BROADWAY RIDGE RENEWAL FUND
PROGRAM GUIDELINES

PURPOSE

The Broadway Ridge Renewal Fund program will provide financial assistance to historic commercial property owners interested in façade and other exterior improvements for the purpose of preserving the architectural character that is unique to Albert Lea.

FUNDING

The Renewal Fund was established through contributions from the City of Albert Lea and Freeborn County. 

  • INTEREST RATE:  Loans are at an interest rate of 4%. 
  • TERM:  Not to exceed 84 months (7 years) under this program.
  • MAXIMUM LOAN:  $25,000

ELIGIBILITY REQUIREMENTS

Projects must be located in the National Commercial Historic District, with the primary target area being buildings on Broadway Avenue between Main Street and Fountain Street.  Funding priority may be given to a building that has been identified by City staff as being in critical need of repair. 

Rehabilitation design should respect the architectural and historical integrity of the building and retain those elements that enhance the building, and enhance and attract local business and tourism. 

ELIGIBLE PROJECTS

The Renewal Fund may only be used to finance façade and other exterior improvements.   Projects may include:

  • Repair / replacement of windows and doors
  • Masonry repair
  • Roof
  • Canvas-style awnings
  • Lighting
  • Signage
  • Painting
  • Sidewalks

Work performed by the applicant/owner must be pre-approved.  Expenditures such as tinted windows, vinyl awnings, electric box signs, inventory and equipment, operating expenses, non-fixed improvements, and general maintenance are ineligible. 

PROCEDURE FOR LOAN APPLICATION

The property owner or business owner, with the owner’s approval, may obtain the financing policy, application, and design guidelines from the Community Development Department.

Please complete the following checklist:

____    Submit application along with current photos, and design plans and sketches illustrating the proposed work (as appropriate).

____    Submit a minimum of two contractor proposals with cost estimates for the project.   

____    Submit personal financial information regarding debt and assets for the purpose of evaluating the loan request.

____    Schedule a project review meeting with the Heritage Preservation Commission (HPC) to be held during one of their regularly scheduled meetings.  You will have an opportunity to discuss the project and answer any questions at that time.  (HPC meetings are the 3rd Thursday of every month at 7pm at City Hall.)  An on-site visit may be requested.

____    Receive project recommendation from the Heritage Preservation Commission; the HPC will forward the request to City Council for approval.  (Council meets on the 2nd & 4th Mondays.)

____    Receive Letter of Agreement from Mayor and City Manager at which time you may begin work. 

____    Submit project payment requisitions and contractor invoices to City for work satisfactorily completed.

For questions, contact the
City of Albert Lea / Community Development Division
Wendy Flugum or Bob Graham
wflugum@city.albertlea.org
507.377.4315