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Algoma staff report on grants, Kewaunee contract revenue and TID status
Summary
City staff updated the council on several grant applications (an innovation grant shared with Kewaunee estimated at about $66,000 per municipality over five years, an annual public safety vest reimbursement grant, and a pending fire station grant up to $2 million at 50% match), reported net revenue from the Kewaunee contract just under $87,000 for the year, noted marina revenues tracking about 74% of budget and provided TID status and expected TID closures.
City staff provided a financial and grants update to the Algoma City Council.
Staff said the city submitted an innovation grant application in partnership with the City of Kewaunee; the award was estimated previously at about $70,000 but staff said the latest figure is closer to $66,000 in total, split between the two municipalities (about $33,000 per municipality per year over five years), and that a decision is not expected until spring. Staff also said the city submitted an annual municipal safety grant application to reimburse the cost of bulletproof vest replacement and that the city filed a state grant application for a potential fire station project through a state program with a maximum award of $2,000,000 and a 50% match (meaning an award could be about $1.9 million depending on final project costs and match rules).
On local revenues, staff reported that the city—ontract with Kewaunee is expected to generate just under $87,000 net to Algoma for the year. Marina revenues were tracking at about 74% of what the city budgeted (largely due to lower-than-expected fuel sales). Staff summarized TID activity: TID 3 is recording about 50% of its budgeted activity due to use of fund balance entries for audit timing, and TID 4 (a new apartment complex across from a grocery store) was discussed in the context of future expected receipts; staff said TID 1 is expected to close soon, likely in 2026, after the final debt payment.
