COLDWATER, MI (WTVB) – The Coldwater City Council agreed to hold a public hearing during their next meeting on an application from Envirolite on Race Street for a 12 year Industrial Facilities Tax Abatement.
The abatement is for a $2.1 million expansion project. The company says it will allow them to stay competitive in their current location. They are hoping to maintain their 55 employees and hire 15 additional workers over the next two years.
The City Council Monday night also approved amendments to the City’s General Fund for the fiscal year ending June 30, 2018, which will increase the budgeted deficit from the originally approved amount of nearly $100,000 to just under $170,000.
Finance Director Tom Eldridge said Coldwater is among many municipalities that will get increased funding from the State of Michigan.
The City is increasing its 2018 defined benefit payments to the Municipal Employees Retirement System by $125,000 to reduce anticipated future cost increases.
Overall, the proposed amendments increase revenues by $357,000 and expenditures by $427,000.
