The Eastern Idaho Apartment Association (EIAA) will feature Don Aslett at its May meeting tonight, 5/12 at 1075 Utah Avenue in Idaho Falls. Networking begins at 6 p.m. with the program starting at 7.
For more info, please visit www.eiaa.info
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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.
The Eastern Idaho Apartment Association’s monthly meeting will feature Idaho Falls Mayor Jared Fuhriman and Renee Magee from the Idaho Falls Planning and Zoning Department. Topics usually discussed in this informative meeting are the local economy, the number of building permits issued, and the outlook for jobs growth. The meeting will be held on Wednesday, April 14th at 1070 Riverwalk Drive Suite 200, (the McNeil Building in Taylor Crossing). Networking begins at 6:30 with the program at 7 p.m. For more information, visit www.eiaa.info
- The Associated Press
IDAHO FALLS, Idaho — Allegiant Air, Delta Air Lines and United Airlines have announced additional service to Idaho Falls International Airport.
On Tuesday, Delta Air Lines added a fifth flight from Idaho Falls to Salt Lake City. The flight is scheduled to depart from Idaho Falls Regional Airport at 6:10 p.m. every day but Tuesday and Saturday. Delta plans a sixth, seasonal evening flight from Idaho Falls to Salt Lake City, beginning on June 10.
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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.
| NAI Global Named Global Broker of the Year By Private Equity Real Estate Magazine The readers of Private Equity Real Estate (PERE) magazine named NAI Global the Global Broker of the Year in the PERE Awards 2009. “Each year, the readers of PERE magazine and PERENews.com nominate and choose the firms, individuals and deals they believe stood out from the crowd the previous year,” said Zoe Hughes, Senior Editor, Real Estate. “2009 was a year in which the private real estate investing world experienced a tremendous amount of turmoil, so to be selected in this year’s awards is a tremendous accolade from our readers and a vote of confidence in what lies ahead for NAI Global.” “This award is a testament to the quality and commitment of NAI Global and its professionals around the world in serving the private equity and financial sectors,” said Jeffrey M. Finn, NAI Global President & CEO. “Looking ahead, we will continue to innovate and add value with focused service offerings like our Special Asset Solutions group or the Commercial Property PowerSale™ program, to deliver exceptional results for clients around the globe.” NAI Global offers a wide range of services for the commercial real estate investment sector, including asset management, acquisition/disposition, property management, leasing/agency services, valuation and advisory, market analytics, auction and portfolio optimization. The Global Broker of the Year award from PERE serves as recognition that NAI Global is the best at identifying and anticipating a client’s investment and brokerage needs. |
It’s been a while now since I’ve used this forum to address any topic directly relevant to our Industry. There’s a simple reason for this, day after day I see, I read, I hear reports from various sources providing commentary and projections on the future of the market and the industry, so the last thing the world needs is another wind bag blowing smoke.
Here are the facts for 2009 in the Jackson Hole Commercial Real Estate Market;
Total No. Leases: 7
Total No. Building Sales: 4
Total No. Lot Sales: 1
Total No. Transactions: 12
Total Volume: $17.9m
Notes:
1. Transactions include commercial leases, commercial building sales and commercially zoned land sales as reported in the MLS.
2. Wyoming is a non-disclosure state so not all transactions are reported.
3. The majority of lease transactions are conducted outside of the MLS directly between the Landlord and the Tenant.
What does this mean? Truthfully - Not very much. By the numbers 2009 was a more ‘normal’ year in the context of the past decade. 2005, 2006, 2007, 2008 were ridiculously high, 2000, 2001, 2002, 2003, 2004 were generally on par with 2009.
However, coming off a 4 year sugar high, 2009 felt like detox for our industry and for our city and county revenue streams. Less permit activity, less fees paid for applications etc.
As we know, perception is reality. 2009’s perception was pain. 2010’s forecast…you’re not going to get one here, try the hundreds of commercial commentating windbags, take the average of the forecasts, divide by your age and then stand on your head. That should give it some clarity.
Seriously, what we do know is that there is little to no commercial lending available at present and nationally the CMBS market will face many new challenges in 2010 as existing loans fall due without a new vehicle to pick them up. Until the national CMBS picture gains some clarity and direction, we don't expect to see any significant recovery in the Commercial Real Estate market.
Meagan Hill is a Commercial Real Estate Investments Specialist and Principal of NAI Jackson Hole servicing the Jackson Hole WY and Teton Valley ID markets. 
(From CBS News) In the world of energy, the Holy Grail is a power source that's inexpensive and clean, with no emissions. Well over 100 start-ups in Silicon Valley are working on it, and one of them, Bloom Energy, is about to make public its invention: a little power plant-in-a-box they want to put literally in your backyard.
You'll generate your own electricity with the box and it'll be wireless. The idea is to one day replace the big power plants and transmission line grid, the way the laptop moved in on the desktop and cell phones supplanted landlines.
It has a lot of smart people believing and buzzing, even though the company has been unusually secretive - until now.
K.R. Sridhar invited "60 Minutes" correspondent Lesley Stahl for a first look at the Bloom box that he has been toiling on for nearly a decade.
Watch CBS News Videos Online
NAI Commerce One broker Brent Wilson said, "I think this new invention could be bigger than the lightbulb."
What do you think? Read the full story: The Bloom Box: An Energy Breakthrough? at CBSNews.com.
This week after completing a BOV for a retail pad site, I had a lengthy conversation with a local Idaho Falls appraiser about the challenging task of valuation in today's market. As commercial real estate professionals, we frequently get calls from appraisers seeking information. We also routinely complete opinion of value assessments on our clients' properties and for lenders and other institutions. But the task of valuation is a whole new ball game because of the recession. Comps from two years ago or more often don't mean much. Recent comps are few and far between. An in-depth evaluation of each property, along with an understanding of current local, regional, and national market conditions is critical. And the task is definitely not for the faint of heart.
--Kaly Shippen
It's great to hear news like this from fellow Idaho commercial real estate professionals!
From Idaho Business Review Reports...
Micron Technology took a big step toward entering the renewable engery industry on Jan. 14, with the announcement that it has entered into a joint venture with Australian firm Origin Energy Limited to develop solar photovoltaic technology.
AARP Tax-Aide will be again be locating in Suite 107 at Sandcreek Plaza in Ammon, adjacent to Wal*mart Supercenter. AARP Tax-Aide is the nation's largest free, volunteer-run tax assistance and preparation service available to taxpayers with low- and moderate-income, with special attention to those age 60 and older.
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