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COMMUNITY PRIDE <br />1953 - 2003 <br />A(AMR <br />Michael. 1. Fahey <br />CO UNCLE <br />Jim LaVaile <br />Matt Anderson <br />Rick Montour <br />Bill Blesener <br />51.5 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 .ADNT1\T(STRATOR <br />wmw.ci.little- canada.mn.us Joel R. Hanson <br />MEMORANDUM <br />TO: Mayor Fahey and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: January 17, 2003 <br />RE: Amendment to Development Agreement <br />The Lodge at Little Canada <br />The Development Agreement for The Lodge at Little Canada contains a clause relating to bankruptcy <br />on the part of the developer and the subsequent creation of a default situation. HUD would like this <br />provision revised to protect the Tax Increment Financing cash flow under those circumstances should <br />they then take over the mortgage. This is a reasonable request, and staff would recommend approval <br />of the attached amendment as proposed. <br />