POCATELLO’S ELECTRONIC NEWSLETTER
January 1997
Volume 1 * Issue 1
WELCOME to the first edition of POCATELLO’S
ELECTRONIC NEWSLETTER. Time is often a luxury in today’s world of near-instant
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In fact, POCATELLO’S ELECTRONIC NEWSLETTER
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THE ECONONY & FINANCE UPDATE
by Larry Bell with First Security Bank
Real Estate Production Center
Email:
Site Address:
People relocating to a new area often have
two questions concerning mortgage loans. These two questions are do the local
lenders have money to loan and are the rates and programs competitive with
those available in the area I am leaving. The lenders in the Pocatello area can
provide an enthusiastic yes to both questions.
The Pocatello real estate market has a
sufficient number of mortgage lenders in the market. These lenders consist of
commercial banks, mortgage companies and credit unions. All of these lenders
have access to the national secondary market. This means that there is a steady
supply of mortgage money available to Pocatello market at a competitive price.
Many of the lenders originate loans and are able to sell the loans to the
Federal National Mortgage Association or the Federal Home Loan Bank. These
organizations are commonly known as Fannie Mae and Freddie Mac. The ability to
sell loans to the national secondary market ensures that there is a steady flow
of capital into the local real estate market.
People are often concerned about whether they
will be able to find competitively priced mortgage money in Pocatello. Because
e are able to access the national mortgage markets we are able to provide the
same pricing as lenders in larger metropolitan areas. The lenders in the
Pocatello market are able to obtain mortgage loan money at the same rate as
lenders in the metropolitan areas. This is good news for the home buyers as it
helps keep the price of mortgage loans competitive and the supply of moneys
steady.
Another question lenders are frequently asked
is does the Pocatello lenders have all of the mortgage products available that
I am a custom to seeing in a larger metropolitan area. Again the answer is a
very enthusiastic yes. By accessing national mortgage markets we are able to
provide the same products that are available in metropolitan areas.
Currently the most popular product is the 30
year fixed rate mortgage. This is followed by the 15 year fixed rate mortgage.
Due to the relatively low rate on fixed rate mortgages the adjustable rate
loans are not near as popular as they were a few years ago. The balloon/reset
loans are gaining in popularity. These loans will carry an interest rate lower
than the average 30 or 15 year rate for a term of 5 to 7 years. At the end of
the 5 to 7 years there is a one time rate adjustment and the rate is constant
for the remaining term of the loan. These loans are particularly popular to
people that do not plan on being in a house beyond the 5 to 7 year period.
Home buyers that are considering relocating
to the Pocatello area can rest assured that there will be an abundance of
mortgage money available and the rates and terms for the mortgage money will be
competitive. Today’s relatively low interest rates combined with Pocatello’s
very affordable housing prices make Pocatello a very attractive place to live
for homeowners.
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PUBLIC SCHOOLS
by Chris Williams, Public Information Officer
School District #25
Email: mailto:williach@d25.k12.id.us
Site Address: http://www.d25.k12.id.us
School District No. 25 is currently preparing
for a School Improvement Election and a Supplemental Levy Election to be held
March 4.
At issue is whether voters should allow the
school district to: A) build a new high school and make improvements at its existing
two high schools and B) whether the district should be allowed to meet its
projected maintenance and operational expenses for the next two years.
A) The School Improvement Election will ask
voters: 1) To finance a new 1,200-student high school while also fixing the
mechanical, electrical and heating systems at Pocatello High School. The total
bond would amount to about $27 million - an estimated $21 million for the new
high school and $6.5 million for repairs at Pocatello High School. If the School
Improvement Election passes by the required two-thirds majority, the Board of
Trustees has also committed to spend $2.468 million out of the district's plant
facilities budget to improve the media center and add a gymnasium at Highland
High School. 2) To also decide where the new high school should be built -
south or north of Pocatello.
B) The Supplemental Levy Election is held
every two years and requires a simple majority to be approved. The Supplemental
Levy would amount to $3.357 million and reflects the same amount the district
has asked voters to approve since 1993. If passed, it would assist the district
in meeting its maintenance and operational expenses for the next two years. If
approved, the Supplemental Levy would not raise property taxes.
You'll hear more about the School Improvement
Election and Supplemental Levy Election after school resumes January 2.
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IDAHO STATE UNIVERSITY
by Kent Tingey, Director, University
Advancement
Idaho State University
Email: mailto:tingkent@isu.edu
Site Address: http://www.isu.edu
Plan on hearing from Kent in February!!
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CITY OF POCATELLO
by Connie Terry, Assistant to the Mayor
City of Pocatello
Email: mailto:terrconn@ci.pocatello.id.us
Site Address: http://www.ci.pocatello.id.us
Ross Park Pool
As most citizens know, Ross Park Pool, the
City’s only outdoor swimming pool, has been declared unsafe and may be closed
next season. The pool is approximately 50 years old, is structurally and
mechanically unsafe and in need of replacement. The Council formed a citizens
advisory committee to review the matter and make a recommendation as to how to
proceed on this issue.
The Pocatello City Council recently adopted
the recommendation of the Ross Park Pool Citizens Committee to fund a
completely new pool facility, including an admissions/locker room, for up to
$2.5 million by using a general obligation bond.
A general obligation bond usually results in
a property tax increase, but the City has sufficient revenue sources available
to make the annual installments without raising property taxes. We just needed
voter approval to borrow the money.
The Council has proclaimed February 4, 1997
as the bond election day. This date was selected so the pool would be closed
for only one season. Passage of the bond will require a super-majority (or 2/3
majority) vote.
Although the bond is up for $2.5 million, the
targeted amount of the pool construction is $2 million. The additional funding
is requested because the amounts are based on estimates and the funding must be
in place in case the bid goes over $2 million. The funding for repayment on the
pool construction is currently existing within the City budget, but the
election must be held to give the City the ability to borrow the total amount.
Repayment would occur over a 20 year period at $215,000 per year. The money for
those payments will come from the City budget as follows: approximate $90,000
will be paid from pool receipts and recreations program fees; $50,000 is set
aside in general fund money; the remaining $75,000 is set aside from the money
that was used to pay off the airport building. The airport was repaid in total
this year. A payment of $80,000 per year was required for the building, which means
that $75,000 used in making that payment could be directed toward repayment of
the pool obligation bond. If voter approval occurs, City crews will conduct
site demolition activities as a means of cost savings to the Pocatello
taxpayers and expedite the project.
An outdoor swimming pool is an amenity that
is needed in a city of our size. It provides a family recreational opportunity
and gives the youth in the community something to do. We feel an obligation
bond is a fair means of providing the pool and it would not impact property
taxes. Please consider voting for the pool. It is a positive move for the
future of our community.
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REAL ESTATE
by W. James "Jim" Johnston,
Associate Broker
Coldwell Banker Landmark
Email: mailto:jimj@mykro.com
Site Address: http://www.HomeSpecialists.com
Pocatello is so exciting. New home
construction has been positive and sales of existing homes has been steady.
Interest rates are very favorable and we have cooperative sellers. There are
343 single family homes on the market in the Pocatello-Chubbuck area as of this
date. Prices have remained reasonable with the average home sale price of
$88,596. Idaho is 8th in the nation for fastest turnover in home
sales averaging 9.9 years. Showing a very strong prosperity and flourishing
economy (this compares to Arizona at 6.6 years as the best and New York with
the slowest 20.4 years).
We are anticipating a continued strong real
estate demand in Pocatello since several of our major employers are continuing
to expand. Idaho State University has it’s highest enrollment ever. Weight
watchers, American Microsystems, and Ballard Medical are in the midst of
expansions and new growth. These positives mean more jobs and high employment.
For information on specific homes that might
meet your needs call anytime for free feature sheets or our free relocation
packet. (208)232-9041
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BANNOCK COUNTY
by Tom Katsilometes, County Commissioner
Bannock County
Email: mailto:cindyf@co.bannock.id.us
Site Address: http://www.co.bannock.id.us
Plan on hearing from Tom in February!!!
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CHAMBER OF COMMERCE
by Sam Nettinga, General Manager
Greater Pocatello Chamber of Commerce
Email: mailto:pocchamber@sisna.com
Site Address:
http://www.sisna.com/idaho/pocycoc
Official Calendar for January 1997 for the
Greater Pocatello Chamber of Commerce
January
13-24 "Come Grow With Us"
Membership drive by board members, Pocatello Chiefs and leadership Pocatello
Alumni. Call 208-233-1525 if you have questions.
15-Chamber’s "Wednesday Matinee"
lunch forum featuring Mayor Peter Angstadt on "The State of the
City." 12 noon at the Holliday Inn (check-in starts at 11:40 am)
16- Chamber Board of Directors Meeting,
location TBA, 11:30 am
21- Chamber States Issues Committee Meeting,
Elmer’s 7:30 am
26-28 Chamber’s 1997 Legislative Bus Tour to
Boise (all members welcome)
tba Chamber Member Services Committee Meeting
(committee has event on January 15, see above)
tba Chamber Recruitment & Retention
Committee Meeting (committee has project beginning January 13, see above)
tba Chamber Higher Education Committee Meeting
tba Chamber National Issues Committee Meeting
tba Chamber Military Affairs Committee
Meeting
tba Chamber Workforce Development Team (team
is involved in event January 30, see above)
tba Chief’s activities (Ribbon Cuttings,
etc.)
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WEATHER HISTORY
by Steve Cannon, weatherman
KIDK TV 3
Email: mailto:kidktv3@msn.com
Site Address:
http://www.srv.net/~kidktv3/homen.html
Mark Twain once said, "everybody talks
about the weather but no one does anything about it!" Often, the question
is asked… or rather, the statement is made; ‘you said it was gonna rain, and it
didn’t, or more often; ‘you said it was gonna be sunny and it rained!’ Why, in
an age when we can engineer life itself, why can’t we predict the weather?
Actually, those of us who forecast for a
living are better at it than you may think. For example… every major league
baseball manager would kill to have a .300 hitter in his line-up. You know
about batting averages. A ball player with a .250 batting average (which is
about average for a major leaguer) is successful reaching base 2 ˝ times for
every ten times he steps up to the plate… meaning every ten times he steps into
the batters box. In meteorology, our batting average is somewhere between .850
and .900… meaning, for every ten days, we get the forecast right for between 8
˝ and 9 days. Not bad.
Still, the forces of Nature are so much more
powerful than our ability to forecast them. For example… meteorologists
estimate that every second, 18 million tons of water strike the surface of the
earth! That’s the equivalent of 180 fully loaded American aircraft carriers
falling on the earth every second! The energy- such powerful forces generate is
amazing!
As we move into winter, most people are
concerned about how to keep warm. We spend a lot of time, and money, warming
our homes, our businesses, our vehicles and ourselves. In Pocatello, the record
low temperature is -29, which occurred on December 23rd, 1990. The
record high for December is 63, happening on December 10th, 1939.
The greatest snowfall for a 24 hour period for December occurred in 1919…
unfortunately, no specific date was recorded. What was recorded was a 12"
snowfall in 24 hours. The most snow during December was totaled in 1983, when
33.7" fell during the month. And what about wind; the highest wind speed
recorded in December was 57 mph, again in 1981.
Since winter seems to last 6 months in Idaho,
those of us who live here have two choices… hibernate like the bears, or find
something to do in the snow. Outdoor activities can be a great way to fill the
space between golf and football, but be sure to dress for the occasion. The
most common fault outdoor recreationalists make is not covering the head! Your
head acts like a wick… drawing body heat to the brain and away from the rest of
the body. If your head is covered, that body heat will re-distribute through
the blood stream. If your head is bare, the heat you generate will pass through
your head into the great outdoors, leaving you cold and shivering. You can
sacrifice a bad-hair day to keep the rest of you warm!
Finally, there is one thing to be thankful
for, now that winter is officially here… the days start getting longer. Most
people think the shortest day of the year occurs on the day of the winter
solstice. Not necessarily true. In 1996, the Solstice occurred at 7:06 am
Saturday, December 21st. The shortest daylight-length day happened
on Friday, December 20th, when sunrise happened at 7:58 am, and
sunset at 4:58 pm. Keep smiling… spring is only a few months away!
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THE LAST WORDS
POCATELLO’S ELECTRONIC NEWSLETTER is
published monthly by Michael James Johnston. Any questions, concerns, ideas or
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Copyrighted 1997 by Mykro Computer Company.
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