(LANSING) – The City of Coldwater is one of three communities receiving State funds to help with renovation projects.
Governor Gretchen Whitmer and the Michigan Economic Development Corporation announced Tuesday four projects happening in three communities are receiving support from the Michigan Strategic Fund. The projects are expected to generate a total capital investment of $2.3 million, which will bring new vitality and economic activity to Coldwater along with Cheboygan and Sault Ste. Marie.
Caywood Propane Gas, a family-owned business based in Hudson, Michigan, plans to renovate a vacant, three-story building at 8 South Monroe Street in the historic district of downtown Coldwater into a mixed-use development. When completed, the project will include commercial space and five apartment units. The project is expected to generate a total capital investment of $804,960 and will create a revitalized space on a key block in Coldwater’s historic district, while also bringing critical housing units to downtown.
The Michigan Strategic Fund has approved a $250,000 MCRP performance-based grant in support of the project. The City of Coldwater has approved a $10,000 facade grant for the project and has also approved a 10 year Commercial Rehabilitation Act tax abatement valued at $111,000. Coldwater is engaged with MEDC's RRC Program.
Coldwater City Manager Keith Baker says they look forward to welcoming Caywood Propane to the downtown and are glad that City Council and staff have been pursuing RRC certification. Baker says the ability of downtown projects like this one to apply for MCRP and other funding sources is proving to be a key component in developing Coldwater's historic buildings and adding much-needed housing.
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