The District will be hosting a seminar on the Downtown Residential Redevelopment Program (DRRP) on Wednesday July 13 at 5:30pm 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 (TIF) 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 TIF districts will be eligible for:
- $25,000 in per unit of TIF 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 that 4pm on August 4, 2016. RFP specifications and TIF Rental Rehab Guidelines can be found online at www.quincyil.gov/bids.
The District is a volunteer driven organization with a mission to promote, revitalize, and preserve Quincy’s historic business district through a broad-based community support, including both public and private partnerships. The District extends from Front Street to Twelfth Street, and Broadway to State Streets. For more information on The District please log on to dist.flywheelsites.com.
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