COEUR d'ALENE - McEuen Park, Midtown, and maybe even an event center.
Lake City Development Corp's fiscal year 2014 budget proposes to keep paying for big projects under way, like McEuen Park, sets placeholders for stalled ones, like Midtown, and keeps an eye on future endeavors by setting aside cash for potential ones.
The latter example would be rebuilding the Four Corners area in downtown Coeur d'Alene, for which LCDC is setting aside at least $800,000.
LCDC is also penciling in $103,000 for planning a potential event center in Riverstone - a proposal for which the urban renewal agency has already pledged $10 million.
In all, the fiscal year 2014 calls for LCDC to spend $12.2 million while bringing in $13 million in revenue. LCDC is planning on beginning the fiscal year, Sept. 1, with $3.7 million in hand.
While LCDC has pledged $10 million for a possible event center in Riverstone, it doesn't comprise a bulk of potential future spending - at least not yet.
The event center has received the most publicity, but North Idaho College - the entity pitching the center - has a lot to do before it can capitalize on LCDC's pledge. That work includes raising $5 million on its own, and locating a spot for the arena inside LCDC's River District.
If the college can get the work done and make a formal request to LCDC, the urban renewal agency can amend its budget to reflect its pledge, LCDC Executive Director Tony Berns said.
In the meantime, LCDC will pencil in $103,000 for planning purposes only.
"The ball is in NIC's court on this initiative at this time," Berns said in an email Tuesday to The Press. "If the project proceeds, and the LCDC Board agrees to formally support the project at the $10 million level, then the fiscal year 2014 River district budget will need to be amended."
But the agency is setting aside funds for another downtown project, known as The Four Corners.
The area, which runs from the Coeur d'Alene Chamber building on Northwest Boulevard up through the old abandoned railroad line parallel the Spokane River to Riverstone, has been on Kootenai County, Coeur d'Alene and other officials' radar for years.
They've wanted to maximize the public space throughout the sprawling downtown corridor. Officials have brought the issue back to the forefront, and meetings are scheduled with different stakeholders later this summer.
Doug Eastwood, city parks director, said he plans to make a formal request to LCDC for master planning for the Four Corners area in October.
LCDC, for its part, is budgeting $700,000 to go toward rebuilding the area, and $100,000 for planning purposes to help spearhead any possible reconstruction. It's also setting aside $40,000 to demolish three properties it owns at 618, 620 and 622 Park Avenue.
The properties near the education corridor could be converted to public property for the expansion of the Four Corners and education corridor neighborhoods, although planning hasn't happened yet.
LCDC collects its revenue through tax increment financing inside its two urban renewal districts, but it is not a taxing entity. It used the 2012 levy rates to determine the estimated tax increment revenues.
For the tax year 2012, the Lake District experienced a $7 million property valuation increase, and a $10 million increase inside the River District prior to any potential change made by the Kootenai County Board of Equalization.
The proposed budget calls for a $6.8 million bond draw on the $16.75 million Washington Trust Bank line of credit the agency took on to pay for the bulk of the McEuen Park project. That draw would exhaust the line of credit, but the budget also calls for paying $2 million back on the debt. LCDC has already made a $2 million payment on the line of credit.
The WTB line of credit and McEuen Park project was a major reason the agency anticipates hitting $18 million in expenditures for the current fiscal year, more than next year's $12.2 million.
The upcoming year also calls for a number of administrative expenses, including a 3 percent raise for Berns, which equates to about $3,846 on his $128,200 salary.
It also keeps professional contract services for its accounting, legal counsel, external audit, community relations and government relations.
It budgets $46,000 for parking improvements associated with Fourth Street and Midtown. Plans on a proposed mix-use, affordable housing project in Midtown stalled around a year ago, but Berns said LCDC would still be a willing partner for a potential project there.
A public hearing on the proposed budget is 4 p.m. today in the Community Room of the Coeur d'Alene Public Library.