COLDWATER, MI (WTVB) – A local incentives program that would feature low interest loans and rebates for downtown economic development was announced during Tuesday morning’s Coldwater Downtown Development Authority Board meeting.
Building owners who want to invest in their properties will be able to take advantage of the program.
The DDA board approved a request to contribute $10,000 annually to the rebate program over the next three years.
In addition, Century Bank and Trust and Southern Michigan Bank and Trust have together designated $800,000 toward a low interest loan program
Lisa Miller from the Branch County Growth Alliance said they have had success with these tools in the past.
Approved projects can apply for access to the low interest loan pool, offering below market interest rates.
Assistance and consultation will be available for all applicants.
Applications for both the low interest loans and the rebates are available online at www.coldwater.org or by contacting Economic Development Assistant Audrey Tappenden at (517)279-6913. The Review Committee will evaluate projects and provide guidance and support for all approved projects.
Also on Tuesday, the DDA board approved $7,000 for an asbestos abatement at the city owned property at 71 and 73 West Chicago. The city wants to renovate the building which was donated by the Richard K. Kerr family and use it as a downtown economic development incentive to recruit new businesses to downtown Coldwater.
City Manager Keith Baker says once the asbestos is abated, they would like to complete interior demolition of the second floor. The $7,000 would be allocated from the $65,000 received from the sale of 92 West Chicago that has been restricted and kept separate from regular DDA operating funds.
