A substantial portion of western Belmont Avenue will see renewal in the coming months if economic development tools recently put in place for the area take hold.
Two separate areas have been designated as redevelopment and tax increment financing (TIF) districts by city officials. The designations were approved by the Community Development Commission and Plan Commission earlier this month.
The first is the Belmont/Central Redevelopment Area. It targets old commercial districts along Central Avenue from Belmont to Fullerton Avenue, along Belmont from Meade to LeClaire Avenues and along Fullerton between Mango and Lamon Avenues.
The 190-acre area, including some 446 buildings over about 81 blocks, is generally characterized by commercial properties in various degrees of deterioration, according to descriptions contained in the redevelopment proposals.
The other designated district is the Belmont/Cicero Redevelopment and TIF Area. It stretches along Cicero Avenue, from Grace to Montana Streets and along Belmont Avenue, from Cicero Avenue to LeClaire.
That district is a general commercial area, marked by smaller parcels with buildings that have deteriorated from lack of maintenance and from age to a point where many are unsuited to contemporary retail or business needs.
Along Cicero itself several commercial buildings take up the frontage of entire blocks and city officials described overly large signs, streamers, banners and other attention grabbing gimmicks in the area as creating “a carnival-like atmosphere that can be overwhelming.”
For both areas, the redevelopment designation seeks to cultivate unique neighborhood identities that will attract commercial investors. To that end the city will complete improvements to streetscaping, landscaping, lighting, schools and utilities, as well as resurfacing of alleyways and performing environmental cleanup where necessary.
Susan Kroll of the Department of Planning, who sought the designations at the development commission meeting, said that the redevelopment and TIF designations will also provide small business owners operating in both areas with access to money to revitalize their building facades.
Kroll says grants for those rehabs will be extended through a pilot tax increment financing/small business improvement program under which the city will offer matching grants of up to $50,000 to qualifying building owners who make facade upgrades.
