On October 6, Caywood Propane Gas, Inc. was presented with a $10,000 rebate award from the Coldwater Downtown Development Authority (DDA) Building Improvement Program fund. The rebate award was presented following the completion of a mixed-use development of the three-story building located at 8 S. Monroe in the historic district of downtown Coldwater. The renovation has seen 4,630 ft2 of space converted into five upper-story apartment units and a ground-floor commercial space. The project revitalized a building on a key block in Coldwater’s historic district, bringing much-needed housing to the community, and generating a total capital investment over $879,000.
Following the check presentation, members of the DDA board and other project stakeholders were welcomed to tour the new apartments units and commercial space. “It has been a thrill to see this project come to life and to support its transformation with a rebate award from the DDA’s Building Improvement Programs. The program is meant to not only to help facilitate physical improvements, but to create a sense of excitement throughout the downtown” said Audrey Tappenden, Director of the Coldwater DDA Main Street Program. “Earlier this year, the building’s color scheme was entrusted to local residents when we hosted a public vote between two options. Caywood Propane has shown themselves to be an enthusiastic partner in Coldwater’s downtown revitalization efforts” she added.
Historic District Commission chairman Randall Hazelbaker noted that “It’s wonderful and affirming to see projects like what Caywood Propane is doing on Monroe Street. Seeing the buildings transition into a new cycle of activity, particularly one that can activate all three stories is terrific. We’re extremely honored that the Caywoods have worked so hard to continue to caretake our historic fabric, and proud that we’ve been able to support them in their vision.”
The DDA’s Building Improvement Program fund is designed to stimulate façade improvements of downtown buildings, support critical maintenance activities, and incentivize comprehensive, large-scale renovations. It includes a rebate program provided by the DDA, and a low-interest loan pool offered in partnership with Southern Michigan Bank & Trust, and Century Bank and Trust. The rebate program has disbursed over $64,000 to downtown projects since it was reinstated in 2019, resulting in over $2.5 million of private investment. Funds have been used for new awnings, new signage, updated paint schemes, windows, tuck pointing, and other eligible expenses.
In addition to the DDA’s rebate award, the City of Coldwater approved a 10-year Obsolete Property Rehabilitation Act (OPRA) tax abatement valued at $111,000 in future tax savings. These local incentives were critical in making the project eligible for grant funding from the Michigan Strategic Fund, which approved a $250,000 Michigan Community Revitalization Program (MCRP) performance-based grant in support of the project.
“Caywood Propane is pleased to increase its presence in Coldwater and Branch County. Support from the City was critical to our decision, and that support was a lot more than just the rebate program. City Council, the DDA, the City Manager, and departments including the Assessor, CBPU, Economic Development, Neighborhood Services and Public Safety all were supportive and played an important role. We are grateful for, and impressed by, the community and business climate in Coldwater.” said Chris Caywood of Caywood Propane Gas, Inc. The building’s ground-floor commercial space and upper story apartments are available for lease. For more information about leasing, contact Southern Marsh Realty using 517-617-1180.
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