Funding Development Riverstone Draws Questions For Using Public Money To Fund Private Project

Sat., June 10, 2000

The Riverstone development sprouting along Northwest Boulevard could be the single most important economic development in town since the Coeur d’Alene Resort was built.

Planned for the 73-acre site is a mix of commercial and residential development. It’s an ambitious plan, and Spokane developer John Stone has asked for a form of public financing to help with infrastructure connected to the development.

The city, through an Urban Renewal Agency, can provide money raised through “tax increment financing” for projects that will be used by the public. Stone is seeking between $1.3 and $1.5 million to build the Centennial Trail through the parcel, to improve the intersection into the development and to widen Northwest Boulevard.

This is an important development for Coeur d’Alene, but many residents have expressed confusion over how and why public money can be used for a private project. In today’s installment of Common Ground, on pages 10 and 11,we have asked the developer and a local government official to explain in detail the project and the method of financing.

And we want to hear from you. If you have comments about the proposal, send them by e-mail to kens@spokesman.com, or by fax to 765-7149 or by regular mail to Ken Sands, Interactive Editor, The Idaho Spokesman-Review, 608 Northwest Blvd. Suite 200, Coeur d’Alene, ID 83814.

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