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Madelia approves $125,000 loan request for J Henry 115 LLC
Summary
The Madelia City Council approved Loan Request No. 5 for J Henry 115 LLC for $125,000, authorizing the loan by voice vote; loan terms were not specified in the supplied transcript.
The Madelia City Council approved Loan Request No. 5 from J Henry 115 LLC in the amount of $125,000.
During the agenda item, a council member moved to approve the loan request and the motion was seconded; the motion carried with the standard voice vote recorded as "all those in favor say I." The meeting transcript does not include details of the loan terms, repayment schedule or any conditions attached to the approval, and no individual council member roll-call votes are provided in the supplied segments.
The council did not elaborate on underwriting, security, or repayment requirements in the captured segments. City staff or Finance/Administration will need to document the loan terms in official records and the loan register.
Next steps: Finance/Administration is assigned to record the loan terms and to add the loan to the city’s loan register; the meeting record indicates that follow-up work is planned but does not provide a timetable in the supplied segments.
