COLDWATER, MI (WTVB) – Meadow View Senior Apartments on Farm Lane in Coldwater has new owners who plan to renovate the 16 units and the property through a federal tax credit program which is administered by the Michigan State Housing Development Authority.
Chris Austin from Renovo Development Group of Lansing told the Coldwater City Council on Monday night it will take about $500,000 to finance such a renovation project in just construction costs alone.
The City Council introduced a Payment in Lieu of Taxes Ordinance on Monday. Austin said they want to maintain the long term financial feasibility of the property.
He said an application to MSHDA will be submitted in the spring and if everything falls into place, renovation could start in the fall.
Meadow View was built in 1994. Austin said in a letter to City Manager Keith Baker that the Meadow View is long overdue for renovations.
