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EDA MINUTES DECEMBER 18, 2006 <br />APPROVED <br /> <br />2 <br /> <br />Ms Divine stated the City of Lino Lakes obtained a $225,000 grant under the Livable 45 <br />Communities Act Local Housing Incentives Account on December 16, 2005 for the purpose of 46 <br />helping to finance Lakewood Apartments in the Legacy at Woods Edge project. 47 <br /> 48 <br />Ms. Divine advised Hartford Group and LLAH Limited Partnership are expected to close on the 49 <br />financing of the property in late December and begin construction shortly thereafter. Due to 50 <br />delay in the start of construction, the City Council will be requested consider an extension of the 51 <br />grant agreement at the regular Council meeting this evening. 52 <br /> 53 <br />Ms. Divine noted the developer has requested, in order to facilitate their financing, that the grant 54 <br />be provided in the form of a 30-year interest free loan. Because the EDA is the administrator of 55 <br />Development District No. 1 in which this project will occur, legal counsel has advised the EDA 56 <br />is the appropriate authority to provide this loan. 57 <br /> 58 <br />EDA Member O’Donnell moved to approve Resolution No. 06-05, as presented. EDA Member 59 <br />Carlson seconded the motion. Motion carried unanimously. 60 <br /> 61 <br />ADJOURNMENT 62 <br /> 63 <br />There being no further business, EDA Member Bergeson moved to adjourn. EDA Member 64 <br />O’Donnell seconded the motion. Motion passed unanimously. 65 <br /> 66 <br />Meeting adjourned at 6:22 p.m. 67 <br /> 68