Colorado - Fri. 03/01/24 A Free Business Publication from Alpine Bank View Online View in Browser
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FRONTIER: 17 NEW NONSTOP ROUTES TO U.S. AIRPORTS, INCLUDING DIA

 
 
 
Frontier Airlines is launching 17 new nonstop routes from airports throughout the U.S. and internationally this spring, including in Denver, the airline announced Wednesday. The new routes will launch from cities including Atlanta, Nashville, Houston, Orlando, Ontario, Chicago and Portland, among others. Most of the new routes will run three to four times weekly. Denver-based Frontier will be launching a new route between Denver International Airport and Missoula Montana Airport beginning May 3. The flight runs four times a week. In January, Frontier announced it was expanding service at 38 domestic and international airports in April, May and June, with Dallas gaining the most new routes of that crop.
 
- Denver Business Journal, 02.28.24
 

DENVER OIL CO. STRIKES $150M DEAL TO EXPAND IN DENVER-JULESBURG BASIN

 
 
 
A Denver-based company is acquiring $150 million worth of mineral rights and royalties in the core of the Denver-Julesburg Basin where Colorado’s biggest oil producers are most active. Sitio Royalties Corp. on Thursday revealed it reached an agreement in January to buy oil and gas rights from an undisclosed third party that had expertly assembled a mineral rights and royalty portfolio “concentrated in the best parts of the DJ Basin.” The transaction is expected to close this spring. The deal expands Sitio’s presence in northeast Colorado oil fields by 52 percent, and it now owns rights covering just over 38,000 acres in the most productive parts of the basin known as the Greater Wattenberg Field. Sitio Royalties will gain royalty payments from oil, natural gas and liquids production by wells operated mostly by Chevron Corp., Occidental Petroleum and Civitas Resources — the three biggest players in Colorado oil production.
 
- Denver Business Journal, 02.29.24
 

COLORADANS SEE NEARLY $20M IN STUDENT DEBT FORGIVEN

 
 
 
More than 2,500 borrowers in Colorado will have some or all of their student-loan debt forgiven under the Biden administration’s new relief plan, according to the U.S. Dept. of Education. The $19.8 million in debt forgiveness in Colorado is part of a $1.2 billion student loan forgiveness effort under the Saving on a Valuable Education, or SAVE, plan. It’s not yet clear how many Coloradans will see their full debt canceled or just part of an outstanding loan forgiven. To be eligible for the SAVE plan, borrowers must have made payments toward their student debt for at least 10 years and have originally withdrawn $12,000 or less for college. The plan is based on what the borrower originally took out in student loans, not what a borrower currently owes. For every $1,000 borrowed over $12,000, a borrower can receive debt forgiveness after an additional year of payments. People who believe they meet the requirements are encouraged to sign up at StudentAid.gov/SAVE.
 
- Denver Post, 02.28.24
 

STRANAHAN'S DISTILLERY OPENS SATELLITE "WHISKEY LODGE" IN ASPEN

 
 
 
Denver-based Stranahan’s distillery marks its 20th anniversary this year, and to celebrate, the whiskey maker is tracing its roots back to Aspen with a new tasting room and restaurant opening on March 9 in the mountain town. The Aspen Whiskey Lodge, at 307 S. Mill St., serves alpine-inspired dishes alongside drams and cocktails featuring the distillery’s original spirits. As the story goes, Stranahan’s was born after volunteer firefighter Jess Graber responded to a barn fire at George Stranahan’s property in Woody Creek; Stranahan, who died in 2021, was a longtime Aspen resident, millionaire, physicist and entrepreneur. The two bonded over their love of whiskeys and in 2004 started the distillery, which has since become a leader in making American single malt.
 
- Denver Post, 03.01.24
 

WORLD CUP'S RETURN TO ASPEN THIS WEEKEND

 
 
 
The FIS World Cup and all its festivities kicked off in Snowmass Base Village late Thursday afternoon, welcoming back the top Alpine skiers in the world for three races this weekend. Last year's races were the more velocity-oriented disciplines of downhill and super-G, this year features the more technical giant slalom and slalom. All of the ski events scheduled today through Sunday will be held on Aspen Mountain. Giant slalom races will be today, and Saturday and slalom is scheduled for Sunday — though forecasted snow may have something to say about that. Originally scheduled for just two races, Aspen was the beneficiary of a canceled race in Soelden, Austria, gaining another giant slalom race for Friday to bring the weekend’s race count to three. That race starts at 10 a.m. today, with second runs starting at 1 p.m. It’s the same start times for the second giant slalom on Saturday, and then Sunday’s slalom will start at 9 a.m. and noon.
 
- Aspen Daily News, 03.01.24
 

LOCAL WILD HORSE HERD COULD UNDERGO MAJOR THINNING

 
 
 
The population of a popular local wild horse herd could be more than halved in a removal operation the Bureau of Land Management is planning for this September. The BLM is tentatively looking to use a helicopter to gather and remove potentially up to 120 animals from the Little Book Cliffs Wild Horse Area herd northeast of Grand Junction. That herd is now estimated to number 200 or more. The agency aims to maintain the wild horse population in the 36,000-acre range at between 90 and 150 horses. The BLM had considered removing up to 68 horses from the herd last year but postponed the operation for logistical and other reasons and instead worked to remove horses in the West Douglas area south of Rangely and west of Colorado Hwy. 139. The BLM manages herd sizes based on factors such as forage and water availability and herd impacts on other resources.
 
- GJ Daily Sentinel, 03.01.24
 

DURANGO DOC NAMED CITIZEN OF THE YEAR

 
 
 
Dr. Joseph Murphy, known for his contributions to accessible health care and work with Fort Lewis College, was named 2024 Citizen of the Year on Thursday at the annual Durango Rocks awards celebration. The Citizen of the Year award is presented to those who have made a significant contribution to their community, going above the normal responsibilities of their profession, according to the Durango Chamber of Commerce, which sponsors the awards. Murphy was chosen because of his time serving as a physician as well as his multiple contributions to the medical community, including serving as medical director for Fort Lewis College’s Health Center, FLC’s athletic team physician and his time as the president of the medical staff at Mercy Hospital. In retirement, Murphy continues to be proactive through various health initiatives, including a COVID-19 education program. Other awards made include:
  • Business of the Year: Durango Nursery and Supply
  • Small Business of the Year: Desert Sun Coffee Roasters
  • Nonprofit of the Year: La Plata Economic Development Alliance
  • Entrepreneur of the Year: EsoTerra Ciderworks
  • Spirit of Durango Award: Mark “Happy Pappy” Anderson
  • Bill Mashaw Volunteer of the Year Award: Fred Riedinger
  • Morley Ballantine Women’s Leadership Award: LaTitia Taylor
  • Leadership La Plata Barbara Conrad Award: Natambu Obleton
  • Outstanding Contribution to the Community: Marc and Jane Katz
  • Young Professional of the Year: Rebekah Click
 
- Durango Herald, 02.29.24
 

EAGLE COUNTY'S INCREASE IN PROPERTY TAXES

 
 
 
The post-COVID real estate boom drove a sharp increase in Eagle County’s assessed value. That’s led to an increase in property taxes, but the amount of that increase depends on where you live. Calculating increases also depends on figuring the difference in assessed values between 2022 and 2023, since the latter year saw a revaluation of property by the Eagle County Assessor’s Office. According to data from the Eagle County Treasurer’s Office, here’s a look at the cumulative increase in assessed value from 2022 to 2023:
  • Gypsum: $81 million
  • Eagle: $74 million
  • Avon: $101 million
  • Vail: $452 million
 
- www.vaildaily.com, 03.01.24
 

STEAMBOAT GRAND CLOSING FOR EIGHT MONTHS STARTING APRIL 1

 
 
 
The Steamboat Grand, one of the largest lodging properties and conference centers in Steamboat Springs, will be closed entirely for eight months starting April 1 to undergo infrastructure renovations. According to an announcement from The Steamboat Grand, the 400,000-square-foot hotel complex is closing from April 1 to Nov. 30 “for long overdue infrastructure improvements including replacing all mainline water pipes, updating the fire alarm systems in all guests’ rooms and op panels, modernizing the elevators, upgrading room furniture and amenities.” The Steamboat Grand employs more than 120 workers. Reservations for the 328-room property will not be accepted for spring, summer or fall this year, and no conference rooms will be available.
 
- Steamboat Today, 03.01.24
 

WHAT TO KNOW ABOUT THE TEXAS WILDFIRES

 
 
 
  • The wildfire at Smokehouse Creek is only 3 percent contained and has covered an estimated 1.075 million acres — making it bigger than Rhode Island — becoming the largest blaze in Texas history, according to the Texas A&M Forest Service.
  • The state's fire preparedness level was raised to a three, meaning outside help from other agencies, regions or states may be required to battle the blazes.
  • Two people have been confirmed dead. Former substitute teacher Joyce Blankenship, 83, was found dead in her home, family members said. Cindy Owens, believed to be in her 40s, from Amarillo, died Thursday, two days after she got out of her truck and the fire "overtook her," officials said.
  • Wildfires, having moved east from the Texas Panhandle, were spreading in Oklahoma.
  • At least 12 fires were burning in the state, covering more than 115,000 acres.
  • Conditions ripe for more fires are expected Saturday and Sunday. Heat and high winds, forecast to gust at 20 to 35 mph, are likely to cause "critical fire weather conditions again," the National Weather Service in Amarillo said.
 
- NBC News, 02.28.24
 
 
 
MARKET UPDATE - 02/29/2024 Close
 
(Courtesy of Alpine Bank Wealth Management*)
 
 
Close
Change
Dow Jones Industrials
 
38996.39
 
+47.37
 
S&P 500
 
5096.27
 
+26.51
 
NASDAQ
 
16091.92
 
+144.18
 
10-year Treasury yield
 
4.25
 
-0.02
 
Gold (CME)
 
2045.70
 
+12.70
 
Silver (CME)
 
22.66
 
+0.25
 
Oil (NY Merc)
 
78.26
 
-0.28
 
Natural Gas ($/MMBtu)
 
1.86
 
-0.02
 
Cattle (CME)
 
184.00
 
-0.65
 
Prime Rate
 
8.50
 
NC
 
Euro (per U.S. dollar)
 
0.92
 
NC
 
Canadian dollar (per U.S. dollar)
 
1.35
 
NC
 
Mexican peso (per U.S. dollar)
 
17.05
 
-0.04
 
30-year fixed mortgage rate (Freddie Mac 02/29/2024)
 
6.94
 
+0.04
 
*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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