ADAMS - As bankruptcy proceedings continue, Park Street's Jones Block and an adjoining building remain in limbo.
Senior Vice President of Commercial Lending at Hoosac Bank Ryan Leap said Tuesday the bank's intentions to sell the properties - 39-45 Park Street - are at a "standstill" due to the owner's declaration of Chapter 11 bankruptcy in January.
Leap said not all Chapter 11 proceedings are alike.
It could take 18 months, he said, but the bank's aim is to resolve the issue by acquiring a stay from bankruptcy.
"What I will say is our course of action hasn't changed," Leap said.
In late 2012, Hoosac Bank announced it would sell the building at public auction on Jan. 24 because the owner had fallen behind on loan payments.
But Gerry Sanchez, owner with his company Polonia Restoration, derailed the auction by declaring bankruptcy on Jan. 23.
In a previous interview with the Transcript, Sanchez said he hopes to keep the properties and find a new financier to finish the renovation project. He also accused the bank of accelerating the loan payments his company had to make to a degree that wasn't feasible, something he said was done with the intent of taking the building, which has been subject to $2 million in facade and interior work since 2007.
Sanchez purchased the structures from the town and a private owner in a development agreement of 2007.