COLDWATER, MI (WTVB) – The Coldwater City Council approved the introduction of sales and development agreements in regards to the former Lefty’s Lounge property at 10 South Monroe on Monday night.
The City of Coldwater bought the property in 2019 from the State of Michigan through its property tax foreclosure process for $23,500.
Scott Ladd, who owns the Broadway Grille on South Monroe, entered into a lease with the city with an option to buy the property.
He told the Council there’s no change to the concept of the building.
He said the COVID-19 pandemic has caused delays.
Ladd needed a sales agreement or current ownership to move forward with the application process with the Michigan E.D.C. Community Revitalization Grant program.
Having purchased the property from the State of Michigan, the City can’t profit from the sale or lease of the building. It can only recoup any expenses it has incurred.
With its introduction on Monday, the purchase agreement has to lay on the table for 30 days prior to final action.
Comments