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The original item was published from 10/11/2021 1:14:21 PM to 12/1/2021 12:00:09 AM.

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BCEGA News

Posted on: October 11, 2021

[ARCHIVED] MCRP Grant to Renovate 8 South Monroe Street

MCRP Grant to Renovate Monroe St. Webpage Banner

Coldwater, Michigan. October 11, 2021 – Caywood Propane Gas, Inc., a family-owned business based in Hudson, Mich., plans to renovate a vacant, three-story building in the historic district of downtown Coldwater into a mixed-use development. The project will include commercial space and five apartment units totaling 4,630 ft2 of renovated space when completed. The project will revitalize a building on a key block in Coldwater’s historic district, bring much-needed housing to the community, and expects to generate a total capital investment of $804,960. 

The Michigan Strategic Fund has approved a $250,000 Michigan Community Revitalization Program (MCRP) performance-based grant in support of the project. In addition, the Downtown Development Authority has approved a $10,000 façade grant, and the City of Coldwater has approved a 10-year Commercial Rehabilitation Act tax abatement valued at $111,000 in future tax savings in support of the project.

“We are excited to expand our business in Branch County to include a shared space retail operation in Coldwater’s historic district. We love the vibrant feel of downtown Coldwater and the energy of the community.” said Chris Caywood of Caywood Propane Gas, Inc. “Coldwater’s City Council, Historic District Commission, Neighborhood Services Department, and Economic Development Teams truly made this happen. We are grateful for their support.” he added. 

The City of Coldwater is engaged with the Redevelopment Ready Communities (RRC) program, making downtown projects eligible for special funding sources such as MCRP and others. Only communities pursuing RRC certification have access to these funds. “We look forward to welcoming Caywood Propane to downtown and are glad that City Council and staff are pursuing RRC certification. The eligibility of 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 adding much-needed housing,” says Keith Baker, City Manager. 

About Caywood Propane Gas, Inc.: Caywood Propane is a family-owned and operated business that has provided reliable, transparent, and value-priced service since 1939. Caywood Propane serves the propane and propane equipment and tank leasing needs of customers throughout most of Southern Michigan and Northern Ohio, including Branch County. For more information, visit www.caywoodpropane.com

About the City of Coldwater: The City of Coldwater is a town in southern Michigan. Established in 1861, the City is a thriving community centrally located between Detroit, Toledo, Fort Wayne, South Bend, and Kalamazoo. Known for its historic charm and up-and-coming atmosphere, the City annually hosts events such as Strawberry Fest, Apple Fest, Winter Fest, and Hops on Monroe. The City of Coldwater is one of the fastest growing communities in the State of Michigan.

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