COLDWATER, MI (WTVB) – The Coldwater City Council approved a resolution and a sales agreement on Monday night that would allow the next Director of the Board of Public Utilities to buy the second house the City constructed using M.S.H.D.A. funding at 17 Thompson Boulevard.
Paul Jakubczak will be taking over as the Coldwater B.P.U. Director next Monday. He and his wife looked at numerous properties when they were in Coldwater but City Manager Keith Baker says they found that the properties were rapidly under contract.
He said they got a market appraisal from Chris Pierce and he reported his opinion of value was $198,000. The City has somewhat over $200,000 in expenses on the property. Baker says they talked with M.S.H.D.A. and learned that it is possible for the City to withdraw the house from the Mod PILOT program for a sale to a non-income qualified buyer. He added the proposed price of $205,000 would cover the City’s costs in the property and construction.
Mayor Tom Kramer said no other offers have been made since the Council took their initial action on January 24.
The City Council voted 6-1 in favor of the agreement. Emily Rissman voted no. Rissman stated during the January 24 meeting she felt at the start of the M.H.S.D.A. project that it was a chance for individuals or families at a certain income to have an opportunity to enter into a single family home.
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