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Colorado - Fri. 10/25/24 |
A Free Business Publication from Alpine Bank
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DENVER-AREA COMPANY WINS $162.4M DOE FINANCING FOR METHANE EMISSIONS
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LongPath Technologies Inc. won a $162.4 million loan guarantee from the U.S. Dept. of Energy’s Loan Programs Office on Wednesday. The money will be used to set up 1,000 remote-monitoring towers with laser light sensors, creating a network that’s said to be capable of measuring methane over 24,000 square miles in real time. The technology is meant to help oil and gas producers, and air quality regulators find and address leaks and greenhouse gas pollution. The money will cover rolling out its real-time methane emissions monitoring networks in Texas’ Permian basin, the Denver-Julesburg Basin of northeast Colorado, the Anadarko fields of Oklahoma and in North Dakota. The project is expected to create 35 construction jobs and lead to 266 operational jobs.
LongPath’s monitoring networks are predicted to lead to the prevention of at least 6 million metric tons of carbon dioxide equivalent, which equals taking 1.3 million gas-powered cars off the road. LongPath's monitoring is based on Nobel Prize-winning laser technology developed at the University of Colorado and the National Institute of Standards and Technology in Boulder. The technology can continuously monitor and quantify methane emissions from multiple oil and gas well sites within nearly eight square miles of pole-mounted sensors 50 feet off the ground. LongPath last year landed a Series A round of venture capital that eventually totaled $35 million.
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METRO DENVER’S APARTMENT BOOM
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Metro Denver developers pushed out more than 5,000 new apartments in the third quarter, and rents barely moved despite that high volume. For the past several quarters, developers have added as many apartments in three months as they would average across an entire year before 2011. Rising vacancies would in turn force landlords to slash rents. So far, that hasn’t happened. Average rents in the region rose $8 last quarter to $1,911 and are up 1.2 percent over the past year, below the 1.4 percent rate of inflation measured in September.
The overall vacancy rate fell 0.3 to 5.3 percent and moved lower in 18 out of 33 submarkets. Denver, which has seen a high concentration of new multifamily projects, had the highest county vacancy rate at 5.8 percent. The Central Business District had the highest submarket rate at 6.6 percent. Over the past 12 months, developers have added 21,158 new apartments. That is double the pace seen last decade and equivalent to about 5 percent of all the existing apartments built in the past 100 years. Renters signed leases to take on 20,935 of those units in the third quarter, or about 96 percent of the new supply.
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LOVELAND SKI AREA JOINS INDY PASS
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Over the past five years, the Indy Pass for skiers and snowboarders has grown as an affordable alternative to the twin titans of season passes, Epic and Ikon, featuring mostly small and medium-sized independent ski areas that leave the luxury to the megaresorts. This year, Indy Pass is adding the Loveland ski area, a move Indy Pass managing director Erik Mogensen calls one of the biggest additions to Indy Pass since its inception. Having begun modestly in 2019 with 34 members, Indy Pass this year will include 230 no-frills ski areas in the U.S. and overseas, including Sunlight, Powderhorn, Howelsen Hill, Granby Ranch and Echo Mountain in Colorado. Loveland is among 52 areas being added to Indy Pass this season. Broomfield-based Vail Resorts owns 42 mountain resorts worldwide. Denver-based rival Alterra Mountain Company has 18. With their partner resorts, Epic and Ikon passes include more than 130 ski areas.
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DENVER TO REPLACE THIRSTY TURF WITH GARDEN OF NATIVE PLANTS
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Denver will transform the landscape around its City and County Building into a waterwise shortgrass prairie, tearing out thirsty bluegrass turf and creating a demonstration showcase for conservation. The project will slash 44 percent of water use on the traditional bluegrass lawn, dropping water use in that area from 1.2 million gallons a year to 670,000 gallons. The 1932 neoclassical building has historic landmark designation, but the grounds do not, so Denver Parks and Recreation is free to design and build the $400,000 project. The money will come from the Parks Legacy Fund, created by a special sales tax Denver voters approved in 2018 for open space acquisition and renovation. Agriculture in Colorado uses 80 to 85 percent of available annual precipitation, while cities use up to 8 percent. Of that city use, about half goes to watering outdoor landscape, and many water agencies now encourage ripping out turf grass in favor of waterwise plants.
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COLORADO APPOINTS KATE WATKINS AS STATE DEMOGRAPHER
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Kate Watkins has been named the new state demographer. Watkins spent seven years as an economist with the General Assembly's Legislative Council. She served as the council's chief economist from November 2017 to May 2022, leading the council's economic team through the state revenue forecasts during COVID. She then founded Bright Fox Analytics, a consulting firm. She replaces Elizabeth Garner, who is retiring on Nov. 29, 2024. Watkins will start part-time on Nov. 2 and move into the full-time role Dec. 2. The state demography office "provides population estimates and forecasts for Colorado’s regions, counties, and municipalities developed by the State Demography Office and the U.S. Census Bureau." Watkins holds a bachelor's degree in economics and international studies from the University of Denver, a master's degree in sociology from Cornell; a master's degree in global finance, trade and economic integration, also from DU; and a Ph.D. in sociology from Cornell.
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GJPD VOLUNTEER RECOGNIZED WITH PRESTIGIOUS AWARD
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A Grand Junction Police Dept. volunteer has been recognized with the Carol Hacker Award for Outstanding Victim Advocate in the Volunteer Sector by the Colorado Organization for Victim Assistance (COVA). Victim Services Volunteer Laurel Walters was given this prestigious award at the annual COVA Conference. It recognizes individuals who have made a significant impact on the lives of crime victims through their volunteer efforts. COVA, a statewide nonprofit organization, fosters a collaborative environment where victims of crime can heal and restore balance to their lives. The Carol Hacker Award is given annually to honor a volunteer who has demonstrated exceptional dedication and service in victim advocacy. Walters has been a member of the Grand Junction Police Dept.’s Victim Services Program for the past four years. She has volunteered more than 3,000 hours, providing crucial support to victims in need.
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SUMMIT COUNTY FIRE HAS 'MINIMAL GROWTH'; SMOKE IMPACTS I-70
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The Meadow Creek Fire that sparked near Frisco and I-70 had “minimal growth” Wednesday night, growing to about 1.5 acres. The small wildfire is burning in grass, sage and aspen understory about a quarter mile from the interstate. It was first reported Wednesday around 3:30 p.m., when a plume of smoke billowed up over I-70 near Exit 203 to the Frisco commercial center. Firefighters were able to stop the forward growth of the fire by dusk Wednesday. Frost reportedly helped hold the line as crews monitored the fire overnight. Drivers on I-70 should expect smoke impacts and are advised to slow down when passing through the area. The North Tenmile Creek trailhead and the Meadow Creek trailheads remain closed. No developed areas are immediately at risk, and no evacuations are anticipated at this time. The fire is believed to be human caused but its origins remain under investigation.
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W. SLOPE LEADERS CALL ON GOV., CDOT TO EXPAND SCOPE OF MOUNTAIN RAIL PROJECT
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More than a dozen Western Slope community leaders and rail advocates are urging Colorado’s governor and the state transportation department to consider additional train services in rural resort areas as part of the state’s proposed mountain rail project. In an Oct. 21 letter addressed to Gov. Jared Polis and the Colorado Dept. of Transportation, the Western Rail Coalition said there is a need for new local passenger rail service between Leadville, Vail and Glenwood Springs.
The group asked for a study on the proposal to be folded into the ongoing efforts to expand the existing rail line between Denver and Winter Park into Steamboat Springs and all the way to Craig. While the coalition says it is fully supportive of that project, “we believe that such a limited scope cannot be the extent of our state’s short-term ambitions,” the letter states. The proposal calls for reviving rail services on the dormant Tennessee Pass Line, a 200-mile stretch of track between Pueblo and Glenwood Springs. The envisioned service would connect Minturn, Dowd/Vail, Avon/Beaver Creek, Edwards, Eagle, Eagle County Regional Airport and Gypsum with minimum hourly service, with some trains continuing onto Leadville in the south and Glenwood Springs in the west.
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COLORADO DRIVERS: GET READY FOR HANDS-FREE DRIVING, JAN. 1
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The Colorado Dept. of Transportation wants Colorado drivers to begin preparing for Jan. 1, 2025, when state law will crack down on people holding cellphones while driving.
- The penalties start with a $75 fine and two license suspension points for the first offense. First-time violators can have the charge dismissed if they provide proof of purchasing a hands-free accessory.
- For a second offense within 24 months, drivers will be fined $150 and three license suspension points.
- For a third/subsequent offense within 24 months, the penalty carries a $250 fine and four license suspension points.
- To get a citation, a law enforcement officer must see the driver using a cellphone in a manner that causes the driver to be "careless and imprudent."
- The law does not allow the officer to confiscate the cellphone.
- Between now and the end of the year, CDOT urges drivers to prepare by acquiring hands-free accessories such as dashboard mounts or using car speakerphone systems.
- There are exemptions when reporting an emergency or sitting in a parked vehicle. The law also exempts utility workers, code enforcement officers, animal protection officers, and first responders.
- According to CDOT’s 2024 Driver Behavior Report, "77 percent of Colorado drivers admitted to using their phones while driving, with 45 percent saying a hands-free feature in their car would stop them from using their phone."
- CDOT also said distracted drivers "pose a particularly high risk to vulnerable road users such as pedestrians and bicyclists. From 2015 to 2023, deaths among pedestrians and bicyclists increased by 50 percent and 112.5 percent, respectively, while Colorado’s population grew by less than 8 percent during the same period." However, the agency did not link those accidents to cellphone use while driving.
- Colorado will become the 30th state to ban holding a cellphone while driving.
- More information can be found at codot.gov/handsfreeco.
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WORLD SERIES TICKET PRICES ARE SECOND HIGHEST EVER
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Tickets for the 2024 World Series between the New York Yankees and Los Angeles Dodgers come with the kind of premium price tags you’d expect from teams in the biggest U.S. markets. The average price for a World Series ticket in the secondary market is $3,887. The teams, which sport two of the three highest payrolls in the league, are meeting in the World Series for the first time since 1981, marking their 12th championship series matchup.
Average prices for home games in New York and Los Angeles are $4,875 and $3,146, respectively — the second- and third-highest average home game prices since 2010. The first two games of the World Series will be played at Dodger Stadium starting on Friday at 8:08 p.m. ET, followed by three games at Yankee Stadium, starting on Monday. The remaining two games of the seven-game series will be played in Los Angeles, if necessary. Average prices for World Series tickets on the secondary market over the last decade, most expensive to least (home team: year, and average price):
- Chicago Cubs: 2016, $6,641
- New York Yankees, 2024, $4,875
- Los Angeles Dodgers, 2024, $3,146
- Houston Astros, 2017, $3,097
- Los Angeles Dodgers, 2017, $2,778
- Philadelphia Phillies, 2022, $2,653
- Washington Nationals, 2019, $2,492
- Cleveland Indians, 2016, $2,474
- Atlanta Braves, 2021, $2,086
- Texas Rangers, 2023, $1,946
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MARKET UPDATE - 10/24/2024 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 10/24/2024)
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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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