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St. Peter approves microloans, housing CLT funds, ADA grants and downtown loans totaling several hundred thousand dollars
Summary
The council approved three 0% microloans to small businesses, designated $57,000 for community land trust homes, authorized roughly $50,000 in ADA accessibility grants to seven businesses, a $25,000 downtown renovation loan with partial forgiveness, and a $129,000 revolving loan for the River Rock building.
The St. Peter City Council on June 22 approved a slate of economic and housing measures recommended by the Economic Development Authority (EDA).
Unforeseen circumstances microloans: The council approved three 0% interest microloans to El Agave, River Rock Baking Company and Puddled Fish Brewing. Staff said these loans use an eight-plus year schedule driven by $100 monthly payments; the EDA reviewed applicant narratives and recommended awarding these initial applications to help businesses that are shifting business models or are newly established.
Community Land Trust funds: The council designated $57,000 to the Southwest Minnesota Housing Partnership for its CLT homes program. Staff said the designation targets two completed homes (2109 Lundeen and 2108 Nelson Street) to help manage rising construction and lot costs.
ADA accessibility grants: The EDA’s application review committee recommended, and the council approved, about $50,000 in accessibility grants to seven properties and businesses (the Redmond, El Agave, Reflection Salon, Four Seasons, Sweet Alice, Hasslebus Chiropractic, and Shady Ridge). Council members discussed clarifying program intent so that future rounds balance customer-facing accessibility and access for employees or owners.
Downtown renovation loan and revolving loan: The council approved a Central Business District renovation and accessibility enhancement loan of $25,000 to Cornerstone LLC (0% interest, 10-year amortization, $208.33 monthly; $5,000 forgiveness if payments remain current). The Historic Preservation Commission signed off on the work. Separately, the council approved a $129,000 revolving loan for improvements at 301 South Minnesota Avenue (the River Rock Coffee and Tea building), at 4.75% amortized over 20 years, to help preserve a historic downtown asset.
Council members and EDA participants emphasized the programs’ roles in preserving downtown buildings and helping small businesses. Carrie, an EDA member, described how applicant narratives helped the committee assess cases where financials alone were unclear: “...having their narrative was helpful and I felt comfortable as an EDA member moving it forward,” she said.
All the resolutions described above were approved by roll-call votes during the meeting.
