City owed more than $400,000 on property
QUINCY, ILL. -- Wednesday afternoon, the City of Quincy's Economic Development Loan Committee approved a request that will bring the Newcomb Hotel one step closer to a revival.
A Chicago developer has shown an interest in the property.
Our news partner WTAD reports that during an almost hour-long executive session, committee members discussed financing with a representative of a consulting group working with 3 Diamond Development.
That group wants to turn the five-story structure into a 98-unit assisted living facility for seniors.
Committee members voted to approve a transfer of debt owed to the City on the Newcomb.
Victor Horowitz, the previous would-be developer, and his company Newcomb Realty LLC currently owe Quincy more than $487,000.
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