By Paul Schmitt
The City of Algoma is in the process of establishing a new Tax increment financing (TIF) district in the downtown area. TIF district 3 would help the community on two fronts, according to Algoma City Administrator Jeff Wiswell.
Wiswell says the city is also looking for a developer to put up new housing in the downtown area ranging from 25 to 50 new units. He says the TIF District will help with street improvements, sidewalks, and landscaping to attract private developers. A Tax increment financing is a public financing method that is used as a subsidy for redevelopment, infrastructure, and other community-improvement projects by local governments. It is a tool to spur economic growth by earmarking property tax revenue increases in assessed values within a district.