COLDWATER, MI (WTVB) – After the Michigan Economic Development Corporation recently awarded a $75,000 Facade Restoration Initiative grant to the Coldwater Main Street Program, the Downtown Development Authority Board approved a committee recommendation on Wednesday morning to put a moratorium on the existing rebate program.
The Coldwater Main Street Program provides up to $37,500 of match funding for projects that are selected. Board Chair Michael Caywood said the committee felt they needed to review where things stood financially.
He pointed out over half of the program funds budgeted for this year have already been spent.
Caywood felt about $7,500 was needed for the line item in next year’s budget.
Audrey Tappenden from Coldwater Main Street and the Branch County Economic Growth Alliance said in her memo to the board that the Building Improvement Program Review Committee decided to refocus the program to concentrate on high impact, catalytic design proposals.
The Building Improvement Program was reinstated in 2019. Since that time, the Coldwater Main Street Program has awarded $93,000 towards projects tied to over $3 million in private investment. In addition to cash rebates, the program includes access to a low interest loan pool provided by Century Bank and Trust and Southern Michigan Bank & Trust.
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