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Colorado - Wed. 07/29/26 |
A Free Business Publication from Alpine Bank
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COLORADO RIVER WATER MANAGERS AWAITING FEDERAL MANAGEMENT PLAN DUE THIS WEEK
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Federal agencies are expected this week to release the Colorado River Basin report, the final version of an environmental review that outlines the government’s plan for how to manage the river basin’s key reservoirs in coming years. It’s one of two reports that represent the culmination of three years of gridlocked negotiations over how to manage the river basin’s key reservoirs after the current management rules expire this fall. Colorado River officials have been working since 2023 on a new set of rules for how to release and store water in two immense reservoirs, Lake Powell on the Utah-Arizona border and Lake Mead on the Arizona-Nevada border. Water officials will decide how much water to release in two-year intervals, and they will renegotiate their plan every two years for the next 10 years, according to early descriptions of the federal plan.
Over the last 27 years, the river’s flows have dropped by 20 percent compared with the 20th century average, said Brad Udall, senior water and climate research scientist at Colorado State University’s Colorado Water Center. Since 2020, the river’s flow has been about 10.2 million acre-feet on average per year — that’s a 33 percent decline, he said. “That’s a stunning drop. There’s nothing like it in the historical record” dating back to 1906, Udall said. States have been making legal threats. Arizona said in May that upstream states — Colorado, New Mexico, Utah and Wyoming — will be out of compliance with a century-old agreement by the end of September. The agreement, called the Colorado River Compact of 1922, says upstream states “will not cause” the flow of the river to be depleted below a certain level.
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NEDERLAND'S $120M ELDORA SKI RESORT DEAL STALLS 10 MONTHS PAST EXPECTED CLOSE
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Nederland’s planned acquisition of Eldora Mountain Resort has stretched months beyond its expected closing date, but town officials say the deal could be nearing completion. The $120 million deal to acquire the ski area located in the mountains of Boulder County from Utah-based Powdr Corp. has stalled for nearly 10 months. Town officials originally predicted the deal, which will be financed by municipal revenue bonds backed solely by Eldora's earnings rather than tax dollars, could close in early October. When that closing date came and went, Town Administrator Jon Cain adjusted that estimate, predicting that the deal would close toward the end of the 2025-26 ski season. If the deal did not close by April 30, either Powdr or the town could back out of the deal. Now, the town expects to close “soon” and that it would be sharing an official announcement “soon.”
The delay has stemmed from negotiations around the deal’s closing conditions, the town said. In January, the 1,500-person town approved agreements that would allow it to finance the transaction and then manage and improve the ski area. The town voted to approve a maximum of $225 million of bonds backed by revenue generated by Eldora in January. If the deal closes, Powdr will help run the resort for two years, providing services such as hiring help, IT system integration, marketing and capital planning for $1 million annually, according to the asset purchase agreement.
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ASPEN'S WATER RESTRICTIONS MAKE MEANINGFUL REDUCTION IN CITY-WIDE USE
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The city of Aspen has seen a 20 to 40 percent reduction in water demand since the city adopted stage 3 water restrictions in May. The city wanted to reduce overall system water demand by 15 to 25 percent during the ongoing drought conditions compared to demand in 2024 and 2025. It saw a much larger reduction in demand between May 15 and June 30. Aspen adopted stage 3 water restrictions on May 15 due to significant drought conditions within Aspen, the Maroon and Castle Creek drainages (the city’s main water sources) and the Roaring Fork Valley. It limits residential watering schedules and increases rates for the city’s highest water users. Since the restrictions were implemented, the city has issued 326 violation notices — 273 were first violations, 47 were second violations and six were third violations. The city’s water metering produces automated reports of accounts in violation.
The city also receives reports from its drought hotline and email accounts, as well as customer reports through Aspen 311. The city estimates compliance with the stage 3 restrictions is about 75 percent. Aspen and Pitkin County remained in the “exceptional drought” classification as of July 21. Streamflow in June in the Roaring Fork watershed was at 27 percent of normal. Maroon Creek’s peak runoff was measured on June 7 at 143 cubic feet per second. The historical average peak runoff occurs between June 15-30 at over 300 cfs. The National Oceanic and Atmospheric Administration’s climate prediction center is forecasting that drought could persist but improve slightly in Western Colorado over the next three months.
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CORE AWARDS OVER $1.4M FOR LOCAL ENERGY PROJECTS THROUGH FIRST HALF OF 2026
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The Community Office for Resource Efficiency (CORE) awarded nearly $1.42 million in grants and rebates during the first half of 2026. Over 130 energy efficiency and electrification projects across Pitkin, Eagle and Garfield counties were supported with the grants and rebates. The impact of the completed projects will save 3,785 metric tons of carbon emissions over their lifetimes — the equivalent of avoiding the use of 425,903 gallons of gasoline. The 120 residential and 10 commercial awards are nearly double the number distributed during the same period last year. More than $750,000 went to 95 residential projects through Garfield and Eagle counties, and partnerships with CLEER, Holy Cross Energy, and local contractors helped residents complete the projects.
CORE exceeded its goal of 40 percent of incentive funding directed to Community Priority Participants. The organization directed 60 percent of incentive funding by supporting 85 cold-climate heat pump projects. Participants include income-qualified households, workforce housing residents, first responders, and community-serving organizations. For more information, visit aspencore.org.
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CPW RELEASES SEVEN BEAVERS
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Colorado Parks and Wildlife announced that they have completed the first phase of a restoration project while also releasing some beavers to accompany it. CPW said they used man-made beaver dams and animal relocation to revive eroding creek habitats across the West Rifle Creek and Garfield Creek state wildlife areas. "The goal is to improve habitats where soil erosion and channelization at the two state wildlife areas have degraded streams into fast-moving ditches, impacting water availability at these wildlife areas that benefit a large number of species," CPW said in a media release. In August 2024, CPW staff surveyed a four-mile stretch of West Rifle Creek and discovered an active beaver colony. To help the animals, CPW built two beaver dam analogs, which are man-made structures designed to mimic natural beaver dams, about a mile downstream, the wildlife agency said. "Within a month, local beavers occupied and expanded one of the structures," CPW said.
Following the initial success, CPW partnered with multiple agencies, and one of the agencies was able to construct 39 new beaver dam analogs along the creek this spring, which was funded by a grant, CPW said. The wildlife agency and their partners will continue to work on the project over the next two years to restore West Rifle Creek's natural, meandering flow. Following the success at West Rifle Creek, CPW began a second project at Garfield Creek State Wildlife Area near New Castle, which is 33 miles south of West Rifle Creek.
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STEAMBOAT SKI & RESORT CORP BEGINS DAILY HELICOPTER LOGGING OPERATIONS
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Steamboat Ski & Resort Corporation began helicopter logging operations on July 28, with the aim of supporting wildfire mitigation efforts in the resort’s permit area by removing thousands of trees downed during a December 2025 wind event. Approximately 4,000 to 5,000 trees were blown down on the mountain during the storm. The removal of dead and downed timber is intended to enhance forest health, decrease wildfire risk and help maintain a safer environment for both locals, visitors and employees. The operations will begin daily at 6 a.m. and continue through the early to mid-afternoon depending on weather conditions.
Early morning flights allow helicopters to operate more efficiently and safely in cooler air, reducing the overall length of the project. Operations will start in the Sunshine area for roughly two weeks before shifting to the Mahogany Ridge area for the rest of the project. Depending on condition, the recovered timber will be milled into lumber, processed into mulch or used as firewood, putting the wood to productive use rather than disposing of it. Some of the lumber will be milled on-site and eventually returned to the forest in the form of new signs and other mountain infrastructure. Resort officials note that impacts may change day-to-day and encourage community members to stay updated via the Ikon app and Steamboat.com.
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MOTHERLOADED TAVERN IN BRECK SAYS GOODBYE AFTER 20 YEARS
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Walk through the doors of The Motherloaded Tavern in downtown Breckenridge and it’s hard to know where to look first. Posters of Johnny Cash, Willie Nelson and Elvis Presley compete for wall space with family photographs, vintage guitars and knickknacks collected from antique malls and loyal customers. Behind the bar, old license plates frame a mounted jackalope head. Suspended from the ceiling, an oversized Coors Light sign depicts an angry bear wielding a keg. Near the front entrance sits an armadillo figurine that, after years of collecting dust, once survived a trip through the restaurant dishwasher. To owner Chmurny “Chmurn” Cain, the objects represent the fun, carefree and sometimes chaotic spirit of the Main Street restaurant and bar. “It doesn’t matter where we are — this is just the shell,” Cain said, gesturing around the dining room. “This is the house. It’s the family inside that makes it work.
After 20 years of business, that house has closed to the public as of Saturday, July 25. Cain sold the building, bringing an end to one of Summit County’s most recognizable dive bars, live music venues and neighborhood gathering places. Chef Gabe has worked at the tavern since its opening day in 2006. Manager Chloe grew up around the restaurant before joining the staff at 16, following after her mother and Cain’s good friend Michelle. Employees cook meals for each other, camp and travel together. Cain said rising costs eventually made operating the business too difficult. Annual property taxes alone climbed from around $13,000 when she bought the building to roughly $50,000 last year. “The cost of everything’s gone up, but people still want cheap beer and cheap food,” she said. “It’s driving the little guys out.”
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VOC CAIRN PROGRAM IS ACCEPTING 2026-27 STUDENT & MENTOR APPLICATIONS
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The Cairn Program is an award-winning high school program that guides and challenges students to become caretakers of Colorado’s natural resources. Volunteers for Outdoor Colorado is currently accepting both high school student and adult mentor applications now through July 31, 2026. Founded in 2008, the Cairn Program engages 20 students throughout the school year in monthly outdoor activities and stewardship projects across the Front Range. For more information and to apply as a student or mentor, visit voc.org/cairn-program.
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ALPINE BANK OPENS BENEFIT ACCOUNT FOR FIVE 'SNYDER FIRE' FIREFIGHTERS
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Alpine Bank has established a dedicated benefit account to support the families of five firefighters impacted by the Snyder Fire, in Mesa County. Alpine Bank is launching the effort with an initial $25,000 donation, to be split equally among the five families. The bank has a longstanding commitment to supporting the communities it serves, especially in moments of hardship. The benefit account is open for donations now through Aug. 31, 2026, with all funds going directly to the firefighters' families. Information on how to contribute can be found at alpinebank.com/snyderfire.
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SUMMER BOOKINGS TO COLORADO MOUNTAIN RESORTS LOSE STEAM
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Following a strong start to summer bookings — driven largely by pent-up demand for deferred mountain vacations after a slow winter — ski destinations are reporting waning occupancy, rates and revenues as visitors look for more attractive pricing. Ski resort markets across Colorado’s Western Slope saw a promising surge in summer bookings after the end to an underwhelming, low-snow winter season. Although occupancy, rates and revenue remain ahead of what the state saw last summer, all three categories dipped during the month of June. Tom Foley, director of Business Intelligence for Inntopia, said these trends point to growing price-sensitivity among consumers, as well as travel hesitation as wildfires and poor air quality continue to disrupt activities across the state.
- The June report shows a 5.9 percent increase in occupancy among Colorado resort destinations compared to the same month last year.
- Average daily rate went up 4.5 percent, with the combined growth in both metrics delivering a 10.7 percent gain in monthly revenue.
- Full summer occupancy is up 4.7 percent from summer 2025, compared to 4.8 percent as of one month ago.
- July saw the highest occupancy gain, up 9 percent.
- Average daily rate is up 2.5 percent, down from 3.2 percent as of May 31.
- Combined, the year-over-year increases in occupancy, and daily rates are delivering a 6 percent in aggregated summer revenues.
- Across all western destination states tracked by Inntopia — Colorado, Utah, California, Nevada, Wyoming, Montana and Idaho — reservations made in June for arrival in June were down 1.7 percent year over year, bookings for July arrivals were down 13.1 percent and August was down 12.6 percent.
- Meanwhile, bookings for September were up 27.2 percent, 22.9 percent for October and 22.5 percent for November.
- International bookings for the 2026 calendar year are down 51.5 percent across the region from 2024, though some of that deficit is being credited to the poor snow conditions in Colorado and Utah. Summer bookings are looking up, as overall international visits from the four primary markets (Canada, Mexico, Western Europe and Oceania) see a modest bump compared to earlier in the year.
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TOURISM GAVE COLORADO A $29B ECONOMIC BOOST
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Colorado saw tourism bring in a record $29.2 billion for the state in 2025 but tourism is slowing, according to a new report. Gov. Jared Polis and the Colorado Tourism Office on Tuesday released its annual report put together by travel consulting agencies Dean Runyan Associates and Longwoods International Travel USA. The report found tourism grew in 2025, but the state is facing several challenges such as more competition, federal policy changes and weather impacts.
- Colorado saw more visitors in 2025 compared to 2024 by 1.4 percent.
- Nearly 97 million people visited the state last year.
- Travelers spent more than $29.2 billion last year, up 2 percent from 2024’s revenue.
- The state generated $28.5 billion in 2024.
- Meanwhile, the number of jobs supported by tourism fell in the state by 0.6 percent to less than 188,000 jobs.
- Colorado saw 2 percent growth in visitor spending — which is in line with similar states like California at 1.7 percent — but is below the national travel spending growth of 4.2 percent.
- The state’s market share fell to 1.79 percent in 2025, down from its height in 2019 of 2.3 percent.
- U.S. travel spending grew by 4.2 percent in 2025, more than double Colorado’s growth.
- Colorado’s market share has also continued to decrease, dropping from a high of 2.3 percent in 2019 to 1.79 percent in 2025.
- 2026 numbers indicate that communities across the state are seeing fluctuations in visitation related to weather-related challenges, including lower-than-average snowfall and the proximity of wildfires. Some communities, including mountain resort destinations, have experienced seasonal declines in visitation as high as nearly 40 percent due to these conditions.
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MARKET UPDATE - 07/28/2026 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 07/23/2026)
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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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