Urban Development Gets Financial Boost

Redevelopment will be a little easier in Spokane’s urban areas thanks to a new funding mechanism announced Tuesday at the Downtown Spokane Partnership’s annual meeting.

The Neighborhood Redevelopment Fund, managed by the Northwest Business Development Association, will assist small businesses by selling bonds for redevelopment projects.

“It’s a conduit for sources of funds in Spokane that we’ve never had before,” said Ron Wells, chairman of the Downtown Spokane Ventures Association, a nonprofit arm of the Downtown Spokane Partnership geared toward business development. “And it is a source of money that is great for young entrepreneurs and small, new companies.”

Gary Whelpley, director of the Northwest Business Development Association, said the funding mechanism will be especially helpful for developers looking at buildings that combine commercial and residential uses. Traditionally, he said, it has been difficult for developers to obtain bank loans for such projects.

Any Spokane neighborhood can benefit from the program, said Whelpley. Currently, the project size is capped at $400,000 and the bonds will be capped at $160,000.

“We’re hoping that most of these would have bank participation up to 50 percent,” he said.

Small projects like these, said Wells, are essential for downtown revitalization.

“From here on in, the success isn’t going to be through $100 million projects,” he said. “It’s going to be through small, independent projects all over downtown.”

Spokane Venture’s work to promote business development downtown is a welcome addition to Spokane’s economic development efforts, said Spokane Area Economic Development Council recruiter Katie Haney, who was at the meeting held at Cameo Catering.

“The more partners we have in economic development,” she said, “the better off we all are.”

Also at the meeting, members spoke about the success of the Business Improvement District’s security and Clean Team efforts, as well as downtown events like Live After Five and Hoopfest and the openings of River Park Square and Steam Plant Square.

Steve Faust of Paine, Hamblen, Coffin, Brooke & Miller was installed as the new chairman of the Business Improvement District Ratepayer Board. Larry Soehren, director of commercial management at Kiemle & Hagood, was elected chairman of the Downtown Spokane Partnership Board of Directors.