IGNITE: Time for facts

Mr. David Lyons’ Sept. 21, letter to this publication regarding ignite cda’s management of financial resources contains inaccurate information that requires correction. Ignite cda administers two urban renewal districts: the Lake District and the River District. As of Aug. 31 of this year, the River District had available cash assets of approximately $6.6 million and the Lake District had available cash assets of approximately $4.0 million. Mr. Lyons incorrectly stated that this entire $10.6 million of available cash assets could be used to pay off the existing $8.7 million Lake District bond. This cannot happen since each district is a separate legal entity and funds from one district cannot be used to pay for debt obligations in the other district; therefore, the River District funds totaling $6.6 million cannot be used to pay off any portion of the Lake District bond.

Moreover, the ignite cda board is currently planning for several key projects that will create immense value for our community including: $2.5 million already committed to help build the Collaborative Education Facility on the North Idaho Campus, a new downtown core parking facility to be located on Fourth and Coeur d’Alene Avenue, a proposed performing arts center in Midtown, and a continued partnership involving the implementation of the Four Corner Master Plan bordering Northwest Boulevard. The agency was recently successful in renegotiating the $8.7 million Lake District bond annual interest rate to an extremely low rate of 1.25 percent. This will save taxpayers in excess of $575,000 over the remaining term of that debt. That obligation will be retired concurrently with the expiration of the Lake District in 2021.

Plans for the River District include a re-build and major improvement of Seltice Way which will take place in 2017.

The ignite cda board is comprised of community members who possess strong financial backgrounds and understand all facets of cash management, investing, leverage and debt financing. The board is, and always has been, very diligent and thoughtful in expending and preserving public funds. This is a fiduciary responsibility to the public which each member takes very seriously.

DENNY DAVIS

Immediate Past Chair, ignite cda

Coeur d’Alene