Committee recommends $120,000 for downtown rental rehab program

Posted: Aug. 24, 2017 9:15 am

QUINCY -- A Quincy committee recommends that $120,000 be provided for the redevelopment of five apartments in four downtown buildings.

The $120,000 investment through the city's tax increment financing rental rehab program would include private investment of more than $154,000.

Chuck Bevelheimer, director of planning and development, told the TIF Rental Rehab Committee on Wednesday night that he believed the program was making a difference downtown.

"When you get into renovation projects, you're always getting into something that is unknown," Bevelheimer said. "Without this program, I don't think you would be seeing the investment right now."

In the first two years of the TIF rental rehab program, the city has provided $210,000 and has seen $335,800 in private investment in 10 upper-story apartments downtown.

"If we're going to make market-rate housing downtown, this level of investment is necessary, and I think the numbers generally show when you look at the proposed rents of where we're at in terms of value," Bevelheimer said.

The projects are proposing an average rent of $950 a month per unit.

Owners and properties being considered for the program are not released until they go through the City Council.

The city earmarked $100,000 for the program this year, though Bevelheimer noted there is additional unallocated TIF money available if the committee wanted to do more.

Alderman Jack Holtschlag, D-7, said he thinks all four projects should be accepted.

"How do you pick one (to reject), and then they might not be here next year?" Holtschlag said.

Bruce Guthrie, executive director of the District, said he receives many inquires about downtown apartments.

"We're getting people calling all the time looking for downtown (housing)," he said.

In its third year, the TIF rental rehab program was introduced to jump-start upper-story residential development downtown.

Developers are eligible to receive zero-interest loans of up to $25,000 per residential unit. If the owner maintains the units in code-compliant condition and does not sell the property for five years, the loan is forgiven. Developers must at least match city investment and spend their portion first.

Projects are scored by the committee on the rate of return, ratio of public-to-private investment, type of units being renovated, parking effects, downtown effect, and whether the project previously has received TIF funds.

Bevelheimer said three of the four proposals involve owners who have never participated in the program.

The recommendation will go to the Finance Committee for consideration as early as next week. The City Council has the final say on issuing the funds.

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