Coldwater to consider a second development offer on Chicago Street property

The Coldwater City Council might face a decision on who will get the city-owned buildings at 71-73 West Chicago St., for development.

Last month, Realtors Chad and Angie Marsh offered $20,000 to purchase 71-73 West Chicago. They promised to invest $500,000 to turn the downstairs into an entertainment venue with light foods.

The couple would put apartments upstairs and want the building under a development contract with the city to "facilitate the application for grant funding through the MEDC."

Angie Marsh said the couple would go ahead with the project without the state development grant.

As required by the city charter, the council must table offers for 30 days.

City manager Keith Baker said a group who wants to open a middle eastern restaurant downtown had come forward.

"We're working with another group. They're going to make an offer," he said.

That offer will come before the city council on June 27. The city could still get other offers.

For the last three years, Coldwater staff showed the Richard Kerr family donated the buildings. There was some interest, but no offers until now.

The donation came as a downtown economic development incentive to recruit new businesses.

Baker said the council must consider the offer, not just the sale price. It will consider "the level of investment, the type of business, and the impact of the offer on the downtown,"

Council members will evaluate the purchasers "ability to see it to completion or prior experience. The council can take all those things into account."

Also important is "whether they have a financial means in which to be able to facilitate the project," the manager said.

Baker said the city marketed the two older buildings to Two Bandits Brewing. That business decided to go into the Kerr building to fit its needs better.

"There's been plenty of people who have taken tours and tried and looked at various projects," Baker said. "Now we've got two that are coming forward that seem to have put their financing together, have different business plans, and then the council can weigh those."

Baker wants to ensure a full council is present for any vote. As a real estate sale, the vote requires a super majority or six of the nine members to vote in favor of any sale. 

This article originally appeared on The Daily Reporter: New development offer made for Chicago Street property