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Colorado - Fri. 06/05/26 |
A Free Business Publication from Alpine Bank
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COLORADO DECLARES STATEWIDE DROUGHT EMERGENCY
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Gov. Jared Polis on Thursday issued a statewide drought emergency declaration, potentially freeing up additional state funding for the state’s response to record-low snowpack and prolonged warm temperatures across Colorado. Colorado’s snowpack peaked in early March about a month earlier than usual and at the lowest level since 1987. Polis’ declaration follows recommendations Monday from the Colorado Drought Task Force and the Water Conditions Monitoring Committee. The governor also activated phase three of the state’s drought response plan, which unlocks additional response resources. Under this phase, the highest response level, the state can ramp up its efforts to track drought impacts and reallocate resources, like the state’s emergency funding or agency funding, to address unmet needs.
Since March, when a record-breaking heat wave melted most of the state’s snowpack early, farmers and ranchers have been tightening their belts. Some expect to receive half their normal water supply. In southwestern Colorado, the Ute Mountain Ute Farm and Ranch said it would have less than 14 percent of its normal supply. Huge swaths of the West and Southeast are experiencing drought this year. That includes nearly all of Colorado’s counties. About 93 percent of the state is experiencing some level of drought.
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140-YEAR-OLD SILVER MINE JUST WENT PUBLIC
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IPO-crazed investors have gobbled up stock offerings from a data-center buyer, AI provider, chip maker, automotive-software developer and geothermal power producer. The latest bonanza surrounds a historic silver mine in Idaho that hasn’t been fully operational for a quarter century. Billionaire Thomas S. Kaplan plans to restart the Sunshine mine, once America’s most prolific source of silver. Silver Mining & Refining, which Kaplan’s Electrum Group controls, raised $270 million in an initial public offering that values the company at $1.9 billion. The shares jumped 27 percent in their debut Thursday on the New York Stock Exchange. Sunshine aims to start production in 2028 and ultimately boost U.S. silver output by more than 15 percent.
Sunshine’s listing adds to what is shaping up to be the hottest market for new stock offerings in years. The first quarter’s 35 initial public offerings raised $9.9 billion, the best start to a year since 2021, according to listing-tracker Renaissance Capital. That doesn’t include Sunshine’s deal or the IPOs being teed up by SpaceX, Anthropic and OpenAI, which are expected to be among the largest ever. Investors have been even more enthused by the rookie class than the broader market, where the artificial-intelligence boom has pushed major indexes to records. Renaissance’s U.S. IPO exchange-traded fund, which tracks the performance of new listings, is up 24 percent in 2026, compared with an 11 percent gain in the S&P 500.
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CPW’s ANNUAL FREE FISHING WEEKEND IS HERE
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Colorado will host its annual Free Fishing Weekend on Saturday and Sunday, June 6-7. This weekend, the state is waiving its usual fishing license and habitat requirements, allowing residents, non-residents and anglers of all ages to fish for free, according to a news release from Colorado Parks and Wildlife. Colorado has more than 6,000 miles of streams and over 1,300 lakes, including spots that the agency’s biologists have rated as Gold Medal and Quality Waters for anglers due to their abundance of fishing opportunities. The state offers a diverse range of fish for anglers to catch, including over 35 species, according to Parks and Wildlife. All Colorado fishing regulations still apply this weekend, so anyone who is planning to fish for free should review the 2026 Colorado Fishing Brochure. Anglers can find out more about Colorado fishing locations, classes, events, tournaments and regulations by visiting CPW.State.co.us/fishing.
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DIA CEO PHIL WASHINGTON TO RETIRE
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Denver International Airport CEO Phil Washington will retire this summer, leaving one of the world's busiest airports looking to land a new leader. Washington took the job in 2021 after being nominated by former Mayor Michael B. Hancock. His predecessor, Kim Day, held the role for 13 years. Washington has set Aug. 1 as his departure date. Denver Mayor Mike Johnston's office said the search for his replacement will be launched "in the next month or so." Upon taking the job running DIA, Washington returned to Denver from California, where he had served as CEO of the Los Angeles County Metropolitan Transportation Authority for six years. Prior to that, he headed the Denver Regional Transportation District from 2009 to 2015.
Washington’s retirement announcement boasted achievements such as creating the airport's Vision 100 plan, which outlined strategies to support transporting 100 million passengers a year through DIA, and Operation 2045, its second-stage strategic plan for the airport's 50th anniversary in 2045. The airport also noted as one of Washington's signature accomplishments the recent opening of the Center for Excellence and Equity in Aviation, which brings DIA's training programs under one roof.
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WHAT LIES BENEATH
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Are there more bones down there? That question may be answered in 2027 when the Snowmass Water and Sanitation District plans to enlarge Ziegler Reservoir. The last time District Manager Kit Hamby oversaw a routine reservoir expansion in October 2010, it was anything but routine. The site became the world’s most significant high-elevation Ice Age paleontology discovery. “That was epic,” said Kirk Johnson on Wednesday, now Sant Director of the Smithsonian National Museum of Natural History and overseer of the world’s largest natural history collection. “That was one of the greatest fossil digs of all time.” Johnson, then chief curator at the Denver Museum of Nature and Science, led the 70-day excavation that unearthed 6,000 bones, including those of about 50 mastodons. There also were bones of Columbian mammoths, giant ground sloths, an Ice Age camel, an enormous bison, an ancient horse and over 36,000 invertebrate fossils.
According to Johnson, the dig only unearthed about one-twelfth of the whole Ziegler “pie.” That means there’s eleven-twelfths yet to discover. “We only took one slice out. … It’s going to be a really amazing thing,” he said of what’s to come. However, for Hamby — who would rather stay out of the limelight — the focus of the project is on protecting the water supply for the town of Snowmass Village. “I know everyone is mesmerized by the bones and the discovery, but that’s not why we are up there,” he said. Hamby has one goal: more water storage for Snowmass, especially during drought periods. “That’s why it is so timely now,” he said, given that the area likely is experiencing “the worst drought in 150 years.” For Snowmass, Ziegler Reservoir “has been such a great resource,” Hamby said.
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EXHIBITION DEDICATED TO HERBERT BAYER'S LEGACY OPENS JUNE 9
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Long before destination branding had a name, Herbert Bayer gave Aspen its look. The Austrian-born Bauhaus master arrived in 1946 and spent a lifetime shaping what was once a mining town into the cultural beacon it is today. The Resnick Center for Herbert Bayer Studies will open its fifth exhibition, “Double Take: Recurrent Dialogues in the Art of Herbert Bayer,” at noon June 9, offering a look at recurring shapes, colors and graphic devices that thread through his work. A free public opening reception on the Bayer Center lawn will run from 4 to 6 p.m. on June 12, with Koko Bayer making an appearance. The show coincides with preparations for Colorado’s 150th anniversary. While the previous show centered on Bayer’s three-dimensional arc, the upcoming show is focused on his two-dimensional practice and fine art demonstrating recurring motifs across various mediums.
Pieces will be coming from the Denver Art Museum, private collectors, the Bayer Center’s own holdings and the Santa Barbara Museum of Art. Six photographs will also arrive from the George Eastman Museum in Rochester, New York. The Bayer Center will be giving away a 90-page catalog to exhibition visitors. For more information, visit thebayercenter.org/exhibitions.
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TOWN OF VAIL PLANS TO REDUCE WATER BY HALF DURING EXTREME DROUGHT SUMMER
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The Eagle River Water and Sanitation District has asked the town of Vail to reduce its water use by one third this summer, and the town plans to go beyond that with an aggressive plan to cut outdoor watering dramatically. Town Landscape Architect Gregg Barrie presented town staff’s plan to the Town Council on Tuesday, showing specific instances in which the town can achieve major reductions in water use through the forgoing of irrigation of turf areas. Barrie said he’s expecting to see an overall reduction of about 50 percent this summer under the new plan, a critical savings as snowpack in Vail was the lowest in recorded history this past season.
Additional reductions would then affect neighborhood parks including Ellefson, Buffehr Creek, Red Sandstone, Sunbird, Booth Creek and Pirateship, as well as the outer areas of Bighorn and Stephens parks. The Ford Park and Donovan ball fields would be the second to last areas in town to stop receiving outdoor irrigation, with the lawn at the Ford Amphitheater and the plants at the Betty Ford Alpine Gardens the highest priority assets in need of outdoor irrigation. The town has also taken a closer look at the amount of water being used in the town’s public water features and will shut down some of those features. The town’s annual flower program, which ordinarily uses approximately 18,000 gallons of water per week, will be scaled back to under 3,000 gallons per week. Additional water conservation measures will include reducing bus, fleet, fire and police vehicle-washing to only when necessary.
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STEAMBOAT RESORT LAUNCHES SUMMER OPERATIONS
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Steamboat Resort opened for the summer season Thursday, June 4 with a Sunset Happy Hour, followed by daily operations beginning Friday, June 5 and running through Aug. 16. After Aug. 16, the resort will shift to weekend operations through October, according to a recent news release. The Steamboat Gondola and the lower section of Wild Blue Gondola will provide access to hiking and biking trails, as well as the Steamboat Bike Park, which will be open from 9:30 a.m.-4 p.m. The park offers terrain for beginners through advanced riders, along with private and group lessons, clinics and bike rentals.
- For more information on biking activities at the resort, visit Steamboat.com/BikePark. Guests can also access scenic gondola rides and a new hiking route connecting the Wild Blue mid-station to the Thunderhead Trail and base area, offering a less strenuous option for visitors.
- Guided hikes with lunch will be available Thursday through Sunday and can be booked online at Steamboat.com/HikeandLunch.
- Mountain Camp, designed for kids ages 5-14, will operate Monday-Friday beginning Wednesday, June 3 and running through Aug. 14. For more details and to book, visit Steamboat.com/Activities.
- A full slate of summer events is planned, including Movies on the Mountain, Sunset Happy Hour, a downhill bike race series, weekly yoga sessions, a concert series and other special events. To learn more, visit Steamboat.com/Events.
- Tickets for bike park access, scenic gondola rides and events are available through the resort, and Ikon Pass holders receive lift access and on-mountain discounts. Updated information on hours, trail conditions and events is available at Steamboat.com.
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BLUE RIVER FREEZES NEW SHORT-TERM RENTAL LICENSES & RENEWALS
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The Town of Blue River has hit pause on accepting any new short-term rental licenses through the end of the year as town officials grapple with what they describe as widespread compliance issues with recently adopted regulations. In a unanimous vote on May 19, the Blue River Board of Trustees approved an emergency ordinance imposing a temporary moratorium on new or lapsed short-term rental license renewals through Dec. 31 while the town rewrites its regulations and enforcement procedures. The freeze doesn’t affect short-term rentals that already hold a valid 2026 license and are currently operating in compliance with town requirements.
Town officials said Blue River currently has around 210 licensed short-term rentals but are aware of roughly 230 short-term rental properties operating within town limits. The declaration of an emergency has drawn criticism from representatives of the local vacation rental industry, who argue the trustees adopted the moratorium with little public input and could expose homeowners to legal and financial risks.
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SILVERTHORNE MOVES TO MANDATORY WATER RESTRICTIONS
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The town of Silverthorne has moved into Phase 3 mandatory water restrictions and is preparing to enforce the rules with monetary penalties up to $500 for repeat violations. Silverthorne Town Council on May 27 approved on first reading an ordinance establishing fines for individuals or businesses disobeying the restrictions. The penalties have not yet taken effect, as the council must approve the ordinance at a second reading slated to occur at the next scheduled meeting on June 10. The combined changes come as a result of the town significantly tightening its drought response. Just two weeks ago, the town issued reminders about voluntary water conservation measures but has since quickly moved to obligatory measures.
Under the proposed enforcement framework, residents and businesses who violate the town’s mandatory water restrictions would first receive a warning and education on the law. But upon the next violation, the individual would receive its first conviction, which would carry a $100 fine. A second conviction would cost $250 while third convictions would carry a $500 fine. Phase 3 restrictions require residents to significantly reduce outdoor water use.
- For lawn irrigation, watering is limited to specific days and times based on addresses. Properties with even-numbered addresses may water overnight on Tuesdays and Saturdays between 6 p.m. and 9 a.m., while properties with odd-numbered addresses may water on Sundays and Wednesdays during the same time window.
- Decorative flowers, plants, bushes and trees may be watered at any time if using drip irrigation, a watering can or a hose equipped with an automatic shut-off valve.
- During Phase 3 water restrictions, the Town of Silverthorne will continue watering as normal the town’s public assets, including Rainbow Park and other essential sports fields, which must be maintained to a minimum standard for use.
- More information about the conservation efforts can be found on the town government’s online water restrictions page at ShortUrl.at/RWIje.
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NTTO: 2025 RESULTS OF SURVEY OF INTERNATIONAL AIR TRAVELERS
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The International Trade Administration’s National Travel and Tourism Office (NTTO) released the results of the inbound Survey of International Air Travelers (SIAT) covering the calendar year 2025.
A sampling of results:
- In 2025, 46.4 million international inbound air travelers from Canada, Mexico and overseas visited the United States
Of the 34.3 million arriving from overseas:
- The average overseas visitor stayed 16.9 nights and spent $1,829 while in the U.S.
- The average overseas visitor had a combined annual household income of USD$90,880
- The main purpose of the trip: vacation/holiday, 57.1 percent; Visit Friends/Relatives, 22.2 percent; Business, 16.4 percent
- On average 1.4 states were visited;14.9 visited two states; 9.7 percent three states or more
Top state visited:
- Florida: 9.3 million
- New York: 9.1 million
- California: 6.6 million
- Nevada: 2.3 million
- Texas: 1.9 million
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MARKET UPDATE - 06/04/2026 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 06/04/2026)
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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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