Sabathani Community Center Loan Subordination
At a glance
Based on human-uploaded captions, which may still contain errors in names and numbers.
- What: a request to subordinate the city's existing forgivable loan of about $547,000 (made in 2023) to a new $4.9 million loan from Sunrise Banks that closes the funding gap for a geothermal system at Sabathani Community Center.
- Where it stands: approved by voice vote on October 20, 2026 without discussion.
- Next: full City Council action.
Details
- Staff said most of the geothermal cost is covered by grants, the city's risk position stays under 100% loan to value, and Sabathani has no other debt besides the city and the bank.
Sources
- 2026-10-20 - Business, Housing & Zoning Committee (video of the October 20, 2026 meeting)
- 2026-10-20 - Business, Housing & Zoning Committee
- Minneapolis agenda portal: https://lims.minneapolismn.gov
Discussion time
About 2 minutes across 1 meeting (from transcript timestamps; approximate).
| Meeting | Minutes |
|---|---|
| 2026-10-20 - Business, Housing & Zoning Committee | 2 |
Log
- 2026-10-20 - Business, Housing & Zoning Committee - CPED business development staff presented; no discussion; approved by voice vote.
2026-10-20 - Business, Housing & Zoning Committee
Marked agenda: subordination of the City's $547,978.26 forgivable loan approved.