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Feasibility study results show that Idaho Falls could support regional event center
09/09/2008 - By Robb G. Chiles The City of Idaho Falls has the necessary infrastructure, population size, income and overall demographics to support a regional multi-purpose event center, according to an economic research firm.
Regional Event Center Feasibility Study Press Release
2008-09-09
PRESS RELEASE
Date: September 9, 2008
Contact: Robb G. Chiles
Telephone: 208-523-1010
Email: rchiles@idahofallschamber.com
Feasibility study results show that Idaho Falls could support regional event center
(IDAHO FALLS) - The City of Idaho Falls has the necessary infrastructure, population size, income and overall demographics to support a regional multi-purpose event center, according to an economic research firm.
The Chamber had hired Los Angeles-based Economic Research Associates in February 2008 to prepare a third-party analysis of a proposed regional event center in Idaho Falls. The company recently completed the analysis and briefed the Chamber of Commerce, the Convention & Visitors Bureau as well as representatives from the business community, the City of Ammon and City of Idaho Falls.
Based on the strong results from this study, it was decided that an advisory board would be formed to further evaluate the data and evaluate potential options including whether or not the timing is appropriate to establish an event center in Idaho Falls and, if so, consider options for funding the facility. Members of the advisory board will be selected from the Board of Directors of Idaho Falls Chamber of Commerce, the Idaho Falls Convention and Visitors Bureau, impacted community groups and representatives from both the cities of Ammon and Idaho Falls.
"It is important to have a diverse group of interests represented on the advisory board to keep the public in the loop each step of the way" said Robb Chiles, President/CEO of the Greater Idaho Falls Chamber of Commerce.
The market analysis, a component of the study, highlighted the following:
The Idaho Falls region has the necessary infrastructure, population size, income and overall demographics to support an event center
Projected demographics from 2007-2012 show a market resident population of 100,000 within a 10-mile radius of Idaho Falls, 125,000 within 20 miles and 326,000 within a 50-mile radius with population growth to remain steady in all three markets.
Comparable/competitive venues exist in Idaho and in the greater region, but other than Holt Arena in Pocatello, other potential competitive venues are 200+ miles away
An anchor tenant such as minor league hockey, development league basketball or arena football is a necessity to the viability and success of the event center
Recommended sizing is 4,500 to 5,500 seats with additional 25 luxury suites and 300-400 club seats
Estimated approximately 90 events with 260,000 annual attendees in the Base Case.
In addition to the quantifiable revenue, earnings and employment generated by the Idaho Falls regional event center, there are a number of additional significant benefits that would enhance the quality of life in Bonneville County and the surrounding region, according to the study. An event center would:
Raise the national and international profile of the city as a sports, entertainment and business destination
Develop a more dynamic and diverse environment through the creation of
unique entertainment, recreational and commercial experiences
Provide opportunities for local entertainment and recreation businesses
Serve as a catalyst for domestic investment
Promote social and cultural development in local communities
Improve the opportunity for education and training of the local labor force
Potentially stimulate the government to make investments in transportation and other infrastructure, often bringing state level government dollars into the local community for the construction of the infrastructure
Foster a sense of civic pride and identity.
"For those in the community who have been advocating for an event center for years, the data from this study is very encouraging," said Chiles.
The study is available from the Chamber of Commerce office in Idaho Falls by calling (208) 523-1010.
