An infinite dimensional algebra denoted $\bar{\cal A}_q$ that is isomorphic to a central extension of $U_q^+$ - the positive part of $U_q(\widehat{sl_2})$ - has been recently proposed by Paul Terwilliger. It provides an `alternating' Poincar\'e-Birkhoff-Witt (PBW) basis besides the known Damiani's PBW basis built from positive root vectors. In this paper, a presentation of $\bar{\cal A}_q$ in terms of a Freidel-Maillet algebra is obtained. Using this presentation: (a) finite dimensional tensor product representations for $\bar{\cal A}_q$ are constructed; (b) explicit isomorphisms from $\bar{\cal A}_q$ to certain Drinfeld type `alternating' subalgebras of $U_q(\widehat{gl_2})$ are obtained; (c) the image in $U_q^+$ of all the generators of $\bar{\cal A}_q$ in terms of Damiani's root vectors is obtained. A new tensor product decomposition of $U_q(\widehat{sl_2})$ in terms of Drinfeld type `alternating' subalgebras follows. The specialization $q\rightarrow 1$ of $\bar{\cal A}_q$ is also introduced and studied in details. In this case, a presentation is given as a non-standard Yang-Baxter algebra. This paper is dedicated to Paul Terwilliger for his 65th birthday.