A report prepared by a consultant for the developers of the proposed Merion Legacy project says the City of Evanston and its two school districts would see a net financial benefit of more than $900,000 a year from the project starting in 2025.
The report, from The Perman Group, projects that the three governments would receive a total of $960,000 in property tax revenue from the building that year, the first in which it is projected to be fully occupied and that the city would receive an additional $354,000 from eight other taxes paid by the projected 379 residents of the building.
The report projects that the project, targeted to residents 55 and over, would add only a small number of school-age for the two school districts to serve and would also generate a modest amount of demand for additional city services.
It concludes that the net gain that year would be $360,000 for the city, $338,000 for District 65 and $204,000 for District 202, and that the gains would generally grow in subsequent years.
Renderings of the proposed Merion Legacy development looking south and north on Chicago Avenue.
The proposed 19-story building at 1621 Chicago Ave. goes before the city’s Plan Commission this evening.
City staff is recommending that the commission recommend that the City Council not approve the project — arguing, among other things, that it is too tall for the downtown transitional district zone in which it would be located.