Monticello City Council Agenda Packet March 23 2026
$65,000 Downtown Business Loan Approved for Sperr Properties
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Description
Monticello City Council approved a $65,000 Greater Monticello Enterprise Fund (GMEF) Loan to Sperr Properties, LLC. The funds will support interior renovations and the purchase of restaurant equipment at 154 West Broadway for L&L Homestyle Café under a 10-year 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 22, 2026
Contract Term
10 years, maturity March 1, 2036
Renewal Date
2036-03-01
Renewal Info
Loan term is 10 years, fully amortizing; will mature March 1, 2036. Borrower may prepay at any time. Secured by a second-position mortgage; annual compliance and reporting required per business subsidy statute. Remedies and penalties apply for non-compliance.
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