City, LCDC buy railroad land

COEUR d'ALENE - On Thursday, the city of Coeur d'Alene and the Lake City Development Corp. finalized the purchase of land in the Spokane River Corridor.

City officials have been working on the acquisition of the 2.2-mile strip with the previous owners, BNSF Railway Co., for the past four years. The 20-acre piece of land is a critical part of the city's plan to further develop the corridor, which runs from Riverstone to Huetter Road, into a community centered around the Spokane River.

"It's a win-win for everybody," Mayor Steve Widmyer said.

Widmyer added that the property was the missing link in development of the area, and that acquiring the right-of-way opens up the surrounding land for both economic development and providing public access to the Spokane River.

Under the purchasing agreement with BNSF, the city will pay $1,016,273 for the land not in the two Lake City Development Corp. districts. LCDC will pay $1,483,727 for the railroad property that lies in its two districts.

The land was appraised at $4.3 million and the city was able to negotiate with BNSF to reduce its asking price to $2.5 million.

Tony Berns, LCDC executive director, told The Press Friday that the purchase eliminates an obstacle that has hindered both private and public investment in the area for years.

"The community wins on several fronts as a result of this property acquisition," he added.

City officials will now begin considering potential uses for the land, and Widmyer said the city could swap with a developer for a piece of land closer to the river. That process will be public, and the city will seek input from stakeholders and members of the community.

Widmyer added that, although there have been conversations with surrounding property owners, nothing concrete has been planned.

"The city wanted to get the property closed first," he said. "Now that the city has ownership, we can get some conversations going with the landowners and begin moving forward."