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Monday Report

From Bonneville Research May 25, 2009
Foreclosures - Utah County!
  • Where are they?
  • Who are they?
    • 25 valued at $1 million or more
    • 9 of those are in Alpine
    • Average year built - 1994
    • 976 or 38% are built 2004 or newer
  • Very interesting map.
  • Weber County next week.
Please look at our updated Bonneville Research Web Site.
All the past Monday Reports are now available!
Bob & Jon
Where are the Foreclosures - Utah County:

Notices of Default/Foreclosures - Utah County  - 11/2008 - 05/08/09

Ranked by Total Assessed Valuation 

 City - Utah County

# Notices of Default

Assessed Valuation

Avg Assessed Valuation per Notice

Lehi 306  $  91,034,858  $     297,500
Provo 302  $  89,879,877  $     297,615
Orem 572  $  89,092,121  $     155,755
Saratoga Springs 288  $  77,203,163  $     268,067
Highland 106  $  54,666,300  $     515,720
Eagle Mountain 224  $  53,162,902  $     237,334
Pleasant Grove 203  $  52,155,816  $     256,925
Alpine 48  $  34,584,474  $     720,510
Cedar Hills 76  $  29,810,183  $     392,239
Spanish Fork 108  $  25,761,362  $     238,531
American Fork 86  $  23,221,100  $     270,013
Springville 82  $  20,422,000  $     249,049
Salem 51  $  15,768,990  $     309,196
Payson 65  $  11,553,832  $     177,751
Lindon 24  $  11,467,853  $     477,827
Mapelton 25  $  11,138,695  $     445,548
Santaquin 35  $    6,836,500  $     195,329

Source:Utah County Recorder, Commerce CRG, Calculations Bonneville Research.

Percentage of Households in Default - Utah County

Notices of Default/Foreclosures - Utah County  - 11/2008 - 05/08/09
 City - Ranked by % of Defaults

# Notices of Default

 # Households (2008) 

Percentage Households in Default

Saratoga Springs 288          2,000 14.4%
Eagle Mountain 224          3,767 5.9%
Cedar Hills 76          1,506 5.0%
Highland 106          3,053 3.5%
Salem 51          1,473 3.5%
Lehi 306          9,041 3.4%
Pleasant Grove 203          8,574 2.4%
Santaquin 35          1,575 2.2%
Orem 572         26,013 2.2%
Alpine 48          2,277 2.1%
Payson 65          4,791 1.4%
Spanish Fork 108          8,032 1.3%
Mapelton 25          1,861 1.3%
American Fork 86          6,905 1.2%
Lindon 24          2,337 1.0%
Springville 82          8,087 1.0%
Provo 302         34,268 0.9%
Source: Salt Lake County Recorder, Commerce CRG, Calculations Bonneville Research.

Salt Lake & Utah County Foreclosure Map 
Thanks to Matt Laipis at Commerce CRG for producing this map.
Utah Jobs

Who are gaining jobs? April 2008 - 2009 by County



# Jobs Gained April 2007 to April 2009

% Jobs Gained April 2007 to April 2009
















Source: Utah Dept of Workforce Services, 5/21/09



Who are losing jobs? April 2008 - 2009 by County



# Jobs Lost April 2007 to April 2009

% Jobs Lost April 2007 to April 2009










Box Elder


















Salt Lake


















San Juan



























Source: Utah Dept of Workforce Services, 5/21/09 

Capital Grants to Renovate Public Housing Projects!
Capital Fund Recovery Competition Grants

POSTED: 5/11/2009
$ AVAILABLE: $995,000,000
MAX GRANT SIZE: N.A. - varies by unit total
DEADLINE: 7/21/09 or 8/18/09, depending on category
DESCRIPTION: Grants for a variety of activities to rehabilitate and/or improve public housing developments owned and operated by Public Housing Agencies (PHAs).


Build Nonprofit Capacity!
American Recovery and Reinvestment Act of 2009: Strengthening Communities Fund - Nonprofit Capacity Building Program

POSTED: 5/11/2009
ELIGIBILITY: Nonprofit and public agencies
$ AVAILABLE: $34,000,000
MAX GRANT SIZE: $1,000,000
DEADLINE: 7/7/09
DESCRIPTION: Grants for experienced organizations to provide nonprofit organizations with capacity building training, technical assistance, and competitive financial assistance, which will build the capacity of nonprofit, partnering human services providers.


Repair and Rehabilitation Homes in Rural Areas!
Section 533 Housing Preservation Grants

POSTED: 5/11/2009
FUNDING SOURCE: Rural Housing Service (RHS)
ELIGIBILITY: Nonprofit and public agencies
$ AVAILABLE: $10,088,166
DEADLINE: 7/10/09
DESCRIPTION: Grants to enable very low- and low-income homeowners in repairing and rehabilitating their homes in rural areas.
Economic Notes:
Due to technical problems there will not be any economic notes this week. 

Bonneville Research is a regional consulting firm focused on consulting services to state and local governments including economic analysis for real estate development, public-policy analysis, tourism and economic development. Since its founding in 1976, Bonneville Research has completed assignments throughout the intermountain west yielding unmatched experience in high quality public policy analysis and economic analysis.

In broad terms, Bonneville Research assists state and local governments find workable solutions and to establish quality and sustainable public policy.  We often work with private developers and public agencies in assessing the future economics and outcomes of real estate projects, economic development plans and opportunities for public/private partnerships. Bonneville Research offers a diverse array of economic analysis and tools to answer complex problems.
  • Market and Financial Feasibility Analysis
  • Concept and Development Programming
  • Operational Analysis and Budgeting
  • Service Delivery and Cost Effectiveness Analysis
  • Business Organization and Marketing Strategies
  • Services Repositioning and Disposition
  • Economic Development Plans
  • Demand Assessment for Public and Cultural Facilities
  • Public-Private Partnerships
  • Economic and Fiscal Impact
  • Grant-writing/Fundraising

Fusing talents of a multi-disciplined staff, the firm's experience has concentrated in four interrelated fields:

  • Economic development and community planning
  • Law enforcement, fire and public safety
  • Recreation, tourism and leisure time
  • Management, benchmarking and best practice services
Bonneville Research
170 South Main Street, Suite # 775
Salt Lake City, Utah 84101

In This Issue
Foreclosures - Where are they?
Who is most at risk?
Recent Bonneville Research Projects:
Utah Economic Snapshot - First Ten Months FY2009 YTD
Utah State Government
  • Sales and Use Taxes (Gen Gov't, Higher Education) -11.1% (-$166.11 M)
  • Individual Income Taxes (Public Education) -11.8% (-$272.45 M)
  • Individual Income Tax Withholding (Public Education) -19.4% (-$92.76 M)
  • Corporate Franchise Taxes (Gen Gov't) -35.2% ($117.80 M)
  • Motor Fuel Taxes (Transportation) -8.6% (-$17.96 M)
  • Severance Taxes (Gen Gov't) +54.0% (+35.35 M)
  • Education/General Total -12.1% (-$523.53 M)

Source: Utah State Tax Commission, TC-23 5/20/09
Local Government

  • Sales and Use Taxes (includes food) -8.4% (-$33.56 M)
  • Public Transit -10.5% (-$17.89 M)
  • County Option Sales & Use Tax -7.4% (-$7.31 M)
  • County Option Fixed Guideway Tax -23.1% (-$3.86 M)
  • Transient Room Tax -15.8% (-$3.76 M)
  • County Option Zoo, Arts & Parks Tax -13.9% (-$3.74 M)
  • Tourism, Recreation, Cultural, Convention -6.4% (-$2.60 M)
  • Municipal Telecommunications License -5.3% (-$1.99 M)
  • Emergency Services Phone Charge -5.6%  (-$1.28 M)

Source: Utah State Tax Commission, TC-23 5/20/09

This Weeks Leads:
Cadillac Ranch
Cadillac Ranch operates five locations throughout AZ, OH, MD, TN and WI.  The bar and grill restaurants occupy spaces of 8,000 sq.ft. to 27,000 sq.ft. in downtown areas and lifestyle and mixed-use centers.  Growth opportunities are sought throughout major metropolitan markets nationwide during the coming 18 months, with representation by Goodman Real Estate Services Group, LLC.  The company is looking to locate in second generation restaurant and bar spaces with an outdoor patio area.  For more information, contact:
Robert Benjamin,
Goodman Real Estate Services Group, LLC
25333 Cedar Road, Suite 305, Lyndhurst, OH 44124
Quick Links
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Recent Bonneville Research Projects:
Millrock Commercial Center - Holladay City, Utah
Millrock Park is a 22 acre; 490,000 sq ft master planned commercial office campus located in Holladay Utah.  This Economic Development Project (EDA) used tax increment financing (TIF) to pay for required infrastructure and insured that a difficult site could be developed as a Class A+ office park.  The EDA Benefit Analysis and Project Budget were unanimously approved by the Taxing Entity Committee.  The project is currently ahead of schedule and likely will be "closed-out" five (5) years early.
Contact: Randy Fitts, City Manager, (801) 272-9450
Public Policy Initiatives
IA - Culver Signs New Health Care Bill for Children. Gov. Chet Culver has announced he will sign Senate File 389 into law. With the healthcare reform battle in the forefront of the news, access to quality, affordable dental care remains a critical issue nationally in the troubled economy. This will allow expansion of Iowa's hawk-i program to include approximately 30,000 more children who may otherwise be unable to receive dental coverage.

MI - Granholm Uses Recovery Funds to Balance Budget. Gov. Jennifer Granholm has tapped about $1.3 billion in recovery money to balance the state budget and the state has a new Web site, This website allows viewers to click on all 83 counties to see how money is divvied up. The state has received $3.6 billion in recovery money, out of an estimated $7.5 billion it will get from the federal government over two years.
WY - Freudenthal Calls Meeting on State's Future. Gov. Dave Freudenthal has scheduled a statewide forum to talk about the future of Wyoming. Freudenthal announced that the conference titled "Building the Wyoming We Want: Values and Vision" will take place in Casper in the middle of June. The conference is open to the public but registration is required because space is limited. Freudenthal says that despite the recent economic downturn, residents need to consider the question of what condition they want to leave the state in for future generations.
CO - Ritter Pushes Energy Agenda. Gov. Bill Ritter signed into law three measures that fit into his "new energy economy" agenda. The bills he approved will create a loan program to help schools fund clean-energy projects, let local governments give financial incentives for companies to install solar water heaters, and will allow farmers and ranchers to take advantage of grants from Advancing Colorado's Renewable Energy Program.
WA - Gregoire expands same-sex partnerships - Surrounded by about 300 people - most of them gay and lesbian couples and their children - Gov. Chris Gregoire on Monday signed legislation giving registered same-sex domestic partners all the rights and benefits that Washington now offers married couples.  The Seattle Times
SC - The student versus the governor - At this point, most 18 year olds would be coasting through their last weeks in high school. But Casey Edwards is taking Governor Mark Sanford all the way to the state Supreme Court over the governor's refusal to accept federal stimulus money - some $700 million in aid for South Carolina's schools.    CBS News
IA - Culver: Today We Are Closer To Giving Every Iowa Child Quality, Affordable Health Insurance. Gov. Chet Culver took a step forward in his efforts to cover every Iowa child by signing Senate File 389 into law. "One of my top priorities as Governor is to see that every Iowa child has access to the health care they not only need, but deserve," said Culver. "This legislation moves us closer to our goal, and ensures that more Iowa children will grow up to be healthy adults. Our work is not done, and I look forward to working with the legislature and all Iowans as we continue our work to give our children a bright, healthy future."
OH - Strickland Announces Funds to Prevent Homelessness. Gov. Ted Strickland announced that the Dayton-Springfield area is set to receive nearly $3 million in federal recovery money to help prevent homelessness and help those who've become homeless find housing. These funds are part of $25.5 million coming to the state to help with homelessness.