Here’s how Blixseth did it
Early in 1992, The Nature Conservancy, with $10 million in backing from CNN founder Ted Turner, was trying to buy 165,000 acres from Plum Creek Timber Co., most of it inside the Gallatin National Forest.
The Nature Conservancy planned to trade some of that land with the U.S. Forest Service and launch an experiment in sustainable logging and recreational development. Negotiations dragged on for months, but fell apart after the news became public.
Within a few weeks, Tim Blixseth, along with partners Mel and Norm McDougal, announced they had bought the Plum Creek property. They paid $27.5 million for the land and a sawmill in Belgrade that employed scores of people. But before the papers were signed, they had arranged to sell some big chunks.
“We went to work and found buyers,” Blixseth said in an interview.
He and his partners, calling themselves Big Sky Lumber Co., arranged for other investors to take a 25,000 acre parcel west of Big Sky, the Jack Creek property, for $6.5 million. Today, it has become the ski and golf resort called Moonlight Basin, a place where 20-acre lots are listed for $3 million.
At the same time, timber giant Louisiana Pacific bought the Belgrade sawmill and a multi-year timber contract with BSL for $9 million, Blixseth said. The mill shut down after the lumber contract was complete, and the property became bustling retail space on the west end of Belgrade.
The sawmill and Moonlight sales reduced BSL’s overall price to $12 million, or about $86 an acre for the remaining 140,000 acres. The partners borrowed half of the purchase price.
Blixseth put up “about $3 million” in cash, he said. Today, condos at the Yellowstone Club cost more than that.
LOGGER FIRST
But it took a lot of work to make the Yellowstone Club happen.
Most of the Plum Creek land was in a checkerboard land pattern that stretched from Yellowstone National Park to the north end of the Bridger Mountains. Plum Creek had tried for decades to arrange land swaps that would allow it and the Forest Service to consolidate their holdings.
Some of the property was pristine, untouched and unroaded, while much of it had been heavily logged.
The Plum Creek swaps had a lot of support, but never made it past Congress.
Enter Blixseth.
He told the Chronicle in 1992 that he had come to saw logs and make money and wasn’t worried about battles with environmentalists.
“Maybe someplace in this United States of America, somebody needs to draw a line and protect private property rights,” he said at the time. “Maybe I’m the guy and that’s the place.”
He referred to the property as a “tree farm” and once said he was “tired of people saying clear-cutting is a bad word.”
Statements like that got people’s attention.
Meanwhile, he worked behind the scenes with members of Congress, the Forest Service and environmental groups to hammer out a deal.
By 1993, Congress had approved the first of two land swaps. BSL gave up 38,000 acres, mostly roadless land along the crest of the Gallatin Range, and got 16,300 acres of prime timberland scattered across western Montana. That property, lower in elevation and easier to reach, was logged and/or sold quickly.
By 1995, land prices were still climbing and BSL sold another 8,100 acres to the Forest Service in the Porcupine drainage — prime elk and grizzly bear habitat southeast of Big Sky — for $16.4 million, the appraised value.
Later, it completed another swap with the Forest Service.
By the time it was all said and done, the company traded to the government 101,000 acres in exchange for 47,000 acres, plus $25 million.
Read more here.
Ski the BEST in the Rockies!
When asked about one of the main draws to the Bozeman area for locals and tourists alike, undoubtedly the top quality skiing will come to the forefront of most conversations. Big Sky Resort, Moonlight Basin, and Bridger Bowl all offer excellent skiing and amenities that can compare favorably with the “big names” in the Rocky Mountain region.
Looking back at the 2006-07 season, the number of ski visits as a whole was down 6.5% nationwide from the record setting 2005-06 season. This setback can be attributed in part to abnormally warm temperatures and below average snowfall in most areas of the country. However, the Rocky Mountain region (which includes Montana, Idaho, Wyoming, Utah, Colorado and New Mexico ) seemed to be immune from the national trend with no significant decrease in the length of the season and actually a slight increase in the number of skier visits. In fact, the 2006-07 season, while only up 0.6% in number of visits, set a record for the third consecutive year by reaching 20.8 million visits, which comprised approximately 38 percent of the total visits nationwide.
Big Sky Resort has continually set high standards for not only skiing satisfaction but for a complete resort package. The area is frequently expanding and improving its offerings to ensure a memory filled experience – whether a day trip or complete vacation. But Big Sky definitely has Mother Nature on its side also. Big Sky encompasses 3,812 acres, 150 named runs, 400+ inches of average annual snowfall, and 4,350 feet of vertical drop. These statistics certainly showcase Big Sky as the best conditions Montana has to offer. However, Moonlight Basin adds an additional 1,900 acres, 400 inches of average annual snowfall, and 4,150 feet of vertical drop. Additionally, Bridger Bowl can certainly stand on its own with 1,500 acres, 71 trails, 350 inches of average annual snowfall, and 2,600 feet of vertical drop.
Just to give a glimpse of how attractive our local ski resorts are when compared to others in the Rocky Mountain region, the same statistics from many of the more renowned resorts are included. Vail, Colorado (the largest ski resort in the United States ) boasts 5,289 acres, 193 trails, 346 inches average annual snowfall, and a 3,450 foot vertical drop. Telluride, Colorado possesses 1,700 acres, 84 trails, 309 inches annual average snowfall, and a 3,530 foot vertical drop. Steamboat, Colorado has 2,965 acres, 165 named trails, 331 inches average annual snowfall, and a 3,668 vertical drop. Sun Valley, Idaho has 2,054 acres, 220 inches annual average snowfall, and a 3,400 foot vertical drop. Jackson Hole, Wyoming has 2,500 acres, 116 trails, 450 inches average annual snowfall, and 4,139 feet of vertical drop. Park City, Utah reports 3,300 acres, 104 runs, 350 inches of average annual snowfall, and 3,100 feet vertical drop. Finally, Deer Valley, Utah (which received the top ranking in SKI Magazine’s annual “Top 50 Resort Guide”) touts 2,026 acres, 99 runs, 300 inches average annual snowfall, and a 3,000 foot vertical drop. Within Montana, Whitefish Mountain Resort (formerly Big Mountain ) has 3,000 acres, 93 marked runs, 335 inches average annual snowfall, and a 2,500 foot vertical drop. Red Lodge Mountain consists of 1,600 acres, 70 trails, 250 inches average annual snowfall, and a 2,400 foot vertical drop.
With these figures, it is easy to see why our local resorts have much to be proud about. Quoting from Bridger Bowl’s website, “Bridger Bowl has become a cornerstone for Bozeman ’s recreational community and a major contributor to the area’s vibrant winter tourism economy. Bridger Bowl’s original mission still stands to this day: to plan, develop and maintain facilities and services in a financially sound manner which provide the best possible skiing experience at a reasonable cost to local, regional and destination skiers.” And from Big Sky Resort’s website, “With more accommodations, terrain and services than ever before, Big Sky Resort continues to make its mark on the mountain vacation industry, and more importantly, make fond memories for guests.”
So, how does all of this correlate to the real estate market? Second home buyers and investors look at and compare us to other communities in the region when making their buying decisions. Bozeman and Big Sky’s terrain, vertical drop and snowfall stack up near the top in every category. It is just another compelling component of the real estate economy which helps Bozeman stay vital and growing.
Robyn Erlenbush is owner of ERA Landmark Real Estate (with offices in Bozeman, Big Sky, Livingston and Clyde Park) and Intermountain Property Management. She can be reached at robyn@eralandmark.com.
Conservation in the West
By SCOTT McMILLION Chronicle Staff Writer
Region’s natural beauty draws newcomers, bolsters economy, triggers bitter battles
ERIK PETERSEN/Chronicle A deck on the main lodge at the Sun Ranch overlooks a sweeping view of the Madison Range. “Henry David Thoreau didn’t build a trophy home.”
Jim Barrett, Park County Environmental Council
Thanks to modern four-wheel-drive vehicles, you can live at an elevation of 7,000 feet and still be a soccer mom.
“It’s as much of a revolution and a change in the demographics as the horse was for the Plains Indian,” said archeologist Larry Lahren, who is also a Park County commissioner. “It’s been a revolution in terms of people moving into this area, particularly the hinterlands.”
The $100M house ….. (Big Sky, Montana) that Blixeth built…
By SCOTT McMillion Chronicle Staff Writer
BIG SKY – This is the house that Tim Blixseth built, and it starts with 120,000 square feet – almost three acres – of boards and timbers and stone called the Warren Miller Lodge at the Yellowstone Club.
ERIK PETERSEN/CHRONICLE A pair of skiers rides the lift at the Yellowstone Club where 15 lifts carry a thin stream of passengers from mansion doorways to mountaintop, and lift lines are nonexistent. “That’s your basic $100 million lodge,” Blixseth said.
The lodge contains ski shops and restaurants, lobbies and bars and lots of big, gas-fired fireplaces. Fine art adorns the walls, bronze statuary stands guard everywhere. The wine list will blow your hair back, or at least the prices will. Almost everywhere you look, an employee is cleaning something. The furniture is heavy. The spaces are expansive. Ceilings rise and rise and rise. The heat bill must be incredible.
Upstairs, you find condominiums, some serviced by private elevators. The biggest condo measures 5,900 square feet and each one of those square feet recently sold for about $1,100. That works out to roughly $6.5 million.
And the lodge is just the gateway to this very private and expensive club, where nobody enters until the security guard gets the OK.
Money Changes Everything…
By SCOTT McMILLION Chronicle Staff Writer
EDITOR’S NOTE: The economy in the Gallatin County area has boomed in recent years, in large part because wealthy people have built homes here. That trend has spread a lot of money around. This week the Chronicle takes an in-depth look at this new economy. Staff Writer Scott McMillion looks at business, philanthropy, agriculture, the environment and the people driving the new economy. Opinions differ as to whether the new wealth is a godsend or an affliction. Either way, the effects are both profound and critical to the region’s future.
ERIK PETERSEN/CHRONICLE Yellowstone Club owner Tim Blixseth stands in front of the 120,000-square-foot Warren Miller Lodge at the club. “That’s your basic $100 million lodge,” Blixseth said. Robert Redford and Tim Blixseth don’t have much in common, aside from their big impact on Montana’s landscape.
One is a Hollywood actor, movie producer and liberal environmental activist. The other is a jet-setting billionaire who wheels and deals in luxury real estate.
But they both changed Montana. Between them, they’ve helped shoulder the state into a new economy, one increasingly based on real estate, construction and recreation. It’s what economists call an “amenity” economy, one that relies on scenic views, pleasing lifestyles and portable money.
Redford, with his beautifully produced and photographed 1992 movie “A River Runs Through It,” made a movie star of both Brad Pitt and Montana’s scenery. The film generated tons of glowing publicity about the state, ignited a new craze for fly fishing and started a population influx and demographic shift that the Montana Department of Commerce has dubbed “A River Runs Through It Syndrome.”
Click Here to Read More…
Food Across America – Bozeman, Montana
Read More Here.
The Ease Of Universal Design
Aging gracefully is at the forefront of many people’s minds. So how does that have any tie-in with a real estate article? Actually, more than you might think due to a concept called Universal Design. A relatively new concept that has appeal to a wide range of consumers, Universal Design is essentially adding accessibility to a home for people with physical limitations (whether they are currently present or simply potential in the future) in a non-stigmatizing and attractive way. This allows homeowners to “age gracefully” in their own homes when their health status changes.
Choosing a residence is a decision that homebuyers don’t take lightly, but oftentimes the choice may be somewhat short-sighted. A home’s layout and design ultimately decide how someone will use and enjoy the home after the purchase, and even how long they will be able to stay in the home. Universal Design is a user-friendly approach to designing homes where people of any culture, age, size, weight, race, gender and ability can live comfortably today and in the future. A home’s design and amenities are modified to take into consideration physical needs that require special accommodations. This includes a wide range of physical issues including poor eyesight, bad knees, or the need to use a walker or wheelchair, just to name a few.
While homes can certainly be retrofitted once the particular accommodations become necessary, there are definitely advantages to planning ahead while building a home to implement some general design features. In fact, it’s estimated to be about one-third less expensive to add Universal Design features while building a home versus remodeling down the road. Additionally, architects and designers who are on board with the concept can integrate many of the features to be nearly “invisible” in a home instead of standing out as eyesores. Incorporating the principles from the ground up can eliminate many of the limitations that accompany traditional home design and construction.
There are seven guiding principles of Universal Design features according to the Universal Design Alliance which are as follows:
- Equitable use – the design is useful and marketable to people with diverse abilities and will not disadvantage any user. For example, controls mounted on the front of a range to allow wheelchair accessibility.
- Flexible use – the design accommodates a range of abilities and preferences including choice in methods of use or adaptability to the user’s pace.
- Simple, intuitive use – easily understood design without regard to user’s experience, knowledge, or language skills.
- Perceptible information – the design communicates the necessary information effectively to the user. An example is a doorbell accompanied by a flashing light to alert a user with limited hearing.
- Tolerance for error – the design minimizes hazards and adverse consequences of unintended actions.
- Low physical effort – the design can be used efficiently and comfortably.
- Size and space for approach and use – adequate space is provided to approach, reach, and use an area regardless of the user’s physical size, posture, or mobility. A simple example is doorways that are wide enough for wheelchairs or walkers to easily navigate.
A prime example of Universal Design is right here in Bozeman in the form of The Knolls at Hillcrest which is Montana ’s first active adult lifestyle community, designed for those 55 and older. Accessibility and the principles of Universal Design have been fully utilized throughout this project. The home features can be fully enjoyed by owners now with further peace of mind when planning for the future and changing needs. Just a few of the design features are one-story living, wide interior doors and hallways, lever style door handles throughout, and lighting considerations including ample natural daylight and many adjustable lighting controls.
Most people prefer the thought of growing old in the comfort of their own homes versus being relocated to some type of assisted living facility. With 25% of the population 50 years or older, and with the greatest amount of wealth being possessed by this demographic group, we could certainly see a shift in people remaining in their well-designed homes with assistance or care coming to them instead of moving to institutionalized living situations. As life expectancy continues to rise along with improvements in the medical field, the concept of Universal Design should continue to thrive.
Robyn Erlenbush is owner of ERA Landmark Real Estate (with offices in Bozeman, Big Sky, Livingston and Clyde Park) and Intermountain Property Management. She can be reached at robyn@eralandmark.com.
Published in the Bozeman Chronicle, May, 2008.
Visit us at http://www.eralandmark.com/. & http://www.stuartandsally.com/
Understand the Economic Stimulus Package
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On February 13, 2008 , the economic stimulus package was signed into law by President Bush. This package includes many provisions which are important to the housing market, most notably increasing the loan limits for Fannie Mae and Freddie Mac (GSE) and the Federal Housing Administration (FHA). The National Association of Realtors ® (NAR) has shown great support for this package and predicts a jumpstart in the housing market which will help countless families and the U.S. economy as a whole. According to research conducted by the NAR, increasing the FHA loan limits could assist 138,000 Americans enter the housing market and will also give almost 200,000 homeowners the opportunity to refinance and ideally keep their current homes. Additionally, an economic impact study estimated that increasing the GSE’s loan limits could lead to as many as 500,000 refinanced loans and reduce foreclosures by 210,000. It is also anticipated that over 300,000 additional home sales could occur; there would be a reduction in housing inventory; and the prices for homes would increase and strengthen. The belief is that by increasing the loan limits for Fannie Mae and Freddie Mac, there will be improved liquidity in to the nation’s much stressed mortgage market. To use some numbers to put this in perspective, the FHA limit will increase to as much as $729,750 in high cost areas (to 125% of local median home prices) for loans approved on or before December 31, 2008 . The GSE limit will increase up to $729,750 for loans originated after July 1, 2007 to December 31, 2008 . Fannie Mae and Freddie Mac are currently topped out at $417,000. Please keep in mind these figures are estimates and not yet official figures. For those not familiar with FHA or GSE loans and their importance to the housing market, FHA loans- which are a part of the U.S. Department of Housing and Urban Development (HUD) – are insured loans, so lenders can generally offer better deals. They are often popular to first time homebuyers with a down payment as low as 3% of the purchase price, and most of the closing costs and fees can be included in the loan. Fannie Mae exists to expand affordable housing and operates in America ’s secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates. Freddie Mac purchases, securitizes and invests in home mortgages, and ultimately provides homeowners and renters with lower housing costs and better access to home financing. Of course, the economic stimulus package is really somewhat of a short-term answer to a bigger issue. Additionally, the loan limit increases will only be in effect for the current year. The FHA and GSE Reform Bills are currently in the works, but not yet passed into law. However, this package should meet its goal of giving the housing market a boost as well as jump-starting overall consumer spending. NAR’s President, Dick Gaylord, recently reiterated the fact that with more affordable financing options, lower housing prices, and historically low interest rates, buying a home now is more affordable than it has been in many years. Furthermore, homeownership is still the best way that most Americans can build their wealth, and is one of the best long-term investments a person can make. Robyn Erlenbush is owner of ERA Landmark Real Estate (with offices in Bozeman, Big Sky, Livingston and Clyde Park) and Intermountain Property Management. She can be reached at robyn@eralandmark.com. Visit us at http://www.eralandmark.com/ & http://www.StuartandSally.com/ |
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Spring has almost sprung in Bozeman!
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Spring has almost sprung!There is still time to ski the 3rd snowiest winter in 20 years! As the powder days of winter transition to spring’s blue, sunny skies and warmer temperatures, now is the ideal time to get out and enjoy our surrounding ski areas. Big Sky Resort has received 374 inches of snow on the upper mountain and 246 inches at mid-mountain. Snowfall at Big Sky Resort and Moonlight Basin is currently 15% above the 20 year average. Bridger Bowl, recent hosts of the NCAA alpine championships, received over 263 inches of fluffy powder as of February 21, 2008. Bohart Ranch Cross Country Ski Center offers 27 km of scenic skiing in the Bridger Mountains. Big Sky’s Lone Mountain Ranch offers skiers a change of pace. Whether enjoying a horse-drawn sleigh ride dinner or a tour of the 80 km Nordic trail system, natural beauty surrounds you. Please contact our Downtown Bozeman Office at 406-556-5001 or our Big Sky Office at 406-995-3444 for discounted Moonlight ski tickets, information about special Big Sky Resort rates or just to check the current snow conditions. |
ERA Landmark is currently working on their new and improved website. We are all so excited for it to be completed and will keep you posted.
We’d like to thank Robyn and the team at ERA Landmark for all their valuable information we use in our blogs and our website. It’s great to be a part of such a wonderful and interactive team!
Robyn and her staff do an incredible job with market updates and reports. We would be happy to share them with you upon request. Our local MLS here, Gallatin Association of Realtors, also does a magnificent job with their reporting and stats as well.
Thanks again and don’t forget to visit our website for any new listings and to see how wonderful it is to live in Bozeman, Montana!
Montana, Gallatin Valley Economic Growth – The Growing Valley
THE GROWING VALLEY
IN THE GALLATIN VALLEY, ECONOMIC GROWTH WAS ONCE AGAIN THE STORY OF THE YEAR; CONSTRUCTION BOOM IN 2007 MAKES AREA ONE OF THE STATE’S HOTTEST SPOTS
By GAIL SCHONTZLER
Chronicle Staff Writer
Growth was again Gallatin County’s biggest economic story of the year, making this area one of the brightest spots in a year of general prosperity for Montana.
Construction – the engine that put the local economy into overdrive for the past few years – had definitely downshifted in 2006 from the record-setting years of 2004 and 2005. In Bozeman, construction revved up again in 2007, making it the third-busiest year in history for builders. But construction could be slowing as we head into 2008.
”All in all it was a good year,” said Shawn Cote, government affairs director for the Southwest Montana Building Industry Association.
”If you look at the building permit numbers by themselves, you’d say 2007 was a fantastic year,” Cote said. But for some builders the market started to soften in the fall, he aid.
”The amount of inventory is indicative there could be a correction in 2008,” Cote said. “We’ve never had an inventory glut like we have now.”
Superheated housing prices also cooled some in 2007. Instead of houses jumping in value by 10 or 15 percent annually as they had the past few years, the median price for a single-family home sold in Bozeman actually slipped 3 percent in 2007. The median price went up 1 percent in Belgrade and dropped 13 percent in Big Sky.
Some saw 2007 as the first time in 20 years that it’s been more of a buyer’s market than a seller’s market.
”We’ve seen a real steady, stable market in Bozeman,” said Tricia Bailey, 2007 president of the Gallatin Association of Realtors and broker-owner of 45th Parallel Realty. “We have seen the real crazy appreciation (of the past) stabilize, because the amount of inventory has slightly increased over demand. But you’re really seeing a balance. You’re not seeing prices tumble… . There’s still steady demand and amble supple.”
Bozeman’s status as a regional retail center grew in 2007 with the opening of several multi-million-dollar stores.
”I bet we’re going to do 600,000 square feet in new commercial” space in 2007, said Andy Epple, Bozeman city planning director. Epple said that’s equivalent to adding two new Gallatin Valley Malls in one year.
Growth brought with it a string of related problems – a high cost of living, a labor shortage, a shortage of affordable housing, closure of trailer parks and workers complaining that their wages aren’t keeping up with high housing prices.
Still, local voters said yes to several costly projects needed to keep up with growth – approving millions of dollars in bonds for new schools in Bozeman and Big Sky, and higher taxes to pay for police and fire services in Bozeman.
Bozeman was again blessed in 2007 with a well-diversified economy. Montana State University and Bozeman Deaconess Hospital, the area’s two biggest employers (with 3,000 and 1,000 employees, respectively), served as steady anchors. Tourism, agriculture and the high-tech industry also contributed to the local economy.
”Our economy remains a real bright spot in Montana,” said Bob Hietala, chief executive officer of the nonprofit Prospera Business Network. “We continue to have about the highest growth of any Montana county.”
THE TOP ECONOMIC NEWS
STORIES FOR 2007 ARE:
Even though numbers are available only through November, the year 2007 is already the third-biggest in Bozeman history for the construction of new homes (733 permits issued for houses, condos, apartments and townhouse dwellings). It also was the third-biggest year in Bozeman history for the total number of building permits issued, 855 permits for everything from new businesses to home remodels.
And 2007 was the No. 1 year ever for the estimated value of construction – $231 million, though that record partly reflects rapid inflation in construction costs.
Putting 2007 into perspective, Epple said when he first moved to the sleepy university town of Bozeman to be a city planner 20 years ago, the city issued a grand total of 47 permits for new homes. This year the number was 16 times greater. If some people accuse him of having a “no growth” policy, Epple joked, it’s been quite a failure.
For Gallatin County in 2007, the number of septic permits issued to homes and businesses continued a steady decline (from 656 in 2004 to 445 this year). Tim Roark, county environmental health director, said part of the decline is due to a steady increase in public sewer systems, like that at Big Sky. Still, Roark said, 10 or 15 years ago, the county was issuing only 200 to 300 permits a year.
Shawn Cote, government affairs director for the Southwest Montana Building Industry Association, said in the fall of 2007, things started to tighten up for builders.
”I’ve talked to some builders who are as busy as they’ve ever been, and some are slowing down,” Cote said.
“I think there’s less work, particularly in Big Sky.”
Where in recent years builders would put help-wanted ads in the paper and no one would answer, Cote said, now there are 15 to 20 people who call looking for work.
”The consensus is the first half of 2008 will be pretty soft,” Cote said. “I think there’s a general nervousness.”
2. Retail rocked in 2007, creating hundreds of jobs.
On North 19th Avenue, Bozeman saw the opening of the new $11.8 million Lowe’s Home Improvement store, the $3.9 million Sportsman’s Warehouse, the $1.3 million World Market and other new stores. The $5 million Rosauer’s Supermarket opened on Huffine Lane in the new Bozeman Gateway development.
1. Construction remained strong in 2007, according to Bozeman city building permits.
3. Housing prices – For the first time in several years, home prices in Bozeman actually slipped slightly, instead of making spectacular gains.
Montana appeared to escape the worst of the subprime loan meltdown that has home prices falling in much of the nation. Realtors and builders attributed the softening of prices more to local supply getting a bit ahead of demand.
The changing market has meant good news for homebuyers. Buyers have more places to choose from, and a little better chance to negotiate on price.
”You’re no longer competing with five offers on every single home,” said Tricia Bailey, 2007 president of the Gallatin Association of Realtors. “You’re still seeing Bozeman homes selling for 97 percent of the asking price. In 2005, a really crazy, crazy year, we were seeing 100 to 101 percent of the asking price.
”You can pick and choose the house you’re interested in without it disappearing overnight.”
While the changing market has been good for buyers, it’s been bad for speculators. In 2007, investors couldn’t use real estate as short-term way to make big profits, Bailey said.
4. Gallatin County banks posted a record of $1.635 billion in deposits as of June 30, 2007.
It shows just how much the county has changed, as bank deposits have increased by nearly $1 billion in seven years. The 2007 total was also $80 million more than the year before.
Only Yellowstone County, with $2.3 billion in deposits, had more money in the bank than Gallatin County, according to the Federal Deposit Insurance Corp.
Other counties with fast-growing populations, like Flathead and Missoula counties, also have seen large increases in deposits, but none has grown as quickly as Gallatin County.
”The money that comes into our area banks can be turned around and lended out to local businesses and construction projects,” First Security Bank President Ron Farmer said in October.
5. Paying for growth was hotly debated in 2007.
After Gallatin County commissioners heard from dozens of unhappy real-estate brokers, builders and business owners, they approved in November an increase in road impact fees for new homes but not businesses.
A Florida consultant recommended that Bozeman triple its impact fees on new developments to pay for streets, but commissioners voted in December to increase the fees on a single-family home by $858 to $3,238.
Monforton School made a pitch to charge impact fees for schools, to ease the tax burden on property owners and pay for school expansion to provide room for children from all the new subdivisions coming to its area.
Bozeman voters passed special mill levies to pay for expanding police and fire services, and a $17 million bond issue to build a seventh elementary school.
6. Big Sky flexed its economic (and political) muscles in 2007.
In January, the state Department of Commerce reported that the booming resort had a huge economic impact on the state – producing 7,600 jobs and $478 million in spending – bigger than Montana State University’s $385 million annual spending. Local residents sought the report to demonstrate the area’s economic clout and to help persuade the 2007 Legislature to let Big Sky have its own high school.
Big Sky may have only 2,000 year-round residents, but they’re intent on making it a real community. The Big Sky Chamber of Commerce formed a Community and Infrastructure Solution group, which recommended that Big Sky consider incorporating as a town.
7. Downsides of growth made news in 2007.
The cost of living in Bozeman rose again, to 7 percent above the national average, the Prospera Business Network reported. Housing costs were the main reason, running 22 percent above the national average.
The high cost of living made it harder to recruit employees, and harder for employers to fill vacancies. Montana State University had to raise wages for custodians, and fast-food places in Bozeman advertised they were paying up to $13 an hour.
Gallatin County’s unemployment rate was 2.7 percent in November, lower than state’s 3.3 percent.
8. Downtown Bozeman’s down time seemed never ending.
Main Street was closed for six months while crews resurfaced the street, replaced water pipes, improved crosswalks with bricklike surfaces and installed new traffic lights with better pedestrian crossing signals.
Businesses were hurt, but in November downtown celebrated with a grand “reopening.” Downtown’s future should get a boost from the long-planned, $9.2 million parking garage, which finally began construction.
9. High tech remained strong.
Montana State University reported $102 million in research spending for the year ended in June, the first time the total had slipped from the year-before total of $103 million, but still a significant contributor to the local economy.
The state awarded a $200,000 job training grant to CDI-Aerospace to start up its Bozeman engineering design center for Sikorsky Aircraft, expected to hire and train more than 40 employees.
Gallatin Valley growth in 2007 remained strong in both residential and commercial construction. New retail space near
North 19th Avenue and Oak Street is being added adjacent to recently completed stores.
DEIRDRE EITEL/CHRONICLE
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