COLDWATER, MI (WTVB) – The Coldwater City Council instructed city staff on Monday night to go forward with the proposed move of the Branch County Children’s Museum to the former Taylor’s Stationers building at 60 West Chicago Street.
The Downtown Development Authority at its meeting last Wednesday authorized a request to the City to borrow $350,000 for renovations to the first floor and exterior of the building which has been empty since the spring of 2016.
The D.D.A. would lease the first floor to the museum. The D.D.A. would then make payments back to the City from the rent received and cover any overage with D.D.A. funds.
Lisa Miller from the Branch County Economic Growth Alliance indicated that if everything works out, the museum could be in the Taylor’s building later this year.
City Manager Keith Baker and Mayor Tom Kramer pointed out that while there would be an immediate impact on the budget, the city will be paid back by the D.D.A..
The City Council directed the staff to prepare the appropriate documents and bring them back for final approval of the loan.
They also want to find out the potential value of the building. The D.D.A. is requesting the loan have a term of 20 years with a one percent interest rate and payments of $1,800 a month.
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