Monday, November 4, 2024
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City purchases Associated Bank building

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ALGOMA – During an Oct. 15 special board meeting, the Algoma City Council unanimously voted to purchase a building at 208 Steele St., Algoma, from Associated Bank for $200,000.

The motion came after the council returned from closed session.

The approval also included the start of the preliminary re-design process with Bayland Builders.

“The Associated Bank building will be used to house the police department, city hall and the library, and it is being purchased with Capital Projects Fund fund balance, so no borrowed money — no new borrowed money,” said Algoma City Treasurer Jamie Jackson.

The city’s current police department and city hall facilities at 416 Fremont St., Algoma, are in need of multiple upgrades and repairs to make it feasible for future use.

During the meeting, the council also unanimously approved the city administrator entering into negotiations to trade a city-owned parcel — No. 31 002 21 .061 — for parcel No. 31 201 27.102 to create a tax incremental district.

A tax incremental district is a defined section of the city that can finance public improvements and development incentives in the area using future taxes on its increased property value.

Algoma City Council, Associated Bank Building, Bayland Builders

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