Dec. 1 / Potlatch board approves spin-off
Potlatch Corp., of Spokane, said its board of directors approved the spin-off of its pulp-based businesses under a new publicly traded company named Clearwater Paper Corp. The spin-off will involve a tax-free dividend of one share of Clearwater Paper stock for every 3.5 shares of Potlatch on Dec. 16. Potlatch will continue to operate as a timber real estate investment trust. Clearwater Paper, as a pulp-based manufacturing business, will operate facilities in Idaho, Nevada, Illinois, and Arkansas.

Nov. 25 / Coldwater Creek posts third-quarter loss
Coldwater Creek Inc., of Sandpoint, posted a net loss of $1.3 million, or 1 cent a diluted share, for its fiscal quarter ended Nov. 1, compared with a net loss of $6.2 million, or 7 cents a share, in the year-earlier quarter. For the nine months just ended, it posted a net loss of $7.4 million, or 8 cents a share, compared with net income of $14.5 million, or 15 cents a share, in the year-earlier period.

Nov. 25 / Half-price freeway alternative proposed
State lawmakers proposed a reduced version of a three-mile portion of the North Spokane Corridor to complete it from Francis Avenue south to the Spokane River. The proposed $285 million, four-lane revision would cut the cost of the 8.5-mile-long stretch between U.S. 395 and the Spokane River to $370 million from $730 million. Legislators will be asked to include $38 million for the scaled-back project in the transportation budget for the next two years.

Nov. 25 / City Council rejects plan to buy YMCA
The Spokane City Council voted against a resolution recommending that the county use Conservation Futures money to buy the YMCA building in Spokane's Riverfront Park. Though the council doesn't support using those funds, Mayor Mary Verner is in favor of it, and ultimately the decision rests with the Spokane County Commission, said city spokeswoman Marlene Feist. The city also could buy the property and sell it or lease it out, or could ask the voters to approve a tax to help pay for the $5.3 million property, on which the Spokane Park Board earlier made a $1 million down payment.

Nov. 24 / Sterling to take Treasury dollars
Spokane-based Sterling Financial Corp. said the U.S. Treasury Department had agreed to buy $303 million in preferred stock from Sterling under the federal capital purchase program. Treasury also will receive 10-year warrants entitling it to purchase about $45 million in Sterling common stock. "The fortification of Sterling's capital position through attractively priced capital from the U.S. Treasury enhances Sterling's financial flexibility to make additional loans to the businesses and consumers in the communities in which we serve," said Harold Gilkey, Sterling's chairman and CEO.

Nov. 24 / City restricts panhandling
The Spokane City Council approved two ordinances restricting panhandling. One ordinance prohibits begging within 15 feet of building entrances, ATMs, pay phones, fuel pumps, bus stops, taxi zones, self-service car washes, and people entering or exiting parked vehicles. The other ordinance prohibits lying or sitting on the sidewalk in most of the downtown area. Due to free-speech concerns, the council rejected a proposal that was aimed at prohibiting panhandling along arterials.

Nov. 18 / Council approves impact fees
The Spokane City Council approved traffic-impact fees intended to help finance street improvements to handle increased traffic generated by new developments. The fees, which won't go into effect until after a baseline traffic study is completed several months from now, will be based on the location of a project and the amount of traffic it would generate, the city said. Fees will start at $700 for a home downtown.