NIC Finalizes Ed Corridor Purchase

The North Idaho College Foundation finalized the purchase of the mill site today for $10 million. The NIC Foundation, an independent nonprofit organization, secured financing through Mountain West Bank for the purchase of the 17-acre parcel located to the north of NIC’s main Coeur d’Alene campus, the former site of the DeArmond Mill owned by Stimson Lumber Company. A competitive bid process was used to secure financing. Earlier this week, the NIC Board of Trustees approved a resolution authorizing execution of an annually renewable lease agreement with the NIC Foundation. The lease agreement will allow NIC to begin development of the property/spokesman John Martin , North Idaho College.