Minneapolis file 2026-00905, before the Minneapolis City Council. Passed as of 2026-08-21.
Latest action: Published
La Gerencia gets $245,000 to buy the building La Gerencia LLC receives a city loan to purchase the commercial property at 5554 34th Ave S, reducing the cash they need upfront to complete the deal.
Supports business ownership in South Minneapolis area The loan advances the city's goal of helping small businesses and entrepreneurs gain property ownership in neighborhoods where it has been harder to build wealth.
Loan must be repaid with interest; default is a risk If La Gerencia cannot repay the loan on schedule, the city bears the financial loss and the funds are not available for other business loans.
Authorizing an Ownership and Opportunity Fund (OOF) loan of $245,000 to La Gerencia LLC or its assigns, to assist in the acquisition of a commercial property at 5554 34th Ave S.
Read the official record for 2026-00905
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