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Colorado - Fri. 02/17/23 |
A Free Business Publication from Alpine Bank
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ALPINE BANK HOLIDAY NOTICE
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All Alpine Bank branches will be closed on Monday, Feb. 20, 2023, for Presidents' Day. The Alpine Bank family wishes you and yours a safe and happy holiday. We invite you to use Alpine Online or the Alpine Mobile app for 24/7 banking access, even when we are closed. Learn more at the link below.
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STATE OF THE ROCKIES REPORT FROM COLORADO COLLEGE: WATER CRITICAL
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The 2023 Conservation in the West Poll, the 13th annual survey of the American West by the State of the Rockies project at Colorado College, showed more than 86 percent of respondents said the Colorado River was vital to their states’ economies. Ninety-six percent of respondents were concerned about current water shortages in the West. The State of the Rockies poll surveyed over 3,400 residents in Colorado and 8 other western states. Concern over water conservation has risen substantially since 2011, when 75 percent of respondents in all states said water supply shortages were a serious problem, according to the poll. Now, that figure has risen to 86 percent, down slightly from 89 percent in 2022.
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COLORADO OFFERS $10 MILLION TO THREE COMPANIES TO MOVE TO STATE
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The Colorado Economic Development Commission Thursday agreed to offer $10 million in tax incentives to three companies to locate in Colorado. The largest package of incentives, totaling $5.4 million, went to a company that produces anodes for batteries for electric vehicles, aircraft and drones that is considering locating in Adams County. An aviation company that is considering building a training center in Denver was offered tax incentives of up to $3.7 million over eight years to create 240 new jobs with an annual average wage of $186,500. The third offer was to an aerospace engineering and analysis firm to locate in El Paso County. It totaled $1.3 million to create 71 new jobs.
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ECO-DEVO COMMISSION OFFERS REBATES FOR TWO FILMS IN COLORADO
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In 2012, Colorado launched its incentive program to encourage filmmakers to use Colorado locations for making movies, television shows and video games, offering rebates of as much as 20 percent for filming that exceeds minimum spending thresholds, with the company hiring at least half their cast and crew members from within the state. However, Colorado simply has not kept up with other states in offering incentives for filmmaking and a state task force recommended that Colorado replace its annual film incentive allocation with a larger tax credit, although that change would have to come through the state's Legislature. The Colorado Economic Development Commission did offer rebates of $220,000 to two local filmmaking companies to make films in Palisade and Colorado Springs, called “Blood Vine” and “King of the Mountain” respectively.
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GOOD SNOW, EVENTS, BOOST OCCUPANCIES IN JAN. IN ASPEN, SNOWMASS
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The Aspen Skiing Co., Aspen Chamber Resort Association and Snowmass Tourism released their February 2023 Occupancy Report and Executive Summary which detailed January occupancy in Aspen and Snowmass. January was a strong month and Skico VP of Communications Jeff Hanle said it was January “as we used to know January” after a few years of a January lull. Occupancy in Aspen for the month was 77.5 percent, up 11.2 percent from 2022, and Snowmass occupancy was 72.8 percent, up 8.2 percent from last year. International visitors, headed by those from Australia and Brazil, returned as Skico officials had hoped. Good snow, the X Games, Martin Luther King Jr. Day, Gay Ski Week, were all factors in boosting January numbers. Skico also announced extended hours on all four mountains beginning Feb.18, with most mountains remaining open until 4 p.m.
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CMU ACQUIRES LONG VACANT ALBERTSON’S BUILDING FOR $3.5 MILLION
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For the past six years, the 43,677-square-foot building across the street from the campus of Colorado Mesa University which used to house an Albertson’s grocery store, has been vacant. In December, CMU officials finally completed negotiations and made the purchase of the building for $3.5 million. For the last 20 years, the property had been included in the CMU campus master plan and if it ever became available, the university would seek to buy it. There were no plans revealed as to how CMU would use the property.
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CASA SUPPORTIVE HOUSING PLAN GETS FIRST OK FROM MONTROSE COUNCIL
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The Montrose City Council this week gave unanimous approval to the preliminary planned development proposal submitted by the Court Appointed Special Advocates (CASA) of the 7th Judicial District. The CASA plan is for the 7.47-acre property off North San Juan Ave., and will include 45 housing units for young adults and others at risk, as well as a community center. There will be 30 supportive housing units, 15 of which will be for youth at risk, with three of the other units used for temporary or short-term housing for families or individuals who are also at risk for homelessness. The remaining 12 units will be available for those with household incomes at or below 80 percent of Area Median Income (AMI).
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STRONG REVENUE IN TELLURIDE PAYS OFF VALLEY FLOOR DEBT…WHAT’S NEXT?
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In 1994, voters in Telluride approved a measure that allocated 20 percent of revenue generated from all the town’s tax sources, such as property tax, sales and motor vehicle tax and real estate transfer tax, to the open space fund. That 20 percent return has increased every year and is now budgeted in the range of $3 million annually. Because of that increase, the town was able to pay off the $50 million bond debt on The Valley Floor early. In fact, the final payment will be this month. Now, the Open Space Commission will look at the needs coming over the next 10 years. Currently, the open space budget pays for staffing, trail maintenance, winter grooming, open space maintenance and weed management. Open space also pays into the U.S. Forest Service ambassador program.
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TOURISM SENTIMENT INDEX RATES DURANGO NO. 1 IN STATE, AGAIN
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Visit Durango subscribes to the Tourism Sentiment Index to track how the city fares in the minds of visitors across the country and around the world. The Tourism Sentiment Index is software that gauges social media conversations and online publications to rank locations on their favorability. The city of Durango ranked No. 1 as the most loved destination in Colorado for the second year in a row, according to the Tourism Sentiment Index. Visit Durango announced last week that not only did Durango rank first in Colorado destinations, but it ranked as the No. 15 most loved destination in the U.S., and No. 67 worldwide out of 21,330 participating locations.
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STORM TOTALS FROM THE LATEST SNOW
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The storm that hit this week covered all of Colorado. Hundreds of schools, businesses and offices across Colorado were on delayed start, remote start or closed Wednesday due to the snow. Here are some of the snow totals from across the state as of Thursday, Feb. 16:
- Wolf Creek Ski Area: 29 inches
- Crested Butte: 18 inches
- Silverton: 16 inches
- Red Mountain Pass: 11 inches
- Marble: 10 inches
- Boulder: 10 inches
- Durango: 8 inches
- Pueblo: 7 inches
- Glenwood Springs: 4.2 inches
- Colorado Springs: 4 inches
- Carbondale: 4 inches
- Denver International Airport: 3.6 inches
- Grand Junction: 2.6 inches
- Telluride: 2 inches
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MARKET UPDATE - 02/16/2023 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 02/16/2023)
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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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