Chicago, Illinois

Newcastle planned and managed the creation of a 70–acre TIF district on Chicago’s north side.

The Need
Loyola University’s Lakeshore Campus consists of 50 acres of property along Lake Michigan in Chicago’s Rogers Park neighborhood. Over the past 20 years, this diverse neighborhood has undergone demographic and economic changes resulting in a lack of private investment, inadequate utilities, deteriorated infrastructure and reduced property values. Loyola wanted to serve as a catalyst to promote economic development that would improve the lives of Rogers Park residents and enhance the Loyola student experience.

The Assignment
Loyola retained Newcastle Limited to create a strategy for obtaining public support through tax increment financing. Newcastle helped Loyola master plan five acres of underutilized land adjacent to the campus, oversaw creation of the TIF, and established a framework for garnering community support and input for the plan.

The Result
The City of Chicago approved formation of the Devon–Sheridan TIF in 2004. Newcastle successfully negotiated a redevelopment agreement with the City granting Loyola $46 million in benefits to help fund an $85 million renovation of a national historic landmark on its campus. The result is an economic development tool that will make Loyola’s campus and surrounding area more attractive to students, faculty and neighbors.