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MINUTES OF THE SPECIAL MEETING <br />CITY COUNCIL <br />LITTLE CANADA, MINNESOTA <br />MAY 14, 2008 <br />Pursuant to due call and notice thereof a special meeting of the City <br />Council of Little Canada, Minnesota was convened on the 14th day of <br />May, 2008 in the Council Chambers of the City Center located at 515 <br />Little Canada Road in said City. <br />Mayor Bill Blesener called the meeting to order at 6:30 p.m. and the <br />following members of the City Council were present at roll call: <br />CITY COUNCIL: Mayor Mr. Bill Blesener <br />Council Member Ms. Barb Allan <br />Council Member Mr. John Keis <br />Council Member Mr. Rick Montour <br />ABSENT: Council Member Mr. Michael McGraw <br />ALSO PRESENT: City Administrator Mr. Joel R. Hanson <br />City Attorney Mr. Patrick Kelly <br />City Clerk Ms. Kathy Glanzer <br />SHERMAN George Sherman and Rob Kost, Sherman & Associates appeared before <br />& the Council to report on the status of their developments in the Rice <br />ASSOCIATES Street/Little Canada Road area as well as to discuss additional <br />development opportunities. <br />George Sherman reported that the residential occupancy rates at The <br />Lodge are stable at 3 vacancies. There are 78 residential units at The <br />Lodge. Sherman reported that the retail occupancy has improved slowly <br />and of the 15,000 square feet, there are currently 3 spaces (4,500 square <br />feet) empty. Sherman reported that The Lodge is at break-even status. <br />With regard to The Villas, 44 of the potential 45 townhome units have <br />been built. The remaining lot has been left open given its potential to <br />connect to another development area. Of the 44 townhomes, there are 14 <br />left to close. Sherman attributed this to the economic downturn and the <br />difficulty of obtaining mortgages. <br />Sherman reported that Sherman & Associates has a TIF obligation to the <br />City, and given the dropping tax rates, they have had to pay on a tax <br />shortfall note. Sherman did not anticipate that property values would <br />increase any time soon, therefore, anticipated the need to make up future <br />shortfalls. He reported that he is getting The Villas project FHA insured, <br />so that will be helpful to potential buyers in obtaining mortgages. <br />