Quincy officials look to future of TIF funding - WGEM.com: Quincy News, Weather, Sports, and Radio

Quincy officials look to future of TIF funding

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Grown and Gathered occupies the building at 6th and Maine Street. Grown and Gathered occupies the building at 6th and Maine Street.
Kitchen area inside a newly renovated apartment in downtown Quincy. Kitchen area inside a newly renovated apartment in downtown Quincy.
Picture shows off what the apartment used to look like during renovations. Picture shows off what the apartment used to look like during renovations.
QUINCY, Ill. (WGEM) -

Quincy officials paving the way for more downtown development through tax dollars in the Tax Increment Financing, or TIF districts.

Downtown property and business owner Michelle Wilkerson says when she decided to put her businesses under one roof, she wanted to become an anchor in the downtown area.

"This building at 6th and Maine just fit everything I was looking for," Wilkerson said. 

Once she began to explore fixing the apartments above her businesses, she turned to the Downtown Rental Rehab Program.

"With that little bit of 'oomph' from the city and that grant that I was awarded, I was able to get these done in a very timely process," Wilkerson explained.

The city contributed $45,000 to renovate her three apartments. All of them are now rented out. Council launched the program in 2015 after seeing the estimated assessed value become stagnant in 2011. 

"Since then we have seen the EAV jump every year in the downtown," Planning & Development Director Chuck Bevelheimer said.

Bevelheimer says the city wanted to pump TIF money back into the downtown and entice private development. He feels it's working as more owners are looking at the program.

"The first year we had a couple, last year we had four," Bevelheimer explained. "More people are learning about it and as they do, more people are engaging in purchasing buildings and using those funds."

"It's necessary," Wilkerson added. "It's necessary for private and public investments to come together for the development of downtown."

Alongside the Rental Rehab projects approved for next year, TIF money will be used to remodel parking lot D on Vermont Street as part of the Adams County Jail construction.

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