OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
November 30, 2016
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
I transmit herewith seven ordinances regarding the Red and Purple Modernization (RPM) Program.
Your favorable consideration of these ordinances will be appreciated.
Mayor
Very truly yours,
ORDINANCE
WHEREAS, Under ordinances adopted on December 11,1996 and published in the Journal of the Proceedings of the City Council of the City of Chicago for such date (the "Journal of Proceedings") at pages 35413 - 35511, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1, et seq, as amended (the "Act"), the City Council (the "Corporate Authorities") of the City of Chicago (the "City"): (i) approved an ordinance approving a redevelopment plan and project (the "Redevelopment Plan") for a portion of the City known as the "Bryn Mawr/Broadway Redevelopment Project Area" (such ordinance being defined in this ordinance as the "Plan Ordinance", and such area as described in the Plan Ordinance being defined in this ordinance as the "Original Area"); (ii) approved an ordinance designating the Original Area as a "redevelopment project area" within the requirements of the Act (the "Designation Ordinance"); and, (iii) approved an ordinance adopting tax increment financing for the Original Area (the "TIF Adoption Ordinance") (the Plan Ordinance, the Designation Ordinance, and the TIF Adoption Ordinance are collectively defined in this ordinance as the "Bryn Mawr/Broadway TIF Ordinances"); and
WHEREAS, It is desirable and in the best interest of the citizens of the City for the City to amend the Redevelopment Plan and to decrease the Original Area to exclude a portion of a certain parcel by adopting "Amendment No. 1 to the Bryn Mawr/Broadway Redevelopment Project Area Tax Incremental Financing Redevelopment Plan and Project," which is attached as Exhibit A ("Amendment No. 1", with (i) the Redevelopment Plan, as amended by Amendment No. 1, defined in this ordinance as the "Amended Plan", and (ii) the Original Area, as amended by Amendment No. 1, defined in this ordinance as the "Amended Area"); and
WHEREAS, Section 5/11-74.4-5(c) of the Act provides that after a municipality has by ordinance approved a redevelopment plan and designated a redevelopment project area, it may amend the plan and redevelopment project area without further public hearing and related notices and procedures including the convening of a joint review board as set forth in the Act; provided that the municipality gives notice of any such changes by mail to each affected taxing district and registrant on the interested parties registry, and by publication in a newspaper of general circulation within the affected taxing district, which notice by mail and by publication shall each occur not later than ten (10) days following the adoption by ordinance of such changes, so long as the amendment does not: (1) add additional parcels of property to the redevelopment project area, (2) substantially affect the general land-uses in the redevelopment plan, (3) substantially change the nature of the redevelopment project, (4) increase the total estimated redevelopment project costs set out in the redevelopment plan by more than five percent (5%) after adjustment for inflation from the date the plan was adopted, (5) add additional redevelopment project costs to the itemized list of redevelopment project costs set out in the redevelopment plan, or (6) increase the number of inhabited residential units to be displaced from the redevelopment project area, as measured from the time of creation of the redevelopment project area, to a total of more than ten (10); and
WHEREAS, Amendment No. 1 does not include any of the changes listed in items (1) through (6) stated in the previous recital, and, therefore, does not necessitate the holding of a public hearing, the convening of a joint review board or related notices and procedures; and
WHEREAS, The Corporate Authorities have reviewed Amendment No. 1 and any such other matters or studies as the Corporate Authorities have deemed necessary or appropriate to make
EXHIBIT A
CITY OF CHICAGO
Bryn Mawr/Broadway Redevelopment Project Area
Tax Incremental Financing Program Redevelopment Plan and Project
July 8,1996
Amendment No. 1: November 14, 2016
City of Chicago Rahm Emanuel Mayor
CITYOFCHICAGO Bryn Mawr/Broadway Redevelopment Project Area
Tax Incremental Financing Program Redevelopment Plan and Project Amendment No. 1
Table of Contents
Table of Contents i
Executive Summary|910|Modifications to the Original Plan|910|Section 1: Executive Summary|910|Section 2: Introduction|910|Section 3: Conservation Area Conditions Existing in the RPA|910|Section 4: Redevelopment Plan and Project|910|Section 6: Required Findings and Tests|910|Appendix 1: Boundary and Legal Description (Manhard Consulting)|910|Appendix 2: Summary of EAV (by PIN)|910|Attachments :|910|Amended Map 1: Proposed Bryn Mawr - Broadway Redevelopment Project Area 5
Amended Map 2: Existing Land Use|910|Amended Map 3: Future Land Use|910|Amended Appendix 1: Boundary and Legal Description (Manhard Consulting - Amended by Christopher
B. Burke Engineering Ltd.)|910|Amended Appendix 2: Summary of EAV (by PIN) 11
Appendix 3: Original Bryn Mawr/Broadway Redevelopment Project Area Tax Incremental Financing
Program Redevelopment Plan and Project 14
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Bryn Mawr/Broadway Tax Increment Financing Redevelopment Project Area Amendment No. 1
Executive Summary
To induce redevelopment pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., as amended from time to time (the "Act"), the City Council of the City of Chicago (the "City") adopted three ordinances on December 11, 1996, approving the Bryn Mawr/Broadway Redevelopment Project Area Tax Incremental Financing Program Redevelopment Plan and Project (the "Original Plan"), designating the Bryn Mawr/Broadway Redevelopment Project Area (the "Original Bryn Mawr/Broadway RPA" or "Original RPA") as a redevelopment project area under the Act, and adopting tax increment allocation financing for the Original RPA. The Original Plan was initially completed in July 1996 and is attached as Appendix 3.
The Original Plan is being amended through this document ("Amendment No. 1") to:
Remove a portion of one (1) tax-exempt real estate tax parcel from the Original RPA for purposes of including that portion of the parcel in the Red and Purple Modernization Phase One Project Redevelopment Project Area; and
Update the following components of the Original Plan to reflect the removal of that portion of the parcel:
Descriptions of the Original RPA
Eligibility findings of the Original Plan
Maps
Boundary legal description.
The Original RPA minus that portion of the parcel proposed to be removed through Amendment No. 1 is referred to as the "Bryn Mawr/Broadway RPA as Amended" or "RPA as Amended." The area to be excluded from the Original Plan can be generally described as follows:
That portion of the Chicago Transit Authority ("CTA") right-of-way from the north line of W. Berwyn Avenue on the south to a line roughly 100' south of W. Balmoral Avenue.
The portion of the CTA right-of-way to be removed from the Original RPA includes a portion of the following parcel:
• 14-08-500-002
To accomplish the exclusion of the portion of the parcel from the Original RPA the changes detailed below are made to the Original Plan, all following the format of the Original Plan.
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Bryn Mawr/Broadway Redevelopment Plan Amendment No. 1
Modifications to the Original Plan Coyer Page
Under the date of the Original Plan, insert the following text:
Amendment No. 1: November 14, 2016 Section 1: Executive Summary
Any references to the "Bryn Mawr/Broadway RPA," "Project Area" or "RPA" in Section 1 of the Original Plan should be understood to refer to the RPA as Amended, except as noted.
Under Section 1, insert the following after the first paragraph:
In 2016, the City seeks to amend the Bryn Mawr/Broadway Tax Incremental Financing Program Redevelopment Plan and Project to remove a portion of one (1) property tax-exempt parcel for purposes of including it in the Red and Purple Modernization Phase One Project Redevelopment Project Area. The portion of this parcel to be removed consists of approximately 0.7 acres. Within this Bryn Mawr/Broadway Tax Incremental Financing Program Redevelopment Plan and Project, all references to the "Project Area" or "RPA" shall be understood to mean the RPA as Amended, excluding these 0.7 acres of land except where noted. All references to the "Original Project Area" shall be understood to mean the 34.4 acres originally designated in 1996.
Section 2: Introduction
Any references to the "Bryn Mawr/Broadway RPA," "Project Area" or "RPA" in Section 2 of the Original Plan should be understood to refer to the RPA as Amended, except as noted.
Under Section 2, under the Project Area Background & Description subheading, replace the second and third sentences of the first paragraph with the following:
Amended Map 1 shows the approximate boundaries of the proposed district. Amended Appendix 1 contains the official boundaries and legal description of the district.
Under Section 2, under the Project Area Background & Description subheading, replace the sixth bullet point of the second paragraph with the following:
• Berwyn. Both sides of Berwyn from the eastern edge of the elevated CTA tracks to the eastern edge of the right-of-way at Winthrop,
Under Section 2, under the Project Area Background & Description subheading, replace the eighth bullet point of the second paragraph with the following:
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Bryn Mawr/Broadway Redevelopment Plan Amendment No. 1
• CTA. That portion of the right-of-way of the CTA elevated line from a line roughly 100' south of Balmoral to the northern edge of Bryn Mawr station,
Under Section 2, under the Project Area Background & Description subheading, replace Map 1: Proposed Bryn Mawr - Broadway Redevelopment Project Area with the attached Amended Map 1: Proposed Bryn Mawr - Broadway Redevelopment Project Area.
Under Section 2, under the Existing Conditions and Land Use subheading, replace the last sentence with the following:
Amended Map 2 shows existing land uses in the RPA.
Under Section 2, under the Redevelopment Needs of the Area subheading, replace Map 2: Existing Land Use with the attached Amended Map 2: Existing Land Use.
Section 3: Conservation Area Conditions Existing in the RPA
Any references to the "Bryn Mawr/Broadway RPA," "Project Area" or "RPA" in Section 3 of the Original Plan should be understood to refer to the RPA as Amended, except as noted.
Under Section 3, before the Criteria for Designation subheading, insert the following paragraph:
In 2016, the City seeks to amend the Original Plan to remove a portion of one parcel consisting of approximately 0.7 acres of land. SB Friedman finds that the Eligibility Study for the Original RPA is not affected adversely by the removal of the portion of one parcel, as all the qualifying factors necessary for the approval of the Original RPA as a Conservation Area under the Act were found to be present to a meaningful extent and reasonably distributed throughout the Original Project Area, and continue to be present to a meaningful extent and reasonably distributed throughout the RPA as Amended.
Section 4: Redevelopment Plan and Project
Any references to the "Bryn Mawr/Broadway RPA," "Project Area" or "RPA" in Section 4 of the Original Plan should be understood to refer to the RPA as Amended, except as noted.
Under Section 4, under the Redevelopment Plan Elements subheading, replace the tenth paragraph with the following:
Proposed land use is shown on Amended Map 3.
Under Section 4, under the Redevelopment Plan Elements subheading, replace Map 3: Future Land Use with the attached Amended Map 3: Future Land Use.
SB FRIEDMAN | DEVELOPMENT ADVISORS
Bryn Mawr/Broadway Redevelopment Plan Amendment No. 1
Section 6: Required Findings and Tests
Any references to the "Bryn Mawr/Broadway RPA," "Project Area" or "RPA" in Section 6 of the Original Plan should be understood to refer to the RPA as Amended, except as noted.
Under Section 6, under the Lack of Growth and Private Investment subheading, insert the following after the tenth paragraph:
In 2016, the City seeks to amend the Original Plan to remove a portion of one (1) property tax-exempt parcel (0.7 acres) for purposes of including it in the Red and Purple Modernization Phase One Project Redevelopment Project Area. SB Friedman finds that the Finding laid out in the previous paragraph that the Original Project Area has not been subject to growth and development through private enterprise is not affected adversely by the removal of the portion of one parcel through Amendment No. 1.
Appendix 1: Boundary and Legal Description (Manhard Consulting)
Under Appendix 1, replace the entire appendix with the attached Amended Appendix 1: Boundary and Legal Description (Manhard Consulting - Amended by Christopher B. Burke Engineering Ltd.).
Appendix 2: Summary of EAV (by PIN)
Under Appendix 2, replace the entire appendix with the attached Amended Appendix 2: Summary of EAV (by PIN).
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Bryn Mawr/Broadway Redevelopment Plan Amendment No.
Attachments
Amended Map 1: Proposed Bryn Mawr - Broadway Redevelopment Project Area
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Bryn Mawr/Broadway Redevelopment Plan Amendment No. 1
Amended Map 2: Existing Land Use
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Bryn Mawr/Broadway Redevelopment Plan Amendment No. 1
Amended Map 3: Future Land Use
SB FRIEDMAN I DEVELOPMENT ADVISORS
Bryn Mawr/Broadway Redevelopment Plan Amendment No. 1
Amended Appendix 1: Boundary and Legal Description (Manhard Consulting-Amended by Christopher B. Burke Engineering Ltd.) N
THAT PART OF THE SOUTH HALF OF SECTION 5 AND THE NORTH HALF OF SECTION 8, BOTH IN TOWNSHIP 40 NORTH, RANGE 14, EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS:
BEGINNING AT THE INTERSECTION OF THE EAST LINE OF WINTHROP AVENUE WITH THE EASTERLY EXTENSION OF THE SOUTH LINE OF LOT 2 IN BLOCK 10 OF JOHN LEWIS COCHRAN'S SUBDIVISION, A SUBDIVISION OF THE WEST HALF OF THE NORTHEAST FRACTIONAL QUARTER OF SAID SECTION 8; THENCE WEST, ALONG SAID EASTERLY EXTENSION AND THE SOUTH LINE OF SAID LOT 2 AND ITS WESTERLY EXTENSION TO THE WEST LINE OF A 15-FOOT-WIDE ALLEY ADJOINING SAID LOT 2; THENCE NORTH ALONG THE AFOREDESCRIBED WEST LINE OF A 15-FOOT-WIDE ALLEY, TO THE NORTH LINE OF BERWYN AVENUE; THENCE WEST, ALONG SAID NORTH LINE OF BERWYN AVENUE TO THE SOUTHEAST CORNER OF LOT 13 IN BLOCK 9 IN SAID JOHN LEWIS COCHRAN'S SUBDIVISION; THENCE NORTH, ALONG THE EAST LINE OF SAID LOT 13 IN BLOCK 9 AND IT'S NORTHERLY EXTENSION TO THE SOUTH LINE OF BALMORAL AVENUE AT THE NORTHEAST CORNER OF LOT 28 IN SAID BLOCK 9; THENCE WEST, ALONG SAID SOUTH LINE OF BALMORAL AVENUE TO THE NORTHEAST CORNER OF LOT 26 IN SAID BLOCK 9; THENCE SOUTH ALONG THE EAST LINE OF LOT 26 AND LOT 25 IN SAID BLOCK 9, TO THE SOUTHEAST CORNER OF SAID LOT 25; THENCE WEST ALONG THE SOUTH LINE OF SAID LOT 25 TO THE SOUTHWEST CORNER THEREOF, ALSO BEING THE EAST LINE OF NORTH BROADWAY; THENCE SOUTH ALONG THE AFOREDESCRIBED EAST LINE OF NORTH BROADWAY TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF LOT4 IN BLOCK 9 IN COCHRAN'S THIRD ADDITION TO EDGEWATER, IN THE EAST HALF OF THE NORTHWEST QUARTER OF SAID SECTION 8; THENCE WEST, ALONG THE SOUTH LINE OF SAID LOT 4 IN BLOCK 9 OF COCHRAN'S THIRD ADDITION AND ITS WESTERLY EXTENSION, TO THE WEST LINE OF A 16-FOOT-WIDE ALLEY ADJOINING SAID LOT 4; THENCE NORTH, ALONG THE AFOREDESCRIBED WEST LINE OF A 16-FOOT-WIDE ALLEY, TO THE SOUTH LINE OF BALMORAL AVENUE; THENCE NORTH, TO THE NORTH LINE OF SAID BALMORAL AVENUE, AT THE INTERSECTION WITH THE WEST LINE OF A 16-FOOT-WIDE ALLEY IN BLOCK 8 IN SAID COCHRAN'S THIRD ADDITION; THENCE NORTH, ALONG THE AFOREDESCRIBED WEST LINE OF A 16-FOOT-WIDE ALLEY IN BLOCK 8 AND ITS NORTHERLY EXTENSION, TO THE NORTH LINE OF CATALPA AVENUE; THENCE EAST, TO THE WEST LINE OF SAID NORTH BROADWAY; THENCE NORTH, ALONG SAID WEST LINE OF NORTH BROADWAY, TO THE SOUTH LINE OF THE NORTH 10 FEET OF LOT 15 IN BLOCK 1 IN SAID COCHRAN'S THIRD ADDITION; THENCE WEST ALONG THE AFOREDESCRIBED SOUTH LINE OF THE NORTH 10 FEET OF LOT 15 IN BLOCK 1, TO THE WEST LINE OF A 16-FOOT-WIDE ALLEY LOCATED IN SAID BLOCK 1 IN COCHRAN'S THIRD ADDITION; THENCE NORTH, ALONG THE AFOREDESCRIBED WEST LINE OF A 16-FOOT-WIDE ALLEY LOCATED IN BLOCK 1, TO THE SOUTH LINE OF BRYN MAWR AVENUE; THENCE WEST, ALONG SAID SOUTH LINE OF BRYN MAWR AVENUE, TO THE INTERSECTION OF THE SOUTHERLY EXTENSION OF THE WEST LINE OF LOT 7 IN TURCK'S SUBDIVISION, A RESUBDIVISION OF LOT 1 OF A SUBDIVISION OF THE EASTERLY 5.0116 ACRES SOUTH OF THE ROAD IN THE EAST HALF OF THE SOUTHWEST QUARTER OF SAID SECTION 5, SAID TURCK'S SUBDIVISION RECORDED MAY 8, 1899 AS DOCUMENT NUMBER 2814695; THENCE NORTH, ALONG THE AFOREDESCRIBED WEST LINE OF LOT 7 AND ITS SOUTHERLY EXTENSION, TO THE NORTHWEST CORNER OF SAID LOT 7; THENCE EAST, ALONG THE NORTH LINES OF SAID LOT 7, LOT 6, LOT 5 AND LOT 4 IN SAID TURCK'S SUBDIVISION, TO A BEND IN SAID NORTH LINE OF SAID LOT 4; THENCE SOUTHEASTERLY, ALONG THE NORTHERLY LINES OF SAID LOT 4, LOT 3 AND LOT 2 TO THE NORTHEAST CORNER THEREOF; THENCE SOUTHEASTERLY, CONTINUING ALONG THE
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Bryn Mawr/Broadway Redevelopment Plan Amendment No. 1
SOUTHEASTERLY EXTENSION OF THE AFOREDESCRIBED COURSE, 6 FEET; THENCE NORTHEASTERLY, ALONG A LINE PERPENDICULAR TO RIDGE AVENUE, TO THE SOUTHWESTERLY LINE OF RIDGE AVENUE; THENCE NORTHWESTERLY, ALONG SAID SOUTHWESTERLY LINE OF RIDGE AVENUE TO THE INTERSECTION WITH THE SOUTHWESTERLY EXTENSION OF THE NORTHWESTERLY LINE OF LOT 27 IN BLOCK 9 IN CAIRNDUFF'S ADDITION TO EDGEWATER RECORDED APRIL 25, 1888 AS DOCUMENT NUMBER 948404; THENCE NORTHEASTERLY, ALONG THE AFOREDESCRIBED NORTHWESTERLY LINE OF LOT 27 AND ITS SOUTHWESTERLY EXTENSION AND ITS NORTHEASTERLY EXTENSION TO THE NORTHEASTERLY LINE OF A 16-FOOT-WIDE ALLEY IN SAID BLOCK 9 OF CAIRNDUFF'S ADDITION TO EDGEWATER; THENCE SOUTHEASTERLY, ALONG THE AFOREDESCRIBED NORTHEASTERLY LINE OF A 16-FOOT-WIDE ALLEY, TO A BEND IN SAID 16-FOOT-WIDE ALLEY; THENCE EAST, ALONG THE NORTH LINE OF SAID 16-FOOT-WIDE ALLEY IN BLOCK 9 AND ITS EASTERLY EXTENSION, TO THE EAST LINE OF SAID NORTH BROADWAY; THENCE SOUTH, ALONG SAID EAST LINE OF NORTH BROADWAY TO THE SOUTH LINE OF LOT 18 IN BLOCK 9 IN COCHRAN'S ADDITION TO EDGEWATER, RECORDED OCTOBER 6, 1887 AS DOCUMENT NUMBER 879900; THENCE EAST, ALONG THE AFOREDESCRIBED SOUTH LINE OF LOT 18 IN BLOCK 9 AND ITS EASTERLY EXTENSION, TO THE NORTHERLY EXTENSION OF THE EAST LINE OF LOT 13 IN SAID BLOCK 9 IN COCHRAN'S ADDITION TO EDGEWATER; THENCE SOUTH, ALONG THE AFOREDESCRIBED EAST LINE OF LOT 13 AND ITS NORTHERLY EXTENSION, TO THE WESTERLY EXTENSION OF THE SOUTH LINE OF LOT 11 IN SAID BLOCK 9 IN COCHRAN'S ADDITION TO EDGEWATER; THENCE EAST, ALONG THE AFOREDESCRIBED WESTERLY EXTENSION OF THE SOUTH LINE OF LOT 11 IN BLOCK 9, TO A POINT ON THE WEST LINE OF A 15-FOOT-WIDE ALLEY ADJOINING SAID LOT 11 IN BLOCK 9; THENCE NORTH, ALONG THE AFOREDESCRIBED WEST LINE OF A 15-FOOT-WIDE ALLEY, TO THE INTERSECTION WITH THE WESTERLY EXTENSION OF THE NORTH LINE OF SAID LOT 10 IN SAID BLOCK 9; THENCE EAST, ALONG THE AFOREDESCRIBED NORTH LINE OF LOT 10 IN BLOCK 9 AND ITS WESTERLY EXTENSION AND EASTERLY EXTENSION, TO SAID EAST LINE OF WINTHROP AVENUE; THENCE SOUTH, ALONG THE AFOREDESCRIBED EAST LINE OF WINTHROP AVENUE, TO A POINT ON THE NORTH LINE OF THE SOUTH 18.00 FEET OF LOT 14 IN BLOCK 8 IN SAID COCHRAN'S ADDITION TO EDGEWATER; THENCE EAST, ALONG THE AFOREDESCRIBED NORTH LINE OF THE SOUTH 18 FEET OF LOT 14 IN BLOCK 8, TO THE EAST LINE OF SAID LOT 14 IN BLOCK 8; THENCE NORTH, ALONG THE AFOREDESCRIBED EAST LINE OF LOT 14 IN BLOCK 8 TO THE INTERSECTION WITH THE WESTERLY EXTENSION OF THE NORTH LINE OF LOT 11 IN BLOCK 8 IN SAID COCHRAN'S ADDITION TO EDGEWATER; THENCE EAST ALONG SAID NORTH LINE OF LOT 11 IN BLOCK 8, AND ITS WESTERLY EXTENSION, TO THE WEST LINE OF KENMORE AVENUE; THENCE NORTH, ALONG SAID WEST LINE OF KENMORE AVENUE, TO THE INTERSECTION WITH THE WESTERLY EXTENSION OF THE NORTH LINE OF THE SOUTH 40 FEET OF LOT 15 IN BLOCK 7 IN SAID COCHRAN'S ADDITION TO EDGEWATER; THENCE EAST ALONG THE AFOREDESCRIBED NORTH LINE OF THE SOUTH 40 FEET OF LOT 15 IN BLOCK 7 AND ITS WESTERLY EXTENSION AND EASTERLY EXTENSION, TO THE WEST LINE OF LOT 10 IN SAID BLOCK 7 IN SAID COCHRAN'S ADDITION TO EDGEWATER; THENCE SOUTH, ALONG THE AFOREDESCRIBED WEST LINE OF LOT 10 IN BLOCK 7, TO THE SOUTH LINE OF THE NORTH HALF OF SAID LOT 10 IN BLOCK 7; THENCE EAST, ALONG THE AFOREDESCRIBED SOUTH LINE OF THE NORTH HALF OF LOT 10 IN BLOCK 7 AND ITS EASTERLY EXTENSION, TO THE EAST LINE OF SHERIDAN ROAD; THENCE SOUTH, ALONG THE AFOREDESCRIBED EAST LINE OF SHERIDAN ROAD, TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF LOT 3 IN BLOCK 1 OF SAID JOHN LEWIS COCHRAN'S SUBDIVISION; THENCE WEST, ALONG THE AFOREDESCRIBED SOUTH LINE OF LOT 3 IN BLOCK 1 AND ITS EASTERLY EXTENSION AND WESTERLY EXTENSION, TO EAST LINE OF LOT 22 IN SAID BLOCK 1 OF SAID JOHN LEWIS COCHRAN'S SUBDIVISION; THENCE NORTH, ALONG THE AFOREDESCRIBED EAST LINE OF SAID LOT 22, IN BLOCK 1, TO THE SOUTH LINE OF THE NORTH 6 FEET OF SAID LOT 22, IN BLOCK 1; THENCE WEST ALONG THE AFOREDESCRIBED SOUTH LINE OF THE NORTH 6 FEET OF LOT 22, IN BLOCK 1 TO THE EAST LINE OF KENMORE AVENUE; THENCE SOUTH,
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Bryn Mawr/Broadway Redevelopment Plan Amendment No. 1
ALONG THE AFOREDESCRIBED EAST LINE OF KENMORE AVENUE, TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF LOT 4 IN BLOCK 2 IN SAID JOHN LEWIS COCHRAN'S SUBDIVISION; THENCE WEST, ALONG THE AFOREDESCRIBED SOUTH LINE OF LOT 4 IN BLOCK 2 AND ITS EASTERLY EXTENSION AND WESTERLY EXTENSION, TO THE SOUTHEAST CORNER OF LOT 21 IN SAID BLOCK 2 IN SAID JOHN LEWIS COCHRAN'S SUBDIVISION; THENCE WEST, ALONG THE SOUTH LINE OF SAID LOT 21 IN BLOCK 2, AND ITS WESTERLY EXTENSION, TO THE WEST LINE OF WINTHROP AVENUE; THENCE NORTH, ALONG THE AFOREDESCRIBED WEST LINE OF WINTHROP AVENUE, TO THE SOUTH LINE OF THE NORTH 10 FEET OF LOT 3 IN BLOCK 3 IN SAID JOHN LEWIS COCHRAN'S SUBDIVISION; THENCE WEST, ALONG THE AFOREDESCRIBED SOUTH LINE OF THE NORTH 10 FEET OF LOT 3, IN SAID BLOCK 3 AND ITS WESTERLY EXTENSION, TO THE INTERSECTION WITH THE NORTHERLY EXTENSION OF THE MOST WESTERLY LINE OF SAID LOT 3 IN BLOCK 3; THENCE SOUTH ALONG THE AFOREDESCRIBED MOST WESTERLY LINE OF-LOT 3 AND THE WEST LINES OF LOTS 4 THROUGH 12 (INCLUSIVE) OF SAID BLOCK 3 TO THE NORTH LINE OF SAID CATALPA AVENUE; THENCE SOUTH, TO THE NORTHWEST CORNER OF LOT 1 IN BLOCK 4 IN SAID JOHN LEWIS COCHRAN'S SUBDIVISION; THENCE SOUTH, ALONG THE WEST LINE OF SAID LOT 1 AND LOTS 2 THROUGH 12 (INCLUSIVE), TO THE NORTH LINE OF BALMORAL AVENUE; THENCE EAST, ALONG THE AFOREDESCRIBED NORTH LINE OF BALMORAL AVENUE, TO SAID EAST LINE OF WINTHROP AVENUE; THENCE SOUTH, ALONG THE AFOREDESCRIBED EAST LINE OF WINTHROP AVENUE, TO THE POINT OF BEGINNING, ALL IN COOK COUNTY, ILLINOIS.
EXCEPTING THEREFROM:
THAT PART OF THE WEST HALF OF THE NORTHEAST QUARTER OF SECTION 8, TOWNSHIP 40 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS: BEGINNING AT A POINT OF INTERSECTION OF THE NORTH LINE OF WEST BERWYN AVENUE AND THE WEST LINE OF THE CHICAGO, MILWAUKEE, ST. PAUL AND PACIFIC RAILROAD RIGHT-OF-WAY (AKA CHICAGO RAPID TRANSIT COMPANY RIGHT-OF-WAY); THENCE NORTH ALONG SAID WEST LINE OF THE CHICAGO, MILWAUKEE, ST. PAUL AND PACIFIC RAILROAD RIGHT-OF-WAY TO A POINT ON A LINE THAT IS 100 FEET SOUTH OF AND PARALLEL TO THE SOUTH LINE OF WEST BALMORAL AVENUE; THENCE EAST ALONG SAID LINE THAT IS 100 FEET SOUTH OF AND PARALLEL TO THE SOUTH LINE OF WEST BALMORAL AVENUE TO A POINT ON THE EAST LINE OF SAID CHICAGO, MILWAUKEE, ST. PAUL AND PACIFIC RAILROAD RIGHT-OF-WAY; THENCE SOUTH ALONG SAID EAST LINE OF THE CHICAGO, MILWAUKEE, ST. PAUL AND PACIFIC RAILROAD RIGHT-OF-WAY TO A POINT ON SAID NORTH LINE OF WEST BERWYN AVENUE; THENCE WEST ALONG SAID NORTH LINE OF WEST BERWYN AVENUE TO THE POINT OF BEGINNING, ALL IN COOK COUNTY, ILLINOIS.
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City of Chicago Bryn Mawr/Broadway Redevelopment Plan Amendment No. 1
Amended Appendix 2: Summary of EAV (by PIN)
Parcel Count
1 2 3 4 5 6 7 8 9
10 11 12
13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44
pin:
14-05-328-026 14-05-328-032 14-05-328-033 14-05-328-034 14-05-328-023 14-05-328-031 14-05-328-029 14-05-331-044 14-05-331-039 14-08-106-009 14-08-106-010 14-08-106-011 14-08-106-012 14-08-106-013 14-08-108-014 14-08-106-015 14-08-106-016 14-08-106-017 14-08-113-016 14-08-113-017 14-08-113-018 14-08-113-019 14-08-113-020 14-08-113-021 14-08-113-022 14-08-113-023 14-08-113-024 14-08-113-025 14-08-113-026 14-08-113-027 14-08-113-028 14-08-113-029 14-08-113-030 14-08-113-031 14-08-121-015 14-08-121-016 14-08-121-017 14-05-408-030 14-05-408-031 14-05-408-032 14-05-408-011 14-05-408-023 14-05-408-024 14-05-409-008
1994; EAV
40,387 3,661 155,156 9,441 80,898 112,592 139,749 272,823 71,238 110,160 133,186 157,847 119,850 83,933 56,217 92,785 34,723 67,596 255,727 669,925 43,485 14,530 25,829 119,709 18,307 76,725 68,108 87,171 67,550 78,104 178,067 14,530 31,250
125,054 48,148 29,674 208,581 171,675 41,535 207,349 402,968 141,072 1,026,829
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Cityofchicago Bryn Mawr/Broadway Redevelopment Plan Amendment No. 1
Parcel Count
45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86
14-05-409-018
14-05-500
14-08-201-001
14-08-201-008
14-08-201-009
14-08-201-010
14-08-200-019
14-08-200-030
14-08-200-013
14-08-200-012
14-08-200-011
14-08-200-010
14-08-200-009
14-08-200-008
14-08-200-007
14-08-200-006
14-08-200-005
14-08-200-004
14-08-200-003
14-08-200-002
14-08-200-001
14-08-200-028
14-08-200-029
14-08-200-016
14-08-204-011
14-08-204-010
14-08-204-002
14-08-204-009
14-08-204-008
14-08-204-007
14-08-204-005
14-08-204-004
14-08-204-003
14-08-204-027
14-08-204-028
14-08-204-006
14-08-204-012
14-08-207-001
14-08-207-002
14-08-207-008
14-08-207-009
14-08-207-010
316,905
250,010 1,816,450 40,786 40,786
365,955
144,561 81,945 85,618 29,124 77,853 61,691 31,667
57,284 266,840 78,341 75,775 441,079 223,665 26,677 27,095 180,231 147,776 100,448 638,605 222,735 179,552 269,471 69,481 50,504 77,819 43,935 166,616 205,508 135,759 83,139 221,860 46,518 343,154
SB FRIEDMAN | DEVELOPMENT ADVISORS
Bryn Mawr/Broadway Redevelopment Plan Amendment No. 1
Parcel Count 87 88 89 90 91 92 93 94 95 96 97 98 99 100 * 14-08-207-011 14-08-207-012 14-08-207-013 14-08-207-014 14-08-207-015 14-08-207-016 14-08-207-017 14-08-210-009 14-05-410-009 14-05-410-019 14-05-410-016 14-08-202-009 14-08-202-022 14-08-500 1994 EAV $ 33,674 $ 453,629 $ 358,276 $ 38,907 $ 179,574 $ 20,072 $ 48,308 $ . 221,998 $ $ 38,041 $ 2,025,297 $ 500,580 $ 5,882 $ . Exempt ' / X X
$ 17,541,600
* A portion of parcel will be removed through Amendment No. 1.
SB FRIEDMAN | DEVELOPMENT ADVISORS
City of Chicago Bryn Mawr/Broadway Redevelopment Plan Amendment No. 1
Appendix 3: Original Bryn Mawr/Broadway Redevelopment Project Area Tax Incremental Financing Program Redevelopment Plan and Project
SB FRIEDMAN | DEVELOPMENT ADVISORS
Bryn Mawr/Broadway Redevelopment Project Area
Tax Incremental Financing Program Redevelopment Plan and Project
City of Chicago Richard M. Daley, Mayor
July 8, 1996
Prepared by:
ZTS. B. Friedman & Company
Real Estate Advisors and Development Consultants
TABLE OF CONTENTS
Executive Summary|910|Introduction |910|Project Area Background and Description|910|Map 1: Bryn Mawr - Broadway RPA |910|History of Area |910|Existing Conditions and Land Use |910|Redevelopment Needs of the Area|910|Map 2: Existing Land Use 9
Conservation Area Conditions Existing in the RPA 11
Conservation Area Factors 11
Conclusion 14
Redevelopment Plan and Project 15
Goals, Objectives and Strategies 15
Redevelopment Plan Elements 16
Map 3: RPA Future Land Use 19
Map 4: Potential Acquisition Property 20
Financial Plan 21
Eligibility Costs 21
Estimated Redevelopment Project Costs 22
Table 1: Estimated TIF Eligible Costs 23
Phasing and Scheduling for Redevelopment 23
Sources of Funds to Pay Costs 24
Issuance Obligations 25
Most Recent Equalized Assessed Valuation of Properties in the
Redevelopment Project Area 25
Anticipated Equalized Assessed Valuation 25
Required Findings and Tests 27
Lack of Growth and Private Investment 27
Table 2: Bryn Mawr - Broadway Building Permit Analysis 28
But For _ 28
Conformance to Plans of the Municipality 28
Dates of Completion 29
Financial Impact of the Redevelopment Project 29
Demand on Taxing Districts 29
Program to Address Financial and Service Impact 31
Provisions for Amending Plan 32
Affirmative Action Plan 33
Appendix 1: Boundary and Legal Description (Manhard Consulting) Appendix 2: Summary of EAV (by PINs)
1. Executive Summary
The proposed Bryn Mawr - Broadway Redevelopment Project Area (RPA) consists of properties on both sides of Bryn Mawr Avenue from Sheridan Road to the west side of Magnolia; Broadway from just south of Balmoral to just north of Bryn Mawr; and residential properties on the west side of Winthrop from just south of Berwyn to Balmoral.
The proposed RPA is characterized by mixed-use commercial and residential areas with a wide variety of neighborhood revitalization and redevelopment needs. Further, a review of building permit data indicates that there has been negligible investment in growth and development of the area since at least 1991. Between 1991 and 1995, building permits issued for the proposed RPA totaled just $725,261. Of this total, 29.48% ($213,800) was required to address cited building code violations. The total investment is less than 1.5% of the estimated market value ($54,656,568) of the property in the area. At this rate of investment, it would take over 100 years for reinvestment to equal property values at this time.
The proposed RPA was found to meet the requirements of the state law for designation as a tax incremental financing district under the provisions for a conservation area. This conclusion was based upon several physical features and conditions prominently found throughout the area that the act is designed to ameliorate. The area met the requirements for age with 80 of 93 structures exceeding 35 years of age. Six additional eligibility factors were observed as being significantly present and reasonably distributed on the 15 blocks throughout the proposed RPA. These factors include depreciation of physical maintenance, obsolescence, excessive vacancies, excessive land coverage, deleterious land use and layout, and lack of community planning.
The scope of these needs will be addressed through the following objectives:
Rehabilitate and upgrade existing housing in the RPA which supports the retention of a diverse population base in the neighborhood.
Revitalize Bryn Mawr between Sheridan Road and Magnolia as a neighborhood-oriented mixed-use business, residential and service district.
Encourage the enhanced development of Broadway as a mixed-use district meeting contemporary physical development requirements consistent with the urban character of the neighborhood.
Enhance the sense of common identity in Edgewater by tying together the many sub-communities with streetscaping and urban design projects.
The strategies to be employed include targeting anchor buildings and opportunity sites for rehabilitation, encouraging private sector activities, investing in public improvements, acquiring land to support private efforts, and leveraging other funds by use of public revenues.
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Redevelopment Plan and Project Bryn Mawr/Broadway Redevelopment Project Area
The proposed RPA lies immediately north of the existing Edgewater TIF. Funds will be shared between these two districts to maximize their complementary revitalization and redevelopment objectives. The proposed redevelopment plan and project provides for total expenditures of $ 17,400,000. The comprehensive revitalization of the Bryn Mawr - Broadway corridor will create an attractive and stable commercial district in the Edgewater community and lend to the important City objectives of eliminating blight, stemming retail base erosion, enhancing the tax base, enhancing and stabilizing existing retail districts, facilitating economic development, and creating new employment opportunities for minority and female City residents.
Among the key, early projects in the RPA are the extensive rehabilitation of the two apartment hotel buildings located within the Bryn Mawr Avenue historic district. Analysis of the financial feasibility of these projects indicates a financing gap that can only be filled with tax incremental financing assistance. But for the creation of the tax incrementalfinancing district, this and other necessary redevelopment projects cannot occur.
This plan and project summarize the analysis and findings of the consultant's work, which, unless otherwise noted, is solely the responsibility of S.B. Friedman & Co. and Public Finance Associates and does not necessarily reflect the views and opinions of potential developers or the City of Chicago. However, the City of Chicago is entitled to rely on the findings and conclusions of this plan in designating the Bryn Mawr - Broadway district as a redevelopment project area under the Act.
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2. Introduction
In March 1996, S. B. Friedman & Company and Public Finance Associates were engaged to conduct a study of certain properties in the Edgewater neighborhood of the City of Chicago to determine whether such properties would qualify for status as a "blighted area" or a "conservation area" under the Illinois Tax Increment Allocation Redevelopment Act, Illinois Compiled Statutes, 65 ILCS 5/11-74.4-1 et. seq. (the Act). This Redevelopment Plan and Project (Plan) is the central document for the proposed redevelopment plan area (RPA) for a tax increment finance (TIF) district. This document is supported by a document outlining the eligibility factors that qualify the RPA for designation as a TIF District.
Project Area Background & Description
The RPA is located in the vicinity of the intersection of Bryn Mawr and Broadway Avenues in the Edgewater community of the City of Chicago, which is located in Cook County, Illinois. Map 1 shows the approximate boundaries of the proposed district. Appendix .1 contains the official boundaries and legal description of the district.
The RPA includes the commercial portions of all or some of 15 city blocks generally described as:
• Broadway. Both sides of Broadway extending from just south of Balmoral (approximately 5350 north) to just north of Bryn Mawr (approximately 5622 north), excluding the Jewel Food Store property,
• . Bryn Mawr. Both sides of Bryn Mawr extending from near Magnolia (approximately 1218
West) on the west to Sheridan Road (approximately 1021 West) on the east,
Ridge. Selected parcels along Ridge from the Broadvvay/Bryn Mawr intersection to approximately 5623 north,
Catalpa. Both sides of Catalpa from the alley immediately west of Broadway to the elevated CTA tracks on the east,
Balmoral. North side of Balmoral from the alley immediately west of Broadway east to Winthrop, and the south side of Balmoral from the alley west of Broadway to the alley east of Broadway,
Berwyn. Both sides of Berwyn from the elevated CTA tracks to eastern edge of the right-of-way along at Winthrop,
Winthrop. The west-side of Winthrop including the street right-of-way from 5250 North Winthrop to the north edge of the right-of-way along Balmoral (approximately 5400 North Winthrop), and
CTA. The entire right-of-way of the CTA elevated line from Berwyn to the northern edge of Bryn Mawr station.
All properties were examined for qualification factors consistent with the "conservation area" requirements of the Act as well as for development and redevelopment potential. Based upon these . criteria, the selected properties have been deemed suitable for TIF District status and are considered to be the RPA.
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Redevelopment Plan and Project Bryn Mawr/Broadway Redevelopment Project Area
History of Area
Edgewater was founded in 1886 by John Lewis Cochran after he purchased an area of Lake Michigan shoreline stretching from Bryn Mawr to Foster and Broadway (then Evanston Avenue) to Sheridan Road (then on the lakeshore). The community was expanded north to Devon in 1888, west to Clark in 1890, and north to Norwood in 1893. The proposed RPA encompasses the heart of this new community called Edgewater. Cochran developed the area as a planned community and installed infrastructure to support the development, including streets, sewers, sidewalks, streetscaping (trees), and electricity. Edgewater was aggressively marketed to the rising middle class and soon attracted businessmen, bankers, architects, doctors, and other professionals who built large graceful homes on large shaded lots along the many tree-lined streets found throughout the neighborhood.
Following this initial growth phase, amenities were added to Edgewater that substantially enhanced the area for new development. These amenities included new rail stations for the Milwaukee and St. Paul railroad at Bryn Mawr and Granville. The Guild Hall (no longer standing) was built as the cultural center of the community. By 1900, four major churches, including two in the RPA (Edgewater Presbyterian Church and St. Ita's Parish), were established. Several schools were also built during the period to serve a growing multi-ethnic immigrant population. This gave rise to higher density residential development which accommodated a wide variety of lifestyles and incomes.
Around the turn of the century major changes began to take shape which would dramatically increase the population size and density of Edgewater. In 1889, residents elected to become part of the City of Chicago. In 1908, the North Shore Electric Line was extended north to Howard from Wilson, connecting the area directly to downtown Chicago shopping and employment. The area was in a building boom which was mostly uncontrolled because the building covenants and restrictions that had shaped the community had expired. While many developers constructed quality buildings in the area, the lack of adequate controls led to the replacement of single-family homes by higher density multi-family structures.
In the early part of the twentieth century, Edgewater experienced an accelerated pace of new investment that transformed the area from a predominately single-family residential district to a mixed single- and multi-family residential and commercial district. Prominent structures such as The Edgewater Beach Hotel — then located directly on the lakefront - were built in the 1910s and 1920s. These were soon followed by several standard apartment buildings and apartment hotels, including the Bryn Mawr and Belle Shore — which attracted young singles and couples who sought furnished rooms and convenience-driven services such as laundry and grocery delivery. In this same time period, movie theaters such as the Bryn Mawr Theater were built to meet demand for "talkies" and silent films. Several other major venues such as the Eleven-Eleven Club, the Armory and the Temple Theater were built during this period.
The Great Depression brought a halt to private development in the area which did not recover until the 1950s. Still, there were some major changes. Lake Shore Drive was extended to Foster in 1933
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Redevelopment Plan and Project Bryn Mawr/Broadway Redevelopment Project Area
by the Works Progress Administration (WPA). Edgewater Hospital opened in 1929, Mundelein College in 1930, St. Gertrude's Church in 1932, and St. Gregory High School in 1937. Public infrastructure was improved using WPA and other public works funds. While the depression took a major toll on many local businesses, many were able to survive by providing necessities and good service to the community. Nonetheless, substantial private investment did not occur again in the area until after the Second World War.
The postwar period brought dramatic change for the neighborhood. New immigrants from Japan, Korea, Greece, Mexico, Puerto Rico, the Philippines, and China replaced the predominately European residents in Edgewater of earlier years, bringing with them a renewed vitality to the area. However, the population of the area continued to decline from a high in the 1940s of around 55,000 to less than 48,000 by 1960. By the 1960s, urban decay began to become a major issue as the community faced a deteriorating and aging housing stock. Several community organizations including the Edgewater Clergy and Rabbi Association and the newly formed Edgewater Community Council worked to funnel limited resources to address housing and social needs.
The disinvestment and out-migration patterns that began in the 1960s have become manifested in larger problems that impact the entire Edgewater community. The disinvestment and population decline have left the community with many large and prominent structures that are often underutilized, partially or fully vacant, and in need of structural repair and replacement. Among the buildings in need of rehabilitation are the residential hotels and vacant commercial spaces found throughout the proposed RPA. While some of these spaces can be modernized, many are functionally and economically obsolete and are now targets for redevelopment. The commercial block-face of Broadway is disrupted in areas because of vacant lots which have become parking and storage areas for neighboring businesses. Finally, the public infrastructure in many parts of the proposed RPA has deteriorated substantially or is obsolete and must be updated to assist in the area-wide redevelopment strategy discussed in this document.
Community groups that were created to address the emergent problems in Edgewater continue to pursue a number of redevelopment and community preservation initiatives. This includes the creation of the Bryn Mawr Historic District listing in the National Register of Historic Places to preserve and provide incentives for the rehabilitation of the many historic buildings along Bryn Mawr. The historic district designation was coordinated by a collaboration of neighborhood groups and concerned citizens called the Bryn Mawr Task Force. The designation was received on April 20, 1995 and encompasses the north and south sides of Bryn Mawr between Sheridan Road and Broadway.
As discussed below, the current prevailing conditions in the community require further attention. The strategies embodied in the plan are designed to address these conditions and complement other redevelopment initiatives occurring in the community, as well as attracting new private investment.
Existing Conditions and Land Use
The RPA is characterized by the following land use patterns and physical conditions:
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Redevelopment Plan and Project Bryn Mawr/Broadway Redevelopment Project Area
Private Land and Improvements. Approximately 93 buildings are situated on 100 indexed parcels, and include the following observations based upon a street, sidewalk and alley survey:
14 private residences containing no commercial space, including 5 single-family homes and 9 multi-unit apartment/condominium buildings
35 buildings that combine business/commercial space with residential uses, including two residential hotel buildings
approximately 15 have some or all of their commercial space currently vacant and available for use
two large residential hotel buildings which are deteriorated and hinder the development of the proposed RPA
41 buildings are commercial business properties
8 are completely vacant, with no business activity on the site
4 are to be only partially utilized, and
tax exempt buildings include a church and CTA facilities; one park property is also exempt .
Public Land/Rights-of-Way. Portions of Broadway, Ridge, Bryn Mawr, Kenmore, Winthrop, Catalpa, Balmoral, and Berwyn Avenues are included in the RPA. Also included are sidewalks, utility easements, alleys, and CTA lines within the designated area.
Most of the residential uses are located along Winthrop, however two residential hotel buildings are located on Bryn Mawr. Commercial space is concentrated along Bryn Mawr, Ridge and Broadway, with limited commercial along Catalpa, Balmoral and Berwyn from just west of Broadway to the CTA line.
Generally, the land use patterns found in the community follow a rational distribution, however, there are instances of incompatible land use patterns occurring along Broadway and Bryn Mawr. Many of the disparate land use patterns are found along Broadway where commercial, retail, auto repair, institutional, recreational, and residential uses exist side-by-side. Land use along Bryn Mawr is not as diverse as along Broadway, but there are areas where land uses are incompatible. Specifically, along Bryn Mawr west of Broadway, an abandoned industrial building sits amid several residential structures.
Aggravating the land use patterns in the proposed RPA are additional area physical features which constrain business operations, limit customer parking areas, and restrict access for product delivery to businesses along Bryn Mawr and Broadway. Additionally, the Jot depths found along Broadway and Bryn Mawr create numerous problems associated with operating businesses in this area.
Broadway is a wide thoroughfare where a number of different traffic patterns conflict. These include through drivers going to destinations outside of the proposed RPA, customers and area residents attempting to find parking or exiting the neighborhood, and delivery vehicles double parking or using limited alley space to drop off store products. The east side of the street is characterized by lot depths of 250' with large structures next to small structures, creating a disjointed patchwork of
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Redevelopment Plan and Project Bryn Mawr/Broadway Redevelopment Project Area
commercial and multi-family residential land uses. The alley behind the east-side of the street is poorly configured to handle truck delivery and conflicting store or residential parking needs that may be required for any redevelopment activity.
The comparatively shallow lot'depths of 125' on the west-side of the street are not sufficient for modem commercial uses. The west side of the street also has the majority of vacant land found in the proposed RPA. However, the lot depths are inadequate for the development of new commercial facilities. This problem is further exacerbated by the narrow alley which cannot accommodate product delivery nor customer parking. The issue of off-street parking and delivery areas is further affected by the fact that many of the buildings along Broadway occupy between 85 and 100% of their respective lots. These physical impediments make any redevelopment effort difficult and very expensive.
Many of the problems identified along Broadway are shared by Bryn Mawr. However, on Bryn Mawr these problems are more acute because the street is significantly narrower (115' width for Broadway versus 65' for Bryn Mawr) and there is no alley serving the buildings along the street Furthermore, lot depths along Bryn Mawr are not uniform and range between 100' and 150'. Bryn MawT currently serves as a major connector to Lake Shore Drive and carries a heavy traffic load. This combination of factors creates an environment that discourages new investment.
Another physical feature of the proposed RPA which detracts from its ability to compete in the marketplace is disruptions along the block face. This problem is particularly evident along Broadway. The disruptions of Broadway's block face include vacant lots, parking lots and businesses that do not rely upon nor receive pedestrian customers. The disruptions separate areas of commercial concentrations which discourages pedestrian traffic between stores, requires drivers to get on and off Broadway to reach nearby stores and impacts the overall vitality of the area. Furthermore, fragmented land ownership impedes redevelopment efforts by making it significantly more difficult to assemble large sites for new investment.
The age of the commercial structures, lack of investment by both the public and private sectors, existing land use patterns, area platting and block-face disruptions underlie the redevelopment needs of the RPA. Corresponding to the lack of property investment, and as a direct result of age, many of the proposed RPA buildings have been poorly retrofitting which has contributed to making many of these buildings inadequately configured for modem commercial uses. The misguided reconfiguration of many of these structures has made them unprofitable investments. Property owners are not able to capture enough rental income to pay for the high levels of maintenance exhibited in the area and typically required of buildings 30 years of age or older.
Map 2 shows existing land uses in the RPA.
Redevelopment Needs of the Area
The land use and existing conditions suggest the following general redevelopment needs for the RPA:
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Bryn Mawr/Broadway Redevelopment Project Area
Rehabilitate or redevelop major anchor building and opportunity sites, including the apartment hotels and commercial structures.
Develop uses that conform to current zoning and are compatible with existing residential development.
Rationalize and adjust the transportation system, loading and parking areas to effectively and directly serve the redeveloped RPA.
Redevelop and/or rehabilitate parcels that suffer from economic and functional obsolescence and other factors that make them unsuitable for modem market-based uses.
Streetscape right-of-ways and improve facades to create a common identity for the RPA as part of the larger Edgewater neighborhood.
Make improvements to RPA infrastructure including streets, sewer and water lines, sidewalks, street lighting, electrical, and telecommunication facilities.
Create physical and other improvements to reconfigure Bryn Mawr as a local commercial street from its current high volume commuter thoroughfare supporting Lake Shore Drive.
Stabilize and/or clean up areas where there has been little private and public investment, where there are deleterious land uses, functional/economic obsolescence, and other conditions that are detrimental to the economic vitality of the RPA. Efforts would include, but not be limited to, facade enhancement, general maintenance assistance, commercial signage, and other programs.
Maintain and rehabilitate the CTA station and viaduct in a manner consistent with, and complementary to, the surrounding neighborhood, including station renovation and viaduct treatments.
Provide incentives to encourage assembly of redevelopment sites attractive for contemporary development.
Leverage limited local resources, both public and private, to attract additional public and private investment to the RPA.
The plan provides tools for the City and local community to encourage the private sector to undertake redevelopment and rehabilitation projects, as well as other improvements that serve the redevelopment interests of the local community and City. An integrated implementation strategy has been developed to address these needs and facilitate the sustainable redevelopment of the RPA. This strategy includes targeting anchor buildings for extensive rehabilitation or redevelopment activity. To support these specific projects and encourage future RPA investment, public resources, including tax increment financing, may be used to repair and modernize RPA infrastructure, create an identity for the community, and prepare sites for redevelopment. Land assembly activity may occur to consolidate vacant or blighted sites for future private sector redevelopment activities and/or to assist private developers wilh acquisition.
S. D. Friedman & Company
3. Conservation Area Conditions Existing in the RPA
Criteria for Designation
The Act sets forth specific eligibility criteria which must be present to a meaningful extent within the RPA at the time of its designation in order for the area to qualify for designation as a Conservation Area. These criteria are discussed in detail in the Eligibility Study for the RPA, which is a supporting document of this plan. By law, a "redevelopment project area" is:
an area designated by the municipality. . . in respect to which the municipality has made findings that there exist conditions which cause the area to be classified as a blighted area or a conservation area, or a combination of both blighted areas and conservation area.
As set forth in the Act, a "conservation area" means
...any improved area within the boundaries of d redevelopment project area located within the territorial limits of the municipality in which 50% or more of the structures in the area have an age of 35 years or more. Such an area is not yet a blighted area but because of a combination of3 or more of thefollowing factors: dilapidation; obsolescence; deterioration; illegal use of individual structures; presence of structures below minimum code standards; abandonment; excessive vacancies; overcrowding of structures and community facilities; lack of ventilation, light or sanitary facilities; inadequate utilities; excessive land coverage; deleterious land use or layout; depreciation of physical maintenance; lack of community planning, is detrimental to the public safety, health, morals, or welfare and such an area may become a blighted area.
Conservation Area Factors
To qualify for designation, the RPA must meet the age requirement plus any three other eligibility factors. Six factors (in addition to age) are present to a meaningful extent and are reasonably distributed throughout the RPA, including:
Depreciation of Physical Maintenance
Obsolescence
Excessive Vacancies
Excessive Land Coverage
Deleterious Land Use/Layout
Lack of Community Planning.
All blocks within the RPA satisfy the age requirements and display at least three additional
Eligibility Factors. The following are present in the RPA:
Age. 50% or more of the structures within the RPA must be 35 years or older.
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Redevelopment Plan and Project Bryn Mawr/Broadway Redevelopment Project Area
Of the approximately 93 buildings examined, 79 have been determined to be in excess of 35 years of age. This is 85% of the total buildings within the RPA.
Depreciation of Physical Maintenance. Depreciation of physical maintenance refers to the effects of deferred maintenance and the lack of maintenance of the buildings, surrounding parking areas, and public improvements, including alleys, walks, streets, and viaducts.
Of the 93 buildings in the RPA, 87 of these buildings or 94% of the structures exhibit some deferred maintenance of windows and window frames, doors and door frames, exterior walls, canopies, fascias, awnings, gutters, roofs and shingles, and related premises including fences surrounding or buffering property. In addition, areas of the el track infrastructure, some alleys, sidewalks, curbs and gutters, and street pavement are mostly in poor condition with irregular and patched surfaces. This Eligibility Factor is overwhelmingly present on all 14 of the City blocks examined within the RPA.
Obsolescence. There are two forms of obsolescence: functional and economic.
Functional Obsolescence. Buildings become functionally obsolescent when they contain characteristics or deficiencies which limit the use and marketability of such buildings after the original intended use ceases. The characteristics of functionally obsolete buildings or properties may include loss in value to a building or property resulting from initially poor physical construction, design, or layout; the improper orientation of the building on its parcel site; or the cessation of functional operations due to a loss of the intended user followed by an inability to physically modify the building for future users.
Economic Obsolescence. Economic obsolescence is normally a result of adverse conditions which cause some degree of market rejection and, hence, depreciation in market values. Typically, buildings classified as dilapidated and buildings which contain vacant space are characterized by problem conditions which may not be economically curable, resulting in net rental losses and/or depreciation in market value.
62 of the buildings in the RPA exhibit either functional obsolescense, economic obsolescense, or some combination of both. This factor affects 67% of the area buildings and is found on 11 of the 14 City blocks and is reasonably distributed throughout the area.
Excessive Vacancies. Excessive vacancies refers to the presence of buildings or sites which are unoccupied or underutilized and which have an adverse influence upon other properties within the RPA because of the frequency or the duration of vacancies. Excessive vacancies include properties which evidence no apparent effort directed toward their occupancy or utilization.
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Bryn Mawr/Broadway Redevelopment Project Area
Of 93 buildings in the RPA, 27 of them have at least one commercial space vacant, sometimes more than one space.
• 41 commercial buildings located within the RPA:
» 8 are completely vacant, with no business activity occurring on the site
* 4 exclusively commercial buildings are partially utilized.
• 35 mixed-use commercial/residential properties
* 15 buildings have some or all of their commercial space currently vacant and available for use
Excessive vacancies are present on 12 of the 14 blocks examined in the RPA and this eligibility factor is reasonably distributed throughout the RPA.
Excessive Land Coverage. Excessive land coverage refers to the over-intensive use of property and the crowding of buildings and accessory facilities onto a site that minimizes available areas for off-street parking.
Of the 93 buildings in the RPA, 66. buildings, or 71% of ihe total, exhibit excessive land coverage. This Eligibility Factor is present on 13 of the 14 City blocks within the RPA and is reasonably distributed throughout the area.
Deleterious Land Use or Layout. Deleterious land use refers to the existence of incompatible land use relationships, buildings or properties occupied by inappropriate uses that may be considered noxious, offensive or environmentally unsuitable.
Deleterious layout includes, but is not limited to, evidence of improper or obsolete platting of land; inadequate street or alley layout; and parcels of land which are inadequate in size or shape to meet contemporary development standards. It also includes evidence of improper layout or development of buildings on parcels and in relation to other buildings.
Of the 93 buildings in the RPA, 37 buildings, or 40% of the total, exhibit deleterious land uses or layout. Therefore, this Eligibility Factor is present and is reasonably distributed throughout the RPA on 10 of the 14 City blocks contained within the RPA.
Lack of Community Planning. Lack of Community Planning refers to the development or redevelopment of a specific area, neighborhood, or community without benefit of guidance or precedent; with no consideration of zoning, policy or subdivision of land; and without grass roots and community input coordinated by an appropriate City official or agency into how best to utilize the properties in the area consistent with these policies. The neighborhood was developed prior to the implementation of zoning, land use planning and community participation processes. Therefore, for the purposes of this eligibility factor, the RPA has not benefited from contemporary planning practices.
Lack of community planning is present throughout the RPA because it was developed without the benefit or guidance of overall community planning and policy All of the
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Redevelopment Plan and Project Bryn Mawr/Broadway Redevelopment Project Area
properties and buildings within the RPA evidence a lack of community planning which is present on all 14 City blocks of the RPA.
Conclusion
Based upon the qualification requirements of the Act, this RPA meets the eligibility criteria for designation as a Conservation Area. Six (6) of the fourteen (14) Eligibility Factors cited in the Act are present to a meaningful extent and are reasonably distributed throughout the RPA. These Eligibility Factors are Depreciation of Physical Maintenance; Obsolescence; Deleterious Land Use or Layout; Excessive Vacancies; Excessive Land Coverage; and Lack of Community Planning. In addition to these Eligibility Factors, deterioration has been documented in two buildings.
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I
4. Redevelopment Plan and Project
Goals, Objectives and Strategies
Goals, objectives and strategies are designed to address the needs of the community and to form the overall framework of the plan for the use of tax increment funds that are anticipated from the RPA. The overall goal of the RPA generally outlines the reasons why the RPA is to be created. This goal is followed by more specific objectives regarding what the plan is designed to accomplish, key strategies and projects that are important to the community. These are followed by specific projects that are important to the community.
Goal
The overall goal of the redevelopment plan is to provide the directions and mechanisms necessary for the self-sustaining revitalization of the RPA in a manner that supports the surrounding residential neighborhoods. This goal is to be achieved through an integrated and comprehensive strategy that utilizes both public and private resources.
Objectives
Four broad objectives support the broader overall goal of area-wide revitalization of the RPA and the Edgewater neighborhood. These include:
Rehabilitate and upgrade existing housing in the RPA which supports the retention of a diverse population base in the neighborhood.
Revitalize Bryn Mawr between Sheridan Road and Magnolia as a neighborhood-oriented mixed-use business, residential and service district.
Encourage the enhanced development of Broadway as a mixed-use district meeting contemporary physical development requirements consistent with the urban character of the neighborhood.
Enhance the sense of common identity in Edgewater by tying together the many sub-communities with streetscaping and urban design projects.
Strategies
These objectives will be implemented through five specific and integrated strategies. These are:
Target Anchor Buildings and Opportunity Sites
The rehabilitation of key anchor building and redevelopment of key opportunity sites are the
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Redevelopment Plan and Project Bryn Mawr/Broadway Redevelopment Project Area
highest priority projects in the RPA. Because of their size, location and prominence, these are improvements and projects that are anticipated to directly and indirectly impact more than just the project site. Once completed, these projects are expected to stimulate both physical and economic private investment and enhance the RPA and surrounding area.
• Encourage Private Sector Activities
Through public/private partnerships, the City and local community may provide financial and other assistance to encourage the private sector to undertake redevelopment and rehabilitation projects and other improvements that are consistent with the goals of the community and this plan.
Public Improvements
A series of public improvements along Broadway and Bryri Mawr may be designed and implemented to help define the RPA as well as prepare sites in the RPA for anticipated private investment.
Selected Acquisition and Land Assembly
Selected buildings and vacant sites throughout the RPA may be acquired and assembled to attract future private investment and development. The consolidated ownership of these sites will make them easier to market to potential community developers and streamline the redevelopment process. In addition, assistance may be provided to private developers seeking to acquire land and assemble sites in order to undertake projects supportive of this plan.
Leveraging Funds for Other Improvements
Remaining uncommitted resources may be used to fund appropriate physical improvements and economic development activities consistent with the Act, and to leverage additional public and private resources to continue the ongoing comprehensive redevelopment of the RPA and surrounding area.
Redevelopment Plan Elements
There are three general categories of activities that may be supported by tax increment funds under the provisions of the Act:
Development/Redevelopment/Rehabilitation Activities, including: Assembly of Sites, Demolition and Site Preparation Provision for Soil and Site Improvements Interest Write-down Rehabilitation Costs
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Provision for Relocation Costs Environmental Remediation
Public Improvement, including:
Provision or Rehabilitation of Public Improvements and Facilities Capital Costs
Administrative Support and Financing, including: Job Training and Related Educational Programs Analysis, Administration, Studies, Legal, et al. Financing Costs Payments in Lieu of Taxes
A number of key types of projects, activities and improvements were identified for the RPA. These activities are those which could be undertaken as resources become available. As community needs and market conditions change, it is likely that additional projects may be suggested throughout the life of the RPA. To the extent that these projects are consistent with the goals of this plan and the related costs are eligible under the Act, these projects may be considered for funding.
• Apartment Hotel Rehabilitation. Two existing apartment hotels within the project area have been targeted for rehabilitation. Both are prominent anchor building and contain 371 apartment units totaling over 170,000 square feet and 10 ground floor commercial spaces totaling 14,200 square feet.
Using both historic and low-income tax credits, the buildings would be redeveloped for low and moderate income residents.
It is anticipated that TIF funds will be used to cover eligible costs of the developer in order to facilitate the rehabilitation and marketing of the residential and commercial spaces in the two buildings. This assistance may be structured to include a combination of grants, direct low interest loans, pledged tax increment revenues, and other financing mechanisms allowable under the Act.
• Bryn Mawr Corridor. This corridor generally includes all of the parcels along Bryn Mawr Avenue from the east side of Sheridan to the west side of Magnolia, as well the parcels along the north side of Ridge from Broadway to Magnolia. Within this area there are several significant buildings which are in need of extensive rehabilitation. Activities to be undertaken in this corridor include, without limitation:
Acquisition of key buildings
Rehabilitation assistance including facade and commercial rehabilitation assistance Rehabilitation of public infrastructure
Redevelopment and rehabilitation of other buildings within the area in accordance with eligible expenditures and activities.
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Bryn Mawr/Broadway Redevelopment Project Area
• Broadway Corridor. This corridor generally includes all of the parcels from the alley west of Broadway to the el tracks and Bryn Mawr to just south of Balmoral (except for St. Rita's Parish). Key objectives in this corridor include improvement of the urban character of the area including restoring the street face, encouraging new commercial development with appropriate urban types of parking, providing for appropriately configured commercial spaces and similar activities including:
• Targeted acquisition and rehabilitation of selected parcels
Encouragement of a redevelopment program on the east side of Broadway including financial assistance for rehabilitation and redevelopment
Assistance to encourage appropriate re-use of parcels on the west side of Broadway consistent with the lot depths and surrounding uses
Public improvements including streetscaping and repair and rehabilitation of existing infrastructure throughout the area
Residential District. The residential district is located east of the el line to the eastern edge of Winthrop between the north edge of Balmoral to just south of Berwyn. Improvements to this area include:
Sidewalk and other public improvements Residential rehabilitation
Public Improvements. Public Improvements in the Edgewater TIF and along Broadway, Bryn Mawr and included portions of Ridge Avenue and Sheridan Road, including:
Streetscaping
Entryways at southern edge of neighborhood and at Sheridan and Bryn Mawr
Park or other improvements at Broadway and Bryn Mawr Bikeways and bike storage
Proposed land use is shown on Map 3 and parcels that may be acquired are noted on Map 4.
These activities are representative of the types of projects contemplated to be undertaken during the life of the RPA. Market forces are critical to the completion of these projects. Phasing of projects will depend on the interests and resources of both public and private sector parties. Not all projects will necessarily be undertaken. Further, additional projects may be identified throughout the life of the RPA. To the extent that these projects meet the goals of this plan, the requirements of the Act and budget outlined in the next section, these projects may be considered for tax increment funding.
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5. Financial Plan
Eligible Costs
The Act outlines several categories of expenditures that can be funded using tax increment revenues. These expenditures -- referred to as eligible costs — include all reasonable or necessary costs incurred or estimated to be incurred, and any such costs incidental to this plan pursuant to the Act. Such costs may include, without limitation, the following:
1. Costs of studies, surveys, development of plans and specifications, implementation and
administration of the redevelopment plan, including but not limited to staff and professional
service costs for architectural, engineering, development advisors, development managers,
legal, marketing, financial, planning or other services, related hard and soft costs, and other
related expenses, provided, however, that no such charges may be based on a percentage of
the tax increment collected;
2. Property assembly costs, including but not limited to acquisition of land and other property,
real or personal, or rights or interest therein, demolition of buildings, and clearing and
grading of land;
3. Costs of rehabilitation, reconstruction or repair or remodeling of existing public or private
buildings or fixtures;
Costs of the construction of public works or improvements;
Costs of job training and retraining projects;
Financing costs, including but not limited to all necessary and incidental expenses related to the issuance of obligations and which may include payment of interest on any obligations issued hereunder accruing during the estimated period of construction of any redevelopment project for which such obligations are issued and for not exceeding 36 months thereafter and including reasonable reserves related thereto;
All or a portion of a taxing district's capital costs resulting from the redevelopment project necessarily incurred or to be incurred in furtherance of the objectives of the redevelopment plan and project, to the extent the municipality by written agreement accepts and approves such costs; -
Relocation costs to the extent that a municipality determines that relocation costs shall be paid or is required to make payment of relocation costs by federal or state law;
Payment in lieu of taxes;
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10. Costs of job training, advanced vocational education or career education, including but not limited to courses in occupational, semi-technical or technical fields leading directly to employment, incurred by one or more taxing districts, provided that such costs (i) are related to the establishment and maintenance of additional job training, advanced vocational education or career education programs for persons employed or to be employed by employers located in the redevelopment project area; and (ii) when incurred by a taxing district or taxing districts other than the municipality, are set forth in a written agreement by or among the municipality and taxing district(s), which agreement describes the program to be undertaken, including but not limited, to the number of employees to be trained, a description of the training and services to be provided, the number and type of positions available or to be available, itemized costs of the program and sources of funds to pay for the same, and the term of the agreement. Such costs include, specifically, the payment by the community college district of costs pursuant to Sections 3-37, 3-38, 3-40 and 3-41.1 of the Public and Community College Act and by the school districts of cost pursuant to Section 10-22.20a and 10-23.3a of the School Code.
11. Interest costs incurred by a developer or other user related to the construction, renovation or rehabilitation of a redevelopment project provided that:
Such costs are to be paid directly from the special tax allocation fund established pursuant to the Act;
Such payments in any one year may not exceed thirty percent (30%) of the annual interest costs incurred by the user with regard to the development project during that year;
If there are not sufficient funds available in the special tax allocation fund to make the payment pursuant to this paragraph (6) then the amount so due shall accrue and be payable when sufficient funds are available in the special tax allocation fund; and
The total of such interest payments paid pursuant to the Act may not exceed thirty percent (30%) of the total of (i) cost paid or incurred by the user for the redevelopment project plus (ii) redevelopment project costs excluding any property assembly costs and any relocation costs incurred by a municipality pursuant to the Act.
12. Unless explicitly stated in the Act, the cost of construction of new privately owned buildings shall not be an eligible redevelopment project cost.
Estimated Redevelopment Project Costs
The estimated costs of this plan are shown in Table 1. To the extent that municipal obligations have been issued to pay for such costs incurred prior to, but in anticipation of, the adoption of tax increment financing, the City shall be reimbursed for such costs. The total cost provides an upper limit on expenditures (exclusive of capitalized interest, issuance costs, interest, and other financing costs). Within this limit, adjustments may be made in line items without amendment to this document/plan. Additional funding in the form of State and Federal grants, private developers'
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contributions and other outside sources may be pursued by the City as a means of financing improvement and facilities which are of benefit to the general community.
TABLE 1
ESTIMATED TIF ELIGIBLE COSTS
PROJECTS/IMPROVEMENTS ESTIMATED COSTS*
Land Acquisition $ 2,275,000
Site Preparation/Environmental Remediation $ 500,000
Demolition $ 500,000
Rehabilitation $ 11,000,000
Public Improvements $ 1,700,000
Job Training $ 25,000
Interest Subsidy $ 1,000,000
Planning, Legal, Professional $ 250,000
Relocation $ 150.000
TOTAL REDEVELOPMENT
PROJECT COSTS $ 17,400,000
* Exclusive of capitalized interest, issuance costs and other financing costs
All costs are 1996 dollars. In addition to the above listed costs, each issue of bonds or other securities issued to finance a phase of the project may include an amount of proceeds sufficient to pay customary and reasonable charges associated with the issuance of such obligations. Adjustments to the estimated line item costs above are expected.
Each individual project will be evaluated in light of projected private development and resulting incremental tax revenues as it is considered for public financing under the provisions of the Act. These costs do not include that portion of each project's total costs financed from private funds or non-TIF public resources. The totals of line items are not intended to place a total limit on the described expenditures. Adjustments may be made in line items within the total, either increasing or decreasing line item costs for redevelopment costs.
Phasing and Scheduling of the Redevelopment
The initiator of each project shall be required to submit a current schedule for implementation, which shall be revised as necessary. Where tax increment funds are used to pay eligible costs, expenditures by the City shall be coordinated to coincide on a reasonable basis with the actual redevelopment expenditures of the developer(s). The completion date for the RPA plan shall be no later that 23 years from the date the ordinance establishing the RPA is adopted by the City Council, unless extended or amended pursuant to the Act, as amended from time to time.
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Sources of Funds to Pay Costs
Funds necessary to pay for redevelopment project costs and/or municipal obligations which have been issued or incurred to pay for such costs are to be derived principally from tax increment revenues and/or proceeds from municipal obligations which have as a revenue source tax increment revenue. To secure the issuance of these obligation, the City may permit the utilization of guarantees, deposits, reserves, and/or other forms of security made available by private sector developers.
The tax increment revenue which will be used to fund tax increment obligations and eligible redevelopment project costs shall be the incremental real property tax revenues. Incremental real property tax revenue is attributable to the increase the current equalized assessed valuation of each taxable lot, block, tract, or parcel of real property in the redevelopment project area over and above the certified initial equalized assessed value of each such property. Without the use of such incremental revenues, the redevelopment project area is not likely to redevelop.
Other sources of funds which may be used to pay for development costs and associated obligations issued or incurred include land disposition proceeds, state and federal grants, investment income, private investor and financial institution funds, and other sources of funds and revenues as the municipality may from time to time deem appropriate such as municipal sales tax revenues, municipal amusement taxes, and other sources.
Revenues from this redevelopment project area may be made available to support any contiguous TIF district/redevelopment project area, and revenues in this TIF district/redevelopment area may be supplemented by revenues generated by other such contiguous areas. This "sharing" may be made without modification to this document so long as the revenues made available to the contiguous area at no time exceed the Total Redevelopment Costs described on Table 1 (unless otherwise amended).
The proposed Bryn Mawr/Broadway RPA (presented in this plan) and the existing Edgewater RPA are contiguous to one another, and the City finds that the goals, objectives and financial success of said areas to be interdependent. The City further finds that it is in the best interest of the City and in the furtherance of the purposes of the Act that net revenues from each area be made available to support the other. The City therefore proposes to utilize net incremental property and sales tax revenues (as allowed by law) received from one area to pay eligible redevelopment project costs, or obligations to pay such costs, in the other area, and vice versa. The amount of revenues from Edgewater TIF area made available to support the Bryn Mawr/Broadway TIF area shall not at any time exceed the Total Project Cost described in Table 1 (unless otherwise modified).
The redevelopment plan for the existing Edgewater TIF area will be amended and modified to add appropriate and parallel language to allow for sharing of revenues between the districts.
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Issuance of Obligations
To finance project costs, a municipality may issue general obligation bonds or obligations secured by the anticipated tax increment revenue generated within the district/redevelopment project area, or the City may permit the utilization of guarantees, deposits or other forms of security made available by private sector developers to secure such obligation. In addition, a municipality may pledge toward payment of such obligations any part or any combination of the following: (a) net revenues of all or part of any redevelopment project; (b) taxes levied and collected on any or all property in the municipality; (c) the full faith and credit of the municipality; (d) a mortgage on one or more properties located within the redevelopment project area; or, (e) any other taxes or anticipated receipts that the municipality may lawfully pledge.
All obligations issued by the City pursuant to this plan and the Act shall be retired within twenty-three (23) years from the adoption of the ordinance approving the original redevelopment project area. Also, the final maturity date of any such obligations which are issued may not be later than 20 years from their respective dates of issue. One or more of a series of obligations may be sold at one or more times in order to implement this plan. The amounts payable in any year as principal and interest on all obligations issued by the City shall not exceed the amounts available, or projected to be available, from tax increment revenues and from such bond sinking funds or other sources of funds (including ad valorem taxes) as may be provided by ordinance. Obligations may be of a parity or senior/junior lien nature. Obligations issued may be serial or term maturities, and may or may not be subject to mandatory, sinking fund, or optional redemptions.
Tax increment revenues shall be used for the scheduled and/or early retirement of obligations, and for reserves, bond sinking funds and redevelopment project costs, and, to the extent that real property tax increment is not required for such purposes, shall be declared surplus and shall then become available for distribution annually to taxing districts in the project area in the manner provided by the Act.
Most Recent Equalized Assessed Valuation of Properties in the Redevelopment Project Area
The purpose of identifying the most recent EAV of the redevelopment project area is to provide an estimate of the initial EAV which the Cook County Clerk will certify for the purpose of annually calculating the incremental EAV and incremental property taxes of the RPA. The total 1994 EAV for the entire redevelopment area is approximately $ 17,500,000. Once certified, this EAV will serve as the Initial Equalized Assessed Valuation, unless the 1995 state equalization factor is certified by the Illinois Department of Revenue prior to the adoption of the ordinances establishing the RPA in which event the total 1995 EAVs for the area shall be in the Initial EAV.
Anticipated Equalized Assessed Valuation
By the year 2019 when the TIF is terminated, it is estimated that the EAV for the redevelopment • project area will be approximately S33,700,000. This estimate is based on several key assumptions, including: I) the rehabilitation of the residential hotels will be completed in 1999; 2) the impact of
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inflation upon the EAV of all properties located within the RPA will be 3% per year with its cumulative impact occurring in each triennial reassessment year; 3) the most recent state multiplier of 2.1135 as applied to the 1994 assessed value will remain unchanged; and 4) for the duration of the RPA, the tax rate for the area is assumed to be 9% and stable throughout the life of the RPA.
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6. Required Findings and Tests
Lack of Growth and Private Investment
The municipality is required to evaluate whether or not the area has been subject to growth and private investment and must substantiate a finding of lack of such investment prior to establishing a tax incremental financing district.
The redevelopment project area on the whole has not been subject to growth and development through investment by private enterprise. The lack of private investment is evidenced by the the lack of new development projects initiated or completed within the area. Eighty of 93 buildings, or 90% of the total, are over 35 years of age. Only 9 have been built since 1960.
An analysis of building permit data was conducted for the purposes of demonstrating "lack of private investment" in the proposed Bryn Mawr Redevelopment Project Area. The data was compiled by census tracts (0305, 0306, 0307, 0308) for the period 1991-1995. The analysis revealed that there has been $725,261 worth of investment in the RPA over this period of time, however repairs ordered by the City of Chicago Department of Buildings (DOB) accounted for 29.48% ($213,800) of this total. These property investments cannot be considered voluntary, nor can it be assumed that they would have occurred without the code violation orders. Accordingly, the voluntary property investments were $511,461.
The voluntary property investments account for less than 1% of the total 1994 estimated property market value for the proposed Bryn Mawr - Broadway RPA ($54,656,568). If we include the code violation repairs this percentage marginally increases to 1.33% of total 1994 property values.
The largest share of investment went toward building maintenance and repair activities — both voluntary and involuntary - which is directly related to age of structure. This pattern of investment reinforces one of the eligibility findings which asserts that a majority of the buildings are beyond 35 years of age. By adding the DOB code violation expenses and voluntary investment data, total investments in building repairs account for 67.47% ($489,311) of the property investments in the proposed Bryn Mawr - Broadway RPA between 1991 and 1995.
Again, the types of investment are representative of the physical needs found within the TIF. For instance, the TIF Eligibility Stability indicated that many of the buildings suffer from obsolete layouts which impede their ability to compete as effective structures in the commercial real estate market. Accordingly, the second largest share of investment went toward building alteration activities ($158,950, 21.92% of total investments). Owners typically will invest in structural alteration to make their buildings attractive to real estate markets after they are no longer competitive in their current configuration.
New construction accounted for only 4.89% ($35,500) of the private investment share over the 1991-1995 time period. This investment went only toward the insertion of new underground storage tanks and did not include any investment in new above-ground structures.
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The following table summarizes the distribution of building permit data by activity between 1991 and 1995 for the proposed RPA.
TABLE 2
BRYN MAWR - BROADWAY BUILDING PERMIT ANALYSIS
Activity Total Expenditures Percent of Total H 991-1995)
Structural Addition $35,000 4.83%
Alteration Existing Usage $158,950 21.92%
Alteration New Usage $6,500 0.90%
New Construction $35,500 4.89%
Repairs General $275,511 37.98%
Repairs Order of Building Dept. S213,800 29.48%
TOTAL AREA INVESTMENT (I99I-I995) 5725,261 100.0%
Although some rehabilitation has occurred on a limited and scattered basis, the RPA as a whole has not been subject to such growth and development. This lack of investment is evidenced by the continued existence of vacant and underutilized parcels and buildings, depreciation of physical maintenance, and other factors cited in the Eligibility Study. It is clear that private investment in revitalization and redevelopment has not occurred to overcome the conditions that currently exist.
Finding: The redevelopment project area (RPA) on the whole has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be developed without the adoption of the redevelopment plan.
But for..
The municipality is required to find that but for the designation of the TIF district and the use of tax increment financing, it is unlikely that any significant investment will occur in the proposed RPA.
The financial projections for the rehabilitation of the large residential hotels in the neighborhood were evaluated. The financial projections indicate that there is a significant gap in financing that can be filled with TIF funds. No other sources are available. Accordingly, but for creation of the TIF, these projects, which would contribute substantially to area-wide revitalization, are unlikely to occur without TIF designation for the proposed Bryn Mawr - Broadway RPA.
Conformance to the Plans of the Municipality
The proposed redevelopment area and plan must conform to the comprehensive plan for the municipality, confonn to the strategic economic development plans or include land uses that have
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been approved by the planning commission.
The proposed land use of the RPA is consistent with the zoning of the area as most recently revised and amended. Further, this plan must be reviewed and approved by the Chicago Plan Commission prior to its adoption by the City Council.
Finding: The redevelopment plan and project conform to plans for the development of the municipality as a whole and include land uses that have been approved by the planning commission of the municipality.
Dates of Completion
This redevelopment project shall be completed and all obligations retired by November, 2019. Financial Impact of the Redevelopment Project
Without the adoption of this plan, and tax increment financing, the redevelopment project area is not reasonably expected to be redeveloped by private enterprise. There is a real prospect that blighting conditions will continue to exist and spread, and the whole area will become less attractive for the maintenance and improvement of existing buildings and sites. The possibility of the erosion of the assessed value of property which would result from the Jack of a concerted effort by the City to stimulate revitalization and redevelopment could lead to a reduction of real estate tax revenue to all taxing districts.
This document describes the comprehensive redevelopment program proposed to be undertaken by the City to create an environment in which private investment can reasonably occur. The redevelopment program will be staged with various developments taking place over a period of years. If a redevelopment project is successful, various new projects will be undertaken that will assist in alleviating blighting conditions, creating new jobs and promoting rehabilitation and development in the area.
This redevelopment plan and project is expected to have short and long term financial impacts on the affected taxing districts. During the period when tax increment financing is utilized, real estate tax increment revenues (from the increases in Equalized Assessed Valuation [EAV] over and above the certified initial EAV established at the time of adoption of this document) may be used to pay eligible redevelopment project costs for the TIF district. At the end of the TIF time period, the real estate tax revenues resulting from the redevelopment of the area will be distributed to all taxing district levying taxes against property located in the district.
Demand on Taxing District Services
The following major taxing districts presently levy taxes on properties located within the plan area: City of Chicago
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Chicago Board of Education Chicago School Finance Authority Chicago Park District Chicago Community College District Metropolitan Water Reclamation District County of Cook
Cook County Forest Preserve District
The proposed redevelopment plan involves the acquisition of vacant land and existing buildings, underutilized parcels and buildings, construction of new commercial and residential buildings, improvement/ rehabilitation of existing buildings, provision of new and/or improved public facilities and infrastructure, and other activities as outlined in this document. Based on the fully developed status of the area, its predominately commercial use, and anticipated use of the properties, the financial burden of this plan upon these taxing districts is expected to be negligible.
Non-residential development, such as retail, commercial, office, hotel, public and institutional uses, should not cause significant increases in demand for services or capital improvement on any of the above taxing districts except the Metropolitan Water Reclamation District. Replacement of vacant and under-utilized buildings and sites with active and more intensive uses is anticipated to result in additional demands on services and facilities provided by the District. However, it is expected that any increase in such demand can be handled by existing facilities, and that increased usage will be compensated through use charges. Additional costs to the City for police, fire and sanitation services are expected to be minimal since the area involved is currently developed and receives such services. In addition, to the extent that the revitalization efforts result in reduced crime and physical improvements that reduce the risk of fire, the redevelopment plan may actually result in some savings in such costs.
Depending on the market served and the capacity of existing facilities, the limited amount of residential development expected for the RPA may cause some increased demand for services or capital improvements of the following taxing bodies: Board of Education, Community College District, Chicago Park District, the Metropolitan Water Reclamation District, and the City. These costs may include, but are not limited to, the provision of additional public and open space, additional demands for police, fire, sanitary and educational services, and other similar costs.
The character of development expected as a result of the proposed redevelopment is such that impacts to these bodies should be minimal. Among the major projects is a rehabilitation of existing, occupied apartment hotels. This will not necessarily increase or decrease the total population or the resulting demand for services.
Given the preliminary nature of the proposed development plan, specific fiscal impacts cannot be accurately assessed within the scope of this plan.
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Program to Address Financial and Service Impact
As described in detail in prior sections of this report, the complete scale and amount of development in the project area cannot be predicted with complete certainty at this time and the demand for services provided by those taxing districts cannot be quantified at this time.
The City may provide public improvements and facilities to service the project area. It is likely that any potential improvements may mitigate some of the additional service and capital demands of this redevelopment plan and project.
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7. Provision for Amending Action Plan
This Redevelopment Plan and Project document may be amended pursuant to the provisions of the Act.
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I
8. Affirmative Action Plan
The City is committed to and will affirmatively implement the following principles with respect to this redevelopment plan and project.
The assurance of equal opportunity in all personnel and employment actions with respect to this redevelopment plan and project, including but not limited to hiring, training, transfer, promotion, discipline, fringe benefits, salary, employment working conditions, terminations, etc. without regard to race, color, religion, sex, age, handicapped status, national origin, sexual preference, creed or ancestry.
Redeveloper will meet City standards for participation of Minority Business Enterprise and Women Business Enterprise businesses as required in redevelopment agreements.
The commitment to affirmative action and non-discrimination will ensure that all members of the protected groups are sought out to compete for all job openings and promotional opportunities.
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Appendix 1: Boundary and Legal Description (Manhard Consulting) Appendix 2: Summary of EAV (by PINs)
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^Manhard Consulting
JULY 8, 1996
BRYN MAWR - BROADWAY REDEVELOPMENT PROJECT AREA LEGAL DESCRIPTION
THAT PART OF THE SOUTH HALF OF SECTION 5 AND THE NORTH HALF OF SECTION 8, BOTH IN TOWNSHIP 40 NORTH, RANGE 14, EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS; BEGINNING AT THE INTERSECTION OF THE EAST LINE OF WINTHROP AVENUE WITH THE EASTERLY EXTENSION OF THE SOUTH LINE OF LOT 2 IN BLOCK 10 OF JOHN LEWIS COCKRAN'S SUBDIVISION, A SUBDIVISION OF THE WEST HALF OF THE NORTHEAST FRACTIONAL QUARTER OF SAID SECTION 8; THENCE WEST, ALONG SAID EASTERLY EXTENSION AND THE SOUTH LINE OF SAID LOT 2 AND ITS WESTERLY EXTENSION TO THE WEST LINE OF A 15 FOOT ALLEY ADJOINING SAID LOT 2; THENCE NORTH ALONG THE AFOREDESCRIBED WEST LINE OF A 15 FOOT ALLEY, TO THE NORTH LINE OF BERWYN AVENUE; THENCE WEST, ALONG SAID NORTH LINE OF BERWYN AVENUE TO THE SOUTHEAST CORNER OF LOT 13 IN BLOCK 9 IN SAID JOHN LEWIS COCKRAN'S SUBDIVISION; THENCE NORTH, ALONG THE EAST LINE OF SAID LOT 13 IN BLOCK 9 AND IT'S NORTHERLY EXTENSION TO THE SOUTH LINE OF BALMORAL AVENUE AT THE NORTHEAST CORNER OF LOT 28 IN SAID BLOCK 9; THENCE WEST, ALONG SAID SOUTH LINE OF BALMORAL AVENUE TO THE NORTHEAST CORNER OF LOT 26 IN SAID BLOCK 9; THENCE SOUTH ALONG THE EAST LINE OF LOT 26 AND LOT 25 IN SAID BLOCK 9, TO THE SOUTHEAST CORNER OF SAID LOT 25; THENCE WEST ALONG THE SOUTH LINE OF SAID LOT 25 TO THE SOUTHWEST CORNER THEREOF, ALSO BEING THE EAST LINE OF NORTH BROADWAY; THENCE SOUTH ALONG THE AFOREDESCRIBED EAST LINE OF NORTH BROADWAY TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF LOT 4 IN BLOCK ¦ 9 IN COCKRAN'S THIRD ADDITION TO EDGEWATER, IN THE EAST HALF OF THE NORTHWEST QUARTER OF SAID SECTION 8; THENCE WEST, ALONG THE SOUTH LINE OF SAID LOT 4 IN BLOCK 9 OF COCKRAN'S THIRD ADDITION AND ITS WESTERLY EXTENSION, TO THE WEST LINE OF A 16 FOOT ALLEY ADJOINING SAID LOT 4; THENCE NORTH, ALONG THE AFOREDESCRIBED WEST LINE OF A 16 FOOT ALLEY, TO THE SOUTH LINE OF BALMORAL AVENUE; THENCE NORTH, TO THE NORTH LINE OF SAID BALMORAL AVENUE, AT THE INTERSECTION WITH THE WEST LINE OF A 16 FOOT WIDE ALLEY IN BLOCK 8 IN SAID COCKRAN'S THIRD ADDITION; THENCE NORTH, ALONG THE AFOREDESCRIBED WEST LINE OF A 16 FOOT ALLEY IN BLOCK 8 AND ITS NORTHERLY EXTENSION, TO THE NORTH LINE OF CATALPA AVENUE; THENCE EAST, TO THE WEST LINE OF SAID NORTH BROADWAY; THENCE NORTH, ALONG SAID WEST LINE OF NORTH BROADWAY, TO THE SOUTH LINE OF THE NORTH 10 FEET OF LOT 15 IN BLOCK 1 IN SAID COCKRAN'S THIRD ADDITION; THENCE WEST ALONG THE AFOREDESCRIBED SOUTH LINE OF THE NORTH 10 FEET OF LOT 15 IN BLOCK 1, TO THE WEST LINE OF A 16 FOOT ALLEY LOCATED IN SAID BLOCK 1 IN COCKRAN'S THIRD EnSin«« ADDITION; THENCE NORTH, ALONG THE AFOREDESCRIBED WEST LINE OF A 16 FOOT ALLEY LOCATED IN BLOCK 1, TO THE SOUTH LINE OF BRYN MAWR AVENUE; THENCE WEST, ALONG SAID Surveyors SOUTH LINE OF BRYN MAWR AVENUE, TO THE INTERSECTION OF THE SOUTHERLY EXTENSION OF THE WEST LINE OF LOT 7 IN TURCK'S SUBDIVISION, A RESUBDIVISION OF LOT 1 OF A SUBDIVISION P'annp" OF THE EASTERLY 5.0116 ACRES SOUTH OF THE ROAD IN THE EAST HALF OF THE SOUTHWEST QUARTER OF SAID SECTION 5, SAID TURCK'S SUBDIVISION RECORDED MAY 8, 1 899 AS DOCUMENT NUMBER 2814695; THENCE NORTH, ALONG THE AFOREDESCRIBED WEST LINE OF LOT 7 AND ITS SOUTHERLY EXTENSION, TO THE NORTHWEST CORNER OF SAID LOT 7; THENCE EAST, ALONG THE
Manhard Coniulting. Lid.
100 Woodlands rj/kwjy Vfmon H.llj. IL 60061 847/6JJ-S550
NORTH LINES OF SAID LOT 7, LOT 6, LOT 5 AND LOT 4 IN SAID TURCK'S SUBDIVISION, TO A BEND IN SAID NORTH LINE OF SAID LOT 4; THENCE SOUTHEASTERLY, ALONG THE NORTHERLY LINES OF SAID LOT 4, LOT 3 AND LOT 2 TO THE NORTHEAST CORNER THEREOF; THENCE SOUTHEASTERLY, CONTINUING ALONG THE SOUTHEASTERLY EXTENSION OF THE AFOREDESCRIBED COURSE, 6 FEET; THENCE NORTHEASTERLY, ALONG A LINE PERPENDICULAR TO RIDGE AVENUE, TO THE SOUTHWESTERLY LINE OF RIDGE AVENUE; THENCE NORTHWESTERLY, ALONG SAID SOUTHWESTERLY LINE OF RIDGE AVENUE TO THE INTERSECTION WITH THE SOUTHWESTERLY EXTENSION OF THE NORTHWESTERLY LINE OF LOT 27 IN BLOCK 9 IN CAIRNDUFF'S ADDITION TO EDGEWATER RECORDED APRIL 25, 1888 AS DOCUMENT NUMBER 948404; THENCE NORTHEASTERLY, ALONG THE AFOREDESCRIBED NORTHWESTERLY LINE OF LOT 27 AND ITS SOUTHWESTERLY EXTENSION AND ITS NORTHEASTERLY EXTENSION TO THE NORTHEASTERLY LINE OF A 16 FOOT WIDE ALLEY IN SAID BLOCK 9 OF CAIRNDUFF'S ADDITION TO EDGEWATER; THENCE SOUTHEASTERLY, ALONG THE AFOREDESCRIBED NORTHEASTERLY LINE OF A 16 FOOT WIDE ALLEY, TO A BEND IN SAID 16 FOOT ALLEY; THENCE EAST, ALONG THE NORTH LINE OF SAID 16 FOOT ALLEY IN BLOCK 9 AND ITS EASTERLY EXTENSION, TO THE EAST LINE OF SAID NORTH BROADWAY; THENCE SOUTH, ALONG SAID EAST LINE OF NORTH BROADWAY TO THE SOUTH LINE OF LOT 18 IN BLOCK 9 IN COCKRAN'S ADDITION TO EDGEWATER, RECORDED OCTOBER 6, 1887 AS DOCUMENT NUMBER 879900; THENCE EAST, ALONG THE AFOREDESCRIBED SOUTH LINE OF LOT 18 IN BLOCK 9 AND ITS EASTERLY EXTENSION, TO THE NORTHERLY EXTENSION OF THE EAST LINE OF LOT 13 IN SAID BLOCK 9 IN COCKRAN'S ADDITION TO EDGEWATER; THENCE SOUTH, ALONG THE AFOREDESCRIBED EAST LINE OF LOT 13 AND ITS NORTHERLY EXTENSION, TO THE WESTERLY EXTENSION OF THE SOUTH LINE OF LOT 11 IN SAID BLOCK 9 IN COCKRAN'S ADDITION TO EDGEWATER; THENCE EAST, ALONG THE AFOREDESCRIBED WESTERLY EXTENSION OF THE SOUTH LINE OF LOT 11 IN BLOCK 9, TO A POINT ON THE WEST LINE OF A 15 FOOT WIDE ALLEY ADJOINING SAID LOT 11 IN BLOCK 9; THENCE NORTH, ALONG THE AFOREDESCRIBED WEST LINE OF A 15 FOOT ALLEY, TO THE INTERSECTION WITH THE WESTERLY EXTENSION OF THE NORTH LINE OF SAID LOT 10 IN SAID BLOCK 9; THENCE EAST, ALONG THE AFOREDESCRIBED NORTH LINE OF LOT 10 IN BLOCK 9 AND ITS WESTERLY EXTENSION AND EASTERLY EXTENSION, TO SAID EAST LINE OF WINTHROP AVENUE; THENCE SOUTH, ALONG THE AFOREDESCRIBED EAST LINE OF WINTHROP AVENUE, TO A POINT ON THE NORTH LINE OF THE SOUTH 18.00 FEET OF LOT 14 IN BLOCK 8 IN SAID COCKRAN'S ADDITION TO EDGEWATER; THENCE EAST, ALONG THE AFOREDESCRIBED NORTH LINE OF THE SOUTH 18 FEET OF LOT 14 IN BLOCK 8, TO THE EAST LINE OF.SAID LOT 14 IN BLOCK 8, THENCE NORTH, ALONG THE AFOREDESCRIBED EAST LINE OF LOT 14 IN BLOCK 8 TO THE INTERSECTION WITH THE WESTERLY EXTENSION OF THE NORTH LINE OF LOT 11 IN BLOCK 8 IN SAID COCKRAN'S ADDITION TO EDGEWATER; THENCE EAST ALONG SAID NORTH LINE OF LOT 11 IN BLOCK 8, AND ITS WESTERLY EXTENSION, TO THE WEST LINE OF KENMORE AVENUE; THENCE NORTH, ALONG SAID WEST LINE OF KENMORE AVENUE, TO THE INTERSECTION WITH THE WESTERLY EXTENSION OF THE NORTH LINE OF THE SOUTH 40 FEET OF LOT 15 IN BLOCK 7 IN SAID COCKRAN'S ADDITION TO EDGEWATER; THENCE EAST ALONG THE AFOREDESCRIBED NORTH LINE OF THE SOUTH 40 FEET OF LOT 15 IN BLOCK 7 AND ITS WESTERLY EXTENSION AND EASTERLY EXTENSION, TO THE WEST LINE OF LOT 10 IN SAID BLOCK 7 IN SAID COCKRAN'S ADDITION TO EDGEWATER; THENCE SOUTH, ALONG THE AFOREDESCRIBED WEST LINE OF LOT 10 IN BLOCK 7, TO THE SOUTH LINE OF THE NORTH HALF OF SAID LOT 10 IN BLOCK 7; THENCE EAST, ALONG THE AFOREDESCRIBED SOUTH LINE OF THE NORTH HALF OF LOT 10 IN BLOCK 7 AND ITS EASTERLY EXTENSION, TO THE EAST LINE OF SHERIDAN ROAD; THENCE SOUTH, ALONG THE AFOREDESCRIBED EAST LINE OF SHERIDAN ROAD, TO THE EASTERLY EXTENSION OF THE SOUTH
LEWIS COCKRAN'S SUBDIVISION; THENCE WEST, ALONG THE AFOREDESCRIBED SOUTH LINE OF LOT 3 IN BLOCK 1 AND ITS EASTERLY EXTENSION AND WESTERLY EXTENSION, TO EAST LINE OF . LOT 22 IN SAID BLOCK 1 OF SAID JOHN LEWIS COCKRAN'S SUBDIVISION; THENCE NORTH, ALONG THE AFOREDESCRIBED EAST LINE OF SAID LOT 22, IN BLOCK 1, TO THE SOUTH LINE OF THE NORTH 6 FEET OF SAID LOT 22, IN BLOCK 1; THENCE WEST ALONG THE AFOREDESCRIBED SOUTH LINE OF THE NORTH 6 FEET OF LOT 22, IN BLOCK 1 TO THE EAST LINE OF KENMORE AVENUE; THENCE SOUTH, ALONG THE AFOREDESCRIBED EAST LINE OF KENMORE AVENUE, TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF LOT 4 IN BLOCK .2 IN SAID JOHN LEWIS COCKRAN'S SUBDIVISION; THENCE WEST, ALONG THE AFOREDESCRIBED SOUTH LINE OF LOT 4 IN BLOCK 2 AND ITS EASTERLY EXTENSION AND WESTERLY EXTENSION, TO THE SOUTHEAST CORNER OF LOT 21 IN SAID BLOCK 2 IN SAID JOHN LEWIS COCKRAN'S SUBDIVISION; THENCE WEST, ALONG THE SOUTH LINE OF SAID LOT 21 IN BLOCK 2, AND ITS WESTERLY EXTENSION, TO THE WEST LINE OF WINTHROP AVENUE; THENCE NORTH, ALONG THE AFOREDESCRIBED WEST LINE OF WINTHROP AVENUE, TO THE SOUTH LINE OF THE NORTH 10 FEET. OF LOT 3 IN BLOCK 3 IN SAID JOHN LEWIS COCKRAN'S SUBDIVISION; THENCE- WEST, ALONG THE AFOREDESCRIBED SOUTH LINE OF THE NORTH 10 FEET OF LOT 3, IN SAID BLOCK 3 AND ITS WESTERLY EXTENSION, TO THE INTERSECTION WITH THE NORTHERLY EXTENSION OF THE MOST WESTERLY LINE OF SAID LOT 3 IN BLOCK 3; THENCE SOUTH ALONG THE AFOREDESCRIBED MOST WESTERLY LINE OF LOT 3 AND THE WEST LINES OF LOTS 4 THROUGH 12 (INCLUSIVE) OF SAID BLOCK 3 TO THE NORTH LINE OF SAID CATALPA AVENUE; THENCE SOUTH, TO THE NORTHWEST CORNER OF LOT 1 IN BLOCK 4 IN SAID JOHN LEWIS COCKRAN'S SUBDIVISION; THENCE SOUTH, ALONG THE WEST LINE OF SAID LOT 1 AND LOTS 2 THROUGH 12 (INCLUSIVE), TO THE NORTH LINE OF BALMORAL AVENUE; THENCE EAST, ALONG THE AFOREDESCRIBED NORTH LINE OF BALMORAL AVENUE, TO SAID EAST LINE OF WINTHROP AVENUE; THENCE SOUTH, ALONG THE AFOREDESCRIBED EAST LINE OF WINTHROP AVENUE, TO THE POINT OF BEGINNING, IN COOK COUNTY, ILLINOIS.
1171-1. LGL
' * APPENDIX 2. SUMMARY OF EAV
|P1N#
$ $ $ $ $ $ $
$
$
$
$
$
$
14-08-200-013 14-08-200-012 14-08-200-011 14-08-200-010 14-08-200-009 14-08-200-008 14-08-200-007 14-08-200-006 14-08-200-005 14-08-200-004 14-08-200-003 14-08-200-002 14-08-200-001 114-08-200-028 14-08-200-029 14-08-200-016
$
$
$
$
$
$
$
$
$
$
$
$
14-08-204-011 14-08-204-010 14-08-204-002 14-08-204-009 14-08-204-008 14-08-204-007 14-08-204-005 14-08-204-004 114-08-204-003 114-08-204-027 14-08-204-028 114-08-204-006 14-08-204-012
14-08-207-001 14-08-207-0021 14-08-207-008] 14-08-207-009) 14-08-207-0101 114-08-207-011 14-08-207-0121 14-08-207-013! 14-08-207-014 14-08-207-015 14-08-207-016 14-08-207-017
14-08-210-009 $
14-05-410-009 14-05-410-0191 14-05-* 10-016
14-08-202-009] 14-08-202-022
14-08-500
38,041.00 2,025,297.00
500,580.00 5,882.00
$ 17,541,600.00
SOURCE. S.fl. Friedman & Company
the findings set forth herein, and are generally informed of the conditions existing in the Amended Area; now, therefore,
Be It Ordained by the City Council of the City of Chicago:
SECTION 1. The above recitals are incorporated herein and made a part hereof and' are adopted as findings of the Corporate Authorities.
SECTION 2. Approval of Amendment No.1 to the Plan. "Amendment No. 1 to the Bryn
Mawr/Broadway Redevelopment Project Area Tax Incremental Financing Redevelopment Plan
and Project", a copy of which is attached hereto as Exhibit A and includes a legal description
and map of the Amended Area, is hereby approved. The Amended Plan and the Amended'
Area are hereby approved. ~ <
SECTION 3. Finding. The Corporate Authorities hereby find that the estimated dates of completion of the redevelopment project described in the Amended Plan and of the retirement of obligations issued to finance redevelopment project costs set forth in the Amended Plan, conform to the provisions of Section 11-74.4-3(n)(3) of the Act.
SECTION 4. Invalidity of Any Section. If any provision of this ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such provision shall not affect any of the remaining provisions of this ordinance.
SECTION 5. Superseder. All ordinances (including, without limitation, the Bryn Mawr/Broadway TIF Ordinances), resolutions, motions or orders in conflict with this ordinance are hereby repealed to the extent of such conflicts.
SECTION 6. Effective Date. This ordinance shall be in full force and effect immediately upon its passage and approval.
Exhibit A referred to in this ordinance reads as follows: