COLDWATER, MI (WTVB) – The City of Coldwater now has two additional buildings to use to spur business development downtown.
The Richard A. Kerr Trust through its trustee at Century Bank and Trust has donated the building at 71 and 73 West Chicago to the city. The property has been appraised at $126,000.
Due to I.R.S. regulations, the trust could make a cash gift to the city but not a gift of real property, so the trust sold the property to the city at the appraised value and then donated the proceeds from the sale back to the city.
City Manager Keith Baker told the Downtown Development Authority Board Wednesday they hope to use the building as an incubator or as commercial office space in order to further downtown development.
He indicated the 116-year-old building is in good shape after it was inspected by a number of different people.
