Tonight the City’s Economic Development Committee will discuss whether to proceed with a feasibility study of creating a tax-increment financing (TIF) district in the Fifth Ward. In a TIF district the tax increment – the difference in property tax revenues between the property as it went into the TIF and as it is improved – remains in the TIF for such projects as economic development and infrastructure improvement. The life of a TIF district is typically 23 years. Five aldermen and four residents currently sit on the committee.
Key properties within the study area are the Morton Civic Center, Family Focus Building, Green Bay Road frontage and two small business clusters.
The accompanying map has few place and street indicators – Ingraham Park, behind the Civic Center which is located on Ridge Avenue; Twiggs Park, along Simpson Street between Bridge Street and Green Bay Road, and Green Bay Road itself. Roughly the study area encompasses parts of a larger area from Ridge Avenue to Bridge Street and from Simpson Street to Church Street. Residential properties are not always included in a TIF district.
Information about the meeting, which is scheduled to begin at 6 p.m. and will be held via Zoom, is available at https://www.cityofevanston.org/Home/Components/Calendar/Event/15511/250