Continuing redevelopment efforts in downtown Quincy is the goal of legislation sponsored by Senator Jil Tracy and approved November 13 by the Illinois Senate.
House Bill 3426 extends the length of a current Tax Increment Financing (TIF) district in the City of Quincy from 23 years to 35 years.
“The City of Quincy has made excellent use of its TIF district and has revitalized its Downtown Square, and would like to continue in order to complete the process,” Senator Tracy said. “For that reason, we are asking that this TIF district be extended to a 35-year period.”
The TIF district in Quincy was created by the City in 1998. Currently, the TIF district is 21 years old and is nearing its expiration. Extending the TIF district an additional 12 years will give it a length of 35 years, set to expire in 2033.
House Bill 3426 now returns to the House of Representatives for consideration.