06-10-2026 Council Packet - Laserfiche WebLink

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1 Error! Unknown document property name. Loan Agreement (Metropolitan Council Livable Communities Demonstration Account (LCDA)) This Loan Agreement (this “Agreement”) is made and entered into as of this [___] day of June, 2026 by and between LC Apartments, LP, a Minnesota limited partnership (“Developer” or “Borrower”), and the City of Little Canada, Minnesota, a Minnesota municipal corporation (“Lender”). A. In cooperation with Borrower, Lender has made application to and received funding in the amounts of $432,500 and $490,000 from the Metropolitan Council under its Livable Communities Demonstration Account Program (the “LCDA Grants”). B. Borrower has submitted a proposal to Lender for the new construction of a building to provide 106 housing units on the real property located at 99 County Road B, Little Canada, Minnesota, and legally described on Exhibit A (the “Project”). C. City of Little Canada, Minnesota, a Minnesota municipal corporation, in its capacity as seller, and, Borrower, as buyer, have entered into that certain Purchase Agreement dated as of January 1, 2026 (the “Purchase Agreement”). D. The Project meets the goals and objectives of the Livable Communities Demonstration Account Program by providing needed housing for low- and moderate-income persons within the community. E. Lender desires to loan proceeds of the LCDA Grants in the amount of $922,500 (the “LCDA Proceeds”) to Borrower to pay eligible development costs of the Project in order to promote the purposes of the Livable Communities Demonstration Account Program. NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and in consideration of the mutual covenants and agreements hereinafter contained, the parties hereto hereby agree as follows: Definitions Section 1.01. Definitions. For the purposes of this Agreement, the following terms shall have the following meanings: “City” shall mean the City of Little Canada, a Minnesota municipal corporation. “Completion Date” shall mean the date when development of the Project and related activities upon the Premises have been completed and a certificate of occupancy has been issued by the City of Little Canada, which date shall be on or before December 31, 2028, subject to Unavoidable Delays and any extensions granted by the Lender. “Construction and Other Documents” shall mean the following documents, all of which shall be in form and substance acceptable to Lender: (a) A signed, itemized and sworn construction cost statement.