Urban renewal brings in $10.5M
Jeff Selle | Hagadone News Network | UPDATED 12 years, 1 month AGO
COEUR d'ALENE - Kootenai County urban renewal agencies will take in a combined $10.5 million in incremental tax revenue this year, which amounts to a 6 percent decrease over last year, the clerk's office reported Monday.
Kootenai County Clerk Cliff Hayes said the decrease is largely due to the closure of the Riverbend District in Post Falls last year, which collected roughly $800,000 per year.
"The rest of the decrease reflects reduced property values," Hayes said, adding a new district was also formed in Harrison, though it will only collect $495 this year.
Post Falls City Adminstrator Shelly Enderud said the eight taxing districts that have jurisdiction in the Riverbend area were able to split about $545,000 of the $800,000 the urban renewal district was collecting before it closed and the taxpayers of Post Falls received a $255,000 tax cut.
"That was a pretty small decrease," she said. "Most people wouldn't even notice it."
The city of Post Falls recieved the lion's share of the new revenue. According to Enderud that amounted to an additional $189,000 the city can add to its budget stating this fiscal year.
She said the money was used to cover operating expenses and to purchase some new equipment.
Tom Lien, director of the Post Falls Urban Renewal Agency, said some of the five urban renewal districts were experiencing increased revenue this year, but some of them were down.
Keith Erickson, spokesperson for the Lake City Development Corp., said the LCDC districts are up slightly over last year.
"We budget conservatively and hope for the best," he said. "We are actually seeing a slight increase, so we are comfortable where we are at."
Assuming everyone pays their taxes in full and on time, Kootenai County Clerk Cliff Hayes said the districts will receive the following:
* Harrison Urban Renewal Agency $495
* Hayden Urban Renewal Agency $549,114
* Lake City Development Corporation $5,539,214
* Post Falls Urban Renewal Agency $4,245,443
* Spirit Lake Urban Renewal Agency $170,232
* Grand total $10,504,498
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