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Colorado - Fri. 09/06/24 |
A Free Business Publication from Alpine Bank
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THREE COLORADO UTILITIES GETTING $1.1B FOR RENEWABLE ENERGY
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Two Colorado electric cooperatives and the Tri-State Generation and Transmission Association are in line for about $1.1 billion in grants and loans to speed the transition to renewable energy and soften the impact on rates. Tri-State, which provides wholesale power to 41 co-ops in four states including 16 in Colorado, received the biggest award — $679 million. Brighton-based United Power, the second-largest co-op in the state, received up to $261 million in funds. CORE Electric Cooperative, the state’s largest co-op, is set to get a $225 million award.
The grants and loans are issued by the federal Rural Utilities Service. The awards were part of $7.3 billion in financing for 16 cooperatives and generation and transmission associations serving communities in 23 states through the Empowering Rural America or New ERA program, which is part of the Biden administration’s Inflation Reduction Act. The total funding for the New ERA program is $9.7 billion. There were 160 requests for more than $44 billion. Sixteen applicants, including the three from Colorado, were chosen.
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RECORD FEDERAL FUNDING TO CONTINUE COLORADO INSURANCE SAVINGS
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Colorado will receive an unprecedented $361 million in federal ‘pass-through’ funding to further the state’s reduction of health insurance costs. Those dollars will be reinvested to lower premiums for individual health insurance plans and reduce out-of-pocket costs for eligible state insurance market customers. The funds saw a notable increase from the $245 million awarded in 2023. Those insurance savings are primarily from the state’s Reinsurance program and standardized health benefit plan, dubbed the Colorado Option. Reinsurance covers a portion of high-cost claims for insurance companies. In doing so, insurers no longer find it necessary to pass those expenses onto individual premiums the next year. Reinsurance has reduced premiums for Coloradans by an estimated $1.6 billion since 2020. Additionally, Reinsurance is estimated to save residents an additional 23 percent on their premiums in 2025.
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ASPEN-PITKIN COUNTY AIRPORT MISSES OUT ON FEDERAL FUNDING
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Eight Colorado airports around the state are earmarked to receive millions of dollars from the Federal Aviation Administration (FAA) to support infrastructural needs. The Aspen-Pitkin County Airport, however, did not make the cut. The FAA handed out almost $100 million, which was made available through the Airport Improvement Program, the Bipartisan Infrastructure Law, and discretionary supplemental grant funding. The Aspen-Pitkin County Airport did not receive funding because its Airport Layout Plan has not been approved by the FAA yet. The airport will also not receive funding “until we make progress on shifting the runway or at least removing the less than standard distance between our taxiway and runway centerlines,” said Aspen-Pitkin County Airport Director Dan Bartholomew. The Bipartisan Infrastructure Law funding expires in 2026, so the FAA needs to see movement from the Aspen-Pitkin County Airport before the application deadline in July 2025.
- The Grand Junction Regional Airport received about $34.76 million to shift the existing paved runway 594 feet in order to bring the airport into current FAA standards.
- The City of Colorado Springs Municipal Airport received nearly $14.41 million to reconstruct 3,700 feet of the existing paved taxiway pavement that has reached the end of lifespan.
- The Yampa Valley Airport in Hayden received around $11 million to rehabilitate 10,000 feet of the existing paved taxiway to maintain the structural integrity of the pavement and to minimize foreign object debris to extend its lifespan.
- The Denver International Airport received approximately $6.2 million to fund runway drainage improvements and wildlife hazard mitigation. DIA received an additional $3.7 million to acquire and install low-emission equipment, including 15 electric vehicle charging stations.
- The Durango-La Plata County Airport, Rocky Mountain Metropolitan Airport in Broomfield, Centennial Airport in Englewood, and Gunnison Crested Butte Regional Airport also received significant funding for terminal expansions, taxiway projects, a noise compatibility plan study, and zero emissions equipment installation.
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BILL MORROW, WESTERN SLOPE LEGEND'S SCULPTURES UP FOR AUCTION
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Bill Morrow, a name known in the Western Slope for his art and creativity, has spent over five decades crafting intricate metal sculptures that have graced the region from Aspen to Grand Junction. Now, his art will be showcased in a special event at the Rifle Branch Library on Sept. 15, where the community will have a chance to celebrate his enduring legacy. The event, dubbed “Meet the Legend,” is part of the Art in the Stacks program and will run from 2:30 to 4:30 p.m. at the library. Attendees will be able to view some of Morrow’s most notable works, while others will be displayed at a second location just a mile away. The second location will feature larger sculptures, many of which are over 14 feet tall, providing a unique opportunity for people to witness the scope and scale of Morrow’s work. The proceeds from the auction will benefit his grandchildren, ensuring that his legacy lives on through his family.
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COMMUNITY FOOD BANK PURCHASES 7TH STREET DELI, WILL REOPEN NEXT YEAR
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Community Food Bank of Grand Junction has purchased the 7th Street Deli and will reopen it as the 7th Street Community Cafe in early 2025. Such an endeavor — buying a restaurant and directing all profits to the food bank — is new territory for Community Food Bank Director Alisha Wenger and the nonprofit. However, it is a philosophical extension of the food bank’s partnership with Early Morning Orchards and its culinary director, Kaye Davis, who’s going to have a role with 7th Street Community Cafe. Before the cafe will become a reality, Community Food Bank needs to raise $300,000 through its crowdfunding campaign. The campaign, and the purchase, coincide with Hunger Action Month, which lasts through September. The food bank’s goal is for 1,500 individuals to donate $115 each and for 300 businesses to commit $500 each. Donors will receive special recognition and a free lunch during the deli’s grand reopening. For more information, visit foodbankgj.org.
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WESTERN TO CELEBRATE GRAND OPENING OF MOUNTAINEER BOWL
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Western Colorado University will celebrate the grand opening of the newly renovated Mountaineer Bowl at the Rady Family Sports Complex in Gunnison on Sept. 7. Mountaineer Bowl is the world’s highest collegiate stadium. In addition to hosting football games and track and field meets, it’s the site of both freshman orientation and commencement. Thanks to the support of longtime Western donors Paul and Katy Rady, Western broke ground in the summer of 2022. The $44 million project transformed Mountaineer Bowl from a modest venue into a top-tier facility. Fans will now enter through the stadium’s new 20,000-square-foot gateway, which includes a new ticket office, locker and training rooms, officials’ locker room, restrooms and a retail shop. Inside the bowl, in addition to a new artificial turf playing surface, state-of-the-art track and field facilities and a new expanded scoreboard, the stadium now has a 10,000-square-foot press box.
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SAN MIGUEL COUNTY APPROVES PERMIT FOR URANIUM MINERAL EXPLORATION
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The San Miguel Board of County Commissioners (BOCC) voted to amend a Mining Special Use Permit for Standard Minerals Inc. (or its contractor) for mineral exploration under Bureau of Land Management (BLM) public lands in the Groundhog and Section 23 areas in the northwest of the county. The BOCC had previously approved the permit, but revised the conditions, extending the window of the exploratory permit from Oct. 30 to Nov. 30. The mineral exploration would be to look for uranium. There has been recent demand for domestically sourced minerals, especially as prices for uranium skyrocketed earlier this year. Thor Energy PLC, on behalf of Standard Minerals Inc., submitted an application with 26 proposed exploratory drill sites over a two-year period. The project would be exclusively on BLM land and requires state and federal permits. Thor Energy had requested a permit through Nov. 30, but the BOCC originally approved a permit only through October.
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ROUTT COUNTY HUMANE SOCIETY FACING INCREASED COSTS, LIMITED CAPACITY
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An increase in surrendered or abandoned pets facing significant medical or behavior issues and staying longer at the shelter is stretching the Routt County Humane Society to capacity. The number of pets from people in jail or pets on a bite hold this year compared to last year has almost doubled in numbers and length of stays, which also impacts the shelter budget. If a bite is significant or the pet is not current with rabies vaccination, an animal control officer directs quarantine at the shelter. To help keep pets up to date on vaccinations, the humane society will host a free vet-care vaccination clinic Oct. 12, 10 a.m. to 1 p.m., at Cook Subaru in Steamboat. To help prevent surrender of pets due to behavior issues, the humane society continues to offer free pet behavioral assistance sessions from a professional trainer. Pet owners can sign up for assistance by calling the shelter or going online at RouttHumane.org/pet-behavior-assistance.
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FRISCO'S FALL FEST RETURNS THIS WEEKEND
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Frisco will host its annual Fall Fest featuring the Arts at Altitude show presented by the Summit County Arts Council at the Frisco Historic Park and Museum and on Main Street from Sept. 6-7 from 10 a.m. to 5 p.m. The event celebrates local and regional artists and is a nod to changing seasons. Items on sale will include jewelry, pottery, paintings, photography and other fine arts. Friday will have two live music performances at the Historic Park Gazebo, one starting at noon and the other starting at 3 p.m.
Saturday will have free make-and-take art projects from Frosted Flamingo starting at noon. Ein Prosit will be on site Saturday with pretzels and sausages for sale, along with two food trucks, Trailside Kitchen and Sno & Joe. There will also be a beer garden featuring a variety of German beers, Coyote Gold margaritas and wine, with proceeds from the beer garden benefitting the Friends of the Dillon Ranger District.
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2025 BEST COLLEGES IN THE U.S.
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Princeton University took first place in the WSJ/College Pulse ranking of U.S. colleges for the second year in a row. But there are plenty of new schools in the upper echelon of the ranking. Half of the colleges in the top 50 this year are new, with a wide range of schools—large and small, public and private, technical and liberal-arts—serving their students especially well and leaving them broadly satisfied with their college experience. Top 10 best U.S. colleges, 2025:
- Princeton University
- Babson College
- Stanford University
- Yale University
- Claremont McKenna College
- Massachusetts Institute of Technology
- Harvard University
- University of California, Berkeley
- Georgia Institute of Technology, Main Campus
- Davidson College
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AMERICA'S FASTEST-GROWING SUBURBS WITH HOME VALUES UNDER $500,000
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The fastest-growing suburb in the U.S. isn’t near a major city like New York, Miami or Los Angeles. In fact, it’s in North Carolina, according to a new GOBankingRates report. In August, GOBankingRates looked at the population change from 2020 and 2022 and focused on cities with a 9 percent or greater change in the same years. The suburbs had to have a July 2024 home value below $500,000. The 10 fastest-growing U.S. suburbs with home values under $500,000:
- Mooresville, N.C.
- Hamtramck, Mich.
- Buckeye, Ariz.
- Union City, Ga.
- Canyon Lake, Texas
- Olive Branch, Miss.
- Maricopa, Ariz.
- Clermont, Fla.
- Leesburg, Fla.
- Goodyear, Ariz.
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SEVEN PLACES ACROSS THE U.S. THAT WILL PAY YOU TO MOVE THERE
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The flexibility to work outside of your company’s home base means you can explore more affordable areas that might not have ever been on your radar. Plus, there are many places across the country ready to welcome you with open arms and some money, too. As of August 2024, the following cities and states are offering a financial incentive to move there, with one paying as much as $20,000.
- Cumberland, Maryland: Program name - Choose Cumberland Relocation Program; Incentive - up to $20,000
- West Virginia: Program name - Ascend West Virginia; Incentive - Up to $12,000 or more
- Rochester, New York: Program name - Greater ROC Relocate; Incentive - Up to $9,000 in homeowner grants
- Tulsa, Oklahoma: Program name - Tulsa Remote; Incentive - $10,000 in rental grants or a lump sum after the purchase of a qualifying home and a three-year membership to a local co-working space.
- Topeka, Kansas: Program name - Choose Topeka; Incentive - Up to $10,000 to be allocated to rent for the first year or up to $15,000 to put towards buying a home
- The Shoals, Alabama: Program name - Remote Shoals; Incentive - Up to $10,000 given in three separate installments
- Illinois: Program name - Make My Move; Incentive - Starting at $6,800
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MARKET UPDATE - 09/05/2024 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 09/05/2024)
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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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