There is a developer's agreement in place for three new condominium buildings in the City of Algoma. Each building is expected to be worth at least $900,000 and will increase the taxable base by a significant amount. The proposed site for the buildings is not currently serviced by city utilities including sewer and water so Algoma is issuing revenue anticipation notes to add the necessary infrastructure. Treasurer Amber Shallow explains how those work.

Authorization occured at the Common Council meeting on October 16th.