County OKs tax district to stimulate development

Spokane County commissioners unanimously approved forming a tax increment financing district on Thursday.

The district covers 1,300 acres of mostly vacant land between Liberty Lake and Spokane Valley. The property falls within Spokane County and Liberty Lake – which formed the district jointly.

The financing, an economic development tool, will generate $15 million in funding for basic infrastructure improvements. Those improvements include adding roads, extending sewer and water lines and perhaps funding parks, trails or public facilities.

A 100-acre parcel of land, near George Gee Buick Pontiac GMC Hummer, will receive basic improvements.

Spokane County and Liberty Lake officials supported the move in hopes that businesses thinking of locating in Post Falls or Coeur d’Alene, which both have urban renewal districts, will instead choose the joint Spokane County-Liberty Lake area.

Several Liberty Lake and county officials confirmed Wednesday that outdoor megastore Cabela’s may be considering Liberty Lake for a store. The company is also rumored to be checking out Post Falls.

Landowners within the 1,300 acres include Dave Black of Tomlinson Black; Centennial Properties Inc., which is owned by Cowles Publishing Co., owners of The Spokesman-Review; and several others.

TIF borrows against increased property values generated by future development that occurs within the district.

Districts receiving taxes within the defined boundaries, with the exception of schools, agree to accept a lesser portion of the increased taxes for a set period of time. The other portion of the taxes is used to repay debt.

Liberty Lake, Spokane Valley Fire District and Spokane County Library District also approved the TIF district.