Wednesday, Apr 16, 2014
Quincy, IL News - QuincyJournal.com
Trending on the Journal

Recent Comments

eaglebeaky - Two die in overnight house fire - Quincy, IL News - QuincyJournal.com
Does anybody know if there is a way to help out? If there's anything that has been set up to accept donations of any kind, please post it.
gizzard93 - Strawman: Honey, Have You Seen My Race Card? - Quincy, IL News - QuincyJournal.com
we sure as hell are not going to give up!
eaglebeaky - Voter rights, crime victim rights amendments set for fall ballot so far - Quincy, IL News - QuincyJo
Thank you qfingers!!!. There are countless reasons against anybody compiling a DNA database for any reason. Way too much room for errors, manipulation, and outright abuse.
eaglebeaky - Voter rights, crime victim rights amendments set for fall ballot so far - Quincy, IL News - QuincyJo
Interesting ideas, Cool Edge, thanks for sharing them. My only questions about the fingerprint idea would be how would that be paid for, and who would have oversight over the information? Also, should election workers really be expected to serve as CSIs? And finally, at this point I don't trust the post office to accurately deliver the mail anymore... Would we really want them involved in our…
eaglebeaky - Voter rights, crime victim rights amendments set for fall ballot so far - Quincy, IL News - QuincyJo
Hate to have to correct you, AYHSMB... but I was a Huntsman supporter last time.

Most Popular

Park Board to put new Wavering Aquatic Center question on the ballot

Two die in overnight house fire Updated

Man arrested following south side stabbing

Petroleum Marketers, C-Stores, fight proposed Illinois gas tax hikes Updated Video

City department heads attempt to justify budgets to aldermen

Adams Co. Jail to take in federal prisoners

Home Builders, Illinois House look to weaken Fire Marshal authority

Preppers get ready for budget reality by begging for more

City of Quincy begins Newcomb foreclosure process

City of Quincy begins Newcomb foreclosure process

1 year, 8 months ago by Bob Gough

City Committee questions why building's property taxes went up 25 percent

The City of Quincy's Economic Development Loan Committee is beginning the foreclosure process on the Newcomb Hotel.

The company, Newcomb Realty LLC, owes the City $487,537 in principal, interest, fees and back taxes on the property on the southeast corner of 4th and Maine. The principal balance is $410,323.

The Committee voted to have the City’s Legal Department begin the process.

Committee members also voted to pay the 2011 property taxes due on the building. Approximately $17,000 will come out of the City’s discretionary loan fund. The Committee took a second vote to attempt to find out why the building’s taxes went up 25 percent compared to the 2010 taxes.

Another company, 3 Diamond Development, had stepped forward in an attempt to turn the historic hotel into an assisted living facility with a $15 million renovation. But that deal fell through earlier this year.

Victor Horowitz and his Newcomb Realty LLC took out a $500,000 loan from the City eight years ago and that’s who 3 Diamond was going to assume the debt from under the name of a new company, Newcomb Quincy LP. But now it’s back to Horowitz, who has long been delinquent on the loan.

Newcomb Realty LLC also owed Adams County $49,640.96 from a $50,000 loan taken out the same time as the loan with the City, but the County forgave that loan in order to allow the City to proceed with the foreclosure.

Quincy Mayor John Spring said the City now has financial institutions share in the risk of development loans the City makes so there will not be another case like the Newcomb where multiple owners have borrowed money from the City only to see the building remain stagnant. Spring said the east side of the building, where a three-story addition was built on, has the most problems, but he's been assured by structural engineers that the main building is "structurally sound".

Earlier this year, City Planner Chuck Bevelheimer said there has been some local interest in the Newcomb, but nothing he was prepared to elaborate on at the time.


From the Newsroom

Bob Gough on Twitter

Bob Gough 40 minutes ago

@Ben_WGEM I know QU needs guards badly, but don't tell me you can't find room for a stud like Tisdell.b
Bob Gough on Twitter

Bob Gough 1 hour, 2 minutes ago

@Ben_WGEM I was told they didn't need him. #whatever #beast
Bob Gough on Twitter

Bob Gough 2 hours, 25 minutes ago

RT @Blueroomstream: Casinos were bringing in ~$700 million several years ago. Now at ~$550 million. Video gaming, smoking ban, economy play…
Bob Gough on Twitter

Bob Gough 4 hours, 46 minutes ago

RT @MorningMeeting1: Robert Spencer @jihadwatchRS will join us today! Also, @QuincyBob. 10 am ct on 930 WTAD and http://t.co/1r2U2uHu6u!!!