The City of Quincy becomes the first municipality in the Commonwealth to utilize District Improvement Financing. Quincy, the City of Presidents, is continuing the spirit of our founding fathers by becoming the first municipality in the Commonwealth to receive District Improvement Financing approval. On May 31st the Massachusetts Economic Assistance Coordinating Council approved Quincy’s application designating Quincy Center as a District Improvement Financing (DIF) zone. The use of DIF as a financing tool will enable the city to use “new” tax growth generated within the defined DIF area to fund public infrastructure and streetscape improvements. Construction of a new parking structure and the completion of the Concourse transportation corridor are just a few of the long planned municipal projects that may soon become a reality as a result of this new financing mechanism. Future municipal investments should stimulate renewed private investment in the downtown area, which in turn will incrementally increase DIF revenues resulting from the new tax growth. Generating new revenues without impacting current property taxes will help the City fund complimentary marketing and promotional initiatives to further stimulate economic investment in downtown Quincy. To further increase incentives for economic investment in Quincy Center, the City has designated a Master Tax Increment Financing (TIF) program for the downtown. Establishing a Master TIF means that businesses investing in Quincy Center which create new employment opportunities will receive a 5% local real estate tax exemption. In addition to the local exemption, businesses become eligible for the Massachusetts 5% Economic Opportunity Area Tax Credit. Coupled with these new revenue incentive programs is the recent approval by the Quincy City Council to establish a new Quincy Center Zoning District. Designed to promote sustainable development, the new zoning district encourages mixed-use development adjacent to the many public transportation services and infrastructure amenities currently in place within the downtown environment. Highlights of the new zoning districts include increasing height allowances for buildings from 6 stories to 10 and 15 stories, and easing density and parking requirements to allow for the creation of additional housing and commercial uses. The zoning ordinance also includes the establishment of a more predictable permitting process by designating the City’s Planning Board as the Special Permit Granting Authority for all projects within the new zoning districts. These new regulations remove major roadblocks that are often attributed to redevelopment efforts, and creates an environment that maximizes the limited redevelopment space within the downtown area. The construction of an east-west road connection through the heart of downtown Quincy to link Routes 3 and 3A (the “Concourse”) received a tremendous boost in April when then Transportation Secretary Grabauskas announced a $2,000,000 PWED grant to the City of Quincy. The PWED grant will fund the McGrath Highway portion of the Concourse, from the Quincy District Court House at the Washington Street intersection to Route 3A. With this funding in place, the City can concentrate on the Hancock Street crossing phase, which is the most complicated and costly portion of the project. The establishment of DIF provides the City with a previously unavailable revenue source to help fund the last phase of the project. Once completed, the Concourse will create a signature urban boulevard that will not only improve vehicular traffic flow and pedestrian access, but at the same time will open additional parcels of land for public and private development opportunities. Providing new and improved access will direct vehicles to the downtown and to existing and planned parking facilities. Quincy Center's proximity to public transportation, major highways and water transportation to Boston creates an attractive investment environment for commercial and residential developers. Approximately 10,000 people work within the downtown today, emphasizing Quincy Centers’ critical role in the local and regional economy. A vibrant Quincy Center will successfully combine an expanded housing inventory, along with office and retail establishments to strengthen and expand the current economic base, thereby restoring the historic downtown area as the focal point of the community. To maintain a balance between quality economic growth and the preservation of the historic character of the downtown, the City of Quincy has retained the services of the architectural design firm Goody, Clancy & Associates to create an Urban Design Plan for the Quincy Center zoning districts. A comprehensive Urban Design Plan will guide new developments in a manner that builds on existing assets, fulfills the needs of a growing economy, and protects the quality of life that makes Quincy a special place to be. Creating active streets through the construction of mixed-use developments and retail expansion will foster a downtown environment that conveys vibrancy and vitality, reminiscent of decades past when Quincy Center was known as “Shoppers Town USA”. These new initiatives will compliment business incentives currently provided by Quincy 2000 Collaborative, a public/private economic development organization. One of the reasons Quincy remains an attractive environment for new development and business expansions is the start-up and expansion financing, training programs and counseling services provided by the organization. Quincy 2000 Collaborative provides business financing through the city's Community Development Block Grant Revolving Loan Fund and an internal Loan Pool. The CDBG Revolving Loan Fund provides low interest financing to businesses that create low-moderate income jobs in the community. The Loan Pool is a consortium of 11 area banks which has approximately $5 million available for business expansions, equipment purchases, start-up costs, and sign and façade improvements. Participating banks in the Loan Pool consist of Asian American Bank, Bank of America, Century Bank, Citizens, Colonial Federal, Eastern, Rockland Trust, South Shore Co-operative, South Shore Savings, Sovereign and The Bank of Canton. There are many prime examples of private sector investment currently underway in Quincy Center. The 75-year-old, 10-story former Fleet building on Hancock Street was recently sold to Quincy Mutual Fire Insurance Company for $5.4 million. Quincy Mutual’s corporate headquarters are located on several adjacent properties, providing an ideal partner for the city in the future redevelopment of this key downtown commercial parcel. Munroe Place, a new 110 unit luxury apartment building with retail space on the first level is a welcome addition to the city’s landscape. The Residences at Presidents Place is currently under construction, which will add another 200 luxury apartments in the heart of Quincy Center. Each of the aforementioned developments is within short walking distance of the Quincy Center MBTA and Commuter Rail Station. Smaller projects also have their place in the redevelopment of the downtown, such as the construction of a fifteen unit residential condominium, and the openings of many new ethnic eateries and cafes’. Through the leadership of Mayor Phelan, the city has positioned itself well to take advantage of the growing economy. The redevelopment incentives and resources available are designed to create sustainable development in Quincy Center and solidify the City's position as the economic engine of the South Shore. Bridging private sector investment and public sector incentives has created a renewed sense of energy and excitement that Quincy Center will once again become a local and regional destination place with a sense of vibrancy and vitality for residents, business owners and visitors to benefit from. The City welcomes the opportunity to boast of the investment opportunities within our rejuvenated downtown, or in one of our many professional office parks and smaller business districts. Whether a company requires public transportation, a deep sea port, commercial rail, a beautiful waterfront, access to major highways, proximity to Boston, a quality workforce or a diversified community - Quincy is the place to live, work and invest in. Quincy 2000 Collaborative is eager to convince you that here in Quincy We Mean Business!