COLDWATER, MI (WTVB) – The Michigan Strategic Fund has approved a $250,000 Michigan Community Revitalization Program performance-based grant in support of a downtown Coldwater renovation project.
Caywood Propane Gas based in Hudson plans to renovate a vacant, three-story building at 8 South Monroe into a mixed-use development.
According to a press release issued by the City and the Branch County Economic Growth Alliance, the project will include commercial space and five apartment units. The project is expected to generate a total capital investment of nearly $805,000.
In addition, the Coldwater Downtown Development Authority has approved a $10,000 façade grant and the City of Coldwater has approved a 10-year Commercial Rehabilitation Act tax abatement valued at $111,000 in future tax savings in support of the project.
Chris Caywood of Caywood Propane Gas says, “We are excited to expand our business in Branch County to include a shared space retail operation in Coldwater’s historic district. We love the vibrant feel of downtown Coldwater and the energy of the community. Coldwater’s City Council, Historic District Commission, Neighborhood Services Department and Economic Development Teams truly made this happen. We are grateful for their support.”
The City of Coldwater is engaged with the Redevelopment Ready Communities program making downtown projects eligible for special funding sources.
City Manager Keith Baker says, “We look forward to welcoming Caywood Propane to downtown and are glad that City Council and staff are pursuing RRC certification. The eligibility of downtown projects like this one to apply for MCRP and other funding sources is proving to be a key component in developing our historic buildings and adding much-needed housing.
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