City of Sheboygan Redevelopment Authority AgendaPacket 2026-05-20
Sear'd LLC Loan Adjusted to Defer Payments
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Description
Sear'd LLC holds a $250,000 economic development loan from the RDA running from May 2025 to May 2035, which has been adjusted to push payments into the future and capitalize missed interest while remaining in current status. This reflects a loan modification to support the business’s viability.
Contract Details
Contract Amount
$250,000.00
Vendor
SEAR'D LLC
Agency
City of Sheboygan, WI
Contract Type
FINANCIAL_SERVICES
Document Date
May 20, 2026
Contract Term
5/1/2025 – 5/1/2035
Renewal Date
2035-05-01
Renewal Info
Original 10-year term to 5/1/2035; the loan has been modified to defer payments and add missed interest to principal, effectively extending the repayment schedule without a formal renewal date change noted.
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