Monday, Oct 20, 2014
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WarCry - REBEL MEDIA: So I have a sign in my yard - Quincy, IL News - QuincyJournal.com
Didn't Hannibal just put in a new school or two? I can't find the story on planned vs. spent, but I don't hear a lot of hollering about cost overruns, etc. I just remember the story with the open house to show off their new, state-of-art facility.
GrayHairedMan - REBEL MEDIA: So I have a sign in my yard - Quincy, IL News - QuincyJournal.com
I still think that there is no way they can guarantee that this project is only going to be $89M. Take a look to the North to another huge government sponsored building at Ft. Madison Prison. Years late and 10's of millions in cost over run. There is simply no way that they can promise this won't cost a penny more than $89M and what happens when it does (and it will by a minimum of 15%)?…
WarCry - School Board to outline plans for savings, old buildings if referendum passes - Quincy, IL News - Qu
The bonds that they're currently talking about retiring were the previous set of bonds to pay for Life Safety repairs. I'm not sure why you don't know this stuff. I know it from reading the QJ articles over the last year or so, so it's not like I have secret insider-info, it sounds like you are - for whatever reason - just willfully ignoring the information that's out there.…
WarCry - School Board to outline plans for savings, old buildings if referendum passes - Quincy, IL News - Qu
I honestly can't explain it. I'm not on the park board, so you could try asking them. But I'm going to bet the answer sounds something like this: "We can spend a ton of money to repair current problems without gaining any actual improvement to the facility, just patching up the problem spots. Or we can spend a roughly equivalent amount and get a newer facility which will have regular…
ONCEMORE1 - REBEL MEDIA: So I have a sign in my yard - Quincy, IL News - QuincyJournal.com
I know of what you speak-----the same thing happened to my son in Junior High 35 years ago. Apparently performance wasn't a measurement then, either.

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City of Quincy begins Newcomb foreclosure process

City of Quincy begins Newcomb foreclosure process

2 years, 2 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.


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