COLDWATER, MI (WTVB) – Agreements to cover a lease and a purchase option for the former Lefty’s Lounge property at 10 South Monroe Street are scheduled to come back before the Coldwater City Council on Monday night after they were introduced last month.
City Manager Keith Baker says in a letter to the Council that Broadway Grille owner Scott Ladd wants to rent the property with the purpose of renovating it into a new bar and/or bar and restaurant with up to two apartments on the second floor.
Under Ladd’s offer, he would pay $275 a month in rent to the city for two years while the renovations are taking place. Baker says the second part of the transaction would be an option to purchase the property after a bar or restaurant had been operating there for six months and at least $75,000 had been invested in the building.
The resolution up for adoption on Monday states that after the agreements were introduced during the October 14, 2019 Council meeting, they have been on file with the City Clerk for over 30 days in compliance with the City Charter and that the City has received no further offers to purchase the property.
The sale price would be $23,500 which is the same amount of money the city has put into the building.
Lefty’s closed in June 2016, blaming nearby construction for the closure. The city bought the property from the State of Michigan through its Property Tax Foreclosure Project.
