Taxable value of 36th and Broadway property has more than tripled since Target was built

QUINCY — The Quincy City Council learned on Monday night that the net taxable value on the property at 3601-3701 Broadway, which once housed the former Kmart building that was transformed into Target in August 2023, has more than tripled in two years.

Director of Planning and Development Jason Parrott reported to aldermen on Monday that the property’s taxable value was at about $1.7 million in 2016, reached as high as $1.8 million in 2019, dipped to $1.5 million in 2020 and as low as less than $1.1 million in 2021 and 2022.

“Then the property was purchased,” Parrott said.

He said the value of the property is now at $3.7 million. That figure does not include the Raising Canes building, which opened in October 2024. It will be added to the value of the property in 2026. Parrott also said site plan reviews have already happened for two more commercial buildings on the property.

Parrott said the Quincy School District, which receives about 60 percent of the property taxes collected by the city, received around $70,000 from the property taxes paid at the former Kmart building from 2016-2019, then dipping to around $40,000 from 2021 through 2023. Parrott said the school district should receive about $144,000 in property taxes this year.

The city, which was receiving between $17,000 and $20,000 in property taxes from the property from 2016-2019, will receive about $33,000 this year.

Parrott said Target now employs about 130 people.

Parrott reviewed the retail incentive program that was adopted in February 2020. It included a vacant anchor retail incentive worth up to $1 million. The reimbursement is based on gross retail sales at the new big-box retailer.

Eugene Reagan of Quincy, Mary Catherine Reagan Sprinkle of Chatham and Teresa Ann Reagan Blank of Ventura, Calif., sold the property at 3601-3701 Broadway for $4.14 million to NLA Quincy LLC of Northbrook. Information was obtained from Illinois Real Estate Transfer Declaration forms filed in Adams County. The Target Corporation, based in Minneapolis, is leasing the property from Quincy Development Partners LLC.

“We just wanted to share with you the impact of what that agreement has done and the benefit, not to just the city’s bottom line but also to the other taxing bodies through the city’s incentive program,” Parrott said.

Aldermen approved requests to subdivide one lot to five lots on property located at 504 N. 54th and to rezone the property from rural/agricultural (RU1) to general commercial (C2) to allow for retail/commercial development. The Plan Commission recommended both requests. The 7.8-acre parcel at 504 N. 54th is along the Broadway commercial corridor at the northeast corner of the intersection of Broadway and 54th Street.

The Quincy City Council voted in July 2024 to create the 54th Street Business Development District and impose an additional 1 percent sales tax to any business created in the zone that will reimburse the developer up to $1 million. The Otis Company of Omaha, Neb. plans to put four restaurants and a convenience store on the northeast corner of 54th and Broadway.

Director of Transit Marty Stegeman explained to aldermen a policy that was created in his department after a city bus struck a dog last week on South 22^nd Street. He said the policy is similar to one with the Quincy School District. 

“When this happens, if it’s during work hours, they’ll notify dispatchers,” Stegeman said. “The dispatchers will then notify the 911 center, and the 911 center will notify animal control, and that will fall under the policy to the police department.”

Stegeman said he received a report from the transit department’s GPS provider that said the average speed of the bus on the day of the accident was 16.3 miles an hour between State and Harrison on 22^nd Street. At the time of the incident, the maximum speed that might have been reached was 12.4 miles per hour.

“Understandably, the resident was upset,” Stegeman said. “I truly sympathize with that. I’ve been on both ends of that situation, so I do know how she felt.”

In other action, aldermen:

• Gave permission to have the liquor ordinance for closing hours waived so the Oakley-Lindsay Center can serve liquor until 2:30 a.m. for a pool tournament from March 17-23.
• Sent to the Plan Commission a request from Metherd Properties LLC to rezone an 18-acre parcel along Columbus Road, contiguous to 4900 Columbus Road and north and east of Rooney Elementary School, from rural/agricultural (RU1) and single-family residential (R1A) to multi-family residential (R3) to allow for a multi-family residential development.
• Sent to the Plan Commission a request for a special permit for planned development from Prairie Farms Dairy to upgrade and expand its manufacturing facility at 415 N. 24th Street, 2311 Broadway, 2309 Broadway and 2305 Broadway. A request for the vacation of approximately 1,282 square feet of public alley north of 2305 Broadway also was sent to the Plan Commission.
• Learned Quincy Mayor Mike Troup recently attended his first meeting as a trustee of the Illinois Firefighters Pension Investment Fund. “That is a $10 billion fund for the Illinois firefighters, and one of the things that I got confirmed was (the fund) is probably the best state-managed retirement fund now,” he said.
• Heard both Troup and 1^st Ward alderman Greg Fletcher talk about participating last week in the opening of the newly constructed independent living domiciliary at the Illinois Veterans Home. “It’s the best senior housing facility that I’ve ever visited,” Troup said. “If you have any veterans who are qualified to be a resident, I encourage it. These veterans deserve that type of facility. It’s awesome.”