COLDWATER, MI (WTVB) – The Coldwater City Council approved a proposed plan Monday Night to establish a brownfield tax increment financing district for a group of properties including the first phase of the Western Meadows Subdivision on Western Avenue.
A resolution approved by the City Council sets forth a financing plan to reimburse the city for road and utility infrastructure expenses in the development of the subdivision.
Connor Zook from the Lansing environmental consulting firm of Triterra said eventually this will cover 17 properties.
Under the plan, 10 units will be constructed along a proposed subdivision off Western Avenue along with three on Amber View Court. Others would be on South Clay Street, Northshore Drive, Candlewood Court, and Shoshoni Pass.
According to City Manager Keith Baker, a seven-year capture period is anticipated.
The city is seeking over $508,000 in project cost reimbursement between the individual lot sales and property tax capture.
Coldwater Mayor Tom Kramer said this a positive first step.
The City of Coldwater Brownfield Redevelopment Authority recommended the plan’s approval on March 13.
More details can be found in the packet for Monday’s City Council meeting at Coldwater.org.
Perfect! While many city streets and the East end of US 12 crumble.