Downtown Residential Rehabilitation
The City of Quincy is offering Tax Increment Finance (TIF) funding to assist redevelopment proposals for upper-story residential renovation projects that develop market rate rental housing units. Building owners within the downtown TIF Districts with undeveloped or outdated upper-story space may submit proposals for TIF funding assistance. City TIF funding will provide zero interest loans for fifty percent of the project cost up to a maximum of $25,000 per rental unit renovated, with the balance of the project cost paid by the owner. Upon project completion and a 5 year compliance review, the TIF loan is forgiven.
Proposals are to be submitted in a sealed envelope to: Interim Director of Purchasing, 730 Maine St., Quincy, IL 62301. The outside of the envelope must be clearly marked, “Residential Downtown Redevelopment Proposal.” RFP specifications and TIF Rental Rehab Guidelines can be found online at www.quincyil.gov/bids. The City of Quincy reserves the right to waive technicalities and to reject any and all proposals. The City of Quincy reserves the right to accept the most advantageous proposal for the city.