UPTOWN CHICAGO COMMISSION

Excerpts from Wilson Yard Redevelopment Plan

Summary of Project Area

This report concludes that the Wilson Yard Redevelopment Project Area (RPA) is eligible for TIF designation as a "conservation area" because 50% or more of the structures in the area have an age of 35 years or more and because the following eligibility factors have been found to be present to a major extent:

• Deterioration
• Structures below minimum code
• Inadequate utilities
• Lack of growth in Equalized Assessed Value

Additionally, two other eligibility factors are present to a minor extent and further demonstrate that the Wilson Yard RPA is in a state of gradual decline. Left unchecked, these conditions could accelerate the decline of the community and, combined with those factors that have been documented to be present to a major extent, could lead to more widespread and intensive disinvestment disinvestment. These factors are:

• Deleterious land use or layout
• Lack of community planning

Redevelopment Plan Goals, Objectives and Strategies

The overall goal of the TIF Redevelopment Plan is to reduce or eliminate conditions that qualify the Wilson Yard RPA as a conservation area and to provide the direction and mechanisms necessary to create a cohesive and vibrant mixed-use, mixed-income community and to preserve diversity in the area. Redevelopment of the RPA will improve retail, commercial and housing conditions, improve the relationship between the area's diverse land uses, and attract private development. This goal is to be achieved through an integrated and comprehensive strategy that leverages public resources to stimulate additional private investment.

Objectives

Fourteen broad objectives support the overall goal of area-wide revitalization of the Wilson Yard RPA. These include:

1. Retain the economic and cultural diversity of the population in the RPA and support the preservation of existing community residences and businesses by ameliorating the potential negative impacts, including displacement, that new development may have on existing community residents and businesses.
2. Facilitate the assembly, preparation, and marketing of vacant and underutilized sites for new retail, commercial, light industrial, and residential development, and off-street parking areas, and provide for corrective actions to address environmental problems to permit development and redevelopment, as needed or appropriate.
3. Facilitate the redevelopment of the CTA Wilson Yard site in accordance with the Redevelopment Plan in a way that fits within and enhances the overall attractiveness of the community in terms of architectural style, Broadway-oriented street frontage, and pedestrian-orientation, and is consistent with the McJunkin building in terms of height, scale, and setback.
4. Support the relocation of CTA facilities on the Wilson Yard, as appropriate, to carry out the other objectives of this Redevelopment Plan.
5. Encourage the improvement of the physical condition along Broadway between Wilson Avenue and Montrose Avenue including the rehabilitation of commercial buildings, the development of vacant or underutilized properties, provision of streetscaping and beautification elements, and removal of driveways and curb cuts where possible and appropriate.
6. Support the preservation and rehabilitation of existing multi-family and affordable housing throughout the RPA and support the development of new for-sale and rental housing that could include a mixture of market-rate units and units affordable to moderate-, low-, and very-low-income households.
7. Encourage the preservation and rehabilitation of retail and commercial businesses, institutional uses, and architecturally and/or historically significant buildings and districts in the RPA.
8. Encourage streetscaping, landscaping and screening/buffering elements to visually link the area's diverse land uses and create a distinct identity for the area, as appropriate.
9. Replace or repair infrastructure where needed, including sidewalks, streets, curbs, gutters, underground water and sanitary systems, and viaducts to improve the overall image of the neighborhood and to support new development and redevelopment in the RPA, and provide resources for the extension of Sunnyside Avenue west of Broadway, as appropriate.
10. Facilitate the improvement and expansion of existing public facilities as needed, such as Arai and Stewart Schools, and area parks.
11. Coordinate the goals of this redevelopment plan with the goals and objectives of other underlying redevelopment plans and planning studies where appropriate, and coordinate available federal, state, and local resources, as appropriate.
12. Encourage improvements in accessibility for persons with disabilities.
13. Promote opportunities for women-owned, minority-owned, and locally-owned businesses to share in the job and construction opportunities associated with the redevelopment of the Wilson Yard RPA.
14. Support job training programs and increase employment opportunities, including welfare-to-work programs, for area residents and individuals working in area businesses.

Strategies

These objectives will be implemented through 5 specific and integrated strategies. These include:

1. Implement Public Improvements. A series of public improvements throughout the Wilson Yard RPA may be designed and implemented to help define and create an identity for the area, prepare sites for anticipated private investment, and create a more conducive environment for retail, commercial, and residential development. These improvements may include new streetscaping, street and sidewalk lighting, resurfacing of alleys, sidewalks and streets, improvement of underground water and sewer infrastructure, creation of parks and open space, and other public improvements consistent with the Redevelopment Plan. These public improvements may be completed pursuant to redevelopment agreements with private entities or intergovernmental agreements with other public entities, and may include the construction, rehabilitation, renovation, or restoration of public improvements on one or more parcels.
2. Develop Vacant and Underutilized Sites. The redevelopment of vacant and underutilized sites within the Wilson Yard RPA is expected to stimulate private investment and enhance the RPA. Development of vacant and underutilized sites is anticipated to have a positive impact on other properties beyond the individual project sites.
3. Encourage Private Sector Activities and Support New Development. Through the creation and support of public-private partnerships, or through written agreements, the City may provide financial and other assistance to encourage the private sector, including local property owners and businesses, to undertake rehabilitation and redevelopment projects and other improvements that are consistent with the goals of this Redevelopment Plan and which maintain the integrity of the historically significant buildings and districts within the Wilson Yard RPA.

   The City requires that developers who receive TIF assistance for market- rate housing set aside at least 20% of the units to meet affordability criteria established by the City's Department of Housing. Generally, this means that affordable for-sale housing units should be priced at a level that is affordable to persons earning no more than 120% of the area median income, and affordable rental units should be affordable to persons earning no more than 80% of area median income. TIF funds can also be used to pay for up to 50% of the new construction or up to 75% of interest costs for new housing units to be occupied by low-income and very low-income households as defined in Section 3 of the Illinois Affordable Housing Act.

4. Facilitate Property Assembly, Demolition, and Site Preparation. Specific sites (Aldi Supermarket and parking lot, vacant land south of McJunkin Building and Broadway/Montrose Building) may be acquired and assembled by the City to attract future private investment and development. The consolidated ownership of these sites will make them easier to market to potential developers and will streamline the redevelopment process. In addition, financial assistance may be provided to private developers seeking to acquire land and assemble sites to undertake projects supportive of this Redevelopment Plan.
5. Assist Existing Businesses and Residents. The City may provide assistance to support existing businesses, property owners and residents in the RPA. This may include financial and other assistance for rehabilitation, leasehold improvements, new construction, and the provision of affordable housing units. TIF assistance may be used independently or with other housing programs to support new and rehabilitated rental and for-sale housing that could include a mixture of market-rate units and units affordable to moderate-, low-, and very low-income households. Resources may also be available to businesses for job training, welfare-to-work, and day care assistance. In addition, to the extent allowable under the law, locally-owned businesses and residents will be targeted to share in the employment, job, and construction-related opportunities that may be offered by redevelopment within the Wilson Yard RPA.

Estimated Redevelopment Project Costs

The total eligible cost provides an upper limit on expenditures that are to be funded using tax increment revenues, exclusive of capitalized interest, issuance costs, interest, and other financing costs. Within this limit, adjustments may be made in line items without amendment to the Redevelopment Plan. Additional funding in the form of State and Federal grants, private developers contributions and other outside sources may be pursued by the City as a means of financing improvements and facilities which are of benefit to the general community.

Estimated TIF Eligible Costs

All costs are in 2000 dollars and may be increased by the rate of inflation reflected in the area CPI. Adjustments to the estimated line items may be made by the city without amendment to the RPA.