COLDWATER, MI (WTVB) – Coldwater City Manager Keith Baker told the Downtown Development Authority board Wednesday said there are negotiations currently on going with a potential tenant in the city owned building at 71 and 73 West Chicago.
He did not go into details about an incentive package that has been proposed to a business, but Baker said he is hoping for a favorable outcome.
The Richard A. Kerr Trust, through its trustee at Century Bank and Trust, donated the building to the city in May 2018 after it was appraised at $126,000. Due to Internal Revenue Service 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.
The city has been renovating the building in hopes of using it as a downtown economic development incentive.
Baker also explained to the DDA board what the city hopes to do with the property that used to be Lefty’s Lounge at 10 South Monroe Street.
He says they are targeting restaurants, certain types of retail businesses, and apartments.
The building is one of three tax foreclosed properties that the City of Coldwater will purchase from the State of Michigan following action by the Coldwater City Council Monday night. The Council last month also approved the purchase of the building that used to be the law office of Eric Goodwin at 26 South Monroe for $22,000. Baker says they plan to put in a pathway at that location.
Baker added that while the city will own three buildings, he hopes they will not own them for very long. He said the idea is to put them back into use as projects come forward, to use them for economic development tools, and market them for specific projects.
