Funds approved for Illinois State Bank building development by city council

QUINCY (WGEM) — A new development could be on its way to downtown Quincy after City Council approved $500,000 in TIF funds at their meeting Monday night.

A developer out of Oklahoma is looking to turn the former Illinois State Bank building on Hampshire into a boutique hotel, with dining, and a rooftop bar.

City officials said things have really begun to deteriorate in the building.

They said their goal with this project is to make sure it doesn’t wind up like the Newcomb Hotel, which burnt down in 2013.

Tanninger Companies Chief Executive Ryan Jude Tanner said their company is looking to invest $10 million into the property.

But that was contingent on these TIF funds being made available.

City officials said having more development downtown is all part of their larger effort, with projects like the 6th Street Promenade to revitalize downtown.

“This project will bring in tax revenue in many different ways hotel motel, sales tax, food and beverage tax,” said Quincy 7th Ward Alderman Benjamin Uzelac.

“And of course increased property tax by the property owner. So in my mind this is a small investment that will have a huge payoff over time.”

Uzelac said they will not give out any money until the developer finishes the work and provides a certificate of occupancy.

The resolution passed at city council with 13 voting aye.

4th Ward Alderman Michael Farha voted present.

One councilman was absent.

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