Council transfers Atlas Mill property to ignite cda

After getting clarification on some of the fine print, the Coeur d’Alene City Council voted to approve a transfer agreement on Atlas Mill property to ignite cda.

The move now puts the property firmly in the hands of the city’s urban renewal agency. The move was necessary, officials say, in order to sell and encourage development in a manner in keeping with Coeur d’Alene’s interests.

“Cities are limited on how we can dispose of property,” city attorney Mike Gridley said. “Typically, it’s only able to do so via exchange or a sealed bid auction: It’s not a real efficient way to dispose of property in a manner in which we have some control or know how it’s going to be developed.”

Council originally decided to buy the old railroad property along the Spokane River back in 2015 before buying the adjacent Stimson Atlas Mill site in 2018, both totaling just under $9 million. The moves were followed by a string of workshops and consultations to formulate plans for urban renewal, including development.

“In order for them to do that,” Gridley explained to council, “essentially act as our agent of sorts, we need to transfer the property to them.”

Improvements on the property include the soon-to-be-completed Atlas Waterfront Park. City officials are tentatively scheduled to take a walking tour of the park later this week. The park-to-be was transferred to ignite cda in late April, but council had questions about the finer print of transferring the remainder of the site to the urban renewal agency. After satisfying any questions, including a cash flow projection that predicts just under $10 million in anticipated land sales going back to the city by the end of 2025. The cash flow projections were a key sticking point council wanted resolved before agreeing to the transfer.

“I appreciate that has finally been brought forward,” councilwoman Christie Wood said, “and we can have a level of comfort in transferring this.”

Mayor Steve Widmyer acknowledged that he requested the projections in order to maintain expectations on the part of all parties.

“I requested that this cash flow model be a part of this agreement because I wanted it brought forward to what the expectations were of council,” Widmyer said. “And I think upon approval of this document, this would be the payment expectation by city council of how the reimbursement would occur. So I’m comfortable with this exhibit attached to the document.”

The council voted unanimously to transfer the land.