COLDWATER, MI (WTVB) – The Coldwater City Council approved amendments to a Development Agreement the city has with local realtor Chad Marsh concerning the property at 71 and 73 West Chicago on Monday night.
City Attorney Megan Angell said the amendments include extending the timelines for construction with the addition of a more accurate statement of Marsh’s intended use of the first floor.
Council Member Jim Knaack raised questions what kind of entertainment will be offered.
Angell said in her memo to the Council that Marsh has already approached Southern Michigan Bank & Trust for mortgage financing to enable his project to move forward upon receipt of a letter of intent from the Michigan Economic Development Corporation for a Community Revitalization Grant for the project.
The City has received a $20,000 offer from Marsh to purchase the building with the closing contingent on the execution of the development agreement between the two parties.
Marsh must also get a letter of intent from the Michigan E.D.C. for a Community Revitalization grant.
Plans also call for three second floor apartment units in addition to the restaurant and bar on the main floor.
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