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Colorado - Fri. 03/28/25 |
A Free Business Publication from Alpine Bank
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BOULDER WINS SUNDANCE FILM FESTIVAL STARTING IN 2027
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The Sundance Film Festival is moving to Boulder. After months of multimillion-dollar funding appeals from cities across the country, the nonprofit film festival board announced Thursday that the famed event will move from its longtime home in Park City, Utah, to Colorado beginning in 2027. Boulder beat out a combined bid from Park City and Salt Lake City, as well as one from Cincinnati. Boulder won due to its attractive mix of culture, including its mountain setting, technology sector, arts community, college population and community values, officials said at a celebratory press conference. The city is set to host the event from 2027 through 2036, with a potential 86,000 attendees and $132 million in economic activity, as Park City reported in 2024. Sundance sees the heart of the festival as centered in downtown Boulder, with a variety of existing theaters and venues, and adapted spaces around the pedestrian-only Pearl Street Mall.
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OIL GIANT SELLS DENVER-JULESBERG BASIN ASSETS FOR $905 MILLION
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Colorado's second-largest oil and gas producer Houston-based Occidental Petroleum Corp. sold 250,000 acres of mineral rights in the Denver-Julesberg Basin for $905 million to private equity-backed Elk Range Royalties, another Texas company. Occidental revealed last month it has sold some rights in the area, but Elk Range Royalty's identity as the buyer wasn't known until last week. Before the deal, Elk Range Royalties owned 1,000 acres of mineral rights in the Denver-Julesberg Basin. About half of the mineral rights acreage Elk Range now owns is operated by Chevron Corp., with the remaining being split between Occidental and Denver-based Civitas Resources.
In its fourth-quarter report, Occidental announced divestitures of $1.2 billion worth of assets in Colorado and in the Permian Basin of Texas, mostly from areas where it’s a minority mineral rights owner and doesn't operate wells. The goal is to raise money that it will use to pay down debt, the company said. As of the end of 2024, Occidental’s principal outstanding debt was $24.4 billion, $1 billion of which is due this year, according to the company’s end-of-year U.S. Securities and Exchange Commission filings. Occidental has leases and mineral rights in 9.3 million net acres, 48 percent of them being owned subsurface mineral rights.
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DENVER NWSL TEAM PLANS FOR TRAINING FACILITY, STADIUM IN CENTENNIAL
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When Centennial purchased an undeveloped 43-acre property at the intersection of South Potomac St. and East Fremont Ave. in 2011, the city’s vision was to transform the parcel into a community asset. In the 14 years since, that goal hit numerous speed bumps, including a 2014 master plan that would’ve created 18 multi-purpose fields but fell through due to a lack of funding. That vision moved a step closer to reality on Thursday at Cherry Creek Innovation Campus with the announcement that Denver’s National Women’s Soccer League team is partnering with Cherry Creek School District to build a stadium, training center and auxiliary fields on the property.
The modular stadium, which will seat about 12,000 before eventually being scaled down to 4,000, will serve as the Denver NWSL club’s home over the next two years while a planned permanent stadium at Santa Fe Yards is being built. After the team leaves for Denver, the stadium will be used full-time by CCSD. The club and the district are splitting the cost of the stadium, which is projected to be $20 million to $25 million. Denver NWSL’s 20,000 square-foot training facility will include two grass fields, a turf field, a goalkeeper training area and a sports performance center. Adjacent to the training facility will be the stadium, as well as four additional turf fields that CCSD and the community can use.
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NEW NONSTOP FLIGHTS FROM DIA TO UTAH START NEXT WEEK
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Travelers in Colorado trying to reach Utah from Denver International Airport will find a new option starting next week with the launch of Contour Airlines nonstop flights to Moab and Vernal. The inaugural flights scheduled to depart Tuesday and Wednesday will make Contour the 27th airline providing flights from DIA.
From Concourse C:
- Contour will fly 30-seat Embraer jets daily to Moab, departing at 5:40 p.m. (arriving at 7:15 p.m.)
- Flights to Vernal are scheduled five days a week, departing DIA at 4 p.m. (arriving at 5:25 p.m.)
- Return flights will leave Moab at 2:50 p.m. and Vernal at 1:40 p.m.
The new flights increase DIA airlines’ offerings to 191 destinations across 46 U.S. states. Contour Airlines officials call DIA “a new hub” for their efforts to link smaller communities. They’ve established a partnership with United Airlines. They allow a free checked bag and serve snacks and drinks. DIA chief executive Phil Washington has said increased connections to rural and mid-size cities are part of the airport’s growth strategy to serve 100 million travelers a year. In May, United Airlines plans to fly the first nonstop flights from DIA to Rome, Italy, and Regina, Canada. DIA officials also noted new United flights this year to Peoria, Illinois; Buffalo, New York; Redding, California; and Wilmington, North Carolina.
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CU ENROLLMENT HITS 5-YEAR LOW AT DENVER CAMPUS
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Fall enrollment at the University of Colorado's Denver campus hit a five-year low this academic year even as the university's systemwide enrollment hit a post-pandemic high. CU Denver has struggled to maintain enrollment on campus in the years following the Covid-19 outbreak. A total of 13,730 students enrolled at CU Denver's downtown campus for the 2024 fall semester, down from the 15,162 on record in 2020's corresponding semester. The school's fall enrollment has fallen in each of the past four years. CU Denver's declines have come despite a systemwide enrollment increase at the University of Colorado.
The university's consolidated enrollment at its three campuses in Boulder, Denver and Colorado Springs rose to 67,708 in the most-recent fall semester, up roughly 1,000 students from 66,872 on record in the fall 2020 semester. During that same five-year span, enrollment at CU's Colorado Springs campus also declined by about 1,000 students — meaning all of CU's growth over the past five years was concentrated on its main campus in Boulder. The Boulder campus, the university’s largest, hit 38,799 students last semester, up from 35,411 in 2020's corresponding period.
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MIKAELA SHIFFRIN WINS SLALOM AT WORLD CUP FINALS
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Mikaela Shiffrin started the World Cup slalom season with a win and closed it the same way. In between, a serious crash in the giant slalom, a difficult recovery, struggles with confidence, battles with post-traumatic stress disorder and finally rediscovering that winning form. Shiffrin easily won the women’s slalom on Thursday at the World Cup finals. The first-run leader, Shiffrin found another burst to finish in a combined time of 1 minute, 45.92 seconds and beat Lena Duerr of Germany by 1.13 seconds. Andreja Slokar of Slovenia took third. Shiffrin glided through the course at Sun Valley with a large crowd cheering her through every gate. It was an injury-marred season for Shiffrin, who competed in only the slalom at finals. The 30-year-old Shiffrin has missed four slalom races this season and that’s kept her from retaining her title in the discipline. She still finished in fourth place in the slalom standings.
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STATE'S OLDEST OPERATING LIFT TO BE RETIRED IN APRIL AFTER PARTY ON FRIDAY
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Sunlight Mountain Resort plans to give its historic Segundo lift a special retirement party today to honor its five decades of service and iconic status in Colorado’s ski industry. Segundo, the state’s oldest operating lift, began service on Aspen Mountain as Lift 3 in 1954. In 1969, it was replaced and sold to Sunlight, which had debuted as a ski area in 1966. It went into service there in 1973 as Sunlight’s second lift, hence the name Segundo. Resort officials have designated Friday as Segundo Day. Segundo’s last day in service is likely to be April 6, when Sunlight closes for the season, but Segundo’s sendoff celebration will happen Friday with extended hours. Those who want to pay their respects will be able to ride Segundo from Sunlight’s normal closing time of 4 p.m. until 6:30 p.m. Those who don’t already have Sunlight passes will be able ride Segundo starting at 4 p.m. for $20.
Segundo’s chairs seat two with a single hanger pole between the passengers. The lift was built by the Heron Engineering Company, founded by the legendary lift designer Robert Heron, which built 120 chairlifts across the country. It will be replaced by what used to be Arapahoe Basin’s Lenawee, a three-passenger chair which was removed in the summer of 2022 and replaced by a high-speed, six-person chair. Sunlight is also replacing the Primo lift, a double that began operation in 1966. It will be replaced this summer by a four-person chair built by Poma in Grand Junction.
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FORT LEWIS COLLEGE TRUSTEES NAME SOLE FINALIST IN PRESIDENTIAL SEARCH
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The Fort Lewis College Board of Trustees named Heather Shotton as the sole finalist in its search for a new president on Wednesday, concluding a nearly four-month search. The board voted unanimously to approve Shotton after a closed discussion. A final decision on her appointment is expected at the board’s April 11 meeting. Shotton currently serves as FLC’s vice president for diversity affairs and acting dean of students. She said she has been with the college for three years. A descendant of the Kiowa and Cheyenne nations and citizen of the Wichita and Affiliated Tribes, Shotton would become the college’s first Indigenous president if confirmed, according to an FLC news release. Board Chair and search committee president Janet Lopez said Shotton emerged as the top candidate from a competitive national search with more than 75 candidates. FLC launched its search after former Fort Lewis College President Tom Stritikus announced his resignation in March 2024.
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U.S. ALPINE CHAMPIONSHIPS COMING TO VAIL FOR THE FIRST TIME
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Ski and Snowboard Club Vail, with Vail Resorts, will host the U.S. Alpine Championships from March 29 to April 1. It’s the first time the country’s top skiers will gather in Vail for the season-ending event. U.S. Ski and Snowboard was looking to keep the U.S. Alpine Championships geographically close to Sun Valley, Idaho, where the FIS World Cup Finals will conclude on Thursday. The national governing body has had an eye on Golden Peak as a location after Ski and Snowboard Club Vail successfully hosted U18 and U16 nationals in 2022 and 2024. The free four-day show starts Saturday at Golden Peak with the men’s and women’s super-G. Giant slaloms follow on Sunday and Monday, with both the men and women taking to the hill for slaloms on Tuesday. After the first day’s races, a parade beginning at 2:30 p.m. will wind from the base of Golden Peak to the 10th Mountain statue by the Covered Bridge for the awards ceremony. An athlete signing will follow at 3:30 p.m.
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MARCH BRINGS BIG MOVEMENTS FOR COLORADO'S COLLARED GRAY WOLVES
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According to Colorado Parks and Wildlife’s latest watershed map, showing activity between Feb. 25 and March 25, Colorado’s collared gray wolves were located in watersheds predominantly across Pitkin, Garfield, Rio Blanco, Routt, Jackson, Grand and Eagle counties as well as to the southeast in Clear Creek, Park and Chaffee counties. Some portions of watersheds in northern Gunnison County and northern Summit County also show activity. Compared to the previous 30 days, the latest map shows more expansive exploration in the region by the animals. While the map only shows activity in Colorado, one wolf traveled into north-central Wyoming in March, where it was killed by the U.S. Dept. of Agriculture Wildlife Services. The male wolf was connected to the death of five sheep in the area. At least one Pitkin County yearling was killed by a wolf in March.
There are now 27 wolves in Colorado that have collars. Parks and Wildlife has functioning collars on all 21 surviving wolves it has brought from British Columbia and Oregon, on four of the Copper Creek Pack pups released back into the wild in January, and on two wolves that entered Colorado from Wyoming in 2021. This year, the agency has also identified at least three uncollared wolves in the state: two from other states and one of the Copper Creek wolf pups that was never captured.
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DOLA AWARDS OVER $1.6 MILLION IN FUNDING TO FIVE YAMPA VALLEY PROJECTS
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The Colorado Dept. of Local Affairs’ Energy and Mineral Impact Assistance Fund grant program announced on Tuesday over $1.6 million in funding awarded for five projects across the Yampa Valley. The program provides financial support to local governments affected by mineral and energy development, aiming to help communities that experience social or economic changes due to the extraction, processing or conversion of minerals and fossil fuels. Funding comes from the state severance tax on energy and mineral production, as well as a partial share of royalties paid to the federal government for mining and drilling of minerals and mineral fuels on federally owned land.
- Craig received two grants of $50,000 and $554,760 for a raw water control valve and water line replacement, respectively.
- Steamboat Springs was awarded $124,000 for childcare and workforce housing construction documents.
- Yampa Valley Regional Airport received $800,000 for the construction of Taxiway B, an existing taxiway that was built years ago that is now “not wide enough or strong enough to accommodate the size of private and executive jets” that fly to the airport. The project is set to bid in April, with construction scheduled for summer 2025.
- The Yampa Fire Protection District also received $85,000 for a Feasibility and Facility Study.
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COLORADO WILL SPEND $2.4 MILLION TO RESTORE TRAILS TO 14ERS
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State leaders on Wednesday announced $2.4 million in grants to restore trails on 12 of Colorado’s 14ers and invest in work at other outdoor sites. The Non-Motorized Trail Grant Program, overseen by Colorado Parks and Wildlife, is funded through Great Outdoors Colorado and the Federal Recreational Trails Program. A quarter of a million dollars will go to the Colorado Fourteeners Initiative to reconstruct a dozen trails that summit many of the state’s 14ers. The peaks receiving trail work are:
- Mt. Bierstadt
- Mt. Blue Sky
- Quandary Peak
- Mt. Democrat
- Mt. Princeton
- Mt. Massive
- Capitol Peak
- Mt. Columbia
- San Luis Peak
- Redcloud Peak
- Wetterhorn Peak
- Mt. Sneffels
Grants are also going to several other volunteer groups and local governments to support upgrades and restoration work across the state, including several projects in the High Country:
- Headwaters Trails Alliance in Grand County received $89,040 to fund a four-to-six-person trail crew to maintain 450 miles of trail in the county.
- Routt County Riders was awarded $55,985 to fund two additional positions to help the U.S. Forest Service’s Hahn’s Peak/Bear’s Ears non-motorized trail crew conduct maintenance of almost 400 miles of trail across the region.
- Roaring Fork Outdoor Volunteers also gained $148,566 to support two years of trail maintenance in the Maroon Bells-Snowmass Wilderness, including work on part of the Avalanche Creek Trail, where a crossing has not been accessible for years due to a bridge washing out.
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MARKET UPDATE - 03/27/2025 Close
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(Courtesy of Alpine Bank Wealth Management*)
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Canadian dollar (per U.S. dollar)
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Mexican peso (per U.S. dollar)
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30-year fixed mortgage rate (Freddie Mac 03/27/2025)
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*Not FDIC insured. May lose value. Not guaranteed by the bank.
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Alpine Bank is an independent, employee-owned organization with headquarters in Glenwood Springs and banking offices across Colorado's Western Slope, mountains and Front Range. Alpine Bank serves customers with retail, business, wealth management*, mortgage and electronic banking services. Learn more at alpinebank.com.
*Alpine Bank Wealth Management services are not FDIC insured, may lose value and are not guaranteed by the bank.
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