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
The City of Quincy has three TIF Districts; TIF West established in 1998, TIF East established in 2010 and TIF South established 2024.
TIF Map(PDF, 334KB)
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 Renovations (Not New Construction)
- 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
TIF Reports
TIF Reports
TIF Investment Plan
TIF Investment Plan(PDF, 208KB)
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