Tuesday, Sep 2, 2014
Quincy, IL News - QuincyJournal.com
Trending on the Journal

Recent Comments

EgoReputo - Hiding public records in Illinois now a Class 4 felony - Quincy, IL News - QuincyJournal.com
"..... This law should be of special concern to public officials who are in charge of producing and maintaining public records. Clerks, recorders, finance workers, comptrollers and Freedom of Information Act, or FOIA officers are some of the primary caretakers of public records and public records requests." This new law should spell big trouble for the Quincy School District. Anybody know what's…
ONCEMORE1 - Rauner to make Quincy stop on Saturday - Quincy, IL News - QuincyJournal.com
Might as well stay home................
bml81 - Lovelace indicted in wife\'s death - Quincy, IL News - QuincyJournal.com
You don't get indicted on nothing. There must be some pretty strong evidence. As far as him not being put out of general population is a bunch of crap. He shouldn't get special treatment just cause he worked in states attorney office at one time. He is being held for criminal charges and some pretty serious ones at that. The court systems are corrupt anyways.
whogivesacrapp - Durbin makes fund-raising stop in Quincy - Quincy, IL News - QuincyJournal.com
UJacks..you nailed it...I have wondered the same thing ever since abortions became legal !!!
Loverofblues - Fracking industry officials donating to Rauner - Quincy, IL News - QuincyJournal.com
Pollute the water.

Most Popular

Lovelace indicted in death of first wife Updated

Indictment alleges Lovelace suffocated first wife Updated

Missing Quincy man found dead in park Updated

Committee sends new garbage and recycle trucks plan to Quincy City Council

QPD makes DUI arrest after hit and run

Durbin makes fund-raising stop in Quincy

Rauner to make Quincy stop today

Hiding public records in Illinois now a Class 4 felony

City of Quincy begins Newcomb foreclosure process

City of Quincy begins Newcomb foreclosure process

2 years 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 22 minutes ago

RT @TheBaldviking: Maybe all of these celebrity nude pics should have been stored on Lois Lerner's hard drive...
Bob Gough on Twitter

Bob Gough 22 minutes ago

RT @CMDmastrchief: Funny the FBI is investigating hacked nude photo's of celebrities but won't look into Lois Lerner's lost e-mails #IRSsca…
Bob Gough on Twitter

Bob Gough 22 minutes ago

RT @CMDmastrchief: Funny the FBI is investigating hacked nude photo's of celebrities but won't look into Lois Lerner's lost e-mails #IRSsca…
Bob Gough on Twitter

Bob Gough 23 minutes ago

RT @ChrisKaergard: Not quite "Red Dawn" but the feds planned backwoods resistance to a prospective Soviet invasion of Alaska: http://t.co/C…