Thursday, Jul 2, 2015
Quincy, IL News - QuincyJournal.com

Recent Comments

HuhWhy - Airport manager Hester resigns - Quincy, IL News - QuincyJournal.com
Not a Democrat only thing to point at problems....there are plenty of Republicans inside our local governments with major concerns here
DaveVictor - Airport manager Hester resigns - Quincy, IL News - QuincyJournal.com
It's more than a Democrat problem.
db1998 - Crider has lawyer - Quincy, IL News - QuincyJournal.com
Still would love to know WHY they let them go after all the questioning? Are they that good of liars, or not the right questions?
Sam_Sam_Iam - Civil Rights Icon’s Tough Message to Black Community on Confederate Flag: ‘If Black Live
Finally, a voice of reason. But these voices often go unnoticed by the media. 1950Brutus is correct, they will punish him in some form or another. Its just the Liberal way. Like what we preach and if you disagree, we will throw you to the wolves.
eaglebeaky - Supreme Court extends gay marriage nation-wide - Quincy, IL News - QuincyJournal.com
Marriages certainly do need to be "recognized" by the State, OMP... but the word "approval" is tricky? That's kind of a different story. (What happens if the time ever comes where a State agency decides that it doesn't want to "approve" a certain religion's marriages as being as legitimate as another's? Nothing good.) The State should have as little as possible to do with…

Most Popular

24/61 open near Taylor Updated Video

Missing Ohio teen spotted in Quincy

Quincy man held after two-state chase

LaHood using strong-arm tactics?

Airport manager Hester resigns

Supreme Court extends gay marriage nation-wide

Lee returns as Interim Superintendent

Levee break near Edina

City of Quincy begins Newcomb foreclosure process

City of Quincy begins Newcomb foreclosure process

2 years, 10 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

QuincyJournal on Twitter

QuincyJournal 8 hours, 25 minutes ago

Nixon's role in St. Louis stadium financing plan debated in court http://t.co/Y6w8UrYfAa
QuincyJournal on Twitter

QuincyJournal 8 hours, 25 minutes ago

U.S. has one victory to go http://t.co/XzmsvRYNvI
QuincyJournal on Twitter

QuincyJournal 9 hours, 22 minutes ago

Blackhawks trade Brandon Saad to Columbus http://t.co/yw0MQCrSWA
QuincyJournal on Twitter

QuincyJournal 11 hours, 24 minutes ago

Airport manager Hester resigns - Stegeman takes over on interim basis http://t.co/qBXSQG5YgZ