Potential development at 54th and Broadway to include four restaurants and a convenience store

QUINCY — Developer Jim Otis from Omaha said he hopes to place four restaurants and a gas station/convenience story at the nearly eight acre lot on the northeast corner of 54th and Broadway.

But first, he wants receive a $1 million sales tax rebate from the City of Quincy.

At Monday night’s Finance Committee meeting held at Quincy Regional Airport, the committee approved sending the proposal to the full City County for a vote. The deal would be based on the sales tax revenue collected from the businesses in the development and is structured similarly to how the city made the deal on the former Kmart property on the northeast corner of 36^th and Broadway to attract Target, which opened last year.

Otis said two of the restaurants would be fast-food franchises and the other two would be sit-down dining establishments with a caveat that none of them can already be operating within a 20 mile radius of the location. Otis said he cannot yet disclose the franchises he is attracting as they have requested making any announcements on their own respective timelines.

The convenience store brand has no such location restrictions.

But first, the city must approve the $1 million incentive.

City Planner Chuck Bevelheimer told the committee that the property has been vacant for more than a decade and Otis is the second developer to present a proposal within the last year. The Otis proposal calls for $10.8 million in construction to build six lots, five for business development and one to manage stormwater.

Bevelheimer said once all of the sites are filled, they would bring in an estimated $19.5 million dollars in gross sales, which would generate $440,000 in sales tax revenue for the city. The city’s share of the property tax revenue would be about $43,000.

The city and Otis would split the sales tax revenue 50-50 for the first 10 years or until Otis receives $1 million. After he receives his money, then the city receives all of the sales tax revenue moving forward.

Should the City Council approve the agreement, Otis said he has until March 2025 to close the deal with his prospective tenants. He said once construction begins, it should take about a year for the entire development to be online.