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St. Peter council approves five‑year extension for Food Co‑op loan; interest rate raised to 5.25%
Summary
The council approved a five‑year balloon payment extension for the St. Peter Food Co‑op revolving loan; staff said the secured loan’s interest rate was adjusted to 5.25% under city policy. One council member abstained from the vote.
St. Peter, Minn. — The City Council on Oct. 27 approved a five‑year extension of the Food Co‑op’s loan balloon payment, a move recommended by the EDA and city loan review committee.
Ben, a city staff member who presented the request, said the co‑op originally borrowed about $350,000 in 2010–11 to expand into a former Chevrolet dealership and later received extensions. "The…
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