TIF incentive for new plant near reality
Published 12:00 am Tuesday, May 28, 2002
Now that the legislature has approved and the governor has signed legislation involved with setting up a tax-increment-financing (TIF) district for both the old and new Farmland sites in Albert Lea, the city council can finally hold the necessary public hearings and finalize the proposals.
The public hearing on the Farmland TIF district began at an earlier council meeting, and was suspended since lawmakers had not yet approved the necessary legislation. Now the council needs to pass a resolution which will bring the exemption the legislature granted into force.
The city wants to create a single TIF district to help with demolition costs for the old facility, which they will take over once Farmland breaks ground on a new plant in the Habben Business Park. Tax proceeds from a new site, if Farmland rebuilds, can be used to pay for cleanup of the old site.
In other business, the council is scheduled to:
– Hear a request from the Pelican Breeze operators for $1,000 to help with advertising and printing brochures. The operation is a non-profit arrangement, and high insurance costs for their vessel are causing some financial difficulties.
– Decide whether to amend city ordinances to allow vendors to sell legal fireworks within the city limits. According to city staff, an new ordinance on this issue would help clarify the situation for both businesses and law enforcement.
– Call a public hearing on the Newbury project, which is now complete. The grant requires that the city hold a public hearing to discuss the project.