Public hearing presentation howard hartrey tif final 10.28.13
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Transcript of Public hearing presentation howard hartrey tif final 10.28.13
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1st Amendment Howard/HartreyTax Increment Financing (TIF) District
City of EvanstonPublic Hearing
October 28, 2013
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Howard/Hartrey History
• Established in 1992• Addressed redevelopment of industrial
property and created an opportunity for commercial redevelopment
• TIF was established under “blighted” classification
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Why Geographic Expansion of TIF?
• Redevelopment of 222 Hartrey Avenue• Improve area infrastructure (sidewalks, roads,
alley, parking areas)• Expiration in 2015
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Public Approval ProcessDate Activity Completed?Mon., Aug. 12 Introduction/Action of Ordinance to City Council to
Adopt Public Hearing Concerning Creation of Howard/Hartrey TIF District
Wed., Aug. 14 Notice of Public Hearings sent by certified mail to affected taxing bodies, IDCEO, and any interested parties
Wed., Aug. 21 Notices of Existing & Amended TIF District sent to residential addresses within 750’ of proposed TIF boundary
Thurs., Sept. 12 Joint Review Board Meeting at 3:00p at LHM Civic Center Rm. 2200
Mon., Oct. 28 City Council holds the Public Hearing for the Proposed Howard/Hartrey TIF District Amendment
*TONIGHT*
Mon., Nov. 11 City may introduce and adopt ordinance to amend the Howard/Hartrey TIF District
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Proposed TIF BudgetProgram/Improvements Estimated Costs
Land Acquisition/Assembly Including Demolition & Site Prep
$11,000,000
Construction of Public Facilities and Buildings, Rehabilitation of Existing Buildings
$3,500,000
Environmental Remediation $1,500,000
Utility Improvements $1,500,000
Construction and Reconfiguration of Parking Rights-of-Way and Street Improvements/Construction
$1,000,000
Interest Costs Pursuant to the Act $200,000
Planning, Legal, Engineering, and other Professional Costs $200,000
Relocation $200,000
Job Training $200,000
Payments Pursuant to Intergovernmental Agreements $200,000
Total $19,500,000
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1st Amendment Howard/Hartrey Tax Increment Financing (TIF) District
City of EvanstonOctober 28, 2013
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Qualifications Overview
I. BackgroundII. Factors Qualifying Amendment Area
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The TIF Plan complies with key legal provisions of the TIF Act, including but not limited to:– TIF Plan conforms to the City’s Comprehensive Plan– Area consists of contiguous parcels – exceeds 1 ½ acres– “But-for” requirement is met - Redevelopment is feasible
only with the utilization of tax increment financing
I. Background
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I. Background
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I. Background
Review of TIF FinancingTIF involves splitting property tax revenue generated from properties within the TIF District into two components or “buckets”:
Bucket for Base Revenues – For All Local Governments
Bucket for Incremental Revenues – For Redevelopment within TIF
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$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
1 2 3 4 5 6 7 8 9 10
Year
As
se
ss
ed
Va
lue
(A
V)
Year Base AV Total AV
I. BackgroundReview of TIF Financing- Ideally, a successful TIF produces positive incremental revenue over
time
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TIF Performance Adjusted for Project-Related Risks
0
20
40
60
80
100
120
140
160
180
200
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Base EAV Total EAV - Adjusted for Market Factors
Delay in Project Absorption
Reduction in Growth
I. BackgroundReview of TIF Financing- In practice, a successful TIF faces certain challenges in seeking to generate positive increment
ASS
ESS
ED
VA
LU
E
YEAR
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• The TIF District was found to qualify under the following criteria:– Age – Obsolescence– Excessive Vacancies– Lack of Ventilation, Light or Sanitary Facilities– Inadequate Utilities– Deleterious Land Use/Lay-Out– Lack of Community Planning
II. Qualification Factors - THEN
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Improved Property – Conservation Area Findings Underlined
8. Inadequate Utilities
9. Excessive Land Coverage
10.Deleterious Layout
11.Environmental Clean-up
12.Lack of Community Planning
13.Lagging EAV
II. Qualification Factors - AMENDMENT
1. Dilapidation
2. Obsolescence
3. Deterioration
4. Presence of Structures Below Code
5. Illegal Uses
6. Excessive Vacancies
7. Lack of Ventilation and Sanitary Facilities
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Next Steps
• Introduction and Adoption of TIF ordinances: within 14-90 days after the Public Hearing – Subject to additional review/approval by City Council– Two open meetings with opportunity for additional public
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