Little Canada Council OKs up to $17M in conduit bonds for 106-unit senior housing

The Little Canada City Council on May 27 authorized the use of the city’s tax‑exempt bonding authority to support a proposed 106‑unit multifamily senior housing development at 99 County Road B East.

Community Development Director Ben Harrington told the Council staff and the developer, Lupe Development, have worked on the project for about three years and asked the city to serve as the governmental lender to issue conduit revenue bonds in an aggregate principal amount of up to $17,000,000 to finance the project. Mayor Tom Fischer noted the city has followed the conduit-bond process previously.

Harrington said the Little Canada Senior Housing Project is intended for low‑ and moderate‑income senior households and described the project location and financing request. The public hearing drew no comments; upon motion by Kwapick and second by Miller the Council closed the hearing and adopted Resolution No. 2026-5-67 to authorize the conduit revenue bonds. The resolution passed with a recorded vote of Ayes (5), Nays (0).

Why it matters: the City’s role as conduit issuer enables the developer to access tax‑exempt bond financing while generally leaving debt repayment to the project. Council members asked procedural questions about other outstanding revenue notes and were told prior conduit issuances remain outstanding but do not affect the city’s ability to serve as a conduit lender.

Next steps: the approval authorizes the conduit bond issuance; additional project‑level financing documents and approvals by bond counsel and any necessary statutory processes remain to be completed before financing closes.