Monticello EDA Regular Meeting Agenda Packet March 2026
$65,000 GMEF Loan Approved for Sperr Properties
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Description
The Monticello EDA approved a $65,000 GMEF loan and business subsidy agreement with Sperr Properties LLC for restaurant equipment and property improvements at 154 West Broadway, secured by a second mortgage and guarantees.
Contract Details
Contract Amount
$65,000
Vendor
SPERR PROPERTIES LLC
Agency
Town of Monticello, MN
Contract Type
FINANCIAL_SERVICES
Document Date
March 11, 2026
Contract Term
Loan agreement approved March 11, 2026; repayment schedule per agreement, secured by second mortgage/UCC, 5-year operation, wage/job goals
Renewal Date
2031-03-11
Renewal Info
No automatic renewal. Repayment due per amortization in agreement. Wage, job, and use covenants must be met. Subsidy provisions enforceable for 5 years from benefit date.
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