Broadway Ford's rubble to be used for FEMA training exercise

Demolition work at Broadway Ford on West Broadway Tuesday morning. The new showroom is in the background.

Demolition of the old Broadway Ford building on West Broadway started Monday and continued today, but the rubble will not be cleared away until after the Idaho Falls Fire Department’s Urban Search & Rescue team conducts a training exercise there Wednesday night from 5 to 9 p.m.

USAR is a program administered by the Federal Emergency Management Agency and involves the location, rescue and stabilization of victims trapped in confined spaces. The program prepares first responders on various emergencies or disasters including earthquakes, storms, floods, dam failures and hazardous material releases.

Over the past few days, objects have been placed throughout the empty Broadway Ford building in preparation for the drill. After the demolition crew brings down the building upon the objects, the IFFD’s Technical Rescue Team will attempt to locate and “rescue” them.

“We are very pleased that the owners of Broadway Ford could make this building available for such a unique training opportunity,” Idaho Falls Fire Chief Dave Hanneman said in a press release. “We would also like to thank TMC Contractors and Morgan Construction for allowing us access to the building for fire training over the last couple of weeks.”

Broadway Ford moved to a new, state-of-the-art facility in early March. Spokeswoman Ann-Michelle Jones said that after the old building is cleared away the site will be landscaped, after which a grand opening will be held.

Regional cooperation stressed at Mayors' Business Day

Since it started in 2009, the annual Mayors' Business Day in Idaho Falls has gained an increasingly regional focus.

Today at the Shilo Inn, four mayors -- from Idaho Falls, Ammon, Shelley and Blackfoot -- stressed the need for a coordinated effort toward economic development.

"If we can work together, there is so much potential here," said Ammon Mayor Dana Kirkham, who said she has high hopes for the Regional Economic Development Corp. of Eastern Idaho, more often referred to as REDI.

REDI was recently formed by the merger of Grow Idaho Falls and Bingham Economic Development. Kirkham pointed to what happened in the Denver metro area who traditional resource-based economic mainstays began to wane in the 1980s. In the face of a slumping economy, the economic development organizations pooled their resources and focused on the area's asset -- universities, a national laboratory and defense contractors. With a streamlined central point of contact, the economy came back stronger than ever.

"I believe that story can happen here," she said.

Idaho Falls Mayor Rebecca Casper said eastern Idaho communities need to develop the tools that will help them bring better paying jobs. That can be anything from curb appeal, e.g. sidewalks, parks and signage, to tax breaks, grants and innovative financing opportunities. "More opportunity, that's what drives this," she said.

Casper said it's not so much about greed as it is about building a community where people don't have to work two jobs to get by, "so they can read to their kids at night."

"(Free enterprise) is a system that requires internal motivation that causes us to want to engage in the marketplace," she said.

In Shelley, the latest success story is the opening of Golden Valley Meats, which could have gone somewhere else had economic incentives not been offered, said Mayor Stacy Pascoe.

Shelley is relatively new to the economic development game and welcomes the opportunity that REDI offers, he said.

"There isn't very much for people already in the workforce for people who want to better themselves," he said, adding that help from the state for people who want to get more educated might be money well spent.

Blackfoot Mayor Paul Loomis said that while agriculture and manufacturing has sustained the economy, he would like to see more diversification, especially in the retail sector.

Jamba Juice files plans for Utah Avenue location

The shopping center off South Utah Avenue where Jamba Juice has plans to locate a second Idaho Falls area location.

Jamba Juice will be adding a second location in the Idaho Falls area, in the Railway Crossing center that is being built at Utah Avenue and Simplot Circle.

According to building plans at the city of Idaho Falls Building Department, Jamba Juice, which has had a store in the Ammon Town Square for years, will occupy an 1,1800 square-foot section at the south end of the commercial center, which is being built by Morgan Construction across the street from Carl’s Junior and Wal-Mart. An opening date has not been announced, as the nine-unit center is still being framed.

The franchisees of this store are Ryan and Julie Arfmann, whose company Juice It Up, Inc., operates the Jamba Juice in Ammon and one in Twin Falls.

Founded in Emeryville, Calif., in 1990, Jamba Juice has grown to more than 800 locations in 26 states, as well as the Bahamas, Canada, the Philippines, Mexico and South Korea. There are approximately 287 company-owned locations and 517 franchise-operated stores in the United States of America, in addition to the 45 international stores.

Casper nominates accountant to fill council vacancy

Idaho Falls Mayor Rebecca Casper announced today she has nominated David Smith, a local accountant, to fill the City Council seat that has been vacant since the March 1 death of Dee Whittier.

An Idaho Falls native, Smith was selected from a list of eight people who had applied for the council seat. In a press release this morning, Casper said she planned to present her recommendation to the City Council at their regular meeting Thursday night. She cited Smith's long experience in forensic accounting a key element, replacing the financial acumen the council lost with Whittier's untimely death.

Smith was also a member of the Citizens Review Committee that studied the city's Municipal Services division in 2014. His community service includes Idaho Falls Exchange Club, the United Way of Idaho Falls and Bonneville County, the Idaho Falls Family YMCA and the Eastern Idaho Economic Development Council.

He and his wife, Karen, a recently retired city employee, are the parents of five children.

Idaho Falls market deemed low risk for real estate investment

Employment analysis for the Idaho Falls market. Note the increase in local retail trade jobs.

Local Market Monitor, a Cary, N.C.-based company that keeps track of fundamentals in 300 markets across the United States, has identified Idaho Falls as a medium-to-low-risk place for anyone looking to invest in rental property.

According to the summary for March, home values in the market are forecast to increase 5 percent over the next year, slightly behind the national forecast of 5.7 percent.

“There was a modest housing boom and bust, but home prices have been flat in recent years,” it said. “Rents are very low. Population growth has been average. Job growth will increase housing demand, but mainly for rentals. Home prices were flat in the past year. Expect an improving housing market the next few years.”

Here are other highlights of the report:

Job Growth
In the past 12 months, jobs in this market have grown by 3.4 percent. This compares to a national increase of 2.4 percent.

Home Prices 
Home prices in this market peaked in Q1 2008 at $190,976. Since their peak, prices have fallen by 13%. In the last 12 months, prices have gone up by 2 percent. The average home price in this market is currently $165,245.

Population 
The population in this market grew 0.6% in 2013, while the US population grew 0.7%.

Migration
In 2013, net population migration was -0.6%. While migration tends to be small, it can have a large effect on demand for real estate.

Rents 
We forecast rents to increase 14 percent over the next three years in this market, to an average of $877 per month, partly due to higher inflation.

Housing Permits
Total housing permits in February 2015 were up 172 percent from last year. Single family permits were up 172 percent.

Employment
Jobs were up 3.4 percent in the past year, compared to the national gain of 2.5 percent..

Unemployment 
The Unemployment Rate in January 2015 was 4.2% versus 5.2% last year.

The Financial Capitalization Rate shows the average return on investments with similar perceived risk as residential investment properties - such as BBB corporate bonds - but without taking into consideration the special local risks measured by the Local Market Risk Premium.