Montana & Idaho Community Development shortens name

Dave Glaser

Montana & Idaho Community Development Corp. has changed its name to MoFi, a name intended to better represent its expanding geographic footprint and product line, said Dave Glaser, the company’s president.

MoFi provides financing and consulting services to business and communities that are just outside the financial mainstream, with solutions including business lending and tax credit financing for businesses, non-profits and real estate developments.

In 2017, MoFi provided over $11 million in small-business financing to businesses that were unable to access traditional bank capital, with roughly half that amount going to Idaho borrowers. It expects that amount to increase in 2018. It has also been responsible for catalyzing multiple projects using New Markets Tax Credits (NMTC), a program of the U.S. Treasury that is designed to incentivize investment and development in economically underserved areas. Since 2012, MoFi has used NMTC to support over $150 million in projects in Idaho, including Fresca Mexican Foods (Caldwell), Golden Valley Natural (Shelley), Hemming Cedars (Rexburg), Kootenai Health (Coeur d’Alene), Targhee Professional Services (Rexburg), Western States Caterpillar (Pocatello), and Idaho Burger Grill (St. Anthony).

Glaser said the new name came after recent expansions into Wyoming, Eastern Washington and Eastern Oregon.

“For over 30 years, we have aggressively grown our organization to meet the needs of low- and middle-income people in our region,” he said. “But for many, the inequality of opportunity continues to grow. We’ve realized that the people we serve need more, so we’re responding to the need for flexible, responsible capital by expanding our reach. In addition to Montana and Idaho, we are now serving Wyoming, eastern Washington and eastern Oregon. We look forward to continuing our work with the hardworking people and communities of Idaho in pursuit of our mission, which remains unchanged: to transform the lives of individuals and strengthen community prosperity.”

Last fall, MoFi relocated and expanded its Boise office, led by Ben Wright, Director of Consulting Services. Wright oversees the organization’s asset management division, which provides technical support to loan clients, including free bookkeeping and accounting services, connecting them with marketing and advertising grants, providing management advice and helping them establish a lasting relationship with a local bank.

Orangetheory Fitness opening in Sandcreek Commons

Orange Theory Fitness will be opening in Ammon’s Sandcreek Commons shopping center early this summer. The 3,600-square-foot fitness center will be at 2678 E Sunnyside Road near Broulim’s Fresh Foods, Bill’s Bike & Run, Lunchbox Wax, Hobby Lobby and others. The business is owned by J&J Fitness IF, LLC.

OrangeTheory Fitness’ concept is the one-hour full-body workout. The gym offers trainer-led classes all day for all levels of fitness. Based in Boca Raton, Fla., it offers group personal training workouts based on high intensity interval training (HIIT) that blend cardiovascular and strength training.

The Ammon location marks the 1,049th location for the chain, which was named the fastest-growing woman-owned company in 2017 by Forbes and brought in $451 million in revenue in 2016.

“We are eagerly anticipating the opening of the new OrangeTheory Fitness,” says Sandcreek Commons Chief Development Officer Eric Isom. “OrangeTheorgy will be a wonderful addition to the center and to the Ammon community.”

CEI names dean of student affairs

Michael Walker

Michael J. Walker has been named dean of student affairs for College of Eastern Idaho (CEI). He comes to eastern Idaho from Utah Valley University, where he has held leadership and teaching positions since 2008, including instructor, assistant director and, most recently, director. He launched UVU’s professional education program (certifications and workforce training) in 2015. From 2009 to 2015, he served as assistant administrator for the UVU Wasatch Campus in Heber City, facilitating student and faculty services.

Walker holds bachelor’s and master’s degrees in history from Brigham Young University, and a master’s in higher education and student affairs from Utah State University. He is working on his doctorate in education (instructional leadership) with Utah State University. His research focuses on concurrent and dual enrollment. He has taught more than 60 collegiate courses in history, ethics and the humanities for over ten years, having taught at UVU, USU, and Salt Lake Community College.

NuScale plan for small modular reactor in Idaho clears regulatory hurdle

NuScale began life as a spinoff company based on research conducted by Oregon State University professor Jose Reyes. (NuScale Power photo)

NuScale Power's plans for a small modular reactor west of Idaho Falls has cleared another regulatory hurdle, as the U.S. Nuclear Regulatory Commission has completed the first and most intensive phase of review for the company’s design certification application.

This is the first and only SMR application to ever undergo NRC review. The NRC is expected to certify NuScale’s design, and the company’s first customer, Utah Associated Municipal Power Systems -- of which Idaho Falls Power is a member -- is planning a 12-module SMR plant to be in operation by the mid-2020s.

“We are thankful for the rigorous review of our revolutionary nuclear design and greatly appreciate the government recognizing the importance of furthering NuScale’s advancement,” said the company's power chairman and chief executive officer, John Hopkins. “Our technology means significant economic and job benefits for the country and it’s positioned to revitalize the domestic nuclear industry by virtue of NuScale’s affordable, flexible, and safe solution to providing zero-carbon energy.”

During the 115,000 hours the NRC spent reviewing the application, it issued far fewer requests for additional information compared to other DCAs, validating in NuScale's view the simplicity of the design and quality of the application.

On a separate but related front, the U.S. Department of Energy’s Office of Nuclear Energy announced Friday it was awarding NuScale $40 million in cost-sharing financial assistance. The federal award supports early-stage research and development and the industry’s embrace of these technologies, with the stated goal of promoting U.S. energy independence, electricity grid resiliency, national security, and clean baseload power.

Headquartered in Portland, Ore., NuScale, majority-owned by Fluor Corp., has already received more than $200 million in federal support. The $40 million award announced Friday, the lion's share of $60 million doled out under the DOE’s new "U.S. Industry Opportunities for Advanced Nuclear Technology" program, comes with an equivalent cost share.

In a Portland Business Journal story, NuScale Director of Communications Mariam Nabizad said the company has "commitments from private investors to cover the NuScale $40 million portion of the DOE award." She added that the company "looks to continue to seek additional investment beyond our DOE cost share award to provide the funding to complete our commercialization program."

In a Bloomberg story earlier this month, "First Small-Scale Nuclear Reactor May Be Just Eight Years Away," CFO Jay Surina said NuScale was looking for "deep-pocketed" individuals who could provide it up to $120 million in equity investment.

Freddy's gets new chief for Idaho restaurants

Eric Stine

Eric Stine of EMS Management will be the new principal in charge of the Freddy's Frozen Custard & Steakburgers locations in Idaho. Idaho's first Freddy's opened in 2014 in Meridian, and the chain has since expanded to Nampa, Idaho Falls, Caldwell, Chubbuck and Eagle. Stine is also part of the management team for the restaurant in Rexburg.
 
“Our focus is on high-quality food, genuine hospitality and maintaining a clean and comfortable atmosphere for guests of all ages,” Stine said.

Stine's was the first general manager at the first Freddy's location in Wichita, Kansas. His management team has more than 25 years of combined experience.

“We strive to provide fast, friendly service and premium quality food,” said Stine. “With the recent closing of our Boise location and Caldwell's restaurant being put up for lease, we are dedicated more than ever to building our Freddy's restaurants to be the place all our guests want to go. We want to be more than just another place to eat in the community by becoming familiar with our guests and their stories.”

Co-founded in 2002 by Scott Redler and Bill, Randy and Freddy Simon, Freddy’s opened its first location in Wichita. Today, 300 Freddy's restaurants serve 31 states across the nation from California to Pennsylvania, Virginia and down the East Coast states to Florida. Freddy’s has been named Franchise Times magazine’s 2018 Fast & Serious top 10, Entrepreneur’s 2018 Franchise 500 top 50, Inc. Magazine’s “Fastest-Growing Private Companies” 2017 list and many other nationwide and local industry awards.