COLDWATER, MI (WTVB) – The Coldwater Community Schools Board of Education passed a resolution Monday night for the purpose of entering into a Purchase Agreement with MVAH Partners of Butler County, Ohio that would lead to the sale of the former Fremont School Building.
Superintendent Terry Whelan said there was still some final details to be worked out. She said the lawyers are trying to work out the language but they were 95 percent complete.
The resolution allows Whelan to continue working with their attorney to get a final sales agreement in place. She says it’s critical to MVAH that everything gets done because they have to get their documents into the state by next Tuesday as the developers are seeking Michigan State Housing Development Authority tax credits to help fund the project.
The Coldwater City Council and the Coldwater Planning Commission have already approved the conditional rezoning of the 9.25 acres of land.
Contingent on the awarding of the tax credits from MSHDA, the property will be rezoned from A-1 One Family Residential to A-3 Multi Family Residential.
MVAH Partners want to buy the property for $220,000 and convert the land into a senior housing development that would be called Coldwater Senior Villas.
MVAH had has a purchase option on the site and authorization from Coldwater Community Schools to seek the rezoning.
One of the seven conditions for the development from the City of Coldwater calls for construction to start by June 30, 2021.
