Quincy City Council approves use of TIF funds for Newcomb demolition
Tue, 05 Nov 2013 05:05:47 GMT —
The Quincy City Council voted unanimously on Monday night to use TIF funds toward demolition costs of the Newcomb Hotel.
The city approved the use of $56,140.52 from its Tax Increment Financing fund to offset demolition costs stemming from a September 6 fire that destroyed the hotel at 4th and Maine.
TIF funds come from downtown businesses that pool tax money for use in downtown infrastructure projects.
Despite the council's unanimous decision, there were suggestions offered by one local property owner on how to manage the funds more cautiously.
Bret Austin owns property in Quincy's downtown district and spoke at Monday's meeting. He said he's not against Monday's council decision because the funds would be used for an unpredictable emergency situation. However, Austin hopes situations like this can be avoided in the future.
"I don't think anyone is going to argue with the fact that we have to move forward - it's not to be a roadblock to that. But there's a lot of learning that can come out of this," Austin said.
Austin recommended that a committee be formed to vet projects that would use TIF funds and prioritize them. He also suggested that money collected from salvage of Newcomb building materials could go back into the city's TIF fund.
"We'd like to see that money being used wisely - it's very, very important. And we've had some great development in the last few years, and out of those developments, I think that fund is going to increase substantially," Austin said.
"With that, there is even more responsibility and we really need to make sure we understand what we're doing with that money," he added.
Thirteen council members voted in favor of Monday's resolution, with none opposed and one absent.