Wednesday, Apr 1, 2015
Quincy, IL News - QuincyJournal.com
Trending on the Journal

Related Headlines

Newcomb site project falls through Updated

Man who burned down Newcomb Hotel arrested again

Clark gets probation for theft that led to Newcomb fire

Man charged in Newcomb Hotel fire will plead guilty next week

Newcomb Hotel demolition to begin by the end of February Updated

Recent Comments

SilenceDogood22 - New jail or no new jail? - Quincy, IL News - QuincyJournal.com
Absolutely not. Everyone in government needs to be held accountable for spending tax payer dollars. I'm not necessarily for the jail project (or against it). But the notion that we should "take care of ourselves" by not paying any taxes, or comparing a jail to obama phones and welfare is assinine. Almost as ridiculous as the original text of the article. We need a jail. Do we need a new one? Do…
UJacks1 - New jail or no new jail? - Quincy, IL News - QuincyJournal.com
I've asked before and I will ask again: When/If a new "justice center' is built, will the current jail and police station in town be closed permanently or will both remain open and staffed? If remain open, for the need to house prisoners awaiting their day in court, then staffing will be needed. Transportation costs will go up, to bring the prisoner from the 'justice center' into…
Sv3 - New jail or no new jail? - Quincy, IL News - QuincyJournal.com
You are willing then to hand over a debatable amount of 25 million dollars? Without a plan, without any allocation of properties? All on the ridiculous idea it's unsafe for the employees? The county will get sued is the latest argument.... In the most secure supermax prisons lawsuits I'm sure are most common. So forgive me for not trusting the government to handle our money reasonably.…
DaveVictor - Darin LaHood announces candidacy - Quincy, IL News - QuincyJournal.com
He sounds like a real firecracker.
1950Brutus - Tom Schweich spokesman Spence Jackson found dead - Quincy, IL News - QuincyJournal.com
Don't you think it is a little early for speculations? At least wait until he is in the ground.

Most Popular

12 yr old boy shot and killed Sat morning Updated

Reward now offered for info on shooting of Quincy 12 yr old

Wagner and Griggs capture state title

Schock says he leaves Congress with sadness, humility

Happy Easter from Quincy Mall

New jail or no new jail?

Fishing For Freedom Registration Now Open

Mid-America Military Salute to Host 'Human Foosball' Fundraiser

Initial Newcomb Hotel loan secured with life insurance policy

Initial Newcomb Hotel loan secured with life insurance policy

1 year, 5 months ago by Bob Gough

Initial loan made to Newcomb Realty LLC in 2003, City worked out an extension in 2005

The initial loan documents on between the City of Quincy and Newcomb Realty, LLC show the loan was originally secured with a life insurance policy on Victor Horowitz, who signed the documents purchasing the building and taking out the loan with the City 10 years ago.

Documentation from the City was acquired by Quincy Journal last month via a Freedom of Information act request.

Click here to read the original loan documents.

The loan was secured in 2003 and an extension was worked out in 2005. The initial loan was $500,000 from the City of Quincy's UDAG fund and $50,000 from Adams County's Revolving Loan fund.

Further documents show Newcomb Realty, LLC had property and liability insurance on the building from December 2007 to December 2008. Click here for that. Horowitz told City officials that the policy had lapsed because he could no longer get insurance on the vacant structure.

City officials have a meeting to update the Newcomb situation on Friday.


From the Newsroom

QuincyJournal on Twitter

QuincyJournal 13 minutes ago

QPD Recovered Property notice for April 1st - Call the Watch Commander to view and/or pick up http://t.co/PZ5AvESVrW
QuincyJournal on Twitter

QuincyJournal 14 minutes ago

Rauner schedules special election to replace Schock June 24 - Expect date to change per federal law http://t.co/KQQaO1HPkH
QuincyJournal on Twitter

QuincyJournal 10 hours, 2 minutes ago

Bryant bound to make presence felt for Cubs http://t.co/eQFKBKBWZk
QuincyJournal on Twitter

QuincyJournal 10 hours, 2 minutes ago

Wainwright named Opening Night starter http://t.co/IMx1ZOR2Jn