Economic Development

Albert Lea wants your business!

The City of Albert Lea works closely with the Albert Lea Economic Development Agency to help existing businesses expand, attract new businesses, create jobs and enhance the tax base of Albert Lea and Freeborn County.

The Albert Lea Community Development Department supports and promotes economic development in several ways, including:

Professional planning assistance and counseling to interested developers
Assistance in site plan development and review
Subdivision and administrative plat development
Zoning interpretation and development alternatives
Assistance with loan and grant applications
Assistance with Tax Increment Financing and/or tax abatement

Business financing and grants

The City uses tax increment financing (TIF) to help establish new businesses and expand existing companies. TIF is an economic development tool used by many cities. When a property is developed, its value usually increases in value and results in higher property taxes. The increase – called a tax increment – goes toward subsidizing improvements in the TIF district. Some recent examples of TIF include Vortex Cold Storage in the Jobs Industrial Park, the Ulland Brothers facility on East Main Street, and The Broadway event venue downtown.

The city also offers two grant programs:

The Broadway Ridge Renewal Grant, which provides matching funds, for eligible projects to preserve buildings in the historic downtown
The Main Corridors Urban Renewal Grant, which provides matching funds for site improvements on the city’s main corridors

Housing solutions

The City of Albert Lea supports housing solutions in several ways:

The City works with several community partners to add housing options, especially with a 2018 study and a 2021 study finding a need for all types of housing in Albert Lea. The City has provided TIF for housing developments, and is working with potential developers to add housing downtown and at the Blazing Star Landing.
The City also works to divert houses from demolition by purchasing blighted properties, making minimal repairs to stabilize the structures, and then seeking buyers to finish the rehabilitation and offer the house for rent or purchase.