COLDWATER, MI (WTVB) – The Coldwater City Council is scheduled to take final action on a Letter of Intent from Spire Development Monday night for the proposed purchase of a portion of the Milnes Plaza parking lot.
The Council back on July 10th agreed to place the letter of intent on the table for 30 days under terms of the city charter on land purchases.
Spire is hoping to develop a four story apartment complex behind the former Taylor’s Stationers store similar to what was proposed by Excel Realty Group before they pulled out almost a year ago.
The proposed project would include 60 one and two bedroom residential apartment units along with a parking deck similar to what was approved two years ago. The rents would run between $628 and $870 depending on the size of the apartment.
The letter of intent establishes an exclusive option on the property. Spire would then develop a detailed market analysis. They are expected to find out next January if their application to the state for a Low Income Housing Tax Credit was approved or rejected. The financing application to the Michigan State Housing Development Authority is due by October 1st.
If everything works out, a full sales agreement would then be put together with final action by the Council and a closing of the sale anticipated by the end of May of next year.
The Council will also be asked to approve a bid of just under $85,000 from Quality Asphalt of Homer to do the work for the city’s street maintenance program this fall. Work is scheduled to take place on North Hudson between East Pierce and Elizabeth, on Hatch from Polk to Fremont and on Elm from Park to Pearl between Tuesday and the end of October. The work is designed to extend the life of the pavement by ten years.
The Council is also scheduled to take action on the sale of the 1992 American LaFrance ladder truck since the Coldwater Fire Department recently took possession of a new Seagrave aerialscope ladder truck.
Fire Chief Rich Sherman says they have gotten a $10,000 bid from a college in Pennsylvania who plans to use the 25 year old truck for training students.
The Council is also scheduled to take action on a request from Tibbits Opera Foundation and Arts Council for the approval of an on premise Class C liquor license.
