The City of Algoma is looking forward to expanding more housing and business development after finalizing the new Tax Incremental District (TID) #5 this week.
After the Algoma Common Council approved a resolution on Monday, the Joint Review Board approved the new TID #5 Creation Boundary and Project Plan on Wednesday based on the Plan Commission recommendation. Algoma City Treasurer Jamie Jackson says the new TID is a zoned mixed-use development, meaning it can be financially supportive for residential, commercial, and industrial plans.
Jackson notes that the primary plan for the 31-acre site located in the south-central part of the city at the corner of Fremont Street and Sunset Avenue is for housing. The city is working with a developer to build 56 single-family housing units and condos on that site.
Jackson says hopes are for the initial housing development to begin in late March with infrastructure work supported by TID funds. She adds that TID #1 and TID #2 are nearing completion with TID #3 performing well. TID #4 includes the current housing project being constructed across from Denny’s Super Valu on 5th Street.
