Chinatown Proposed SSA Community Meeting July 13, 2017 Agenda

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1 Agenda 1. Welcome and Introductions Tony Shu, Esq. 2. Overview of Special Service Areas Oneida Pate, City of Chicago 3. Key Steps in the Process PLACE Consulting 4. Vision & Mission Darryl Tom 5. Boundaries Darryl Tom 6. Needs Assessment - PLACE Consulting 7. SSAs throughout the City - PLACE Consulting 8. Program Priorities / Budget & Work Plan Darryl Tom 9. Tax Information and Next Steps - PLACE Consulting & SSA Advisory Committee 10. Questions & Adjournment 1

2 Advisory Committee Members Stan Bochnowski, Chicago Chinatown Chamber of Commerce Vice President / Lakeside Bank Joyce Chiu, Chicago Chinatown Chamber of Commerce Chinese Secretary/ Evergreen Jewelry Peter Hui, Won Kow Restaurant Helen Lee, Chicago Chinatown Chamber of Commerce Advisory Board / King Wah, Inc. Kevin Lee, East Point Properties Raymond Lee, Chicago Chinatown Chamber of Commerce Director / Golden Country Kam Liu, Chicago Chinatown Chamber of Commerce Director / Kam L. Liu & Realty Patrick McShane, Chicago Chinatown Chamber of Commerce Director/ American Metro Bank Soo Lon Moy, Chinese American Museum of Chicago Stephen Moy, Retired Tony Shu, Chicago Chinatown Chamber of Commerce President / Tony T. Shu & Associates Darryl Tom, Shaw Legal Services, Ltd. Sharyne Moy Tu, Chicago Chinatown Chamber of Commerce Executive Director Jenny Yang, Chicago Chinatown Chamber of Commerce Director / Phoenix Bean 2

3 Key Steps in the Process 3 Advisory Committee Meetings to discuss: SSA vision and mission Property data & analysis Potential boundaries Needs assessment Documentation of support Budget & work plan Commissioners Governance & operations Informational s and SSA surveys distributed Postcards sent to all taxpayers of record to inform them of informational meetings 4 Community Meetings to present recommendations: Boundaries Tax rate cap Initial year tax rates Work plan Boundaries, tax rate cap, 1 st year budget and work plan Finalize information for application 3

4 Benefits of an SSA Create cleaner, safer & more attractive business district Ensure a stable & predictable source of funding for services & programs Provide non-bureaucratic & innovative management of a business district Create ability to respond quickly to market changes & community needs Help maintain/increase property values & sales/occupancy rates Develop a stable environment & district identity Leverage resources including money, services & people 4

5 SSA Vision The Chinatown SSA makes Chicago s Chinatown a welcoming destination for residents, visitors, and businesses alike. SSA Mission The Chinatown SSA supports the economic well-being and tourism appeal of the district through physical improvements, programs, services, and promotional events/activities. 5

6 Proposed SSA Boundaries North 6

7 Needs Assessment Survey Respondents [CATEGORY NAME], [VALUE] Most of the Visitors are City of Chicago residents [CATEGORY NAME], [VALUE] Most of the Residents own their home [CATEGORY NAME], [VALUE] Most of the Business Owners have owned their business for 10+ years AND rent their space [CATEGORY NAME], [VALUE] All of the Commercial Property Owners have owned their properties for 10+ years 7

8 Needs Assessment Highlights (based on 49 responses, 58% of which were from visitors) Highly regarded as a destination Seen as average to above average in terms of vibrancy Safety somewhat of a concern during evening hours Dining options, transit, and parks are highly rated Residents and business owners agree on following concerns Condition/appearance of buildings Parking Desire for: Signage/wayfinding Bike racks Bike lanes Cost of retail space Vacant buildings Diversity Public gathering spaces Snow removal Landscaping 8

9 25 How would you rate Chinatown as a destination? Great Poor Older age groups (45+) more likely to provide higher rating Commercial property owners & visitors more likely to provide higher rating 9

10 How vibrant do you think Chinatown is as a business district? 1 - Very vibrant Not at all vibrant Respondents younger than 45 more likely to provide higher rating Only visitors rated Chinatown as 1- Very vibrant 10

11 How would you rate the safety of the Chinatown business district during the following times? Late night/overnight (11pm-5am) Night (8pm-11pm) Evening (4pm-8pm) Afternoon (12pm-4pm) Morning (7am-12pm) Early morning (5am-7am) Not at all safe Very safe 11

12 Ratings of Conditions in Chinatown (5 = great and 1 = poor) 0.00 Dining options Transit Parks Retail options Recreation Snow removal Street lighting Safety Cleanliness Dog parks Resident Rating Business Rating 12

13 Top Concerns Residents Business Owners Parking Condition/appearance of buildings Mix of businesses Pedestrian experience Family friendly atmosphere Cost of retail space Condition/appearance of buildings Parking Cost of retail space Vacant lots Vacant buildings Diversity Sidewalk conditions Vacant buildings Availability of services Diversity 13

14 What do you think would attract more tourists to Chinatown?

15 Which of the following would have the greatest positive impact on the business district?

16 Citywide SSA Information (2017) Citywide Info (52 SSAs) Average tax cap 1.317% Average 2014 EAV $92,719, Average tax rate 0.816% Average budget $520,550.92

17 Comparable SSA Information Greektown #16 EAV: $70,369,634 Levy: $788,201 Tax Cap: 1.000% Tax Rate: 1.000% Old Town #48 EAV: $65,033,796 Levy: $186,291 Tax Cap: 0.300% Tax Rate: 0.29% Andersonville #22 EAV: $44,770,689 Levy: $262,109 Tax Cap: 0.500% Tax Rate: 0.46% Lincoln Square #21 EAV: $80,287,254 Levy: $246,294 Tax Cap: 0.40% Tax Rate: 0.30% Devon #43 EAV: $46,299,303 Levy: $448,568 Tax Cap: 1.500% Tax Rate: 0.97% Clark/Morse/Glenwood #24 EAV: $44,402,397 Levy: $279,735 Tax Cap: 0.630% Tax Rate: 0.630% 17

18 Comparable SSA Information 1.600% 1.400% 1.200% 1.000% 0.800% 0.600% 0.400% 0.200% 0.000% Tax Caps, Rates and Levies $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 Tax Cap Tax Rate Levy 18

19 Program Categories Customer Attraction website, banners, special events, decorations, advertising Public Way Aesthetics Landscaping, litter/snow removal, public art, wayfinding Sustainability & Public Places Transit enhancements, bike valet, energy/recycling programs Economic/Business Development Site marketing, supplemental transit, studies & plans, SSA designation Safety Programs Cameras, private security SSA Management Administrative & programmatic expenses Personnel 19

20 Citywide SSA Budget Averages Personnel, $88,613 Customer Attraction, $78,071 SSA Management, $31,873 Safety Programs, $59,999 Economic Development, $27,573 Sustainability, $7,829 Public Way Aesthetics, $226,589 20

21 Category First Year Budget - Capital Budget Customer Attraction $20,000 Public Way Aesthetics $89,000 Sustainability & Public Place $0 Economic/Business Development $0 Safety Programs $0 SSA Management $7,800 Personnel $38,000 Loss Collection 4.3% $6,955 Total $161,755 Administrative expenses are 10.3% of the total budget; the City of Chicago s cap is 30% in

22 Program Expense Details Customer Attraction Description Budget Special Events Sponsorship of existing events such as the Lunar Near Year Parade Dragon Board Race, Summer Fair; support of potential new events such as a Restaurant Week and Night Market $3,000 Decorative Banners Installation of banners one time/year $10,000 Print Materials Business directory and visitors guide $7,000 Public Way Aesthetics Description Budget Landscaping Annual contract for maintaining landscaping and providing seasonal plantings throughout the year $25,000 Streetscape Elements Lighting of Chinatown Square and Wentworth Avenue $10,000 Sidewalk Maintenance- Materials & Equipment Sidewalk Maintenance- Service Contract Installation of new trash cans $12,500 Annual contract for trash removal 2-3 times/week $20,000 Permits Permitting for new trash cans $1,500 Snow Removal Annual contract for snow removal at 2" of accumulation $20,000 22

23 Equalized Assess Value (EAV) Chinatown Proposed SSA Community Meeting July 13, 2017 SSA TIF Relationship Unfrozen Base (increment) Tax Increment Finance (TIF) District Frozen Base Time Properties in TIF may realize growth in EAV but the SSA s portion of the taxes are frozen at the pre-tif amount ( Base EAV ) 23

24 Sample Average Costs Class PINs 2016 EAV % Avg Cost 0.40% Avg Cost 0.60% Avg Cost Exempt 14 $0 $0 $0 $0 $0 $0 $0 Vacant 2 $22,036 $53 $27 $88 $44 $132 $66 Residential 13 $675,916 $1,640 $126 $2,704 $208 $4,055 $312 Mixed Use 82 $11,597,965 $28,135 $343 $46,392 $566 $69,588 $849 Commercial 152 $55,488,680 $131,926 $874 $217,531 $1,441 $326,296 $2,162 Total 263 $67,784,597 Total Less TIF 263 $66,678,563 $161,755 $625 $266,714 $1,031 $400,071 $1,546 EAV figure is the most current available (from 2016) 24 th St/Michigan Ave TIF expires in 2022 ~$1.1M in EAV is captured by the TIF 24

25 Tax Cap Calculations $161,755 budget scenario Tax Rate 2016 Lesser EAV Levy Inflation Year 10 Budget EAV Growth Est 2026 EAV Tax Cap % $66,678, $161, % $217, % $66,678, % % $66,678, $161, % $217, % $73,654, % % $66,678, $161, % $217, % $81,280, % % $66,678, $161, % $217, % $60,302, % % $66,678, $161, % $217, % $54,481, % $400,071 budget scenario Tax Rate 2016 Lesser EAV Levy Inflation Year 10 Budget EAV Growth Est 2026 EAV Tax Cap % $66,678, $400, % $537, % $66,678, % % $66,678, $400, % $537, % $73,654, % % $66,678, $400, % $537, % $81,280, % % $66,678, $400, % $537, % $60,302, % % $66,678, $400, % $537, % $54,481, % A tax rate cap of 0.80% has been chosen 25

26 Next Steps Submit SSA Application and Commissioner Applications to DPD by July 14th,

LINCOLN PARK CHAMBER OF COMMERCE, INC. SPECIAL SERVICE AREA #23 SPECIAL SERVICE AREA #35 YEARS ENDED DECEMBER 31, 2013 AND 2012

LINCOLN PARK CHAMBER OF COMMERCE, INC. YEARS ENDED DECEMBER 31, 2013 AND 2012 YEARS ENDED DECEMBER 31, 2013 AND 2012 CONTENTS Independent auditor s report 1-3 Combining and combined financial statements: