Joint Review Board Meeting

The Town of Algoma is in the process of creating its first Tax Incremental Finance (TIF) District to promote development on the four vacant parcels on S. Oakwood Road and to facilitate the redevelop the current Town Hall parcels. The initial step in the process is a meeting of the Joint Review Board to discuss the proposed project plan for the District. The meeting is scheduled for Wednesday, April 10, 2024 at 4:30 p.m. at the Algoma Town Hall. This area is a proposed in “Need of Rehabilitation or Conservation District ” comprising of approximately eleven acres located along the Oakwood Road corridor. The District will be created to extend water service from the corner of Witzel Avenue and N. Oakwood Road south to facilitate the development of a medical facility by OSMS Real Estate. The District is also being created to assist with the long-term redevelopment of property owned by the Town of Algoma. There are no plans in place at this time of the District being created to redevelop sites owned by the Town, but the District does provide a financial tool to aid in the redevelopment of these sites in the future subject to the approval of the Town.