City of Little Canada Agenda Packet 2026-06-10
LC Apartments Receives $922,500 LCDA Loan for Senior Housing
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Description
Little Canada executed a $922,500 LCDA program loan agreement with LC Apartments, LP, passing through Metropolitan Council grant funds for the 106-unit senior housing development. The agreement includes mortgage pledges and loan administration requirements.
Contract Details
Contract Amount
$922,500
Vendor
LC APARTMENTS LP
Agency
City of Little Canada, MN
Contract Type
FINANCIAL_SERVICES
Document Date
June 10, 2026
Contract Term
Loan maturity December 31, 2066
Renewal Date
2066-12-31
Renewal Info
Loan matures December 31, 2066; principal due at maturity or on project use default. Subordination rights detailed in signed agreements.
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