Downtown Elgin. Investing in the Future

Transcription

1 Downtown Elgin Investing in the Future

2 Looking Back s- Urban Renewal Center City Complex New City Hall Post Office Hemmens Appellate Court

3 Looking Back s- Changing Times Loss of downtown Retail Woodfield and Spring Hill Malls opened Creation of downtown pedestrian mall Spring Street Parking Deck Riverside Parking Deck

4 1980 s- No where to go but up. Sears and Spiess the last retailers to leave downtown 1983 Grove Street abandoned

5 1980 s- Changing Course.. City begins to take Action: South Grove TIF District Established Over $4M in S. Grove Acquisitions Clock Tower site remediated & redeveloped Douglas Hotel redevelopment Bus Station Terminal Built City purchased Woodruff-Edwards property

6 1990 s- Redevelopment Begins Riverboat License Granted Riverboat fund guidelines established Downtown TIF and Enterprise Zones established Kimball Street Improvement Project begins $14M law Enforcement Facility Douglas Street reopened two-way

7 1990 s- Redevelopment Begins The Grand Victoria Casino Financial Impact to the City 1994-Sept. 2004: Riverboat Fund- $193.9M Riverboat Lease- 31.4M Ten Year Total: $225.3Million

8 1990 s- Redevelopment begins 1991-Established Façade Program To date, over $1.2M in façade grants, coupled with private investment, have resulted in over $3.4M in improvements 46 Participating downtown properties State Street Façade Program To date, the City has invested $311,000 in grants, coupled with private investment have resulted in $734,266 in improvements 14 Participating State Street properties Includes such key properties as:

9 1990 s- Redevelopment begins Façade Program Project: 154 E Chicago

10 1990 s- Redevelopment begins Façade Program Project: Douglas Avenue Illinois Main Street Award Winner 2004

11 Investing in a new Millennium Private/Public Partnerships.A Good Investment for the Community Provide Key Redevelopment of Downtown Encourages Private Investment Bring New Residential Living to Downtown Promote Current and New Downtown Retail Enhances the Quality of Life for the Community

12 1990 s- Redevelopment Begins Private Investment Begins 168 E. Highland Avenue $1.95M private Investment $350,000 City Investment $2.3M Total Investment

13 1990 s- Redevelopment Begins Private Investment Begins Prairie Rock Brewery 127 S. Grove $3.9M Private Investment $335,000 City Investment $4.2M Total Investment

14 1990 s- Redevelopment Begins Private Investment Begins Burritt Building 23 S. Grove Street $1.93M Private Investment $330,000 City Investment $2.3M Total Investment

15 1990 s- Redevelopment Begins Private Investment Begins 1 Douglas Avenue $2.0M Private Investment $345,000 City Investment $2.3M Total Investment

16 Investing in a new Millennium Center City Master Plan adopted in 2000

17 Investing in a new Millennium Public Projects Walton Island/River Walk $5.9M The Centre $32M Parking Deck $6M Elgin Salvage Yard Purchase &Remediation $4.8M Festival Park Phase I- $3.5M National Street Metra Station$10M ($1M City)

18 Investing in a new Millennium The Changing Face of Downtown Elgin North Grove Redevelopment New Gail Borden Library Old Gail Borden Library Redevelopment Tower Square Project Festival Park River Park Place National Street Metra Station

19 Investing in a new Millennium River Park Place 155 S. Grove Upscale Market Rate Housing $27.8M Private Investment $4.2M City Investment $32.0M Total Project Cost City s Return on Investment:$725,000 per year to City in Property Taxes

20 Investing in a new Millennium River Park Place 116 Luxury Townhomes 66 Condominiums

21 Investing in a new Millennium Tower Square Project 200 Units $34.2M Private Investment $9.8M City Investment $44.0M Total Project Cost Benefit to the City: $23M in Tax Revenues over 20Years Net Return on City Investment- $13.15M over 20 Years

22 Investing in a new Millennium Gail Borden Library Redevelopment Site 3.75 Acre Site in Center Area TIF District RFP Resulted in 5 High Quality developer proposals Anticipated private investment: $45-50M Anticipated tax revenue: $1.0M/ Year to City Completion Date expected 2007

23 Investing in a new Millennium Gail Borden Library Redevelopment Site Average proposal contains: 150 Residential unit 35,000 Sq. ft retail Private & Public Parking

24 Investing in a new Millennium North Grove Redevelopment 20 Acres Prime Riverfront Property Mixed Use Projects expected to include: Premier residential Single Family, Condos, Townhomes Quality Retail and Commercial space Public access to Riverfront /bike path

25 Investing in a new Millennium Upcoming new development Library Bike Path extension $979, Villa Court Office Redevelopment Project $1.19M Private Investment $211,000 City investment $1.4M Total Project Cost Phase II Festival Park $7.1M Gateway Entry Feature Destination Playground Interactive Water Feature

26 Investing in a new Millennium Festival Park Phase II

27 Investing in a new Millennium Elgin- A Model for Downtown Redevelopment Keys to Success: Established a policy for using Riverboat Funds for Economic Development Identified the River as an Asset Identified and acquired key properties throughout downtown Set high standards for public and private development Invested in infrastructure and public projects Created a Downtown/Riverfront Master Plan Invested public dollars in order to generate private investment Remediated brownfield sites for future development

28 Investing in a new Millennium The Future Several Thousand residents living in the Center City Area Wide range of upscale and unique retail, entertainment and dining venues Downtown Elgin as a destination point A Community is judged by it s downtown- a healthy downtown reflects a desirable community