Albert Lea saw a chance to get something for practically nothing, and took it.

Wednesday, June 27, 2001

Albert Lea saw a chance to get something for practically nothing, and took it.

For all practical purposes, the city gave away land on Pearl Street to a developer who plans to build apartments. The city has held the deed to the empty property for years, and there was no sign anything would get done with the lots in the near future. They were adding nothing to the tax base or the community.

These days, apartment developers usually ask for tax-increment financing or other assistance before building in cities like Albert Lea; in this case, giving the land for $1 per lot works as a painless and relatively risk-free way for the city to spur development.

The city will gain from the added housing stock once the apartments are built. Giving up land that was contributing nothing was a small price to pay.