West Seltice II District (Closed)

 

• West Seltice II Closure Documents:

The West Seltice II District, now closed, consised of 248 acresand was created in 2005 to address blight, extend public infrastructure and address traffic improvements.  The District, which was adjacent to the Orgill, Inc. Distribution Center (formerly Kimball Office)  had a 15 year life and closed in 2020. The 2020 increment could have been collected through 2021, however the URA Commission elected to close the district early as the proponent had been paid for the cost of infrastructure.  Closing the district early provided a surplus rebate of over $69,000 to the taxing entities. 

The base value at the time of creation was $1,719,589.  The URD taxable amount at the close of the district was $33,718,921.  Tax increment received from 2006 through July 2020 was slightly over $2.0M.

Greenstone Corporation of Liberty Lake, WA was the proponent of this district.  The purpose and goals of this District as outlined in the Plan, were to address blight, extend public infrastructure and address traffic improvements.  The plan envisioned a mixed use “urban village” that would integrate industrial, office, commercial, residential and recreational and open space uses.  The developer donated land for a new City park.

The proponent, Greenstone Corporation completed infrastructure improvements for Montrose Phase I and Treaty Rock Corporate Center Phase I in 2007.  Improvements included sewer, water and roads.  Treaty Rock Corporate Park was developed to carry a theme through the entire park in a community type atmosphere with trails and a green theme.  Advanced Thermoplastic Composites Manufacturing (ATC) built a 67,000 sq ft building and located to N. Lean Street in 2015 bringing 77 employees to the district.  It remains the lone business in the park.  Over the life of the District, the proponent investment was $1,990,008.

Due to economic conditions the light industrial and commercial development diminished while residential activity increased. 

At the close a district, the Kootenai County Assessor calculates the current taxable value less the taxable value in 2006.  That amount is represented as “new construction” dollars that each taxing entity can include on their L-2 forms.  For FY 2021, the West Seltice II “new construction” amount is $33,718,921.  The “new construction” roll is calculated using the entities 2020 levy rate.  For example the City of Post Falls can take $143,658 in new construction (33,718,921 x .004260466 = 143,658.31).  The amount taken is rolled into the following year’s budget.  Taxing entities can take any or all of the new construction amount along with up to 3% of their highest last three (3) year’s budget as allowed by Idaho State Statute.

 

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