Whew, the nostalgia. I had been looking for this book for a while but couldn't remember the title. Obviously, I found it, read it in less than 24 hours, and I may just read it again at some point.
The plot is both unique and similar, close to “IT,“ rumors of terror in a town, no one believes, and kids uncover the secret. It's a creepy book, an adolescent would enjoy this way more, but you know, nostalgia bias.