Laserfiche WebLink
<br /> <br /> Staff Report <br /> <br /> <br />To: Mayor Fischer and Members of the City Council <br /> <br />From: Ben Harrington, AICP, Community Development Director <br /> <br />Date: June 10th, 2026 <br /> <br />Re: Metropolitan Council’s Livable Communities Demonstration Account <br />(LCDA) Grant Subrecipient Agreement – 99 County Road B – Affordable <br />Senior Housing Development <br /> <br />Action To Be Considered: <br />Motion to approve and adopt, table, or deny the following: <br />• The Livable Communities Demonstration Account (LCDA) Subrecipient Agreement, <br />comprised of the following five documents, for the 106-unit Little Canada Senior <br />Apartments project at 99 County Road B East: <br /> <br />1. The Loan Agreement between the City of Little Canada and LC Apartments, LP, which <br />rolls the 2024 ($490,000) and 2025 ($432,500) allocations into a single $922,500 <br />program loan; <br /> <br />2. The Promissory Note in the principal amount of $922,500.00 executed by LC <br />Apartments, LP; <br /> <br />3. The Combination Mortgage, Assignment of Leases and Rents, Security Agreement, <br />and Fixture Financing Statement executed by LC Apartments, LP for the benefit of the <br />City; <br /> <br />4. The Disbursement Agreement by and among LC Apartments, LP, Guaranty <br />Commercial Title, Inc., and the City; and <br /> <br />5. The Subordination Agreement by the City and LC Apartments, LP in favor of U.S. Bank <br />Trust Company, National Association (as Fiscal Agent) and Allianz Life Insurance <br />Company of North America (as Senior Funding Lender); <br /> <br />and to authorize the Mayor and City Administrator to execute all applicable documents on behalf <br />of the city. <br />Background: <br />In addition to the City’s LAHA assistance, the 106-unit affordable senior housing development at <br />99 County Road B East was awarded two regional grants through the Metropolitan Council’s <br />Livable Communities Demonstration Account (LCDA) program. The City applied for these grants <br />on behalf of the developer, and secured these funds across consecutive grant cycles to support <br />the overall financial viability of the project. Because the City acts as the applicant and primary <br />grantee to the Metropolitan Council, it serves as the intermediary entity responsible for passing <br />the funds through to the project.