Quincy moves to take over long-vacant hotel
Fri, 01 Feb 2013 20:45:01 GMT —
The city of Quincy took another step toward acquiring a long shuttered downtown hotel.
After months of legal questions about the future of the old Newcomb Hotel in downtown Quincy, it looks like there could finally be an answer.
Mayor John Spring has been in talks with the current property owner Victor Horowitz to possibly take over the deed to the Newcomb. The city's revolving loan committee recommended at its regular meeting Thursday to accept the deed.
This means the city will write off more than $450,000 or a $500,000 loan given to Horowitz in 2003.
He defaulted on the loan and still owes money to both.
Horowitz has proposed giving over the deed to city in lieu of paying off the rest of the payments owed on the property.
Spring says he wants to get the issue resolved and see something happen to the old hotel at 4th and Maine.
The city council will now have to vote on whether to accept the proposal.