Developing Story

11:01 a.m.:Judge OKs sale of bonds for port development

November 18, 2008, 11:03 am

By Sandra Lee, of the Tribune

Second District Judge Carl B. Kerrick signed an order Tuesday morning allowing the Lewiston Urban Renewal Agency to go ahead with the sale of $1.2 million in bonds for a Port of Lewiston development east of Thain Grade.

The port intends to build a road and install utilities that will serve about 10 commercial lots on the east side of Juniper Drive near the Interventional Pain Consultants clinic.

No bond counsel in Idaho will approve the bond issue without judicial confirmation, even though it's within the scope of the agency's authority, Lewiston City Attorney Don L. Roberts told the court.

Based on the petition and brief filed previously and the fact that no objections were brought to the court, Kerrick said he would sign the order immediately.

The order allows issuance of revenue allocation bonds. The bonds will be repaid through tax increment financing. That involves setting aside increases in property taxes within a predetermined geographical area larger than the area where the money will be spent. The idea is that the public improvements will generate new development that will raise taxable value.

A hearing by another judge about two years ago on a similar project to replace water lines in North Lewiston also was approved.

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Lee may be contacted at slee@lmtribune.com or (208) 848-2266.