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Council extends Jupiter Machine Tool loan maturity to February 2026
Summary
Council approved a first amendment extending the maturity date on the city's revolving loan with Jupiter Machine Tool Inc. to Feb. 2026; the loan balance at extension end is $596,505.05 and staff said no negative budget impact is anticipated.
City staff recommended approval of an amendment to extend the maturity date of the city's revolving loan agreement with Jupiter Machine Tool Inc. The original loan included a balloon payment that was due June 1, 2025; the amendment moves the maturity date to February 2026.
Mr. Hansen explained that Midwest Bank — a co‑lender — has extended its maturity date and the parties are working on restructuring options. "The loan balance due at extension's end will be $596,505.05," Hansen said, and staff advised council that no negative impact on the city's budget is anticipated if the amendment is approved. Council voted to approve the extension (6‑0).
Why it matters: the amendment is intended to support an ongoing business restructuring while preserving loan security and the city's interest in repayment.
