COLDWATER, MI (WTVB) – The Coldwater City Council unanimously approved a $20,000 offer from Chad Marsh on Monday night to purchase a downtown commercial building at 71-73 West Chicago which was donated to the city by the Richard A. Kerr family in 2018.
Marsh initially expressed an interest in developing the property into a bar and restaurant on the lower level with three apartments on the second level.
He was interested in using the Community Revitalization Grant program administered by the Michigan Economic Development Corporation.
A development agreement for the property was introduced by the City Council on May 23. Since the sales agreement constituted the conveyance of an interest in City owned property, the purchase agreement had to lay on the table for 30 days prior to final action.
During the 30-day waiting and review period, the City received a $25,000 offer on the same property from Mohamed Shahbain who is one of the two owners of the Kilgore building on West Pearl Street.
He was proposing to develop the property at 71-73 West Chicago into a Turkish café or Middle Eastern restaurant and/or ice cream and candy shop on the lower level with three apartments on the second level.
Shahbain is also interested in the Community Revitalization Grant program administered by the M.E.D.C..
City attorney Megan Angell said in a letter to the Council that Marsh has already submitted documents for a loan application to Southern Michigan Bank & Trust for mortgage financing to enable his project to move forward upon receipt of a letter of intent from the M.E.D.C. for a grant. She said the staff recommended that the Council give its final approval to the agreements with Marsh to enable him to move forward with the project. After the Kerr Family donated the building, the City has tried to use it as a downtown economic development incentive.
Comments