COEUR d'ALENE - Lake City Development Corp. adopted its fiscal year 2013 budget Wednesday.

The board unanimously approved the financial plan during its meeting, which expects the agency to spend $18.6 million next year, triple the amount it did two years ago.

The increase in the urban renewal agency's budget is due in large part to its commitment to fund a big chunk of the McEuen Field redevelopment project.

The budget calls for drawing $12 million from the $16.75 million line of credit the agency has with Washington Trust Bank to pay for upgrades to the downtown park's redesign.

The McEuen Field project is set to begin this month and one of the major reasons LCDC was formed in 1997.

The agency estimates it will pay the bank back around $2 million off that borrowed sum in the fiscal year.