City gets $1M to 'put assets to work'
Evanston is one of 45 local governments to share in nearly $50 million in U.S. Department of Transportation grants designed to encourage transit-oriented development.
The grant of $985,000 to the city is part of DOT's Innovative Finance and Asset Concession Grant Program announced this week.
City officials say it will be used to begin implementing recommendations of the Putting Assets to Work (PAW) strategy City Council adopted last spring .
That strategy called, in the short to intermediate term, for redeveloping several city-owned surface parking lots with a mix of uses including affordable housing and commercial developments that would also include public parking.
And it envisions redevelopment in the mid-term for future uses yet to be determined of three current city buildings — the civic center, police-fire headquarters and the Noyes Cultural Arts Center.
In a news release, city officials said the grant will help city staff leverage local, regional and national real estate and urban planning expertise to implement the PAW recommendations.
That's expected to include "an extensive community engagement process coupled with market-driven revenue opportunities for Evanston taxpayers."
Mayor Daniel Biss said the grant will help the city use its assets to realize its "ambitious goals in the areas of affordable housing, sustainability, and community development."
Putting Assets to Work Partnerships
Over the last year, the City partnered with the Government Finance Officers Association (GFOA) and Urban 3 to receive recommendations and strategic guidance.
A comprehensive analysis was conducted to develop the PAW playbook , which provides a set of recommendations to assist the City in strategically identifying assets for potential revenue generation.
Additionally, city staff says, the Putting Assets to Work principles will be utilized to assist the City Council in achieving its 2024-2025 Council goals : fostering economic growth, increasing affordable housing, and assuring that City assets are utilized to achieve CARP goals.
