Nearly two years after the building at the corner of Third Avenue and Main Street in Mitchell was closed to traffic, the city and the owner have come to an agreement on the building's future.

The proposed agreement, which would involve the city paying for building owner David Finnell to work with a contractor to demolish the building before the property is transferred from Finnell to the city, will be addressed by the Mitchell City Council at its meeting Monday.

The agreement outlines the responsibilities of both Finnell and the city. Finnell would be required to work with a contractor to demolish nuisance structures on the property as soon as possible, and he'd have to make sure the demolition company he chooses submits plans and obtains a demolition permit. If any other structures nearby are damaged during demolition, the agreement specifies that the city would not be responsible.

Once the demolition is completed, Finnell and his company — Finnell transferred the property to Finnell Properties LLC after the city filed a civil suit against him as the owner, and the LLC was added to the suit as a defendant — would convey the property to the city for a $1 general warranty deed.

Finnell would also be required to pay the city $2,841.20 in property taxes owed through June 30 and a Business Improvement District tax. The transaction between the city and Finnell would be entered as a settlement to resolve the civil case. Working with the city at no cost, Finnell and the LLC would also be required to obtain a Brownsfields grant for asbestos survey and remediation.

In an agenda item request submitted to the city council, City Attorney Justin Johnson wrote that the agreement is similar to the one made in connection with a building at 117 N. Main St., but that Finnell would be agreeing to a judgment at the outset rather than a repayment plan.