Downtown rental rehabilitation program informational meeting Jan. 26

QUINCY — A public information meeting to discuss the guidelines and requirements of Quincy’s downtown rental rehabilitation program will be held at 5 p.m. Thursday, Jan. 26, in City Council chambers.

Funds from the city’s Tax Increment Finance program are set aside as a financial incentive to the owner(s) of existing buildings in the downtown TIF Districts for the renovation of market-rate residential rental housing. The goal is to encourage private investment in renovating vacant upper-floor residential properties. Stimulating more downtown residential development would improve deteriorated buildings and increase property values, enhancing future tax revenues.

Eligible units must be tenant occupied and not owner-occupied. TIF funds would be leveraged with owner funds (cash and/or loan). Project timeliness is essential. The owner will have one year, from the date the agreements are signed to the issuance of a certificate of occupancy, to obtain the required permits and complete the approved scope of work.

TIF funds will only be used for cost of material that will be permanently affixed to real estate plus cost of associated labor. TIF funds will not be used for acquisition of property or for purchases of items that are not permanently attached, such as furniture, appliances etc.

Properties must be privately owned and located in a TIF district. Applications will be accepted for a single-site property identified by one tax identification number. However, multiple applications may be submitted by one owner/business.

The program provides zero-interest loans for 50 percent of the eligible project costs up to a maximum of $25,000 per rental unit, with the balance of the project cost paid by the owner. Program funds will not be advanced to the owner until a certificate of occupancy has been issued for the renovation.

Requests for proposals can be found on the city’s website at http://www.quincyil.gov. For more information, contact the Department of Planning and Development at 217-228-4515.

Downtown rental rehabilitation program timeline

• January 26 – Public Information meeting in Council Chambers at 5 p.m. to discuss DRRP guidelines and requirements.
• February 23 – Deadline for submission of completed proposals to city of Quincy and completed project information form and rental feasibility analysis form. Proposals screened for eligibility, program compliance and receipt all required support documents including financial commitment letter frombank. Site inspections to assure structural integrity of the building.
• Early March – Eligible projects submitted to DRRP TIF committee for review and selection. (Cost of owner labor, appliances, and equipment not eligible under the program.) Committee submits recommendations to City Council for final approval and funding authorization
• Late March – Loan Processing: Program agreements and loan closing.
• April – Construction may begin for projects completing the above steps. Projects must be completed within one year of the date of loan closing.