COLDWATER, MI (WTVB) – The Coldwater City Council will be asked on Monday night to introduce a draft sales agreement for nine acres of property at West Chicago and North Shore Drive that would lead to the development of a multiple family apartment complex at the former Federal Mogul site.
According to a memo from City Manager Keith Baker, the developer is seeking an exclusive purchase option on an additional three acres on the north side of the original nine acres. That land could be used for single-family condominiums and additional recreation improvements.
Baker says the offer is from Coach Road Capital, LLC of Spring Lake, Michigan. Coach Road developed the 210-unit Apartments at Sauk Trail north of the Home Depot on the east side of Coldwater where there are currently no vacancies.
The offer is for $16,940 per acre for a total of $152,460 for the first nine acres. The City acquired the property through a state property tax foreclosure process in 2005 for just over $60,000. At that time, the City also paid the County over $49,000 as the City portion of the delinquent taxes on the property.
Demolition of the Federal Mogul building took place in 2008. The City also incurred significant litigation costs in connection with obtaining court orders to vacate against the final occupants of the Federal Mogul building.
Baker says it appears the City has incurred over $500,000 in expenses in acquiring the property, demolishing the building and removing all of the concrete and known underground structures, underground storage tanks and their contents, transformers, and asbestos.
Full occupancy at Sauk Trail? How many are on the list for eviction when the Corona restrictions finally get lifted? Research this company and it’s claims thoroughly. Watch your city council and manager even more closely. Lets insist it be done right or not at all and let’s hope it passes the tests.