COLDWATER, MI (WTVB) – Plans to redevelop the Old Mill Race Apartments at 517 West Chicago got some financial help Monday night when the Coldwater City Council approved an ordinance which implements a Payment In Lieu of Tax policy which is also known as a PILOT.
City Manager Keith Baker says the proposed project would include CRA Development Group of Lansing spending $2-point-5 million to upgrade the 48 units and all of the buildings.
The property owners feel the renovations are long overdue. Old Mill Race was built almost 40 years ago and is targeted to low and moderate income families.
The city has previously approved PILOT’s for the two phases at Whispering Pines Apartments and most recently for the Meadowview Senior Apartments.
PILOT’s were also approved for two other projects that were subsequently not built.
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