.

Poll: Do You Support a TIF District at Evanston Plaza?

Evanston aldermen are considering a proposed tax increment financing district for the shopping center at the southwest corner of Dempster and Dodge. What do you think the city should do, if anything?

A proposed tax increment financing district at the southwest corner of Dempster and Dodge is moving closer to reality in Evanston.

The city council held a public hearing on the matter this Monday, and aldermen are expected to vote on what could become Evanston's seventh TIF district within the next two weeks.

If aldermen approve the proposal created by the city’s economic development department and consultant Kane, McKenna and Associates, the Evanston Plaza shopping center would benefit from up to $20 million in tax increment financing over the next 23 years.

Related:

With a vacancy rate of 52 percent and store sizes too large to attract new tenants, the shopping center has been in decline for years. According to Paul Zalzemak, economic development planner, the TIF district would allow the city to reinvest expected tax gains into the shopping center in order to spur growth and make renovations. 

“Frankly, it’s the strongest tool available for hyperlocal economic development,” he told the council at Monday’s meeting. “And the value created in the TIF district is recycled directly back into the district.” 

Lightsleeper May 17, 2012 at 07:59 PM
It's a ridiculous development: old-fashioned and automobile-centric. Let's not subsidize bad decisions by out-of-touch developers.
Richard Schulte May 18, 2012 at 11:58 PM
TIF = "pay to play"?
Joe Miller May 21, 2012 at 09:02 PM
As ridiculous as TIF's are, the problem now for a muni without TIF's is that businesses are incentivised (poached) to locate where the TIF's are readily available. Ridiculous, yes but this is what we've bargained for.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »