COLDWATER, MI (WTVB) – The Coldwater D.D.A. Board went over a five year draft lease agreement with the Children’s Museum of Branch County on Wednesday morning.
This follows the D.D.A.’s recent decision to move forward with relocating the museum to the former Taylor’s Stationers building at 60 West Chicago Street which has been vacant since 2016.
The lease includes a renewal option. Payments are to begin after six months and increase over the first two years of the lease.
Economic Development Coordinator Audrey Tappenden said the final numbers in the lease will be determined at a later time.
As things currently stand, the payments would be $4,800 during the first year, $15,600 in the second year and $19,200 in the third, fourth and fifth year.
The D.D.A. also went over a draft repayment agreement with the City of Coldwater for the sum of $350,000.
That was the amount of money borrowed by the D.D.A. for renovations to the first floor and the exterior of the building.
Tappenden said the loan would be paid back with one percent interest. Payments would start one year after disbursement.
The D.D.A. would lease the first floor of the building to the museum. The D.D.A. would then make payments back to the City from the rent received and cover any overage with D.D.A. funds.
Comments