COLDWATER, MI (WTVB) – The Coldwater City Council will be asked Monday night to introduce a pair of agreements which would give Broadway Grille owner Scott Ladd 24 additional months to submit an application to a State grant program and complete renovations at 10 South Monroe which is the location of the former Lefty’s Lounge.
The City acquired the building from the State of Michigan through the property tax foreclosure process. As part of an economic development project, the property was rented to Ladd two years ago so that he could renovate it into a new bar and/or bar and restaurant with up to two apartments on the second floor.
The lease ends on November 30. Included with the lease was an Option to Purchase for Ladd if he had opened and operated a bar or restaurant for six months and after had invested a minimum of $75,000 into the building.
City Manager Keith Baker says in his memo to the Council that due to the COVID-19 Pandemic, Ladd was not able to complete the renovations and has requested an extension on the option to purchase to November 30, 2023.
Baker adds this would give Ladd time to apply for a state grant program for mixed residential and commercial uses which recently became available and then complete the renovation and open the bar/restaurant for six months.
This would require the opening of the bar/restaurant on or before May 31, 2023.
As a transaction of what is now public property, the lease agreement and option to purchase must be placed on the table in the City Clerk’s office for 30 days prior to final action.
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