COLDWATER, MI (WTVB) – No action was taken by the Coldwater City Council Monday night on the proposed sale of city owned property at 71-73 West Chicago Street.
The City received an offer to purchase the property from Jennifer Wingard and Penny S. Beemer.
According to City Manager Keith 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 were offering $10,000 for the vacant structure which will require substantial additional rehabilitation. The proposal was backed by Mayor Tom Kramer.
But Council member Jim Knaack felt this was not the time for the city to sell the building.
After further discussion, the Council struggled to come up with a motion for a formal vote. Kramer explained what happens next.
The Richard K. Kerr family donated the building to the city in 2018. 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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