EIAA April Meeting Report: Idaho Falls Mayor Jared Fuhriman

By NAI Commerce One Multi-Family Specialist Doug Powell

Mayor Jared Fuhriman spoke to the Eastern Idaho Apartment Association this month about current events in Idaho Falls. Topics included AREVA, downtown redevelopment, the “North Loop” power line project and growth of the city. Renee McGee, director of planning and zoning for the city, ably assisted him. During his presentation he answered numerous questions. Specifically the Mayor noted:

• The Mayor strongly supports an open door policy and relishes feedback from the constituents of Idaho Falls. He was very clear that the city works for the citizens of the town. City government is fiscally conservative and currently has no debt. The model “pay as you go” is the operative business plan.

• Tax Increment Financing (TIF) has been extended from the west side of the Snake River to the east to cover downtown redevelopment. This will support additional redevelopment, which includes the Memorial Drive green belt, additional parking and upgrading existing buildings.

• The AREVA project is moving forward and approval appears eminent with groundbreaking projected for next spring. This project will ultimately bring approximately 1,200 construction and 300+ permanent jobs to Idaho Falls. The project may be expanded, which is more good news for the area.

• Location of the “North Loop” power transmission lines remain under study, but according to the Mayor, this development is essential to the continued growth on the west side and for redundancy in supply the east side of town.

• INL is proposing an expansion of four more buildings located in the technology park adjacent to the CAES building. This will bring additional jobs and further enhance the area’s reputation for research on energy efficiency and nuclear development. This project is projected for completion over the next five years.

Renee Magee, Director of the Idaho Falls Planning Department indicated that while Idaho Falls is caught up in the national recession, growth continues at a steady rate of 1% to 1.5% per year. A rate to bodes well for continued, effective management of infrastructure development within the city.

While permits are down 35% year over year, it appears that demand is slowly returning as evidenced by an 80 unit multi-family development under construction at 12th and Hoopes and a $5 million expansion by ERMAC.

In concluding his remarks the Mayor indicated his optimism for the bright future of Idaho Falls and the city’s ability to sustain the quality of life that is the joy of the folks lucky enough to live in this part of the country.
Doug Powell can be reached at (208) 525-8088 or by email.

Thoughts on Property Taxes from the President of the Eastern Idaho Apartment Association

At the EIAA meeting last week we learned two important things. First, we learned the process on how to challenge a property’s valuation. Second, we learned the key to reducing overall property taxes. I want to focus on the later.

I was totally surprised to find out how our property taxes are calculated. It is totally backwards from how individuals or companies manage their money.

1) The government body (city, county, etc…) creates a budget.
2) The Assessor calculates the total value of the real estate in the geographical area covered by the government body.
3) The budget is divided by the total value. This created the Levy amount.

If the overall value of housing goes down in the area, the levy amount actually goes up! So, it doesn’t matter if housing values go down significantly, your taxes will remain the same or even go up!!!

The key to getting the overall tax rate to go down is to lower the government body’s budget. In the past Blake Mueller said that hardly anyone shows up to challenge the budgets. We need to go to these meetings to make our voices heard. I have info on a few of the upcoming meetings:

City of Idaho Falls
July 21st, 28th and Aug 4th. All are at 8:30 AM, upstairs in the Municipal services building of City Hall.

Bonneville County
September 8th upstairs in the Centennial Court room at the old County Court house.

If you have information on when and where other meetings are going to be held, please contact me so I can send it out to the EIAA members.  As citizens and property owners, we need to go to these meeting and make our voices heard.

Bart Weaver, President
Eastern Idaho Apartment Association (EIAA)
http://www.eiaa.info/
(208) 535-8888

The next meeting of the EIAA will be held on April 14th and the guest speaker with be Idaho Falls Mayor Jared Fuhriman.  Location TBA.   For questions about the EIAA, contact Bart Weaver.

September Meeting of the Eastern Idaho Apartment Association

The Eastern Idaho Apartment Association's September meeting will feature Donna Oe, President and CEO of the Idaho Falls Better Business Bureau. Donna will discuss how landlords and businesses can protect themselves and their investments from identity theft, fraud, and schemes.

The meeting will be held on Wednesday, September 9th at 1075 Utah Avenue in the 1st floor conference room of the James Madison Taylor building in Idaho Falls. Networking starts at 6 p.m. with the program at 7.

The EIAA meets every 2nd Wednesday of the month. For membership information, please contact NAI Commerce One multi-family specialist Doug Powell at (208) 521-6971.