The Quincy City Council Monday night approved $500,000 in tax increment financing (TIF) for public health and safety improvements as part of a $10 million proposed renovation of the Illinois State Bank Building at 531 Hampshire.
The Tanninger Companies out of Tulsa, Oklahoma, made the request of the city, which has about $1.8 million in its TIF coffers. City Planner Chuck Bevelheimer said this would be the largest project ever funded out of TIF. He said the City would not be funding any other downtown rental rehab projects this year.
Tanninger owners Ryan Jude Tanner and Jay Krottinger are already in the process of rehabbing one Downtown Quincy property. Tanner, a Quincy native, and Krottinger purchased the Hotel Elkton last year and re-opened The Patio restaurant in February. The apartments above The Patio are also being renovated.
Plans for the seven-story building on the northwest corner of 6th and Hampshire include a restaurant, a 25-room boutique hotel and a rooftop bar. Bevelheimer said the TIF money would be spent on a secondary access and a fire suppression system, which are public health and safety improvements and qualify for the financing.
There was some discussion on the Council about the feasibility of public-private partnerships. Alderman Mike Farha (R-4th Ward) said he had concerns about the City being left holding the bag if the project failed and compared it to Washington Street in St. Louis after the Rams returned to Los Angeles.
Bevelheimer said the city’s investment wouldn’t kick in until the project was completed, which guaranteed the improvements would already be in place and said the city’s risk would be minimal.
Alderman Greg Fletcher (R-1st Ward) called the project a “win-win”. Mayor Mike Troup said the project fits in with other public and private improvements being made along Sixth Street.
The city’s investment will go into providing secondary access to the building and installing fire sprinkler systems. Bevelheimer said the deal is structured so that the TIF funds will be paid upon project completion.
Miss Clipping Out Stories to Save for Later?
Click the Purchase Story button below to order a print of this story. We will print it for you on matte photo paper to keep forever.Purchase Story