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Madelia city board recommends $125,000 loan for J Henry 115 LLC multifamily project
Summary
At a board meeting, members voted to recommend that the city council approve a $125,000 loan to J Henry 115 LLC for a multifamily project estimated at $530,000; approval was contingent on receipt of an as‑built appraisal, the chair said.
The Madelia city board voted to recommend that the city council approve a $125,000 multifamily housing loan application from J Henry 115 LLC.
The chair said the application, received March 13, requests "$125,000 at 3% interest over 20 years" toward a project with a total cost of "$530,000." The loan review committee met March 20 and recommended approval ‘‘contingent on receipt of an as‑built appraisal that confirms that the final value will be $530,000 for the total project,’’ the chair said.
Board members asked clarifying questions about unit mix and project value during discussion; the chair repeated that the recommendation to the city council could approve the loan, adjust terms, or deny it pending the appraisal. A motion to recommend approval was seconded and approved by voice vote, with the chair recording that the motion carried.
The board did not set a final city‑council hearing date; the matter will be forwarded with the board’s recommendation and the appraisal requirement, the chair said.
