City May Purchase Fourth Howard Street Property

City officials are considering using tax-increment financing (TIF) to purchase a 5,000-square-foot foreclosed building on Howard Street, near the CTA station.

If Evanston aldermen approve a resolution to buy the property, 721-23 Howard St. would be the fourth building the city has purchased on Howard Street using TIF dollars from the Howard Ridge district. City council members are expected to vote on the resolution Monday night, according to city documents.

In the proposal under consideration, the city would pay $95,000 out of the $1.35 million 2014 budget for the Howard Ridge TIF district. Created in 2004, the district stretches along Howard Street from Ridge Avenue to the El tracks. 

Previous city purchases in the TIF district include 629-631 Howard St., 623-627 Howard St. and 727-29 Howard St. Two out of the three properties are now redeveloped. Co-owners Cody Modeer and Anne Carlson opened the cocktail bar Ward Eight at 629-631 Howard St. in December 2012, while a restaurant and brewpub is planned for 623-627 Howard St. 

Since Evanston aldermen rejected a proposed $1.7 million city grant to build a theater at 727-9 Howard St. in January 2013, officials are still looking for another tenant.