06-27-2025 Council Minutes - Laserfiche WebLink

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MINUTES OF THE REGULAR MEETING CITY COUNCIL LITTLE CANADA, MINNESOTA JUNE 279 2025 Pursuant to due call and notice thereof, a special meeting of the City Council of Little Canada, Minnesota, was convened on the 27th day of June 2025 in the Council Chambers of the City Center located at 515 Little Canada Road in said City. Mayor Tom Fischer called the meeting to order at 4:05 p.m., and the following members of the City Council were present at roll call: CITY COUNCIL: Mayor Fischer, Council Members Malone, Kwapick, and Miller. Absent: Council Member Gutierrez. ALSO PRESENT: Acting City Administrator Laura Linehan and City Clerk/HR Manager Heidi Heller. STAFF REPORTS RESOLUTION CALLING FOR A PUBLIC HEARING AND PRELIMINARY APPROVAL OF ISSUING REVENUE BONDS FOR 99 COUNTY ROAD B EAST SENIOR HOUSING PROJECT BY LUPE DEVELOPMENT The Acting City Administrator stated that the Council is asked to consider a resolution granting preliminary approval for conduit revenue bonds from Lupe Development. She stated that the city has been working with the developer and legal counsel on this matter. She noted that this item had been mentioned at the Council meeting earlier this week, at which time the Council directed staff to prepare the resolution and called for the special meeting today. She provided additional information on the conduit debt process and stated that staff are supportive of the request. She noted that this would not have any liability for the city and would instead provide benefits to the city, providing additional details. She noted that this action would allow Lupe Development to submit their application to the necessary party by the June 30th deadline. Miller asked if the city has approved this type of request for other developments. The Acting City Administrator confirmed that the city has done this in the past with other developments and provided examples. Mayor Fischer commented that Lupe Development utilizes a variety of funding sources, and this type of funding source is new to the development and was not part of the original funding package. He believed that it would be a good action on the part of the city, as there is no risk and the city will actually receive some funds as part of this transaction. The Acting City Administrator noted that Lupe Development also paid the $2,500 application fee and is covering all legal expenses and other expenses, such as the costs for the special meeting. Malone asked and received confirmation that this would not impact the city's debt rating. She asked what would occur if Lupe were to default on the loan.