No Decision Expected On Riverstone Funds

The Coeur d’Alene Urban Renewal Agency, meeting at 4 p.m. today at City Hall, is not expected to make a final decision on providing funds to the Riverstone project on Northwest Boulevard.

Riverstone developer John Stone is seeking between $1.3 million and $1.5 million from the agency to build the Centennial Trail through his 73-acre parcel, improve the intersection at Lakewood Drive and widen Northwest Boulevard.

The agency and a bond expert in Boise are studying Riverstone’s figures on costs of those items, as well as projections of the agency’s tax revenues, agency chairman Charlie Nipp said.

The Urban Renewal Agency can provide money raised through tax increment financing only to projects that will be used by the public, Nipp said.

“We have not received information from the consultants yet. As soon as we get it, we will pass it on to the Stone people,” Nipp said.

The former W-I Forest Products mill site is being transformed into businesses and high-end office space and eventually will include residences along the Spokane River.