Laserfiche WebLink
<br />(4) <br /> <br /> <br />Government Aid (LGA) received from the state of Minnesota also goes into the GCIF rather than the <br />General Fund due to the potential volatility of this revenue source. <br /> <br />The City also levies a substantial amount for the Infrastructure Fund in addition to pledging electric <br />franchise fee revenues to help fund street and storm water system construction. By funding a large <br />portion of depreciation from our Water and Sewer funds, we have also provided a stable source of <br />revenue to address infrastructure needs in these areas. <br /> <br />RESIDENTIAL DEVELOPMENT ACTIVITY <br />Residential and commercial/industrial new construction picked up in 2022. A total of 502 permits were <br />issued in 2022 with a total valuation of $38,123,007, approximately twice as many permits than in 2021. <br /> <br />Residential development is expected to continue to increase with several significant projects in the <br />pipeline. These projects include infill development, new single-family subdivisions, and multi-family <br />apartment projects. Approximately 600 new housing units are planned to be under development in <br />2023-24, which will result in increase of over 1,300 in population. <br /> <br />The City of Little Canada approved a 7-unit single family subdivision that will feature mid-to-high market <br />value homes starting at $750,000. In addition, a market rate neighborhood of 178 townhomes has been <br />approved led by Lennar Corporation, the largest homebuilder in the United States, has purchased 20- <br />acres south of County Road D East in Little Canada. These townhomes would be targeted at entry- <br />level home buyers starting at $375,000. <br /> <br />The City of Little Canada has also partnered with a local developer (Reuter-Walton) on a multi-family <br />housing project on City-owned property on Twin Lake Boulevard. The first of two 60-unit buildings with <br />underground parking is nearly completed. The unit mix will be targeted towards working families with <br />children and feature a majority of two-and three-bedroom layouts. Reuter Walton was awarded LIHTC <br />tax credits for both projects and has received $2.5 Million in funding from Ramsey County. The second <br />60-unit building is slated to break ground in fall of 2023. <br /> <br />Reuter-Walton is also working on another multi-family apartment project featuring up to 175 units at the <br />intersection of Demont and Rice Street. The project has received initial funding from Ramsey County, <br />and will be applying for Housing Tax Credits. A senior (55+) apartment project with approximately 110 <br />units has also been proposed along County Road B East and has also received initial funding from <br />Ramsey County. If additional funding is obtained, both of these projects could be under construction in <br />2024. <br /> <br />The City also welcomed several commercial and industrial developments within the City. Royal Credit <br />Union constructed a new bank at the intersection of Rice Street and County Road C. DART Transit also <br />constructed a new warehouse and distribution facility at the corner of South Owasso and Spruce Blvd <br />and is in full operation. <br /> <br /> <br />The City continues to review strategies regarding community development, looking at how to best <br />utilize sites in the City that would be candidates for new development and redevelopment projects. The <br />City completed a comprehensive update to the zoning code in 2021, which is beginning to foster <br />additional development and redevelopment activities.