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<br /> 1801 County RD B W, Suite 201 <br /> Roseville, MN 55113 <br /> 612.436.3200 Office <br /> 612.436.3201 Fax <br /> <br /> <br />October 29, 2025 <br /> <br />To: Ben Harrington <br />Community Development Director <br />City of Little Canada <br /> <br />Re: Project Update and Anticipated Timeline <br /> <br />Ben, <br /> <br />Thank you for the update and for coordinating with the City Administrator. Below is a <br />summary of the project timeline, financing status, and anticipated TIF request in <br />preparation for the Council’s November work session and December meeting. <br /> <br />Project Timeline / Next Steps <br />We plan to apply for housing bonds in the December 2025 MMB round. We will submit <br />a DEED Redevelopment Grant application in February 2026, with city endorsing <br />resolution. If awarded the bonds, we will complete our solicitation of commitments for <br />both the debt and tax credit equity, that we have begun to soft-select. We would be <br />obliged to close within 180 days of bond award. Construction is expected to begin <br />immediately after closing and will follow a 13-month schedule, with completion <br />anticipated in September 2027. <br /> <br />Project Permitting <br />If the project receives the bond in January, the developer will give the architect direction <br />to proceed with permit level plans and specifications. It is anticipated that the project <br />will apply for the building permit in March in order to start construction in July. It is <br />imperative that the city’s building department expedite the plan review in order to meet <br />the aggressive 6-month window to close the project financing. A building permit will be <br />required for any lender/investor to close. <br /> <br />Update on Soft Sources <br />The project was recently awarded $432,500 in LCDA funding, which has provided the <br />necessary support for us to proceed confidently with our bond application this December. <br />We will continue to pursue an additional $100,000 (or more) from the DEED <br />Redevelopment Grant program in February. <br /> <br />TIF Request <br />The attached workbook includes a TIF request of $400,000 on the basis of increment <br />defeased at the earlier of $400K or ten years – whichever comes first, net of a $100K