Council Votes to Reclaim Downtown Properties After Development Stalls

Casey City Council Meeting | Feb. 2, 2026

Article Summary: The Casey City Council voted to exercise a “possibility of reverter” clause to reclaim ownership of two properties on Northwest 2nd Street after the buyer failed to meet construction deadlines. The properties had been sold with the condition that new residential structures would be built within two years.

Property Reverter Key Points:

• Properties Affected: 105 and 107 NW 2nd Street.

• Reason for Action: The owner, Premier Properties Investment Holdings, LLC, failed to construct a duplex or two single-family homes within the agreed two-year timeframe.

• Outcome: The City will retake title to the land to ensure future development serves the best interests of the citizens.

CASEY, Ill. — The City of Casey is taking back ownership of two parcels of land after a developer failed to meet agreed-upon construction deadlines.

The City Council on Monday, Feb. 2, 2026, approved Ordinance No. 606, authorizing the execution of a Notice of Exercise of Possibility of Reverter for properties located at 105 and 107 NW 2nd Street.

According to the ordinance, the properties were sold to Premier Properties Investment Holdings, LLC via quitclaim deeds recorded in December 2022. The agreement required the owner to construct a minimum of one duplex or two single-family residential structures within two years.

Mayor Michael E. Nichols stated that the developer, Ryan Strange, had requested extensions previously.

“I’m all for giving people opportunities, but after number three, it becomes apparent that nothing’s going to happen,” Nichols said. “So we need to step in and do our thing.”

The ordinance states that the reverter serves the “best interests of the citizens of the City of Casey.” The Council voted unanimously to approve the measure.