City’s Washington National TIF Closes
After successfully financing multiple major downtown redevelopment projects and creating substantial growth in property values over 23 years, the City of Evanston has announced the dissolution of the Washington National Tax Increment Financing (TIF) district, effective December 31, 2018.
Created in 1994 as a proactive tool to address the redevelopment of the site vacated by the Washington National Insurance Company corporate headquarters, the Washington National TIF district covered an area bounded by Benson Avenue on the west, Church Street on the north, Chicago Avenue on the east and Davis Street on the south.
From 1994 to 2017, Equalized Assessed Value (EAV) within the Washington National TIF increased by $64.4 million, or 250 percent, from the original amount of $25.7 million to 90.1 million. EAV is the product of the assessed value of a property and state equalization factor, minus exemptions.
The TIF also generated $66 million in revenues over its term to help fund major redevelopment projects in downtown Evanston, including:
- The redevelopment of the Washington National Insurance Company headquarters, now home to Park Evanston, a 283-unit apartment building, 40,000 square feet of commercial space, including Whole Foods, and a 400-space parking garage;
- Construction of the Sherman Plaza mixed-use development, turning a City parking garage into a mixed-use site with 150,000 square feet of commercial storefronts, a 1,600-unit parking facility, and a 250-unit condominium building;
- The $6 million expansion and renovation of Fountain Square, including pedestrian and traffic improvements, a zero-depth fountain, and a veterans memorial wall
Funds were also used for façade improvements for several properties, including the Music Institute of Chicago and Koi Restaurant.
For more information about the Washington National TIF, please call/text 847-448-4311. For convenience, residents may simply dial 3-1-1 in Evanston.