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12-18-2006 EDA Packet
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12-18-2006 EDA Packet
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EDA
EDA Document Type
EDA Packet
Meeting Date
12/17/2006
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AGENDA ITEM 4 <br />STAFF ORIGINATOR: Mary Alice Divine <br />DATE: 12/18/06 <br />TOPIC: Resolution No. 06-05, Accepting the Metropolitan <br />Council Grant and Approving Loan to LLAH Limited <br />Partnership <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City of Lino Lakes obtained a $225,000 grant under the Livable <br />Communities Act Local Housing Incentives Account on December 16, 2004 for <br />the purpose of helping to finance Lakewood Apartments in the Legacy at Woods <br />Edge project. The grant agreement has an expiration of Decem ber 31, 2006. <br />Hartford Group and LLAH Limited Partnership are expected to close on the <br />financing of the property in late December and begin construction shortly <br />thereafter. Due to delay in the start of construction, the city council will be <br />requested to consider an extension of the grant agreement for one year at its <br />December 18, 2006 meeting. <br />Additionally, the developer has requested, in order to facilitate their financing, <br />that the grant be provided in the form of a 30-year interest free loan. Because <br />the EDA is the administrator of Development District No. 1 in which this project <br />will occur, legal counsel has advised the EDA is the appropriate authority to <br />provide this loan. <br />Two actions will need to be undertaken by the city. The council will need to <br />assign the loan to the EDA at its Dec. 18 meeting. The EDA will be accepting <br />assignment of the grant and approving the loan to LLAH Limited Partnership. <br />RECOMMENDATION: <br />Staff is recommending approval of Resolution No. 06-05 Accepting the <br />Metropolitan Council Grant and Approving Loan to LLAH Limited Partnership, <br />contingent upon City Council approval of assigning the proceeds of the grant to <br />the EDA.. <br />ATTACHMENTS <br />1. Resolution No. 06-05
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