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.
The City of Quincy has two TIF Districts; TIF West established in 1998 and TIF East established in 2010. See the TIF Map.
How Does TIF Work
TIF incentive assistance is contingent upon compliance with City of Quincy TIF Investment 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. TIF funds can only be used for renovation of existing buildings and not for new construction.
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.
TIF Rental Rehab
Funds from the City’s Tax Increment Finance (TIF) Program would be set aside and dedicated as a financial incentive to owner(s) of existing buildings located in the Downtown TIF Districts for the renovation of market rate residential rental housing. Click here for the program guidelines.
TIF Investment Plan
Click this link for more information on the TIF Investment Plan.