Why would anyone sell a property for a hundred dollars if they originally paid $70,000 for it? Leaders in Peru are defending the decision.
The city council unanimously approved selling the 1830 4th Street property across from city hall to Gary Hammers. A few alderman praised Hammers’ history in fixing up blighted properties around the Illinois Valley. The plan is for him to invest thousands of dollars into the two-story property and make the first floor retail space and the upstairs a luxury apartment. These improvements would bring in tax revenue the city isn’t currently getting.
This particular property had been an eyesore and home to crime. Peru Police Chief Doug Bernabei called it a burden and the worst property in the city before tenants were forced out.
The city also bought and tore down apartments directly south of city hall for $145,000. That property was also considered to be a public safety concern. The space will become a parking lot.