Thursday, Oct 2, 2014
Quincy, IL News - QuincyJournal.com
Trending on the Journal

Recent Comments

qfingers - Mayor Moore discusses Newcomb proposal - Quincy, IL News - QuincyJournal.com
It's not tax abatement...it's a tax refund which is a financing tool. And there's lots more than what is listed on your link It's a rather long section of 65 ILCS 5/11-74 http://www.ilga.gov/legislation/ilcs/ilcs4.asp?Ac...
Givemeliberty - Iowa company pitches Newcomb development proposal - Quincy, IL News - QuincyJournal.com
The pill Hobart is wanting the city to take would be easier to swallow, if they were bringing American Family, AT&T, Motorola, or something like it to fill up this building with 300-400 Jobs. Sadly though projects like the one I just described or the Newcome Lofts will only come to this area with help from the City or County (not saying the city should give in to all of Hobarts demands) because the…
UrKidsWillPay - Mayor Moore discusses Newcomb proposal - Quincy, IL News - QuincyJournal.com
The TIF district does not include a Property Tax abatement. Those are features of the Enterprise Zone which this site is not a part of. Would like to know how we are going to force that one through against our rules.....not that I doubt they will do it. Take a look at the eligible TIF expenses and tell me where they are going to lie to us to classify 1.8 million of a 4 million project as TIF eligible.…
UrKidsWillPay - Quincy Police Blotter for September 30, 2014 - Quincy, IL News - QuincyJournal.com
Could be or it could be for a burnout. which could be defined as unsafe because you lack complete traction. Or it could be for accelerating too fast but not buring the tires and without going over the speed limit. or she could have exited a private drive like the bowling alley without properly yielding.
qfingers - Mayor Moore discusses Newcomb proposal - Quincy, IL News - QuincyJournal.com
Just remember that getting taxable property there doesn't bring in any extra $$ for the city. What it does is lower property taxes for the rest of us. Obviously more $$ back for more expensive properties (i.e. same % saved across the board). By the same token the TIF district raises our taxes until such time as the TIF expires. That's because some of the tax $$ are diverted to a special…

Most Popular

Study finds reasons Springfield Diocese Catholics have left the Church

Inquest and Investigation: Curtis Lovelace didn't call 911 immediately or attempt CPR on wife Updated

Iowa company pitches Newcomb development proposal

Practice of end-of-career teacher salary bumps being scrutinized

Mayor Moore discusses Newcomb proposal Video

Lovelace pleads Not Guilty

JWCC to Hold Manufacturing Expo October 3

Jimmy John's customer data hacked

Loan Committee recommends accepting deed for Newcomb Hotel

Loan Committee recommends accepting deed for Newcomb Hotel

1 year, 8 months ago by Bob Gough

Owner of long vacant property has been behind on mortgage and taxes for years

The City of Quincy's Economic Development Loan Committee went into executive session Thursday to deal with a real estate matter, which is a deed in lieu of foreclosure, for the former Newcomb Hotel, located at 500 Maine Street.

City Planner Chuck Bevelheimer discusses what was decided at the meeting.

"After discussing the in's and out's of the process of moving the property forward, we did make a recommendation to accept the deed in lieu of foreclosure and made that recommendation to the City Council. So that is the end result of today's meeting."

Bevelheimer then explained why the City chose this course of action.

"Well, the reason is two-fold, one it's taken us a year to get to this point and it's been a long struggle to get control of the property and the building is not getting any better in shape, in terms of the building maintenance and deterioration and finally, we do have some interested parties who have contacted us but without control we can't really respond to those interests. So, we're trying to manage this so that we can, more or less, flip this property as quick as possible."

This recommendation now goes to the Quincy City Council.

Previous Story:

The City of Quincy’s Revolving Loan Committee will consider a proposal from the owner of the Newcomb Hotel to accept the deed of the property to stave of foreclosure.

Victor Horowitz bought the building 10 years ago and received a $500,000 loan from the city and $50,000 from the county. The County has written off its share of the loan, which stands at about $475,000 outstanding in loans, fees and back taxes.

Horowitz has offered the deed to the City in exchange for forgiveness of the loan. City Planner Chuck Bevelheimer says the building's future is in limbo until the ownership issue is cleaned up.

A developer was considering turning the long-vacant hotel into an assisted living facility, but the funding for that plan fell through in 2011.

The Revolving Loan Committee meets on Thursday. The discussion on the Newcomb will be in closed session, according to the meeting agenda.


From the Newsroom

Bob Gough on Twitter

Bob Gough 14 hours, 6 minutes ago

@jazayerli Vargas over Duffy?
Bob Gough on Twitter

Bob Gough 14 hours, 11 minutes ago

Vargas over Duffy for KC in Game 1 of the ALDS? #thatssoNed
Bob Gough on Twitter

Bob Gough 14 hours, 47 minutes ago

RT @ryangerding74: @QuincyBob could u help promote our auction https://t.co/SapAVvO4Ni
Bob Gough on Twitter

Bob Gough 15 hours, 7 minutes ago

RT @VonniMediaMogul: LOL RT @BenJealous: Eric Holder has held the office of Attorney General with courage, vision and dignity. History will…