Ignite cda gets 'Tech Market' cash request

COEUR d'ALENE - Coeur d'Alene's urban renewal agency is looking into the legality of putting $90,000 annually toward rent for a proposed "Coeur d'Alene Tech Market" at Riverstone.

The urban renewal agency, known as ignite cda, also is looking at possibly giving $100,000 more to pay for equipment at the Tech Market. That would be a one-time grant to make the space usable.

The Tech Market is the idea of the University of Idaho, Coeur d'Alene entrepreneur organization Innovation Collective, and Coeur d'Alene nonprofit Gizmo-cda.

Ignite cda's board of commissioners, at their meeting Wednesday night in the Coeur d'Alene Public Library's community room, told representatives from the three groups that an answer to their request for money should come by the end of the month.

Nick Smoot, founder of Innovation Collective, said the groups are looking at roughly 11,000 square feet of space where Barnes and Noble bookstore had at one point planned to locate at Riverstone.

Following the meeting, Smoot said he saw the money as an investment in people - both students and entrepreneurs.

"It does come down to a question of 'what's the function of urban renewal dollars?'" Smoot said.

Board commissioner and Coeur d'Alene Mayor Steve Widmyer said he believes urban renewal money should only pay for public infrastructure.

"I asked a well-respected urban renewal attorney on this issue," Widmyer said.

The attorney advised him spending money on rent for the Tech Market would be illegal.

Widmyer believes funding for the Tech Market should be from private dollars, grant dollars and an "education piece."

The project has too much risk for public money, he said.

"Maybe this is the victim of our Legislature not properly funding education," he said.

He recommended the organizers work with Panhandle Area Council.

Widmyer also took aim at "rent concessions" offered by Riverstone for the Tech Market.

"Rent concessions really aren't a gift," Widmyer said. "Rent concessions are used to get a space rented."

In an initial three-year period, the university is willing to put up $90,000 in cash and $102,000 in staff time.

Innovation Collective is offering $80,000 cash and $72,000 in in-kind staffing.

Gizmo is offering $30,000 in cash, $120,000 in equipment and more money in staffing.

Mic Armon, an ignite cda board commissioner, said part of the urban renewal agency's mission is to stimulate job growth in high-paying industries like technology and manufacturing.

"I think a great way to bring high-quality jobs to this area is education," Armon said. "I think at this point in time a little bit of money into an investment like this type of a Tech Market could pay huge dividends down the road."

It's worth the investment so young people have jobs that keep them in the area, and there would be an educated workforce that could attract businesses.

"So I would support this," Armon said.

In other board business, the commissioners met with state Sen. Mary Souza to discuss ways to improve urban renewal agency law in Idaho.

Souza has a town hall meeting starting at 6:30 p.m. today to gather public input on urban renewal. The town hall will be in the Coeur d'Alene Public Library's community room.