There’s a renewed push underway to get more people living in Downtown Quincy. The District and State Street Bank hosted a Downtown Residential Redevelopment Seminar on Wednesday night to help developers start in the revitalizing process.
Bret Austin has been flipping old buildings for years and he’s now focusing on providing livable space in downtown Quincy.
"There was a desire that for a long time, probably the better part of ten years," said Austin.
At Wednesday’s seminar, city officials told developers about tax incentives to transform underutilized spaces in historic downtown buildings. That means putting some of the upper floors of downtown buildings back in use.
Some of the incentives being offered includes up to $25,000 in matching funds per market rate unit of TIF funding, a sales tax exemption on building materials and reduction of building permit fees.
The goal is to bring all that money back through taxes.
"On average, somebody living in an apartment like this will spend about $15,000 a year in close proximity to where they live," said Austin. "That’s a sales tax base increase."
Plus the renovated building will create more property tax for the city.
Bruce Guthrie with The District says there’s definitely a growing interest.
"They’re starting to see the success of downtown," said Guthrie. "They’re starting to see what downtown can bring."
This is the fourth year for the residential redevelopment seminar. Austin says so far, 13 downtown apartments have become a reality because of it.