Seminar on Downtown Redevelopment is Wednesday
The District will be hosting a seminar on the Downtown Residential Redevelopment Program (D.R.R.P.) tomorrow, Wednesday, July 13, at 5:30 p.m. at Martinis at 515.
The City of Quincy and The District realize the most significant challenges to further development of the downtown are the shortage of market rate apartments. The District has numerous 2nd and 3rd floor vacant and underutilized spaces in buildings that are available for redevelopment.
The City of Quincy is offering Tax Increment Finance (T.I.F.) funding to assist redevelopment proposals for upper story residential renovation projects that develop market rate rental housing units. The City is requesting building owners to submit proposals for upper-story residential redevelopment projects that will increase market-rate housing opportunities in downtown Quincy.
Buildings located within the City T.I.F. districts will be eligible for:
- $25,000 in per unit of T.I..F funding
- Sales tax exemption on building materials.
- Reduction of 50% of building permit fees.
The seminar will assist developers in any questions on the program and the application process. The application is due no later than 4 p.m. on August 4, 2016. D.R.F.P. specifications and T.I.F. Rental Rehab Guidelines can be found online at www.quincyil.gov/bids.