Little Canada City Council Agenda Packet 2026-05-27
$17M Housing Revenue Bond Issued for Lupe Development
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Description
The Little Canada City Council approved the issuance and sale of up to $17,000,000 in conduit revenue bonds to finance Lupe Development’s 106-unit affordable senior housing project. All issuance costs and an $85,000 administrative fee will be paid by Lupe Development, with bond proceeds used for land acquisition and construction at 99 County Road B East. The project is subject to affordability covenants for the full bond term.
Contract Details
Contract Amount
Not to exceed $17,000,000 (bond principal amount); City fee: $85,000
Vendor
LUPE DEVELOPMENT
Agency
City of Little Canada, MN
Contract Type
FINANCIAL_SERVICES
Document Date
May 27, 2026
Contract Term
Bond closing anticipated June/July 2026; affordability term for as long as bonds outstanding
Renewal Info
No renewal; one-time issuance, but compliance and administration obligations remain throughout the life of the bonds.
More from LUPE DEVELOPMENT
Related Contracts
Little Canada City Council Agenda 2026-06-10
PENDINGLittle Canada City Council Agenda 2026-06-10
PENDINGLittle Canada City Council Agenda 2026-05-27
APPROVEDlittle_canada_city_council_workshop_meeting_agenda.pdf
PENDINGlittle_canada_city_council_workshop_meeting_agenda.pdf
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City of Little Canada Agenda Packet 2026-06-10
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