Preheat oven to 350 degrees. In a large bowl, combine beef, onion, bell pepper, milk, bread crumbs and parmesan cheese. Season with salt and pepper to taste and place in a lightly greased 5x9" loaf pan OR form into a loaf and place in a lightly greased 9x13" baking dish.
In a separate small bowl, combine ketchup, brown sugar and molasses. Mix well and pour over meat loaf.