COLDWATER, MI (WTVB) – The Coldwater City Council voted in favor of a resolution Monday night that rescinds a sales agreement for the former Lefty’s Lounge building at 10 South Monroe.
The closing on the property was contingent on Broadway Grille owner Scott Ladd getting a Community Revitalization grant from the Michigan Economic Development Corporation for the development of the building.
But the resolution said Ladd has not received the letter of intent from the M.E.D.C. for the grant.
City Attorney Megan Angell said Ladd has concluded his intended project will not be financially viable and he wanted to be released from the agreements.
Mayor Tom Kramer said Ladd put a lot of work into the building.
The Council approved agreements for the sale, development, and lease of the city owned property to Ladd in May of 2022.
The city acquired the building from the State of Michigan through the property tax foreclosure process for $23,500. As part of an economic development project, the property was rented to Ladd in 2019 so that he could renovate it into a new bar and/or bar and restaurant with up to two apartments on the second floor.
But the COVID-19 pandemic delayed the project. The City Council gave Ladd a two year extension in November of 2021 to submit an application to a State grant program and complete renovations to the building.
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