OTHERAPPROVED

City of Albertville Council Meeting Agenda Packet February 2026

Albertville Inks $2.08M TIF Redevelopment Deal with LEP Holdings

Up to $2,083,886 land/building acquisition (eligible for TIF reimbursement); total tax increment financing/public costs $2,315,429; total reimbursement capped at available TIF revenuesAlbertville-Hanover-St Michael Joint Powers Water BoardLEP HOLDINGS LLCFebruary 17, 2026

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Description

City of Albertville entered a TIF Development Agreement with LEP Holdings LLC for Outlet Mall East Side Redevelopment. City will reimburse up to $2.08 million in land/building acquisition costs and other eligible expenses using tax increment revenues. The agreement covers demolition, rehabilitation, and phased new commercial construction from 2026 through 2042.

Contract Details

Contract Amount

Up to $2,083,886 land/building acquisition (eligible for TIF reimbursement); total tax increment financing/public costs $2,315,429; total reimbursement capped at available TIF revenues

Vendor

LEP HOLDINGS LLC

Agency

Albertville-Hanover-St Michael Joint Powers Water Board, MN

Contract Type

OTHER

Document Date

February 17, 2026

Contract Term

Anticipated: Construction from March 1, 2026; first TIF receipts July 1, 2028; TIF district decertification December 31, 2042 (project/tax increment reimbursement window up to 15 years)

Renewal Date

2042-12-31

Renewal Info

Development Agreement approved Feb 17, 2026; project delivery with built-in milestones—demolition, rehabilitation by end of 2026, new construction (minimum 15,000 sq ft) by end of 2030, TIF reimbursement window runs to December 31, 2042. TIF note is paid only from actual increment generated; any unreimbursed balance at decertification is forfeited.