Eight months after an agreement was reached to demolish the buildings, the former Palace City Pawn Shop buildings at 115 and 117 N. Main St. will be demolished next week.

The city of Mitchell said Tuesday that North Main Street between First and Second avenues will be closed, starting at noon, Dec. 17. The street is expected to be closed for about one week.

The 117 N. Main St. building dates back to 1910 and was previously scheduled to be torn down as soon as May. The building had a large hole in the south wall, and officials later found structural issues, including bricks falling into a nearby parking lot. The pawn shop moved to 700 N. Sanborn Blvd. in 2018.

According to a settlement agreement approved April 5, the demolition was slated to cost $81,632.80, and the owners — Austin and Laretta McPeek — were responsible for selecting a demolition contractor to safely and legally tear down the property, while the city of Mitchell will pay for the demolition project up front. The McPeeks were slated to pay the amount back to the city of Mitchell through a loan agreement with monthly payments beginning on July 1 over the next 20 years. City officials said the agreement was going to be a better outcome than going to court over the buildings.

The agreement also grants the city the option to purchase the property for $1 in the event McPeeks default on loan repayments. The agreement calls for property owners and the city to cooperate in exploring opportunities for redevelopment of the property.

The building is the latest on Main Street to come down. The buildings at the northwest corner of Third Avenue and Main Street were demolished in mid-November after nuisance issues and the city of Mitchell went to court. The demolition resulted in a Main Street closure for about a week.