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.
Have the values been adjusted for inflation?
Hi Peter,
No the values reported in the story were not adjusted for inflation. If they had been, the story would have said so.
More useful, perhaps would be a comparison with how the equalized assessed valuation for the city as a whole has changed since the year each TIF was established.
You can find the citywide EAV data in the city’s Comprehensive Annual Financial Reports on the city website.
I did some calculations from that data and learned that:
Since 2004, when the Howard Ridge TIF began, the city’s overall EAV has increased 65%.
Since 2005, when the West Evanston TIF began, the city’s overall EAV has increased 54%.
Since 2012, when the Dempster Dodge TIF began, the city’s overall EAV has increased 38%.
Since 2013, when the Chicago Main TIF began, the city’s overall EAV has increased 57%.
(Between 2009 and 2013 the city’s EAV declined by a third as a result of the housing market crash. It only topped the 2009 level in 2019.)
So, each of the TIFs — except Dempster Dodge — has seen during its lifespan to date at least a marginally better increase in EAV than the city as a whole saw during the same time period.
— Bill Smith