County Executive Barry Grossman, along with the owners of the building, Dr. Kirk Steehler and Dr. Rosanne Palermo-Steehler, announced the final resolution, paying off the buildings back taxes.
Modern Tool Building, located at 4th and State Streets is a registered historical building.
It was close to being auctioned off at the county's annual lien free tax sale because the Steehler's owed $630,000 in back taxes.
Dr. Steehler says he co-owned the building since 2004 and was unaware of the back taxes and financial situation.
He's now the sole owner of the building with his wife, and has reached an agreement between the county, the city and the Erie School District to repay the back taxes.
He presented the county with a $500,000 check today.
The remaining $130,000 will be paid in 35 installments over the next three years.
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