LCDC pledges support to Midtown project
Coeur d'Alene Press | UPDATED 12 years, 12 months AGO
COEUR d'ALENE - Lake City Development Corp. pledged more financial support for a proposed mixed-use workforce housing project in Midtown.
The board agreed last week to add $120,000 for public improvements associated with The Housing Company project.
Groundbreaking on the 45-unit building, which would include 9,000 square feet of retail and office space at street level on the corner of Fourth Street and Roosevelt Avenue, could happen in September.
The roughly $9 million project would rent studio, one and two-bedroom apartments to people who earn less than 60 percent of the median area income, and could be completed by the summer of 2013, according to THC.
LCDC previously pledged $426,561 in land to the project that has been in the planning process for years. Last month, THC requested $447,000 in additional financial support from LCDC to improve its tax credit application standing.
The need for additional support from LCDC arose after the project shifted from condos for sale, which was the original plan, to rentals for low income workers, according to THC.
The LCDC board agreed to add $120,000, specifically for alley improvements, parking lot, curb and walkway improvements, lighting, street furniture and the demolition of two buildings to clear room for the project.
All financial pledges are contingent upon THC receiving the tax credits.
* LCDC also agreed to pay JUB Engineers up to $149,850 for managing phase 1B of the education corridor infrastructure project. The project, which calls for extending River Avenue to a new signalized intersection with Northwest Boulevard, could start in May and wrap up by the summer.