Developers may get reimbursed

The developers of a massive retail project in Post Falls, anchored by sporting goods retailer Cabela’s, may get reimbursed in the ballpark of $20 million for infrastructure improvements, the Post Falls Urban Renewal Agency said Wednesday.

The agency is nearing an agreement with the developer, California-based Foursquare Properties Inc., that will outline the overall development plan and detail public improvements, such as sewer, roads and traffic control. It also will set the parameters for the amount to be reimbursed to the developer.

The final agreement may be submitted next month to the urban renewal agency commission.

The scale of the 200-plus-acre project, though, will require additional agreements for line item costs when new phases of the project begin, city leaders said in a joint workshop Wednesday with the Post Falls City Council, Foursquare and the urban renewal agency.

Foursquare will pay for the improvements upfront, and the urban renewal agency will reimburse the developer over time from higher property tax revenues – called tax increment financing.

When the project is built out, the city may collect an estimated $1.15 million a year, according to the urban renewal agency.

“It’s just going to have tremendous benefits,” said Len Crosby, chairman of the urban renewal commission. “I see nothing but very positive things.”

In Wednesday’s meeting, agency leaders said they want to purchase and retain public right-of-way for all roads put in at The Pointe, located west of Post Falls on Interstate 90.

The urban renewal agency also intends to purchase a five-acre parcel for a park-and-ride area with access to public transportation, such as the City Link bus system and the Spokane Transit Authority.

Site work for the Cabela’s complex began last fall. Cabela’s is expected to open this coming fall.