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The Albert Lea City Council on Monday approved up to $760,000 in tax-increment financing for Ulland Brothers as part of its redevelopment of the former Freeborn-Mower Cooperative Services site on East Main Street.

City Manager Ian Rigg said the company is estimated to spend $7.6 million on the project, which will redevelop the space into its company headquarters.

The TIF district allows the company to use the increment of new tax dollars for a set number of years to pay down the overall cost of the project without impacting existing taxes.

The tax-increment financing can be used for eligible costs such as demolition of the existing building, soil corrections and construction of storm water facilities.

Third Ward Councilor Jason Howland asked if there was a timeline on when the redevelopment would be completed.

Rigg said the company wanted to get started on it as soon as possible because this would be their base of operations.

The district could be in place for up to 26 years, but he said it was not estimated to take that many years. He estimated it would be closer to 15 years.

The agreement also includes the creation of at least five new jobs on the redeveloped property within two years of the date of completion. The jobs will pay a minimum of $24 an hour.

In other action, the council:

• Approved working with Bolton & Menk Inc. of Mankato to come up with a schematic design for a potential food truck plaza on the city-owned property at 804 E. Main St., east of the former Domino’s building.

Rigg said the city was given the land and it can only be used for public use, whether that is for a parking lot, park space or some other use. He said the goal with a food truck plaza would be to add additional electrical hookups and clean up the property to make it more appealing.

The designs are not a commitment to do the project, but Rigg said if the council does decide to move forward with it, he recommended it be done during the East Main Street reconstruction project next year.

Cost for the designs is estimated at about $8,000.

• Authorized an interfund loan advance from the general fund of up to $100,000 for costs associated with developing TIF District 5-29 for Ulland Bros. The action is so that the city can reimburse itself for qualified costs in creating the district.

• Approved tax abatement for up to five years for three new homes being constructed in Albert Lea, two on West Ninth Street and one on Tiger Ridge Road.

Howland said he thought it was a promising sign to have three projects on the agenda at the same time and said he thought it showed the tax abatement program works.

• Had the first reading to amend Chapter 26 of the city’s housing code. The changes include adding Airbnbs and other vacation rentals to the code and removing the crime-free rental housing portion because the courts do not support it. It also includes some grammatical changes, cleaning up redundant language and correcting the responsibility between the owner and the occupant when dealing with bugs or nuisance insects.

• Added Lynn Cornell, vice president of Moreton Capital Markets LLC to the city’s investor pool. Background information from the city said adding the broker will increase the options for the city to invest funds.

• Authorized a grant for $965 from the Broadway Ridge Renewal Grant Fund to Man Between the Lakes LLC for facade restoration at 119 S. Broadway.

• Called a public hearing on proposed assessments for delinquent water and sewer accounts and other miscellaneous accounts for Nov. 22.

• Removed city assessments on a parcel within Campus Drive that does not meet legal standards for a property that can be assessed.

• Accepted a donation of $800 for a bench in memory of Judy Werner to be placed at Shorewood Hills Park.