Caywood Propane gets state grant for S. Monroe store and apartments
The Michigan Strategic Fund approved a $ 250,000 revitalization of the Michigan community
A performance-based grant program to enable Caywood Propane Gas, Inc. to convert an abandoned three-story building at 8 S. Monroe St. in downtown Coldwater into a mixed-use facility.
The family-run propane company based in Hudson is planning a retail store with equipment for sale on the first floor. Five apartments are being built on the second and third floors.
The total renovated area is 4,630 square meters. City officials said the project will revitalize a building in a key block in the historic Coldwater neighborhood and bring more much-needed housing to the community.
The cost of the project is estimated at $ 804,960. The Downtown Development Authority has approved a $ 10,000 facade grant.
The city council also approved a 10-year Commercial Rehabilitation Act tax break worth $ 111,000 in future tax savings for the project.
“We are excited to expand our Branch County business with a joint retail operation in the historic Coldwater neighborhood. We love the vibrant feel of downtown Coldwater and the energy of the community, ”said Chris Caywood. “Coldwater City Council, the Historic District Commission, the Neighborhood Services Department, and the economic development teams really made this possible. We are grateful for your support. “
The city has qualified as municipalities ready for redevelopment, making downtown projects eligible for special funding sources such as MCRP and others. Only communities seeking RRC certification have access to these funds.
“Eligibility for downtown projects like this one to apply for MCRP and other funding sources is proving to be a key component in developing our historic buildings and creating much-needed housing,” said City Director Keith Baker.