Tax Increment Financing
In 1985, the Idaho state legislature adopted the Local Economic Development Act authorizing the use of tax increment financing. There are currently two redevelopment districts located in Coeur d’Alene. Financing for development within these districts is available through Coeur d’Alene’s Redevelopment Agency known as LCDC. This agency can provide businesses relocating their facility within these districts some attractive financing opportunities that will help pay for required infrastructure.
Here’s an example: The Mill River development team, with LCDC partnership funding, has reclaimed an old forest products mill site and is creating a 100 acre mix-use live, work and play development along the Spokane River. In January, 2005, LCDC entered into an owner participation agreement with the Mill River development team to aid with the establishment of project-related public improvements including: public roadway construction, traffic signalization, water & sewer main line extensions, street scaping, and creation of a public beach and park on 1,500 feet of Spokane river water frontage.
The Lake City Development Corporation (LCDC) is Coeur d’Alene’s redevelopment agency, and was established by the City Council in 1997.
For more information about Tax Increment Financing (TIF) visit the Lake City Development website: www.lcdc.org