Council approves sales tax rebate for new development at old Kmart site

QUINCY —  The Quincy City Council approved an agreement Tuesday night that will help kickstart activity at the site where Kmart was once one of the city’s top big box retailers.

So which retailer will call the northeast corner of 36th and Broadway home?

We’ll have to wait a couple of months to find out.

Quincy Development Partners, which is under the umbrella of GMX Quincy out of Northbrook, is the parent company for the development that the City Council voted to approve the incentive for.

Jason Parrott, community development planner with the City of Quincy, outlined the agreement.

“The first $2 million in sales tax revenue would be split 50-50 between the city and the devleoper,” Parrott said. “After that, the next $3.25 million in sales tax revenue generated, the city would get all of that. If the business earns $50 million or less, the city gets all the sales tax revenue up to $50 million in sales. Once they cross $50 million in sales, if they sell $60 million in sales that year, the revenue generated on that $10 million would be split 50-50.”

The City will provide $1 million in financing out of proceeds from the Food and Beverage Tax.

The developers, who attended the council meeting and the finance committee meeting beforehand, said they cannot yet say who the retailer is until the deal is finalized. City Planner Chuck Bevelheimer said there should be an announcement within 60 days and the project could be completed next Spring.

Plans for the entire corner include tearing down the old Ruby Tuesday’s building and replacing it with a new strip of retail spaces and a restaurant.

Aldermen also approved the special use permit for the Madison School site at 2435 Maine. Apartments and small offices are planned for the property.

In other action, Aldermen approved:

• The purchase of four Ford Police Interceptors from Morrow Brothers of Greenfield in the amount of $136,660, minus $10,000 in trade-in value, for a final cost of $126,660.
• A payment of $11,660 for tuition for Officer Levi Obert and Officer Johan Micolta, who recently completed the basic law enforcement training class at the Police Training Institute, University of Illinois, Champaign.
• A payment to FirstDue in the amount of $24,990 to perform the web based migration for inspections, and to enter into an annual license agreement.
• A contract amendment with Tyler Technologies’ of Yarmouth, ME, to purchase 14 time clocks with one
  being provided to and invoiced to the Quincy Public Library.
• A payment to Rock Line Products Inc. of Botkins, OH in the amount of $17,195 to purchase a flat trailer for the City’s asphalt seam machine.

Aldermen Kelly Mays R-3, John Mast R-5 and Katie Awerkamp, D-6, were absent.