Quincy, IL News - Journal930.com
Quincy, IL News - Journal930.com
Tuesday, Sep 1, 2015

Initial Newcomb Hotel loan secured with life insurance policy

Initial Newcomb Hotel loan secured with life insurance policy

1 year, 10 months ago by Bob Gough

Initial loan made to Newcomb Realty LLC in 2003, City worked out an extension in 2005

The initial loan documents on between the City of Quincy and Newcomb Realty, LLC show the loan was originally secured with a life insurance policy on Victor Horowitz, who signed the documents purchasing the building and taking out the loan with the City 10 years ago.

Documentation from the City was acquired by Quincy Journal last month via a Freedom of Information act request.

Click here to read the original loan documents.

The loan was secured in 2003 and an extension was worked out in 2005. The initial loan was $500,000 from the City of Quincy's UDAG fund and $50,000 from Adams County's Revolving Loan fund.

Further documents show Newcomb Realty, LLC had property and liability insurance on the building from December 2007 to December 2008. Click here for that. Horowitz told City officials that the policy had lapsed because he could no longer get insurance on the vacant structure.

City officials have a meeting to update the Newcomb situation on Friday.