Wednesday, Apr 1, 2015
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4tolerance - Darin LaHood announces candidacy - Quincy, IL News - QuincyJournal.com
Firecrackers are illegal in Illinois.
cgbrocksmith - Child shot and killed in Quincy - Quincy, IL News - QuincyJournal.com
There is so much more to this. This was no random shooting. Someone was targeted and I don't think it was the child. Shame on a lot of people who only look at the surface and fail to see the REAL issues here. Amerika has LOST its moral compass.
pjohnf - Unemployment down in Quincy, Adams Co - Quincy, IL News - QuincyJournal.com
A record low national job participation rate of 62.8 percent in February and we're to believe jobs have increased and unemployment has gone down. Something is rotten in the numbers and government.
migraine_in_qcy - Quincy an All-America City finalist - Quincy, IL News - QuincyJournal.com
Yep, businesses are going to ignore the anti-business tax climate of Illinois and line up to move to Quincy due to our All-America city status. If only that were true. Again with your slum-lords. Why don't you name one or give us an address so we can drive past and see what you're talking about?
migraine_in_qcy - Reward now offered for info on shooting of Quincy 12 yr old - Quincy, IL News - QuincyJournal.com
You couldn't be more wrong, as usual. I own part of my home, and the bank owns the rest. Not a realtor, not a landlord. You said there was lack of police presence due to funding, and I asked what you meant by that. Are you saying that funding cuts have reduced police presence, or that you think there needs to be an increased presence, hence additional funding is required? It's pretty obvious…

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City of Quincy begins Newcomb foreclosure process

City of Quincy begins Newcomb foreclosure process

2 years, 7 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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