COLDWATER, MI9(WTVB) – The Coldwater City Council granted final approval last night to a 12-year Obsolete Property Rehabilitation Act (OPRA) tax exemption for Tau Ceti Extraction, LLC’s commercial property at 62 W. Chicago Street.
Passing Resolution No. 26-123 during its October 26, 2026 regular meeting, the council officially approved a Statement of Obsolescence for the downtown structure.
The approved property tax incentive will run from December 31, 2026, through December 30, 2038, helping clear the way for a substantial $3.5 million rehabilitation project aimed at boosting commercial activity and driving local economic development.
Coldwater City Assessor Samantha Albright said the renovations will be extensive and transformative for the downtown area
Constructed in 1977, the 3,600-square-foot, one-story former Deans Insurance building features a partially finished basement but has sat mostly unoccupied for the past five years.
According to city assessments, the building currently suffers from over 50% functional obsolescence due to an outdated flat tar roof, an inadequate layout for modern business needs, a lack of ADA compliance, and deficient electrical, plumbing, and mechanical systems.
Tau Ceti Extraction, LLC plans to transform the current layout—which consists of office spaces, a kitchenette, and a large open workspace—into an updated, fully compliant commercial space, with construction slated to begin in June 2027 and reach completion by March 2028.
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