The five special districts designated to promote economic growth in Evanston will get their annual checkup from the Joint Review Board Monday afternoon.
The board — composed of representatives from all the taxing bodies affected by creation of the Tax Increment Financing Districts — will review an 888-page report on their performance.
In terms of whether they’ve succeeded in increasing the taxable value of property in their districts, the scorecard shows the answer is yes — although the scale of the increase varies dramatically.
TIF Begun Starting EAV Current EAV % change % change/year Howard Ridge 2004 $11.4M $26.9M 135% 8.0% West Evanston 2005 $37.5M $60.0M 60% 3.7% Dempster Dodge 2012 $10.8M $14.3M 32% 3.6% Chicago Main 2013 $11.5M $25.8M 124% 15.5% Five Fifths 2021 NA NA NA NA
The two TIF districts along transit corridors that have seen major residential developments — Howard Ridge, with the 415 Premier Apartments, and Chicago Main, with the development known as The Main — have shown the best performance.
The two TIF districts heavy with commercial and industrial uses in west Evanston — West Evanston and Dempster Dodge — have faired less well.
The Five Fifths TIF, formed late last year, is too new to have meaningful data.
The Howard Ridge TIF report shows $12.8 million in private investments in TIF-related development projects over its life — along with $3.7 million in public investments.
In addition to the 415 Premier Apartments, six other projects have benefitted from the TIF — including the Ward Eight Wine Bar, Peckish Pig, Theo Ubique Theatre and the Evanston Gateway apartment building now under construction.
Eight projects are listed for the West Evanston TIF — ranging from Church Street Townhouses and Greenwood Lofts to the Heartwood Center. They add up to $13.7 million in private investment and $172,805 in public funds.
The Dempster Dodge TIF is focused on the shopping center at that intersection, which has seen $8 million in private investment as well as the use of $2 million in public funds.
The sole project in the Chicago Main TIF has been the mixed-use development known as The Main. It is listed as involving $42.9 million in private investment supported by $2.9 million in public funds.