FINANCIAL_SERVICESPENDING

City Authorizes $10M Tax-Exempt Loan Led By Mercantile

Quincy authorized up to $12 million in borrowing for the Quincy Clay Sports Park, including a $10 million, 20-year bank-qualified tax-exempt loan to be led by Mercantile Bank. Final loan terms will be set by ordinance before the anticipated October 1, 2026 closing.

Status
PENDING
Document date
July 20, 2026
Contract type
FINANCIAL_SERVICES
Vendor
Mercantile Bank
Agency
Town of Quincy · IL

Trusted by teams at

Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo

Scope & details

The full contract record, as filed.

Contract amount
Up to $10,000,000 (bank-qualified tax-exempt loan)
Contract type
FINANCIAL_SERVICES
Contract term
20-year amortization; 10-year fixed rate then adjustments in years 11 and 16
Renewal date
2046-10-01
Renewal
20-year amortization with no prepayment penalty; interest rate fixed for 10 years then adjustable in years 11 and 16. Not a renewable contract but may be prepaid or re-amortized following receipt of IDNR grant funds.
Document type
Minutes
Source document
City of Quincy Official Proceedings Regular Meeting 2026-07-20

Related contracts

Other contracts from Mercantile Bank.

View all →

Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by Town of Quincy?

Mercantile Bank was awarded this financial services contract by Town of Quincy, as recorded on July 20, 2026. The contract value is Up to $10,000,000 (bank-qualified tax-exempt loan).

How much is the Mercantile Bank contract with Town of Quincy worth?

The Mercantile Bank contract with Town of Quincy is valued at Up to $10,000,000 (bank-qualified tax-exempt loan), covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a minutes record.

Where was this contract approved?

This contract appears in City of Quincy Official Proceedings Regular Meeting 2026-07-20 (Minutes), dated July 20, 2026 from Town of Quincy. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Mercantile Bank hold?

Mercantile Bank may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View Mercantile Bank's profile

What is Town of Quincy currently buying?

Explore Town of Quincy's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

View Town of Quincy's profile

Bring us your territory.
We'll show you what is forming.

B2G and SLED sales intelligence. Surface government procurement signals from 80,000+ state, local, and education agencies months before the RFP.

Try Civic IQ for free