06-10-2026 Council Packet - Laserfiche WebLink

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MEMORANDUM OF UNDERSTANDING This Memorandum of Understanding (“MOU”) is entered into as of the ____ day of __________, 2026 (the “Effective Date”) by and between the City of Little Canada, a Minnesota municipal corporation (the “City”), LC Apartments, LP, a Minnesota limited partnership (the “Developer”), and FFAH V LC Senior Apts MN, LLC, a Minnesota limited liability company (the “Managing General Partner”). The City, the Developer and the Managing General Partner are each a “Party” and collectively the “Parties.” RECITALS WHEREAS, the Developer will construct a 106-unit affordable senior housing development on property within the City (the “Project”); and WHEREAS, a sanitary sewer lift station upgrade is required in connection with the Project; and WHEREAS, the Parties have agreed to the terms of the Project as described in the Development Agreement, which is incorporated herein by reference, including that the Project is Local and Statement Affordable Housing Aid (“LAHA”)-qualified. NOW, THEREFORE, the Parties agree as follows: 1. Subject to the terms of this MOU, the City shall grant the Managing General Partner Two Hundred Thousand Dollars ($200,000.00) (the “LAHA Grant”) and the Managing General Partner shall contribute to the Developer said $200,000 to be used toward the sanitary sewer lift station upgrade as described in Section 4 of the Development Agreement (the “LAHA Contribution”). 2. The City shall make the LAHA Grant to the Managing General Partner within 21 days of the issuance of the building permit and the Managing General Partner shall make the LAHA Contribution to the Developer upon receipt of the LAHA Grant from the City. 3. Except for the LAHA Grant, the City has no obligation to fund any additional costs of the lift station upgrade or other Project improvements. 4. Nothing in this MOU modifies, waives, or supersedes any existing City approvals, conditions, ordinances, codes, or requirements applicable to the Project, all of which remain in full force and effect, and the Project must conform to the final plans and City approvals as may be reviewed and approved by City staff. 5. This MOU constitutes the Parties’ entire understanding with respect to the subject matter hereof and may be amended only by a written instrument executed by both Parties.