In Fall 2002 after the buyout became imminent, county officials recommended to the village council that the village charter be dissolved with the remaining property falling back to the township. At the time, it was believed that the remaining residents would not have enough revenue to maintain the village. Shortly after the vote was scheduled for February 2003, it was determined that the village council would receive enough money to operate for another five years. On February 4th, 2003, the residents still living in Cheshire overwhelmingly voted to maintain the village's incorporated status. By remaining incorporated, the dozen or so residents not moving outside of the village would still have access to 911 and street lights and they would still be able to employ the groundskeeper and sheriff.

As most of the residents bought new homes, sold their trailers or auctioned off windows and doors, the remaining residents prepared for a new mayor and council - and a new era for Cheshire. The transition between the previous council and the "new" council happened slowly. As each council member moved out of town, a permanent resident filled the vacant position. To increase the village's size and ultimately its existence, the new council President announced a possible annexation to increase its size.