COLDWATER, MI (WTVB) – Another step in the process that will lead to the construction of the Clemens Food Group facility on Newton Road was taken during Monday night’s Coldwater City Council meeting.
The Council approved resolutions that had been adopted last Wednesday by the Local Development Finance Authority which cover the sale of bonds for the project.
The bonds are not to exceed $9.15 million.
Financial advisor Mike Gormely said “the ball was kicked off last week by the LDFA” as they adopted the contracts for the construction, hired the firms for the projects and also passed a bond authorizing resolution.
City Manager Jeff Budd says the actual amount that is going to be borrowed will be significantly less.
He added the final borrowings will only be for the actual costs for the projects.
