Monticello City Council Agenda Packet March 23 2026
Sperr Properties, LLC Approved for $65,000 GMEF Loan
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Description
Monticello City Council approved a $65,000 Greater Monticello Enterprise Fund (GMEF) loan to Sperr Properties, LLC for interior improvements and equipment for L&L Homestyle Café at 154 West Broadway. The agreement includes a business subsidy and a 10-year repayment term at 4.75% interest.
Contract Details
Contract Amount
$65,000
Vendor
SPERR PROPERTIES LLC
Agency
City of Monticello, MN
Contract Type
FINANCIAL_SERVICES
Document Date
March 23, 2026
Contract Term
10-year term, 4.75% interest, fully amortizing
Renewal Date
2036-03-11
Renewal Info
Fully amortizing 10-year term; annual job and wage compliance reporting required by business subsidy agreement. Includes remedies and pro-rata repayment in case of non-compliance.
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