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QUINCY, ILL. -- The city of Quincy is moving forward with plans to foreclose on the Newcomb Hotel property.

The city is owed more than 480 thousand dollars in back taxes, principal, interest and fees from Newcomb Realty LLC owner Victor Horowitz.

Seventeen thousand dollars in property taxes will be paid for out of the city's discretionary fund. And the city will take the deed in lieu of foreclosure.

"We had some folks express interest in it. But obviously unless Mr. Horowitz is gonna release title, we can't move on those interested parties," Quincy City Planner Chuck Bevelheimer said. "So we are trying to do everything we can to free up the property so that if we do have an interested property, we can then act on that."

For a while it looked like another company, 3 Diamond Development, would take on the financial challenges of the Newcomb, but that plan also fell through.

There is some local interest in the building, but Bevelheimer is not ready to say who that is at this time.