City of Quincy Tax Increment Financing Development Incentives

What is TIF
Tax Increment Financing (TIF) 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 increase 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.

Eligible TIF Project Cost
Eligible cost activities for TIF assistance include:

• 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

• ADA Compliant Elevators

• Fire Suppression Systems

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.