The Albert Lea City Council has waived interest on assessments within Tiger Hills subdivision to spur economic development.

Twenty-eight parcels in the subdivision will be auctioned Thursday by Freeborn County.

“Our desire is to have some of the parcels sold at auction next week along with interest to build homes on those lots,” Albert Lea City Manager Chad Adams said last week. “Following the auction on Thursday, we will review and decide if we will be extending the same waiver of interest on assessments for next year’s auction.”

Adams said in a press release that the council waived the interest on the assessments to encourage development in an attractive area to retire or raise a family.

“This is a prime opportunity for developers,” he said.

Sewer and water lines are installed in the area, minimizing potential cost for developers, a press release stated.

The council placed a hold on tax-forfeited parcels in 2015 to allow for the future sale and development of homes.

Tiger Hills is on the south side of Hammer Road and east of Albert Lea High School.

City officials are also undertaking other initiatives to spur economic growth.

Adams said last month the city might undertake a tax abatement program this fall, which could include abating taxes for five years for any new, residential single-family home that is built in the next three years.

A housing summit is planned to gauge public reaction into the possible program.