Aldermen will be asked tonight to approve plans to establish a tax increment financing district for the Evanston Plaza shopping center.
An aerial view of the Evanston Plaza shopping center and the surrounding neighborhood.
Aldermen will be asked tonight to approve plans to establish a tax increment financing district for the Evanston Plaza shopping center.
The center, which was bought out of foreclosure by new owners in December, suffers from high vacancy levels. City officials believe the tax district can provide incentives that will help the new owner, Bonnie Management, redevelop the property with new tenants and a more attractive facility.
The shopping center is bordered on three sides by the West Evanston TIF district, but was excluded from the TIF at that time because city consultants believed the assessment for the property was high, given its high vacancy levels.
Since then the assessment has dropped dramatically, and city officials believe future improvements could generate new tax revenue that could be captured by the TIF to fund improvement projects.
If the City Council approves the plan tongiht, that will trigger a process for notifiying nearby property owners and convening a meeting of the joint review board, consisting of taxing bodies that would be affected by establishment of the TIF. Following a public hearing the City Council could give final approval for the TIF district by the end of May.
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