COLDWATER, MI (WTVB) – A potential buyer has expressed an interest in the two story commercial building located at 71-73 West Chicago that was donated by the Richard A. Kerr family in 2018.
City Manager Keith Baker said in a memo to the Coldwater City Council for Monday’s meeting that Chad Marsh has expressed an interest in developing this property into a bar and restaurant on the lower level with three apartments on the second level.
In addition, Baker says Marsh is interested in the Community Revitalization Grant program administered by the Michigan Economic Development Corporation and that Marsh has tendered an offer of $20,000 for the purchase of the building.
To facilitate the application for grant funding, a purchase agreement has been prepared which, if approved, will give Marsh the necessary interest in the property for making an application to the grant program.
In addition, the city has prepared a development agreement for the property. The development agreement includes a “claw back” provision that if the project is not started within a specific period of time, the City has the right to purchase the property back from Marsh at the original purchase price.
The City Council will be requested Monday to introduce the agreements. Since the sales agreement will constitute the conveyance of an interest in City owned property, the purchase agreement must lay on the table for 30 days prior to final action.
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