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4tolerance - Quincy City Council votes to sell defaulting loans - Quincy, IL News - QuincyJournal.com
If I am not mistaken, the loan amount from the revolving loan fund has a maximum of $50,000 and cannot exceed the amount of the participating bank's loan. If I am correct on that, which I may or may not be, then Bank of Quincy would have a minimum of $50,000 loaned on each originally. The City will take a hit of $83,754 and BOQ will have a loan balance of no less than $113,754 + $30,000 in buying…
Cardinalquincy - Strawman: And Now WE Get Even With Whitey...... - Quincy, IL News - QuincyJournal.com
I love you RUHEARINGVOICES... You hit the nail on the head... My goal is to acquire the lowest negative score ever from these hopeless conservatives. They are incorrigible. Faux news is not fair and balanced. It is outdated an unimaginative like the Old Testament.
Cardinalquincy - Darren Wilson Grand Jury evidence and testimony - Quincy, IL News - QuincyJournal.com
Darren Wilson? Is he like the Ferguson, MO version of Quincy, IL's Timothy Bichsel?
AYHSMB - Bruce Guthrie named director of The District - Quincy, IL News - QuincyJournal.com
Wow. This guy sounds like a good choice to get the Gems going again. The OLC should look him up.
Stupid_Dems - Quincy City Council votes to sell defaulting loans - Quincy, IL News - QuincyJournal.com
Wonder who on the loan committee ok'd the loans. Maybe the same guys who ok's Newcomb?? Maybe???

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Loan Committee recommends accepting deed for Newcomb Hotel

Loan Committee recommends accepting deed for Newcomb Hotel

1 year, 9 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.


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Gordon gets captured, shot or knocked out every week. And Bruce needs to age faster. #gothamproblems
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RT @DrewMTips: NYC protesters chant "FUCK CNN", they cut away and Anderson Cooper says, "people are now playing to the camera". Now?