COEUR d'ALENE - To build an event center in Riverstone, North Idaho College will have to break its fundraising record.

The college's president thinks it can.

Not only that, but he thinks NIC could secure the $5 million total in about a year.

"I'm absolutely confident we can raise that," NIC President Joe Dunlap told The Press Thursday. "I do have some commitments. I can't tell you who from or for how much, but we do have some commitments."

The $5 million would go to operational costs to run a multi-use event center in Riverstone off Seltice Way. On Wednesday, the city's urban renewal agency, Lake City Development Corp., agreed to fund $10 million to help build the arena. But before the college can capitalize on LCDC's pledge, it would have to raise and spend $5 million on the project first - a college record.

"We have to raise that $5 million, there's no question about that," Dunlap said, adding: "We are extremely grateful for LCDC making that commitment."

The urban renewal board voted unanimously to grant preliminary approval for the project, but it's contingent upon other factors, too.

First, the college must come forward with an official request for funds. NIC approached LCDC early because without LCDC's support, the project was all but dead. Knowing LCDC would be interested in helping allowed the college to continue exploring the feasibility of building an arena in the mixed use development adjacent Interstate 90 and the Spokane River.

But before NIC can go to LCDC with a formal request, the North Idaho College Board of Trustees would have to give the green light to move forward on the project. Before the board can do that, it's waiting for a recommendation from an ad hoc committee charged with exploring the feasibility of building an arena.

Dunlap said the next board meeting is Aug. 28, but they could call a special meeting before then to listen to the committee's findings, which weren't available Thursday.

"We have to hone down the specificity of the project," Dunlap said. "But right now, the jigsaw pieces of the puzzle are starting to align."

Dunlap said he hoped to formally request LCDC funds by the end of the year.

While details have to be worked out, conceptual designs of the facility show a 5,000-seat pre-engineered, metal facility - almost like a warehouse but with a built up entrance - that would take six to seven months to construct.

NIC would get scheduling priority, but anything from trade shows to music concerts could draw crowds to the venue.

Building an event center has been a topic around town for years, and NIC said the latest version could cost around $15 million to construct and purchase the land in Riverstone. Though a specific site hasn't been chosen, the two spots off Seltice and West Riverstone Drive are targeted. The land is pegged to cost around $2.5 million while facility construction would cost around $12.5 million.

"The proposed project fits well with our mission statement to create a healthy economic climate," Rod Colwell, an LCDC board member who serves as chair of the agency's finance committee, said in a press release about the board's decision.

"This facility would be one the whole community can enjoy and the economic impact should be significant. It's great to see a major project like this proposed within our River District and the LCDC is excited with the prospect of being involved," he added.

Rayelle Anderson, NIC director of development and NIC Foundation executive director, said the most the college has raised from private donations for a capital project was $3.6 million from 2004 to 2006 for its $11 million health and science building, as well as scholarships.

"They have a tradition of meeting and exceeding their fundraising goals," she said of the NIC Foundation.

Other contingencies for NIC to secure LCDC's pledge, according to the agency:

* The selected property parcel for the proposed Event Center needs to reside in its entirety within the LCDC River District boundary. If the desired property parcel does not completely reside in the River District, NIC will need to advocate to the Coeur d'Alene City Council for the parcel to be included within the LCDC's River District.

* Professional management of the Event Center needs to be given due consideration by NIC, in consultation with a "community advisory board" as a way to assure efficient operation, adequate outside event bookings and income generation to reduce the burden on NIC's operating budget, as well as to manage community use.

* A revalidation of estimated construction costs for the Event Center as proposed needs to be performed prior to the end of the 2013 calendar year.

* LCDC will seek the concurrence of a third party financial adviser that the LCDC River District has the projected financial capability to adequately fund the proposed $10 million debt obligation.