little_canada_city_council_workshop_meeting_agenda.pdf
City Sets Stage for Lupe Housing Conduit Bonds
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Description
Lupe Development requests City approval of a preliminary resolution to support a new application for $17 million in conduit bonds for a senior affordable housing project. If the bonds are awarded, the developer will finance and build 106 income-restricted apartments, with the City acting solely as issuer for the bonds.
Contract Details
Contract Amount
approximately $17 million (conduit bonds)
Vendor
LUPE DEVELOPMENT
Agency
City of Little Canada, MN
Contract Type
FINANCIAL_SERVICES
Document Date
January 14, 2026
Contract Term
180 days to close after bond award (construction funded, 13-month build)
Renewal Date
2026-07-01
Renewal Info
Developer responsible for legal/app costs; bond award and closing trigger issuance fee to City. Council previously adopted a similar resolution in July; new application is for January 2026 bond round. No renewal, but reapplication cycle possible if not awarded.
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PENDINGLittle Canada City Council Agenda 2026-06-10
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AWARDEDLittle Canada City Council Agenda 2026-05-27
APPROVEDlittle_canada_city_council_workshop_meeting_agenda.pdf
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