COLDWATER, MI (WTVB) – Coldwater Board of Public Utilities Board of Directors Tuesday approved a short term lease agreement with the Michigan South Central Power Association that would allow the MSCPA to use the northern part of the CBPU property at 168 Division Street.
The agreement was approved by the MSCPA Board three weeks ago. It calls for a rent payment of $6,500 a month to the CBPU that would be retroactive to last January first.
CBPU Director Jeff Budd says this agreement provides a short term solution until a decision can be made by the MSCPA board to either purchase or enter into a longer term agreement.
Budd says there is a three percent annual rent escalation clause and a 12 month look back window to recalculate the lease if a long term agreement is entered into.
The agreement still needs approval by the Coldwater City Council.
In other business, the board accepted Board Vice President David Rubley’s retirement, which is effective December 31, 2018.
