Mix of new taxes and borrowing proposed to raise funds for purchase and construction on east bank of North Branch
Most Chicago residents know that their city is broke, but three North Side aldermen and one urban planner and designer have now publicly produced a financing plan that would mix and match a variety of funding sources that they say could raise enough funds to buy, clean up and develop some of the hottest real estate in the city and turn it into a real park on the east bank of the Chicago River. Ald. Michele Smith [43rd] hosted a meeting June 27 at the DePaul Univ. Student Union that drew over 200 people – and over 100 more watching a live Facebook feed -where she spelled out river their plans in detail. She pointed to specific funding and taxing sources and explained in detail how as much as $150 million could be raised to purchase 24-acres of property running from North Ave. north to approximately Cortland St. to build a signature park space with athletic fields in space now owned by a local metal scrapper and other industrial sites. Ald. Smith suggested that approximately 18 million square feet of new and mixed use development is envisioned along the North Branch with population projections that exceed 50,000 people within a few years.
But those at the meeting heard Ald. Brian Hopkins [2nd] question that kind of density and of-fer up a firm commitment that a proposed high-rise canyon wall of high density high-rise developments on this same property “was a non-starter.”“Estimates place the price of park land acquisition and build-out between $160-$200 million,” said Ald. Smith. “Estimates of the infrastructure needs of our area for traffic congestion with new development on the west side of the river are about $500 million.
While these are big numbers, they pale in comparison to the overall figures for this looming development figures which exceed $5 – $6 Billion.” If the aldermen, Mayor’s Office and local parks activists are able to pull this off it will certainly be a strong legacy for generations to come and create what might easily become one of the most beloved waterfront recreational parks in the city not located on the lakefront.
Oh ya, and the group has to move quickly too, as the property owned by the metal scrapper may go on the market very soon, and that makes up 44% of the acreage needed for the proposed park.
If the aldermen, Mayor’s Office and local parks activists are able to pull this off it will certainly
be a strong legacy for generations to come and create what might easily become one of the most beloved waterfront recreational parks in the city not located on the lakefront.
No doubt big private money interests are also eye-balling these parcels as well and they may not have trouble quickly raising the needed funds to close a deal. Primary property owners include General Iron Industries, Peoples Energy, Commonwealth
Edison and C. H. Robinson. C. H. Robinson will soon be relocating to Dominick St. into a new building by Sterling Bay who holds a real estate purchase option on the existing Marcey St. facility.
In Aug. 2017, the Chicago City Council established the Industrial Corridor System Fund Ordinance,Chapter 16-8 of the Municipal Code of Chicago, to create new funding tools to promote the city’s vital interests in job creation and a diversified economy. T he aldermen propose using some of these funds to help pull off this project.
Additional funding sources offered at the June 27 meeting included the Tax Increment Financing District originally proposed
for the Amazon headquarters proposal; North Branch Corridor Bonus Funds, and Development In-Kind Improvement taxes.
In large part, the income generated from these various sources would be used to pay off the immediate borrowing that would be undertaken to purchase the land, clean it up and develop the parks.
The June 27 meeting was not the only meeting local residents will have a chance to participate in this process, but the urgency for quick action was clear. Right now Ald. Hopkins is hoping to hold a minimum of three community-wide meetings prior to Sterling Bay filing its planned development plan with the City for their plans to develop the 70-acres of riverfront property they own the vicinity of the proposed new park. The purpose of these meetings would be to provide the community with an opportunity to review and comment on the proposed plans for a new entertainment district and soccer stadium that would double as an large-scale entertainment venue… and then have an opportunity to review whether community concerns are incorporated into a revised plan.
The park supporters say that the development of publicly-owned parkland along this stretch of the Chicago River is a citywide issue – not just a ward or neighborhood issue.
The proposed North Branch Park and Nature Preserve would be located two miles north of the Main Branch of the Chicago
River, in balance with Ping Tom Park located two miles south of the Main Branch. It would serve as a component of a Chicago River Park Network that supporters say will better connect neighborhoods, enhance the environment, and elevate the quality-of-life for current and future generations.
The site could feature river edge treatments to improve river ecology and welcome human engagement. Natural areas could
provide important habitat for birds and other animals, while also mitigating urban heat island impacts, managing stormwater,
and cleansing the air.
The park could contain both active and passive recreational features with separate bike and pedestrian trails that connect to
transit, “The 606,” the Lakefront, Goose Island and neighborhoods in every direction.
Health and wellness improvements would increase opportunities for people to be physically active in both individual activities
and team sports.
Park promoters say that environmentally-sensitive design, educational features, and programming would foster stewardship
for land, water, plants, and animals, as well as providing a large park very close to the underserved Wicker Park and Logan
Square areas.
