EDA Meeting Minutes - 12/10/25 (Workshop)MINUTES
WORKSHOP - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, December 10, 2025 — 5:00 p.m.
Academy Room, Monticello Community Center
Commissioners: President Steve Johnson, Vice President Jon Morphew, Treasurer Hali
Sittig, Rick Barger, Clint Berglof, Councilmember Tracy Hinz
Absent: Mayor Lloyd Hilgart
Staff: Executive Director Jim Thares, Bob Ferguson, Tyler Bevier
1. Call to Order
President Steve Johnson called the workshop meeting of the Monticello Economic
Development Authority to order at 5:00 p.m.
2. Roll Call
Mr. Johnson called the roll.
3. GMEF Loan Pre-App Review — Sperr Properties, LLC (154 W Broadway)
Mr. Thares introduced the loan applicant, Larry Sperr, to the EDA and staff. Larry and his
partners recently closed on the purchase of the former Cornerstone Cafe property located
at 154 West Broadway.
Mr. Sperr co-owner and proprietor for Sperr Properties LLC, dba L&L Homestyle Cafe
explained the "bridge loan" gap funding request of the GMEF Program in the amount of
approximately $65,000 to $70,000 to address unexpected building improvements and
purchase new restaurant equipment.
Mr. Sperr noted the need for critical new equipment and explained his vision for an upscale
dining experience in a remodeled building. He noted that his hours would be from Tuesday
through Sunday, 6 a.m. to 2 p.m. He will also conduct his catering business from this
location. This will be a significant component of the business. He stated his fairly long
career of restaurant management experience played into the revenue projections, plus the
hours of operation and number of seats. Mr. Sperr said to have collected financial data from
the previous 2016 owner ($1.5 million in sales) and another source also provided feedback
from their perspective from 2021 to 2023 restaurant operations under a different
ownership.
He further explained his marketing plan would involve social media and a website that is
currently in production. He also believes in positive word of mouth promotions as well.
Mr. Sperr also noted that the residential rentals in the upper floor will help cover mortgage
payments. His partners include his brother owning 30% and his nephew owning 10%.
EDA Workshop Minutes — December 10, 2025
When asked of catering opportunities, Mr. Sperr said to have an agreement with the
Monticello Community Center to provide senior meals on Fridays and bookings through the
end of the year into 2026 with the Hanover Rotary and St. Michael Senior Center.
Mr. Sperr described his catering business as a remote service and his desire to settle into the
Monticello community, said to have already received interest from past patrons for the new
cafe.
Members discussed their desire to review an application including a list of equipment as
proof of what the requested funds will be earmarked for with an understanding of the
aggressive timeline to open the restaurant in early January 2026. Mr. Sperr agreed to
provide the equipment list.
Mr. Thares noted that loan documents would be drafted and provide to the EDA for final
review and consideration of the loan in early 2026.
4. GMEF Loan Pre-App Review — Cassie Mallinger, Fitness Studio (101 W Broadway)
Mr. Thares introduced Cassie Mallinger to the EDA and said that her application packet is
fairly complete. He noted that she is the owner of Renewed Pilates LLC, which is seeking to
launch in the Block 52 building in the spring of 2026. He noted she currently teaches and
leads Pilates fitness sessions in Maple Grove. Her funding request is for working capital and
Pilates reformer equipment, a total of six machines at $5,300 each.
Ms. Mallinger said she was raised in Buffalo, is familiar with the Monticello community. She
described the prime downtown location in the Block 52 building as an ideal fit. Members
noted another fitness studio already in operation within the vicinity. Ms. Mallinger
explained the specialized spectrum of Pilates classes for all experience levels and how her
studio will differ from the personal training studio currently on Broadway.
Mr. Thares suggested that a UCC filing against the equipment may make sense for the form
or loan security or collateral.
Ms. Mallinger noted that the landlord is covering about $125,000 in site build out costs and
is offering rent discounts to help her get started.
Ms. Mallinger spoke highly of her independent success and of some of her clients' desire to
follow her away from Maple Grove class sessions. She has begun networking with physical
therapists and chiropractors in the Monticello community.
Mr. Johnson noted that the mixed -use nature of Block 52 building may be an advantage to
draw some customers. He also asked if she understood where her studio parking slots
would be at the property. Ms. Mallinger said part of the lease agreement includes
reservation of 10-15 parking spaces. She further explained that patrons' schedules will
allow rotational parking throughout the day, and off-street parking is also within walking
distance.
2
EDA Workshop Minutes — December 10, 2025
Ms. Sittig suggested that signage may be helpful to direct customers to parking slots.
Ms. Mallinger spoke about the 16.5% national growth rate for Pilates and described the
open 1,500 square foot -floor plan with ample room for additional equipment. She believes
that her business could double or triple business within the first year.
She further noted that her review and understanding of the local demographics of the
community, 16,000 +/- residents, indicates that a significant portion of that population are
in their mid -thirties with stable incomes.
She is in discussions with WomenVenture for potential funding assistance as well as the
Initiative Foundation. She is also planning to meet with a local banker in the coming days.
Mr. Thares noted that it would be critical to have feedback and funding commitments from
one or more of those entities to allow the EDA to continue consideration of a $25,000 to
$30,000 GMEF Loan.
Ms. Mallinger said she will be the sole employee to start, though she hopes to be able to
hire three full-time employees as the fitness center grows over the coming year.
Mr. Thares said if the EDA does not object that he would reach out to the EDA attorney
regarding drafting loan documents for consideration of a GMEF Loan of approximately
$25,000 to $30,000 at an EDA meeting in early 2026.
5. Adjournment
The workshop was adjourned at 6:00 p.m.
Recorded by: Anne Mueller QYW
Approved: January 14, 2026
Jim Tares, Executive Director of the Monticello EDA
3