Friday, Nov 28, 2014
Quincy, IL News - QuincyJournal.com
Trending on the Journal

Recent Comments

samthebutcher - Debate continues on how to go about building Quincy\'s new schools - Quincy, IL News - QuincyJournal
Blue HorseShoe says...Mr. McNay is the smartest guy in the room. Pay attention to what he says and how he votes.
GoQuincy - Debate continues on how to go about building Quincy\'s new schools - Quincy, IL News - QuincyJournal
Jeff Mays said something like with the voters passing the referendum to build the schools the voters also showed they put their faith and trust in the school board to make decisions and do what is right.. Uh lets not get carried away Mr. Mays. I didn't see that on the ballot and I think the public still has concerns!
MgrneVisitedMyProfl? - Adams Co. State\'s Attorney explains decision not to prosecute alleged dog killer - Quincy, IL News
I love migraine (clap, clap, clap, clap, clap) I love migraine (clap, clap, clap, clap, clap) Does this cheer (based on 'let's go Devils' give you a headache)
MgrneVisitedMyProfl? - QPD Blotter for September 27, 2014 - Quincy, IL News - QuincyJournal.com
Sounds like something a bitter woman would do because her man left her for someone actually having a job and prospects and not being negligent to her children. When the alleged near car collision fails, they just end up claiming rape or domestic abuse, and because of VAWA and the fact that they are women, 'THEY ARE ALWAYS RIGHT' ! Go girl power. Thank you feminist dems! You make the rocking…
MgrneVisitedMyProfl? - Drug and weapons arrest made at 30th and State - Quincy, IL News - QuincyJournal.com
Haha. Christian. Muslim. Rastafarian. Scientologist. Mormon. Ham sandwich. Jewish. Sex. Jedi. All the same=hopelessly, incorrigibly, DELUSIONAL!

Most Popular

Entrup files to run for Alderman on Quincy City Council Updated

Quincy man wounded while deer hunting

Quincy Regional Airport makes another late season push for 10,000 departures Video

Quincy City Council votes to sell defaulting loans

Quincy School Board to discuss building project with out-of-town contractor

Kinder asks if Obama Ordered National Guard to Stand Down in Ferguson Video

Debate continues on how to go about building Quincy's new schools

Bruce Guthrie named director of The District

City of Quincy begins Newcomb foreclosure process

City of Quincy begins Newcomb foreclosure process

2 years, 3 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 5 minutes ago

Black Friday shopping crowds thin after Thanksgiving rush http://t.co/NsWu3Wsi0N
QuincyJournal on Twitter

QuincyJournal 6 minutes ago

QSFA announces member organizations forum meeting http://t.co/cbbXwLfpVs
QuincyJournal on Twitter

QuincyJournal 4 hours, 52 minutes ago

Quinn grants clemency to 126 ahead of holiday - Denied 185 petitions http://t.co/iOrikvTHsy
QuincyJournal on Twitter

QuincyJournal 4 hours, 54 minutes ago

QPD Blotter for November 28, 2014 http://t.co/zlNx2D6vAs