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Colorado - Wed. 11/15/23 |
A Free Business Publication from Alpine Bank
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COLORADO: $5M FOR CLEAN ENERGY PROJECTS
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Colorado officials are making $5 million in grants available in the next year for geothermal projects. Those can range from individual homes using ground-source heat pump technology to utility-scale electric generation drawing on steam from the trusty boiling cauldrons under those delightful hot springs. Colorado also sees potential in so-called “district heating” from steady underground temperatures, using heat exchangers to control temperatures in a group of buildings such as a Colorado Mesa University project. State officials say geothermal could fill in some of the 10 to 15 percent gap in Colorado energy needs expected to remain when intermittent wind and solar are fully exploited. The state grants, which will be repeated next year, are now open for applications.
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TOYS R US AT MALL OF AMERICA
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Toys R Us is continuing its comeback following the chain's seeming demise five years ago – this time by opening its second brick-and-mortar location inside Minnesota's Mall of America. The toy superstore's parent company WHP Global announced a partnership Monday with Go! Retail Group to open a new Toys R Us store inside the largest mall in the U.S. Once open, the location will be the second flagship store for the iconic toy brand after a similar store opened last year at American Dream, a retail and entertainment complex in New Jersey. For Toys R Us kids and their parents, the store's opening couldn't come at a better time. The grand opening is Friday, just in time for the holiday season.
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COLORADO'S "ABYSMAL" RECYCLING RATE
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So much of Coloradans’ discarded waste, averaging out to 5.6 pounds per person each day, winds up sitting in landfills thanks to a low recycling rate, but coming changes will outlaw most plastic grocery bags and foam food takeout containers that clog that stream. That was one hopeful note sounded Tuesday as environmental advocates released a report showing that Coloradans have diverted 16 percent of waste from filling landfills over the last six years by recycling or composting — a rate that is half the national average and one of the worst in the country. Eco-Cycle and the Colorado Public Interest Research Group, the nonprofits behind the annual research, say recycling rates in Colorado have remained low and stubbornly unmoving for years. The main reason for the lack of progress is a lack of access to recycling programs. Only 35 communities in Colorado have guaranteed access to recycling in residential housing.
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NEEDED: 5,500 TURKEYS
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Overseeing outreach programs that feed more than 25,000 people each year, John Ellis knows there’s a lot of need in the Greeley and Weld County area. For about four years, Ellis has run Living Grace Baptist Church’s Lighthouse Community Center and Food Pantry, 4800 Hill N Park Drive. The center, which operates a food pantry three times per week including a hot meal once per week, is one of 42 agencies working with the Weld Food Bank to provide holiday meals to people in need. Weld Food Bank staff hope to collect more than 5,500 turkeys this year so agencies like Lighthouse can provide delicious holiday meals. The food bank will host its Hope for the Holidays Food Drive from 9 a.m. to 3 p.m. on Saturday, Nov. 18, collecting turkeys and fixings at 13 locations. For more information, go to weldfoodbank.org/holiday.
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ANDERSON RANCH ARTS CENTER LAUNCHES FAMILY RESIDENCY PROGRAM
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Anderson Ranch Arts Center announced its new Family Residency Pilot Program launching this fall. This new program breaks the traditional mold of artist residencies by extending a warm welcome to artists and their families. This initiative is designed to enrich the lives of artists and their loved ones, ensuring that art becomes an even more integral part of their journey together. Selected families have been invited to join the first Family Residency Pilot Program for three, two-week sessions this fall, during which they will have access to a studio workspace, mentorship, and resources. Ceramicist Trey Hill and Family will be in residence, Nov. 19-Dec. 2. Artists Rubens Ghenov and Lynne Marinelli Ghenov will visit Anderson Ranch with their teenage son and daughter, Dec. 7-17. Dec. 3-16, photographer Rebecca Drolen and Family will reside at Anderson Ranch.
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YOUTH COMMUNITY SCULPTURE NEARS COMPLETION
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The Rocky Mountain Arts Youth Community Sculpture Build is nearly finished and the planning for a grand installation ceremony is underway. Students from Telluride, Nucla, Ridgway and Placerville created a sculpture named “Schroomzillah” that will be on display. The Town of Nucla Board of Trustees, at their Nov. 8 meeting, voted unanimously to place the “Schroomzillah” sculpture in Volunteer Park. Students learned a variety of sculpture-building techniques and how to use tools safely including how to use a plasma cutter, how to weld, how to cut metal, and how to use a table saw. The project was made possible through grants from The National Endowment for the Arts, Alpine Bank and New York Community Trust, among others.
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ESCALANTE MIDDLE SCHOOL STUDENTS STUDY KITTENS
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Middle school science classes typically consist of learning the basics of the periodic table and understanding the rudiments of the Punnett square. But for the students in Lu Boren’s agriculture science class at Escalante Middle School in Durango, students learn the basics of veterinary science through raising kittens. This is part of the school’s project-based learning approach. During a class on Nov. 8, students gathered around Boren as she showed them how to administer vaccines to the kittens, wrapping the kittens up in a towel to prevent the felines from clawing at them while they practice administering the vaccine, a technique that was called a “kitty burrito” by Boren and the students. According to a study by the National Training Laboratories, students retain 75 percent of what they learn when they practice it. They also retain 90 percent of what they learn when they teach someone else or use those lessons immediately.
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NEW FUNDS TO COMPLETE REPAIRS TO LEADVILLE OPERA HOUSE
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The Colorado Dept. of Local Affairs awarded the Tabor Opera House Preservation Foundation $580,312 on Nov. 8 through a highly competitive matching grant process to complete the final repairs to the facade of the historic opera house in Leadville. Built in 1879, the Tabor House is being revitalized as a community hub for arts and culture. The new funds will enable the preservation foundation to complete the front exterior of the building by 2025, including repairing the storefront windows, upper cornice and balcony. The Tabor Opera House Preservation Foundation will provide the required match to the grant funds by tapping a State Historical Fund grant of $250,000, plus historic tax credits and individual donations.
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DISABLED FAMILY MEMBERS MAY BENEFIT FROM ABLE ACCOUNTS
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There may be a tax-advantaged way for people to save for the needs of family members with disabilities, without having them lose eligibility for government benefits. It’s done through a tax-free ABLE account, which can be used for disability-related expenses. Eligible individuals currently must have become blind or disabled before turning age 26. (However, the SECURE 2.0 law increases the age to 46, beginning Jan. 1, 2026.) ABLE accounts can be created by eligible individuals to support themselves, by family members to support dependents, or by guardians. For more information about ABLE accounts, including contribution limits and FAQs, visit the IRS ABLE Accounts tax benefit page, https://bit.ly/40AxQzu
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ARE MILLENNIALS WORSE OFF THAN BABY BOOMERS WERE AT THE SAME AGE?
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A University of Cambridge study analyzed differences in the life trajectories and wealth accumulation of the Millennial and Baby Boomer generations in the U.S. A stark and growing wealth gap exists between the two groups. Millennials vs. Baby Boomers:
- By age 35, 17 percent of baby boomers moved into a prestigious professional career after graduating college, such as law or medicine, while 7.3 percent of millennials did the same.
- Millennials tended to postpone marriage and live with their parents for longer amounts of time. About 27 percent of boomers got married earlier and became parents early, compared to 13 percent of millennials.
- By age 35, 62 percent of boomers owned homes, while 49 percent of millennials were homeowners.
- Around 14 percent of millennials had negative net worth, compared to 8.7 percent of baby boomers.
- About 63 percent of low-skilled service workers who identified as boomers owned their own home at 35, compared with 42 percent of millennials in the same occupations.
- The poorest millennials in service sector roles were more likely to have negative net worth, compared to boomers.
- Baby boomers own 52.8 percent of all wealth in the U.S., compared to 5.7 percent of millennials, according to the Federal Reserve.
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THE BEST U.S. AIRPORTS OF 2023
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The 2023 U.S. Airport Rankings rate the 50 busiest airports in the country based on measures of reliability, value and convenience. Each airport is evaluated on 30 factors that span the trip, from buying a ticket to arriving at a final destination. Using data from government agencies, a survey of travelers and other sources, the Wall Street Journal’s rankings highlight the airports that boast on-time flights, short waits throughout the trip and the amenities that travelers like best. Denver is No. 13 on the list. Top Ten Large U.S. Airports and Overall Score:
- Phoenix (PHX), 63.4
- Minneapolis (MSP), 63.2
- Los Angeles (LAX), 62.9
- Atlanta (ATL), 62.7
- Detroit (DTW), 61.4
- San Francisco (SFO), 61.1
- Houston (IAH), 60.5
- Seattle (SEA), 57.8
- Las Vegas (LAS), 57.2
- Boston (BOS), 56.5
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MARKET UPDATE - 11/14/2023 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 11/09/2023)
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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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