Monticello EDA Regular Meeting Agenda Packet March 2026
GMEF Loan for L&L Homestyle Cafe Approved
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Description
The EDA approved a $65,000 GMEF loan and business subsidy to L&L Homestyle Cafe LLC for restaurant equipment and renovations at 154 West Broadway, effective as of March 11, 2026.
Contract Details
Contract Amount
$65,000
Vendor
L&L HOMESTYLE CAFE 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 as set in agreement, 5-year operation/wage/job covenants; co-borrower with Sperr Properties LLC
Renewal Date
2031-03-11
Renewal Info
Covenants for use, employment, wages, and business subsidy apply for five years. Repayment according to loan schedule. No renewal; one-time loan.
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