COLDWATER, MI (WTVB) – The efforts to relocate the Children’s Museum of Branch County to the former Taylor’s Stationers store at 60 West Chicago Street in Downtown Coldwater have hit a financial snag thanks to rising costs.
The Downtown Development Authority was told by Economic Development Coordinator Audrey Tappenden on Wednesday that the cost of the project is now roughly $464,000, not including the exterior maintenance that the building was cited for and is currently being addressed and that there is a gap of $164,000 in excess of current loan approvals.
Tappenden said cost increases are based largely on quotes for lead paint removal and the need for roof repairs.
She pointed out the D.D.A. owns the building and are responsible to remediate regardless of who the tenant is.
The Coldwater City Council authorized the advancement of $350,000 to the D.D.A. in April for the renovation of the building. After a lengthy discussion, the D.D.A. Board decided to pursue a Patronicity grant program as well as local fundraising as a way to cut $100,000 of the project gap and to not approach the city for more funds at this time.
The remaining gap would be covered by the D.D.A. contributing up to $50,000 in savings and operating funds for the next two fiscal years and contributions from the museum.
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