COLDWATER, MI (WTVB) – Maybe the third time will be the charm. The proposed sale of city owned property at 71-73 West Chicago Street is on Monday night’s Coldwater City Council agenda.
City Manager Keith Baker says the City has received an offer to purchase the property from Jennifer Wingard and Penny S. Beemer.
The City Council will be asked on Monday night to place the purchase offer on the table for 30 days according to terms of the city’s charter. Due to the council’s schedule, the first regularly scheduled meeting after the 30-day time period at which the sale could be acted upon is on Monday, October 23.
According to Baker’s memo to the Council, Wingard and Beemer want to utilize the parcel for an event venue on the front half of the first floor of the building, two short term rentals on the back half, and four apartments on the second floor.
They are offering $10,000 for the vacant structure which will require substantial additional rehabilitation.
The Richard K. Kerr family donated the building to the city. In turn, the city wanted to renovate the building and use it as a downtown economic development incentive to recruit new businesses.
A couple of development proposals did not work out. Baker says the City has recently solicited a competitive market analysis from a local real estate broker that placed an estimated value and list price of the property of $75,000.
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