DEVELOPMENT_AGREEMENTAPPROVED

City of Albertville Council Meeting Agenda Packet February 2026

Albertville Approves TIF Development Agreement with LEP Holdings LLC

Not to exceed $2,083,886 land/building acquisition + reimbursable TIF eligible costs (total $2,315,429 project costs)City of AlbertvilleLEP HOLDINGS LLCFebruary 17, 2026

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Description

The Albertville City Council approved a TIF Development Agreement with LEP Holdings LLC for the Outlet Mall East Side Redevelopment project, allowing reimbursement up to $2,315,429 in eligible public costs through tax increment financing from 2026 to 2042. The agreement commits the developer to rehabilitating one building, demolishing three others, and constructing new commercial space by set deadlines.

Contract Details

Contract Amount

Not to exceed $2,083,886 land/building acquisition + reimbursable TIF eligible costs (total $2,315,429 project costs)

Vendor

LEP HOLDINGS LLC

Agency

City of Albertville, MN

Contract Type

DEVELOPMENT_AGREEMENT

Document Date

February 17, 2026

Contract Term

February 17, 2026 – December 31, 2042 (TIF district duration); project milestones: Building 3 rehab and Building 1,2,4 demo by Dec 31, 2026; at least 15,000 SF new construction by Dec 31, 2030

Renewal Date

2042-12-31

Renewal Info

Development Agreement tied to TIF district; payments continue as long as tax increment is generated, not beyond district decertification (12/31/2042). Amendment possible by council action per agreement terms.