QUINCY, ILL. -- The Quincy City Council Monday night voted to adopt a resolution that changes the city's redevelopment agreement with Cullinan Properties. Read more in the Quincy Journal.
In 2006, the City and the new mall owners entered into a 23-year agreement that outlined Cullinan would invest $13 million to build 103,000 square feet of new lease property. In return, Quincy agreed to share one-half of the 1 percent of the local portion of the state sales tax generated by the new areas, capped at $6 million. To date, Cullinan has invested about $7.2 million in new stores.
According to the QuincyJournal.com, the new agreement adopted Monday night now includes more areas. It encompasses five storefronts labeled "chronically vacant" as well as the three anchors - J.C. Penney, Bergner's and Sears. Improvements will be made to all of these areas.
Council members and officials talked for about a half-hour on the subject before the vote. LexZe Mann (R-1) was absent, and Steve Duesterhaus (D-2) was the lone "no" vote.
"I actually supported this in 2006 despite my misgivings, but they are too strong to overcome" this time, he said. "I will not support this. We stretch the definition of public improvement to accomplish this deal and I can't support it."
Read more on the Quincy Journal.com
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