Putting Assets to Work

What is Putting Assets to Work?

“Putting Assets to Work” (PAW) is a forward-thinking approach that empowers local governments and public institutions to unlock the hidden value of underutilized public assets. Rather than relying solely on taxes or state/federal aid, PAW focuses on proactively managing, optimizing, and monetizing public assets—such as land, buildings, rights-of-way, and infrastructure—to generate new, equitable, and sustainable revenue streams.

At its core, PAW is about:

• Asset Awareness: Creating a comprehensive inventory of public assets, including those that are overlooked or misclassified, to understand their true value and potential.

• Strategic Activation: Leveraging these assets through innovative finance, creative development partnerships, or operational improvements to advance public goals (e.g., affordable housing, climate resilience, economic inclusion).

• Community Wealth Building: Ensuring that asset optimization delivers community benefits, not just fiscal returns, by prioritizing local economic growth, equity, and long-term public value.

• Fiscal Sustainability: Using public assets to create recurring revenue streams, reducing reliance on volatile funding sources, and strengthening local fiscal health.

• Accountability and Transparency: Establishing clear governance structures to ensure that asset decisions align with community priorities and protect public interests.

PAW is not privatization—it is a proactive stewardship model aimed at making the most of what cities already own, allowing communities to reinvest in their own future with greater flexibility, creativity, and control.

Project Background

The city was chosen for a national incubator,  joining other jurisdictions to learn and apply strategies for better public asset management. 

Evanston is leading a national effort to unlock value from underutilized public assets through the "Putting Assets to Work" initiative.

The city holds valuable but underused real estate, including surface parking lots, which could be reimagined to support public goals.

Evanston faces shared municipal challenges, like declining revenue from property and sales taxes, aging infrastructure, and evolving community needs.

Evanston has key strengths, including a stable housing market,  walkable business districts, and a strong university presence.

US Department of Transportation awarded the City of Evanston a $980,000 grant to  build organization capacity to assess 2100 Ridge (former civic center), Noyes Cultural Arts Center, and Police/Fire HQ - all  city-owned parcels near Metra and Chicago Transit Authority stations (aka transit oriented development required by the grant).   The City will commit staff and hired a dedicated consultant team lead by Propvizer who will:

• lead extensive community engagement
• help coordinate with state, regional, and federal government partners (where applicable)
• complete site and concept specific development and financial analyses
• create an asset management strategy
• issue a Request for Qualifications for aligned development partners

Project Agreements / Council Actions

The following is a list of documents, staff reports, and agreements related to Evanston's Putting Assets to Work Implementation Plan