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515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 <br />www.ci.litile-eanada.mn.us <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: November 8, 2002 <br />RE: EDA /City Council Actions for the Lodge at Little Canada <br />MAYOR <br />Michael 1. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jun LaValle <br />Matt Anderson <br />Rick Montour <br />ADMINISTRATOR <br />Joel R. Hanson <br />At Wednesday's meeting, we need to take several actions to consummate the development program <br />involving the Lodge at Little Canada. Please not these actions do not involve the townhome or <br />commercial components of our redevelopment activities. The steps and the background information are <br />as follows: <br />City Action Item <br />Approve Quit Claim Deed from City to EDA for Cardinal and Venetian Property <br />This is necessary to make everything consistent within the Development Agreements being <br />contemplated. <br />EDA Action Item <br />Hearing on the Disposition of Property. We will be holding a public hearing involving <br />disposition of property from the EDA to the Lodge at Little Canada. This piece involves the <br />former Venetian Inn. This hearing is necessary to comply with statutory requirements. <br />EDA & City Action Item <br />Approve modifications to the Redevelopment Plan for Redevelopment Project Area No. 1 <br />and modifications to the Tax Increment Financing Plan for TIF District 3 -2 and <br />the Tax Increment Financing Plan establishing TIP District 3 -3. <br />EDA Action Item <br />Approve Revised Development Agreement with the Lodge at Little Canada, LLC. I have <br />attached black -lined copy so you can track changes more easily. These revisions also include <br />the Asbestos Removal and Demolition Agreement and the Purchase Agreement. The <br />substantive changes since our earlier approval are as follows: <br />• EDA will be entering into agreement instead of the City <br />• We are agreeing to modify the TIF plan to accommodate a revised legal <br />description and other changes to make it more accurate and relevant to this <br />transaction. <br />• We are defining "moderate income" to ensure we meet statutory requirements <br />while not precluding higher income residents from living here. <br />The amount oldie authorized "FIE note has been increased from $900.000 to <br />S 1.050.000 but the interest accrual period has been reduced by one year. Given <br />