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Quincy budget keeps event and retail recruitment incentives; $2.7 million vacant-anchor line remains
Summary
The draft economic growth fund maintains funding for event underwriting ("Bet on Q"), the Leg Up legacy-events grant, and a $2.7 million "vacant anchor" line tied to retail recruitment agreements; staff said not all of that $2.7 million is expected to be spent in the coming year.
City staff told the council the economic growth fund in the draft budget continues multiple incentive programs for events and retail recruitment while reserving a large but largely contingent appropriation for vacant-anchor incentives.
The economic-growth items presented include $250,000 in contracted services for the Quincy Area Convention and Visitors Bureau and the final-year contract for Veil Strategies (retail recruitment). The draft holds $100,000 for the Leg Up program (legacy events) and $160,000 for Bet on Q (event underwriting). Staff described Bet on Q as generally limited to two years of funding per event; the Leg Up program exists to support longstanding “staple” events that might need additional support beyond that limit.
A single line for vacant-anchor grant distributions totals $2,700,000 in the draft. Presenters said that figure represents the full potential liability under existing developer agreements, not an expectation that the city will spend that amount in the fiscal year. For example, the city has made roughly $350,000–$400,000 in payments to the developer connected with the Target agreement (GMX) and paid $200,000 to date under a Dunham store agreement while the developer remains eligible for up to $800,000 if sales thresholds are met. Staff said remaining payments are contingent on developers meeting sales tax or other performance triggers.
The draft retains $50,000 for the Q RAP program while noting applications closed April 30, 2024, and only a small number of outstanding participants remain. The budget also keeps a $25,000 contribution to the Quincy Society of Fine Arts, intended to support planning work for riverfront development; staff explained the society used the city money to prepare planning documents that are prerequisites for larger state construction grants.
Council members asked for status updates and clarification on administration of the grants and on midtown business-district reimbursements (for example, a $217,000 placeholder for potential Midtown reimbursements tied to a recent Dunham project). Staff emphasized that many of these lines are grant- or performance-contingent and that not all appropriated amounts are expected to be disbursed in the coming fiscal year.
