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Colorado - Mon. 07/08/24 |
A Free Business Publication from Alpine Bank
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COLORADO’S OLDEST COMMERCIAL WINERY FOR SALE
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In 1978, a small group of people acquired grapevines near Palisade that were originally planted by Colorado State University and that was the founding of Colorado Cellars. Among those people were Rick and Padte Turley, and they have remained the owners of Colorado Cellars. Colorado Cellars is the oldest active winery in the state, and it holds claim to being the first to produce commercial wines made with Colorado grapes. After 45 years of producing wine, the Turleys have put Colorado Cellars and its sister brand, Rocky Mountain Vineyards, up for sale. Bowman LTD is representing Colorado Cellars in the sale, but there is no list price for the business and property, which includes three acres of vineyards, a 7,000-square-foot building, and also on the property is a half-acre lawn and gazebo for events. Colorado Cellars makes 27 wines and produces between 8,000 and 12,000 cases of wine each year.
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NEW STATE REPORTS: GEOTHERMAL, HYDROGEN POWER FOR RENEWABLE GOALS
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Colorado Gov. Jared Polis has established goals of making Colorado’s energy sources 80 percent renewable by 2030 and 100 percent by 2040. New state reports say geothermal, and hydrogen offer significant opportunities to build on the energy provided by wind, solar and batteries as the state, utilities and communities strive to reduce the effects of climate change. The reports review the potential for tapping more of the energy sources in Colorado as well as the benefits, challenges, economics and mechanics. The areas in Colorado with the highest potential for producing electricity from geothermal resources, due to the high temperatures of underground water, are the Upper Arkansas Valley, Raton Basin, Piceance Basin, San Juan Basin, and a spot in the Denver Basin in the eastern part of the state.
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OIL PRODUCTION IN COLORADO: RECORD HIGH, STEEP DROP-OFF, REBOUND
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Before the COVID-19 pandemic, oil production in Colorado was setting records. The industry was hit hard by the global shutdown during the pandemic, with plummeting oil prices and drilling rigs leaving the state. Last year, there appeared some signs of a rebound and in the first quarter of 2024, Colorado produced 41.7 million barrels of oil, 19 percent more than the first quarter in 2021. Dan Haley, president and CEO of the Colorado Oil and Gas Association, called it “an optimistic outlook in terms of what we’re able to do here in the state,” noting Colorado has some of the toughest environment standards in the U.S., “if not the world.” One reason is that technology allows fewer rigs to produce more oil. According to a recent report from Baker Hughes, there are only 16 gas and oil rigs operating in Colorado, half the number operating in 2019.
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RIVER FLOWS ARE COMING DOWN, IT’S TIME FOR TUBING
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The Denver Gazette has a Summer Guide, and it notes that although running the whitewater rapids is fundamental to the Colorado experience, sometimes it is better to chill than to thrill, and now that the high-water runoff is receding, nothing is better than taking a leisurely float. Here are the Gazette’s “6 Spots for River Tubing in Colorado This Summer”:
- Boulder Creek: Boulder
- Clear Creek: Golden
- South Platte River: Littleton
- Colorado River: Palisade
- San Juan River: Pagosa Springs
- Yampa River: Steamboat Springs
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RECONSTRUCTING 16TH STREET MALL IN DENVER, WILL IT INCLUDE A NEW NAME?
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The first sections of downtown Denver’s 16th Street Mall are completing the lengthy renovation, and the Downtown Denver Partnership has already sent out requests to advertising agencies for bids to create a brand proposal for the pedestrian mall to roll out with the planned reopening in 2025. Included in the request is a suggested name change. Partnership officials have been openly discussing deemphasizing, or dropping “mall,” from 16th Street Mall. "Malls" reached their golden era in the 1970s and 1980s, but in the 1990s shopping habits changed with the rise of Walmart, Target and eventually Amazon. Now, for instance, there are no longer department stores on the 16th Street Mall. The Partnership received 31 proposals by the end of April from its request to develop a logo, color palette and messaging around the newly refreshed mall within a $100,000 budget.
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BERYL DUE TO HIT TEXAS COAST AT DAYBREAK AS A HURRICANE
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The National Hurricane Center said Tropical Storm Beryl would reach the Texas coastline just before dawn Monday morning as at least a Category 1 hurricane. It is targeted to hit between Corpus Christi and Galveston, Texas, near Matagorda. The National Weather Service believes it still could experience a period of “rapid intensification,” and reach Category 2 status. Beryl has already undergone rapid intensification three times in its weeklong journey. Rapid intensification is defined as gaining 35 mph in wind speed in a 24-hour period. It is the earliest storm to develop into a Category 5 hurricane in the Atlantic and has caused at least 11 deaths as it passed through the Caribbean.
A storm surge warning is in effect for the north entrance of the Padre Island National Seashore to Sabine Pass, including Corpus Christi Bay, Matagorda Bay, and Galveston Bay. A hurricane warning is in effect for the Texas coast from Baffin Bay northward to San Luis Pass. A hurricane watch is in effect for the Texas coast north of San Luis Pass to Galveston Island. A tropical storm warning is in effect for the Texas coast south of Baffin Bay to the mouth of the Rio Grande and the Texas coast north of San Luis Pass to Sabine Pass.
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JUNE JOBS REPORT SHOWS 200,000 JOBS ADDED, UNEMPLOYMENT INCHES HIGHER
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The U.S. Dept. of Labor Friday reported that U.S. employers added a solid 206,000 jobs in June. That continued a strong run of jobs gains and was slightly higher than economic analysts were projecting. The unemployment rate was also higher, going to 4.1 percent from 4.0 percent in May and is now at the highest rate since October 2021. Average hourly earnings in June increased 3.9 percent over May, which is the smallest gain since 2021. Most of the data in the June report indicated the economy is slowing, but whether it is slowing enough for the Federal Reserve to make interest rate cuts remains in question.
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SAKS OWNER BUYS NEIMAN MARCUS TO CREATE LUXURY RETAIL GIANT
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Last week, HBC, the holding company that bought Saks in 2013, completed a $2.65 billion deal to buy rival Neiman Marcus, and in addition, Amazon.com took a minor stake in the new company, which will be called Saks Global. The new, combined company will have about $10 billion in annual sales, with more than 150 locations, including Saks Fifth Avenue, Saks OFF 5th, Neiman Marcus and Bergdorf Goodman. For comparative purposes, luxury behemoth LVMH Moët Hennessy Louis Vuitton, which owns Louis Vuitton and dozens of other brands, had sales of about $94 billion last year. The merger comes as the pressure on department stores intensifies in the face of sluggish sales. Lord & Taylor, which HBC owned until 2019, filed for bankruptcy in 2020 and closed its retail locations the following year. It now operates online. Macy’s is closing 150 stores and fending off activist investors. The family that controls Nordstrom is making a renewed push to take the company private.
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COLORADO WEST LAND TRUST HAS MAP SHOWING AGRICULTURE BUSINESSES
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The Colorado West Land Trust announced that it now has a new interactive map on its website showing locations where you can buy produce and agricultural services from its conserved landowners. The land trust officials see the map as another way to connect the community with local food producers who have made a commitment to conservation. Both the local food production and highlighting conservation are key elements of the mission of the Colorado West Land Trust. To find the new map feature, go to cowestlandtrust.org/conserved-property-directory.
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CITY OF GRAND JUNCTION PURCHASES RIVERFRONT TRAIL LAND
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The city of Grand Junction added a key element to the Riverfront Trail with the approval of a land purchase last week. The Riverfront Trail is planned to extend from Brentwood Drive in Palisade to Loma and the key piece added was a 12-acre parcel that will allow the connection of the trail from Las Colonias Park to 29 Road. The key element of the 12-acre purchase is 2.5 of those acres are on the Colorado River. The purchase price of the parcel at 2767-2773 C Road was $1,665,000, with the city, county and Colorado Parks and Wildlife each paying one-third, and the city keeping the title to the land. The city plans to begin trail construction on the parcel sometime next year.
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HOW TO PREPARE FOR AN EVACUATION DUE TO WILDFIRE
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The wildfire season used to be considered the roughly 125 days of the summer season. Now, it is much closer to 200 days, if not year-round. Already, a wildfire in Ruidoso, New Mexico burned some 1,400 structures and forced the evacuation of the town. In Oroville, California, the Thompson Fire forced the evacuation of some 20,000 residents and threatened 5,000 structures.
After ensuring they have taken all measures to reduce fuels around their homes and created defensible space, those living in Colorado’s Wildland/Urban Interface (WUI), should prepare for potential evacuation. Here's what you'll need, according to the Colorado Division of Homeland Security and Emergency Management, Colorado State Forest Service and Colorado Springs Fire Dept., for a wildfire emergency kit or go-bag:
- Three-day supply of water (1 gallon per person per day) and non-perishable food
- First aid kit and sanitation supplies, including toilet paper and baby wipes
- Flashlight, battery-powered radio such as a NOAA Weather Radio and extra batteries
- Extra set of car keys, credit cards and cash
- Extra eyeglasses, contacts, prescriptions and a week’s supply of necessary medications
- Important documents and phone numbers, including insurance information
- Printed map with evacuation routes marked in case your phone dies
- Valuables or irreplaceable items you can easily carry
- Personal electronic devices and chargers
- A pair of old shoes and flashlight in case of a sudden evacuation at night
- Other items needed by your family, such as baby supplies, games and activities for children, pet supplies, two-way radios and a manual can opener
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WHEN THE PRE-EVACUATION ORDER COMES, HERE IS WHAT TO DO
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- Be ready to leave at a moment’s notice and monitor local news for updates.
- Listen to your instincts. If you think you should evacuate even if you haven’t received an official notice, evacuate now.
- Back your car into the garage or park facing the direction of escape.
- Put your emergency kit, important items and valuable papers inside your car.
- Wear protective clothing outside, such as sturdy shoes, cotton or wool clothing, long pants and a shirt, gloves and a handkerchief over your face.
- Put your pets in one room so you can find them easily if you need to evacuate.
- Set up temporary housing at a friend or family member’s home outside of the evacuation area.
- Close outside doors, windows and vents but leave them unlocked.
- Close inside doors to prevent drafts.
- Shut off natural gas or propane at the source.
- Connect garden hoses to outside faucets and fill any pools, hot tubs, tubs, garbage cans or large containers with water.
- Remove flammable drapes and curtains and close all shutters and blinds.
- Move flammable furniture to the center of your home, away from windows and sliding glass doors.
- Move flammable items outside your home, like patio furniture, children’s toys or firewood, as far from the house as possible.
- Leave interior and exterior lights on so firefighters can see in smoky conditions.
- Shut off the air conditioning and sprinkler system.
- Disconnect automatic garage door openers so they can still be opened if the power goes out but leave them closed.
- Check on your neighbors to make sure they’re preparing to leave.
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MARKET UPDATE - 07/05/2024 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 07/03/2024)
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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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