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Madelia council approves $125,000 multifamily construction loan for 115 Benzel Ave SW
Summary
The Madelia City Council on March 24 unanimously approved a $125,000 construction loan to J Henry 115 LLC for a four-plex at 115 Benzel Ave SW, with terms of 3% interest and a 20-year repayment schedule. The loan was added as an administrative consent item and approved without recorded discussion.
The Madelia City Council on March 24, 2025, voted unanimously to approve a $125,000 multifamily construction loan to J Henry 115 LLC for a four-plex at 115 Benzel Ave SW. The loan carries a 3% interest rate and a 20-year term. Andy Gappa moved to approve the loan; Mark Slater seconded the motion. Mayor Cody Eager, Mark Slater, Andy Gappa and Matt Gunderson voted in favor.
The item was added to the consent agenda as an additional administrative item and later considered and approved as part of council action. The minutes record the property address and loan terms but do not record extended discussion or conditions placed on the loan.
The approval formalizes local financing support for a four-unit rental development at 115 Benzel Ave SW. The council also simultaneously approved assignment of alternative unit addresses for that property (Apartment 1 through Apartment 4) to clarify unit addressing for the development.
The council concluded the meeting following several other consent and action items. The minutes were later signed by City Administrator Chris Fischer and the recorded meeting is available online at the city’s meeting archive.
