
plan and project, to the extent the municipal-4--
by written agreement accepts and acoroves such
costs;
T_ Relocation costs -to the extent that the munici-
pality determines that relocation costs shall
be paid or is required to make payment of relo-
Cation costs by federal or state lava;
8. Pay-rtent in lieu of taxes, - -
In the event the City of Evanston issues obligations
under the Act or pursuant to its hoarse rule powers, th.e.pro-
ceeds of which are used to pay redevelopment project casts:
(11 In any year during which said obligations are out-
standing and funds in the special tax allocation fund
are insufficient to pay principal and interest when
due, the City shall cover such shortfall in payment
in accordance with the terms of the obligations, and
any such payments made by the City shall be repaid
in full to the City from the special tax allocation
fund from subsequent available tax increment re-
venues from improved taxable lots or parcels of real
property prior to the creation of any surplus funds.
(2) In any year during which said obligations are out-
standing and funds in the special tax allocation
fund are sufficient to pay the next due principal and
interest, but it is anticipated that in subsequent
years funds may be inadequate to make the current
payments of principal and interest, then the City
may create such reserves from the funds as it may
deem appropriate to enable it to make future payments
• of principal and interest under said obligations.
Amounts in any such reserve shall not be deemed to
9'
be :surplus funds. Real estate tax increment revenues •
which contitute funds in the special tax allocation
fund for the purpose o.f this paragraph include only
tax increment revenues from improved taxable lots or
parcels of real property.
Estimated ccsts`are shown in Table 1. To the extent
that-t'ae City of Evanston has incurred redevelapmenc pra]ect
costs prior to, but in anticipation of, the adoption of tax
increment financing, the City may be reimbursed for such
costs. Adjustments to the cost items listed in Table 1
are anticipated without amendment to this Redevelopment
Flan.
F. Sources of Funds to Pav Redevelopment Project Costs
Funds necessary to pay for redevelopment project
costs are to be derived principally from tax increment reve- •
nues and proceeds from municipal obligations which have as
their revenue source tax increment revenue_
The tax increment revenue which will be used to fund
tax increment obligations and redevelopment project costs
shall be incremental taxes attributable to the increase in
the current equalized assessed value of each taxable lot,
block,tract or parcel or real property in the Redevelopment
Project Area over and above the initial equalized assessed
value of each such property in the Redevelopment Project
Area. Other sources of funds which may be used to pay for
redevelopment costs and obligations issued, the proceeds of
which are used to pay for such costs, are proceeds from pro-
perty sales, land lease payments, state and federal grants,
investment income, and such other sources of funds and re-
venues -as the municipality may from time to time deem
appropriate. •
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�J
•
•
TABLE 1
DOWNTGN II REDEVELOPMENT PROJECT
EST11MATED PROJECT COSTS*
Pro ram Action/I:norovement Estimated Cost
Accuisitian and. relocation for Blocks
112 and 303 and a portion of 125
Demolition and Clearance 400,000
Transportation
Center
Plaza
300,000
Transportation
Center
Concourse.
500,000
Clark Street Viaduct and Underpass 1,500,000
Sherman Place Parking Garage 51900,000
Civic Facility Improvements 4,000,000
Surface Right -of -Way Improvements and
Utility Admustments 4,000,000
Planning, Legal, Studies, etc. 500,000
Contingencies (10%) 2,160,000
GROSS PROJECT COST $ 23,760,000
* All cost estimates are in 1984 dollars. In addition to the
above stated costs, each tax increment bond issue may have
additional costs for capitalized interest and customary
reasonable charges associated with the issuance of such ob-
ligations. Adjustments to the estimated line item costs above
are expected. Each individual project cost will be reevaluated
in light of projected private development and resulting property
tax revenues as it is considered for public financing under the
provisions of the Act.
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li-. the event that adecuate funds are not available •
_rc-ri- -he aforaimentione 1 sources, t.7e City may use _'_S general
funds ;and utilize i_= taxing power to sustain the projects
and repays obligations issued in connection with the Rede-
velopit enr- ]r eject, • to be reimbursed, if possible, from tax
?nctament financing.
NI-a-tu-ra Obligatio-r-,S
The City may issue obligations secured by the tax in-
crement special tax allocation fund pursuant to Section
11--74.4-7 of the Act. Such obligations can either take the
form of general obligations bonds, issued by utilizing the
home rule powers of the City, or tax increment revenue bonds
issued pursuant to the Act.
All obligations issued by the City pursuant to this Re-
development Plan and the Act shall be retired not more than
twenty-three (23) years from the adoption of the ordinance •
approving the Redevelopment Project Area. However, the
final maturity date of each individual obligation issued
pursuant to the Act may not be later than twenty (20) years
from its respective date of issuance. one or more series of
obligations may be sold at one or more times in order to
implement this Redevelopment Plan. The amounts payable in
any year as principal of and interest on all obligations
issued by the City pursuant to the Redevelopment Plan and
the Act shall not exceed the amounts available, or projec-
ted to be available, from tax increment revenues and from
such bond sinking funds, capitalized interest funds, debt
service reserve funds land other sources of funds as may be
provided by ordinance:.
Revenues shall be used for the scheduled and/or
early retirement of obligations, and for reserves, sinking •
funds and redevelopment project costs, and, to the extent
-31-
• not used -forsuchp:irposes, may be declared surplus and
_zul? they-: Ic-r-come- available for dis--ihutlon annual!,; -o
taring districts in the Redevelopment Project Area in the
manner orovi(ied by the ct.
•
H. Most Recent Ecualized assessed Valuation of Properties
in the Redevelopment Project Area
2 Lists"%tile-i-Rost re``cent.- 119-83) equalized
assessed valuations of properties in the Redevelopment Pro-
ject area by block. The total estimated equalized assessed
valuation for the Redevelopment Project Area is $1,836,024.
The Boundary Map, Exhibit 1, shows the locations of the
eight blocks comprising the Downtown II area.
I, anticipated assessed valuation
Upon completion of the anticipated private develop-
ment by the year 1997 and assuming a constant Cook County
equalization multiplier of 1.9122, it is estimated that the
equalized assessed valuation of real property within the
Downtown II Redevelopment Project Area will be approximately
$122,000,000_
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Z=�LE 2L
L� f1 h c+ L+D.
83
VALUES*
6Lock No.
?assessed Valuation
_crualized Valuation
112
S 587,648 -
5 1,12-3,700 -
113
2,200
4,207
117
-0-
-0-
116
-0-
119
890
1,702
124
-0-
-0-
125
149,990
28-0,811
303
219,435
419,604
TOT2AL $ 960,163
$ 1,836,024
*-iqures are subject to final verification. Initial
equalized assessed valuation is $1,836,024 based on
a Cook Count{ equalization multiplier of 1.9122.
After verification, the correct figure shall be cer-
tified by the County Clerk of Cook County.
.7
•
•
-33-
•ilf T a PHASING AND SC'_- EDUTNG OF REDEVELOPMEILMII PPOjEC`L'
in orde_ to maXi mile program. efficiency to take advantage
of pre�iious and cQrrent redevelooment actions and with full consi-
deration of the availability of both public and private funding,
nhased i_-nplenentation strategy will be employed., The phasing of.
the different components of this Redevelopment Project may overlap
due to the uncertainties of market absorption patte nS, availability
of state and federal financial assistance, difficulty of land ac-
quisition, and feasibility of private sector financing. The repre-
sentations as to the amounts of space required for usage herein
are necessarily approximate and may be revised pursuant to nego-
tiations between the City of Evanston and. developers.
A. Initial Phase (Phase 1, 1984-1988)
The first phase of the Redevelopment Project will require
• an estimated four years to complete and will involve expen-
ditures from the first tax increment bond issue.
Block 119 The entire block has been acquired and cleared by
the City in anticipation of a two -phased office
and retail complex development. The property
will be leased to a private developer with an op-
tion to purchase for construction of approximately
318,000 gross square feet of office space and 56,000
gross square feet of retail space. Construction
will begin on the first building in 1984 and will
include approximately 130,000 gross square feet of
office space and 18,000 gross square feet of retail
space in a nine -story glass and granite structure
_with surface parking. The second building and con-
necting retail arcade will contain the balance of
office and retail space and are scheduled for
• construction in 1986. The City will finance
the construction of a viaduct and underpass
at Clark Street through the CTR transit line em-
-34-
bun ume nt and a na.-• sing 'far g w . s imultarleous •
, eco ),,. c _ T':`._ b1i ldJ. _ng ZL1 evil]«i2�•-
t th tI,d.S deva1oument
Block 303 ?. cublic transportation center will be construc-
red in 1986-87 Lollowing GiIgineering dasign work
and ;)roperty acquisition. This center will phy-
sically connect the various modes of trap sporta-
t-ion that Converge on t pis bock including the
CTA rapid transit line, Chicago and North Wes-
tern commuter railroad, CTA buses and suburban
buses. The entire area will be physically im-
proved and upgraded to provide a More aestheti-
cally pleasing site for public transportation
patrons. The City* comrmitment to this project
will include a portion of the initial land ac-
quisition and possibly the local Matching share
of construction funding. •
Other Certain utility lines may need to be reconstruc-
Blocks ted or adjusted in anticipation of develoament to
take glace in the second phase of this Redevelop-
ment Project.
B. Second Phase (Phase 2, 1986-1996)
The second phase of the Redevelopment Project is ex-
pected to begin in 1986 and involve various separate but
integrated developments until the completion of the entire
project, projected. for 1996. Phase 2 will consist of the
creation of a major research and development center offering
corporations the opportunity ,to.develop office and research
facilities in a setting designed -exclusively for such acti-
vities. This•Fvanston/University Research Park will focus
on the advanced technology needs of basic industry as well
as high-technology firms. For large companies, the Research •
-35-
r1
u
P3rC ;:will :otter a first-rate res-earch envircrament and spe-
cial accass to �Northwesiern LInivarsit: orograms that faci li
tc3te interaction, For new cr existing
smaller ccnEpani es, IC -he Research park r s planned incubator
Tac? l_i t-ies and services ill. provide opportunities for
research, development, and prototype manuracuuring that
- - - 'inight not -otherwise be- readily- undertaken. --
Blocks 118 Currently owned by Northwestern University,.
and 125 these blocks will be cleared and redeveloped
primarily for office/research land uses.
anchor developments for Block 118 are pro-
jected to include a Basic Industry Re-
search Laboratory and a small business
incubator facility. Development in Block
125 is projected to include a private
• research facility and a mixed -use office
and specialty retail project, Also, the
Commonwealth Edison substation mould be
retained and parking would be provided
throughout these developments.
Blocks 117 Currently owned by the City of Evanston,
and 124 these blocks have been mostly cleared in
anticipation of future development and are
currently used for surface parking. Pro-
jected development is to include the con-'
struction of several office/research
facilities with ground -floor specialty
retail, a possible addition to the Levy
Center, or new civic facility, and Parking
for the entire-. development.
• C. Third Phase (Phase 3, 1988-1996)
The final phase of the Redevelopment Project will
-36-
includs various com-merc ial and re__den.tia1 ~.'e re? ocnen- _r, •
Blocks 112 and 113 and a pri.-ate office d=-veLopment in
Block- 303. Depfelooment of Prase 3 is not projected to gL n
until 1988 and may continue until the entire Redevelopment
Project is campleted in 1996,
Block 112 Designated property in this block will be
acquired, cleared and dispersed of to a pri-
vate developer. Possible land uses include
a grocery store, health club, convenience
retail, and mid -rise housing. Actual
development will depend on the market demand
for such uses and the success of the re-
search center. Public financing will
necessarily include land acquisition, demo-
lition, relocation assistance, and various
infrastructure improvements_
•
Block 113 This blocs is currently owned by North-
western University and will be cleared for
redevelopment_ Housing or the continuation
of the research center is projected for
this block.
Block 303 Designated property within this block will
be acquired, cleared, and disposed of to a
private developer for construction of a ma-
jor of.:ice building with possible convenience
or specialty retail on the ground level.
This office project will be unique in that
it can be physically connected to the con-
course of the transportation. center. Public
financing will be necessary for land aquisi-
tion, clearance, relocation assistance, a •
-37-
•
public plaza for the transocrt: tic'n cent
and a portion of the cost or a we=arenz
connecting concourse between t1ae C `1',rlk aP 3
C&NL97 stations
D� Completion of Redevelopment Project and Retire-T.ent of
obligations to Finance Redevelopment Costs
This Redevelopment Project will he completed on or
before a date 23 years from the adoption of an ardinance de-
signating the Redevelopment Project Area. The City of
Evanston expects that it will be completed sooner than the
23 year maximum timeframe of the legislation, depending nn
the incremental tax yield. Actual construction activities
are anti.cioated to be completed within twelve years.
-38-
V 1 1. PROVISIONS FOR MENDING THE TAX INCREMENT PLAN •
This Redevelopment Plan and project for Downt�� on W may be
amended pursuant to the provisions of the Real `Property Tax Incre-
ment Allocation Redevelopment Act.
•
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