COLDWATER, MI (WTVB) – The Coldwater City Council will be asked on Monday night to rescind a sales agreement involving the city-owned property at 71-73 West Chicago.
The Council originally approved the agreement a year ago with local realtor Chad Marsh.
Marsh later requested certain amendments to the Development Agreement to more accurately state his intended use of the first floor.
City Attorney Megan Angell said last September the amendments included the extension of the timelines for construction with the addition of a more accurate statement of Marsh’s intended use of the first floor.
There were plans for an entertainment venue with light fare and/or a restaurant and bar.
Angell wrote in a letter to the Council for Monday’s meeting that Marsh has indicated that while he appreciates the opportunity and support of the City with his project, he no longer wishes to move forward with it for financial reasons.
Marsh said in a letter to City Manager Keith Baker he was not moving forward with the project, “because the Community Revitalization Program numbers are not satisfactory due to the lending requirements/terms and rising building cost.”
The staff is recommending that Council give its approval to the agreement and refund him his $1,000 earnest money deposit.
The two story commercial building was donated to the city by the Richard A. Kerr family in 2018.
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