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Council approves increase to interfund loan for Broadway TIF to $1.5 million
Albert Lea City Council · November 11, 2025
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Summary
The council voted to raise the interfund loan ceiling for Tax Increment Financing District 5-31 (300 block of Broadway) to $1.5 million to cover remaining costs including theater demolition and other redevelopment expenses.
City staff told the council the existing interfund loan for TIF 5-31 (Downtown Broadway/300 block) had an approved maximum of $2 million and the current outstanding balance was about $800,000 after prior…
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