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Tax Increment Finance District
Additional information can be obtained from:
Cathy Schluckebier, Zone Administrator
Quincy Department of Planning and Development
706 Maine Street
Quincy, IL 62301
217/228-4515
Fax: 217/221-2288
cschluckebier@ci.quincy.il.us
What is TIF?
Tax Increment Financing is a method of funding public
investment in an area slated for redevelopment by capturing, for a time, all of
the increased tax revenue that may result if the redevelopment stimulates
private investment. As private investments add to the tax base within the
redevelopment area, the increased tax revenues are placed in a special fund that
can only be used for public purpose permitted by law.
TIF District
See the Redevelopment Project Area Map
How Does TIF Work?
TIF incentive assistance is contingent upon
compliance with City of Quincy CBD Revitalization Plan, Downtown Design
Guidelines and the Central Business District West Redevelopment Project and Plan
Report. The amount of TIF incentive is based on private investment in the
project and a rate of return analysis.
- Building Facades Restoration
- Demolition and Site Preparation
- Interest Rate Reduction
- Off Street Parking Facilities, Landscaping and Open Space Development
- Professional Services (Architecture and Engineering Plans)
- Environmental Site Remediation
- Public Infrastructure Improvements
- Burial of Overhead Utilities
- Land Write-Down
- Compliant Elevators
- Fire Suppression Systems
- ADA Compliant Elevators
Process of Receiving TIF Assistance
All TIF assistance incentives require a redevelopment agreement be approved by the Quincy City Council.
Incentive reimbursement will be on a pay-as-you-go basis. Redevelopment agreements require the following
information be provided: Purchase price of land, market value of completed project, square footage of
building improvements, completion date, job creation, total payroll, sales volume and a site plan for
the proposed project.
Prevailing Wage
Contractors and sub-contractors that utilize
City of Quincy TIF funding for redevelopment projects must pay state prevailing
wages for construction work.