HOMER — The village has agreed to take control of property at 102 and 104 Main Street at the request of owner Pat Pruitt, said Trustee Mike Johnson.
In 2011, the village paid to demolish the privately owned, collapsed building spanning the two lots because it posed an imminent danger to vehicles and pedestrians.
The Village's TIF agreement with Pruitt provided a loan of up to $71,830 to cover demolition costs. The agreement was approved with the understanding that repayment was likely.
At the time, Pruitt said he did not have the means to demolish the derelict structure on his own without an insurance settlement, and a final review of his claim was denied. He had willingly offered the properties to the village in exchange for demolition costs.
The collapse was caused by undetected, long-term water damage between two outer brick walls. The TIF agreement put a lien against the properties, ensuring that, if the loan is not repaid, the village can opt to take the two lots in lieu of payment. With an approximate value of $7,000 per lot, the village stood to lose upwards of $57,000 on the deal.