COLDWATER, MI (WTVB) – The Coldwater City Council adopted an ordinance on second and final reading Monday evening that conditionally rezones nine-and-a-quarter acres of land at the site of the former Fremont School Building on South Fremont Street.
Contingent on the awarding of Michigan State Housing Development Authority tax credits, the property would be rezoned from A-1 One Family Residential to A-3 Multi Family Residential.
MVAH Partners of Butler County, Ohio wants to buy the property from Coldwater Community Schools and convert the land into a senior housing development with no more than 48 ground level one and two bedroom apartments for residents over the age of 55. The development would be called Coldwater Senior Villas.
There are seven conditions for the development. One calls for construction to start by June 30, 2021.
The Council also passed an ordinance on second reading that would implement a Payment in Lieu of Tax Policy for the proposed development. Under the policy, the developer would pay a percentage of the net revenues instead of the standard property tax millage rate.
Such a policy has been used for two phases of the Whispering Pines Apartments and at the Meadowview Senior Apartments.
