COLDWATER, MI (WTVB) – Agreements to cover a lease and a purchase option with Broadway Grille owner Scott Ladd for the former Lefty’s Lounge property at 10 South Monroe Street were approved by the Coldwater City Council Monday night.
Under terms of the agreement, Ladd will rent the property for $275 a month from the city with the purpose of renovating it into a new bar and/or bar and restaurant with up to two apartments on the second floor.
Ladd would pay rent to the city for two years while the renovations are taking place. The second part of the transaction would be an option to purchase the property after a bar or restaurant had been operating there for six months and at least $75,000 had been invested in the building.
The agreements were introduced during the October 14, 2019 Council meeting and as Mayor Tom Kramer pointed out, after 42 days the City has received no further offers to purchase the property.
The sale price would be $23,500 which is the same amount of money the city has put into the building.
Lefty’s shut down in June 2016 as the owners blamed nearby construction for their decision to close. The city bought the property from the State of Michigan through its Property Tax Foreclosure Project.
