R2023-186 Resolution Approving the Jasper Street Great Streets Great Neighborhoods Corridor Plan

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chapter 2 U U r tJgft;"o FnA'ftl FnA'ftlunity The Jasper Street Corridor connects several different neighborhoods, including SIA. Torrence Park, CLokey Park, Fans Field, Martin Luther King, St Mary's. Hess Park,and Wabash Crossings. It consists of residential areas. small businesses, industrial operations,and institutional uses The goal is to use this opportunity to make Jasper Street a great connector- of people and places to enhance the sense of community, safety and well-being. Population The current population of the Jasper Street Corridor is 8.944.a 1,600 decline from 10,544 residents in 2010.The five- year projection for the population in the Corridor is 8,804(a continued decline of 0.32%).The aim of this project is to change this trajectory and return population to the area.The total daytime population is estimated at 9,433, which is larger than the total resident population. Of this daytime population. 40%are workers and employees and 60% are residents. This creates greater potential demand for retail businesses and restaurants. The population is 46.4% male and 53.6% female.The median age is 34.2: it is trending upward, but is still significantly lower than the U.S. median age of 38.9.This lower median age indicates a high ratio of families with young children in the area.A young population creates opportunities for increased youth programming, and other child-focused activities in the Corridor. Income In 2022 the median household income was$30,705 in the Corridor,compared to$47.141 citywide.Median household income is projected to be$34.912 in five years. In 2022, the average household income was $41,812 in the Corridor compared to $67.405 citywide.Average household income is projected to be$48.129 in five years. In 2022 the per capita income was $17.841 in Corridor, compared to $29,668 citywide. The per capita income is projected to be $20,691 in five years. Low income relative to the rest of the city presents an opportunity for increased workforce and economic development in the Corridor. Table 1:Trend C m rison- CorridorIndicator Jasper Street Illinois USA Population -0.32% -0.28% +0.25% Households -0.16% -0.14% +0.31% Homeowner Households +.30% +0.15% +0,53% Median Household Income +2.60% +3.11% +3.12% Source:U.S.Bureau of the Census,2010&2020 Census,ESRI BIS forecasts for 2022 and 2027 VCE PAGE 5