Former laundromat on Mission purchased; City Commission delays loans for distressed properties

Mission Street has one less orphaned property.

The former laundromat at 1135 S. Mission St. was purchased, according to city assessor David Rowley. The property, next to the former Rooster’s and Ponderosa Steakhouse off Mission Street, was purchased by Nocadeli Investments.

“I’m not familiar with that company,” he said. “Right now, all I see is that it’s been purchased. I’m not sure what they’re going to do with it.”

Nocadeli Investments, owned by State Farm insurance agent Ryan Schlitz, purchased the distressed property Dec. 30, Rowley said.

According to the Michigan Department of Energy, Labor and Economic Growth, Nocadeli Investments formed Dec. 23 and is headquartered at 1141 S. Mission St.

Schlitz could not be reached for comment Tuesday.

Loan funding postponed

The property was purchased prior to Monday’s City Commission meeting, where Commissioners delayed the approval of $100,000 to go toward zero-interest loans to redevelop distressed properties along Mission Street.

If approved, the transfer of money from the general fund to the Downtown Development Authority would be under sole control of the DDA’s discretion.

The Commission did, however, approve $300,000 of the general fund to go to low-interest loans for businesses along Mission Street for facade and site enhancement and new businesses.

Because the DDA is appointed and not elected, some commissioners were weary of allowing control over taxpayer money.

“They could make a loan tomorrow,” said Commissioner David McGuire, who requested the distressed property reallocation be removed from the original proposal. “I’d like to see some additional detail.”

Rich Morrison, director of community services and economic development, said an outside company showed interest in purchasing the former laundromat, but it had been purchased by Nocadeli Investments before any sort of offer was made. There are no inquiries regarding the other property near there, the old Rooster’s and Ponderosa, 1329 S. Mission St.

“We don’t have anyone waiting in the wings,” Morrison said.

The Mount Pleasant Planning Commission turned down a proposal to put a Hooters at the former Rooster’s in Sept. 2008.