COLDWATER, MI (WTVB) – The Coldwater City Council formally approved a pair of agreements on Monday night which gives Broadway Grille owner Scott Ladd 24 additional months to submit an application to a State grant program and complete renovations at 10 South Monroe which is the location of the former Lefty’s Lounge.
The Council approved the agreements on 8-1 votes with Travis Machan once again casting the no votes. He felt due to the lack of housing in the Coldwater area the completion of second floor apartments should be part of the agreement.
City Manager Keith Baker says that due to the COVID-19 Pandemic, Ladd was not able to complete the renovations and requested an extension on the option to purchase to November 30, 2023.
The city acquired the building from the State of Michigan through the property tax foreclosure process. As part of an economic development project, the property was rented to Ladd two years ago so that he could renovate it into a new bar and/or bar and restaurant with up to two apartments on the second floor.
The current lease ends next Tuesday, November 30. Included with the lease was an Option to Purchase for Ladd if he opens and operates a bar or restaurant for six months and after he invested $75,000 into the building.
Baker adds this would give Ladd time to apply for a state grant program for mixed residential and commercial uses which recently became available and then complete the renovation and open the bar/restaurant for six months. This would require the opening of the bar/restaurant on or before May 31, 2023.
As a transaction of what is now public property, the lease agreement and option to purchase had to be placed on the table for 30 days after its introduction prior to final action.
Bought out from under real business people that were ready to go, sold to the mayor’s buddy in secret negotiations and now delayed for years so the buyer can get a few $100k from the taxpayers. Yeah, the city is looking out for you. Sure.