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City approves $250,000 loan to Fergus Hotels LLC and waives $3,750 origination fee
Summary
The Fergus Falls City Council approved a $250,000 IRP loan to Fergus Hotels LLC to complete a second round of renovations at the Fergus (Days Inn by Wyndham) and unanimously waived the standard 1.5% origination fee as a one-time courtesy.
The Fergus Falls City Council approved a $250,000 loan to Fergus Hotels LLC and voted to waive the loan program's standard 1.5% origination fee, a council member said, during a public hearing and subsequent roll-call vote.
City staff presented the Business Development for Fergus Falls (BDFF) committee's recommendation that the city make a $250,000 IRP loan to Fergus Hotels LLC to fund a second phase of renovations for the property being rebranded as a Days Inn by Wyndham. Clara Beck of BDFF described the loan terms as 5.5% interest on a 20-year amortization with a…
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