Monticello City Council Agenda Packet March 23 2026
Monticello Funds Café Renovation with $65,000 Loan
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Description
The City of Monticello approved a $65,000 loan to L&L Homestyle Café, LLC to support downtown restaurant renovations and equipment purchases, with a 10-year repayment at 4.75% interest under business subsidy terms.
Contract Details
Contract Amount
$65,000
Vendor
L&L HOMESTYLE CAFE LLC
Agency
City of Monticello, MN
Contract Type
FINANCIAL_SERVICES
Document Date
March 22, 2026
Contract Term
10 years, maturity March 1, 2036
Renewal Date
2036-03-01
Renewal Info
Loan matures March 1, 2036; fully amortizing with prepayment permitted. Wage and job-creation goals must be met within 2 years. Annual reporting and compliance required; Remedies include repayment pro rata if job/wage goals are unmet.
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