New owners slated for Sunrise Manor
At their Oct. 14 meeting, the Sleepy Eye City Council heard a request from Lucas Miles and Jarod Olson, of AT Apartments, to amend the loan agreement with Common Bond, the current owner of Sunrise Manor, to allow AT Apartments to assume the mortgage to allow them to purchase it. City Manager Bob Elston explained that the mortgage funds came through a Region Nine Small Cities Development program, administered by the city. Elston said the Small Cities funding program requires the loan amendment in case of a sale of the property, so the financing won’t be considered in default. A motion by Nate Stevermer, seconded by Doug Pelzel to amend the loan agreement passed unanimously. Elston later explained to the Herald-Dispatch that the loan is for $400,000 with no payments due during the term and is completely forgiven after 30 years.