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Colorado - Fri. 10/11/24 |
A Free Business Publication from Alpine Bank
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NOTICE OF HOLIDAY CLOSURE FROM ALPINE BANK
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All Alpine Bank branches will be closed in observance of Indigenous Peoples Day on Monday, Oct. 14. 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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UNITED PLANS FLIGHTS TO GREENLAND, MONGOLIA & NORTHERN SPAIN
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United Airlines is planning a 2025 international expansion that spans Senegal to Mongolia and Greenland to Palau, a bid to win over travelers who have already had their fill of the well-trodden streets of Paris, Rome and Tokyo. Starting May 21, United will fly three times a week between its Newark, New Jersey, hub to Palermo, Sicily; on May 16, it will launch nonstops four days a week to Faro in Portugal’s Algarve region; on June 7 it plans three-days-a-week-service to Portugal’s Madeira Island; and on May 31 it’s starting nonstop flights to Bilbao in northern Spain, destinations that will beef up existing service to Italy, Spain and Portugal. Its inaugural flight between Newark and Nuuk, Greenland, will begin June 14. United is planning to launch daily, nonstop service to Dakar, Senegal, from Washington Dulles International Airport on May 23. Service from Tokyo’s Narita airport to Ulaanbaatar, Mongolia, is set to begin May 1. United has been beefing up service from Tokyo and will offer year-round nonstop flights to Koror, Palau, from there.
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RAFAEL NADAL ANNOUNCES HIS RETIREMENT FROM TENNIS
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Rafael Nadal, one of the greatest tennis players of all time, announced his retirement Thursday at age 38, bringing to a close the most dominant clay-court career in the history of the sport. Nadal’s 22 Grand Slams put him second on the all-time men’s list behind Novak Djokovic. Known for his mastery of clay and on-court rivalry with Roger Federer, the Spanish star said he would play his final match in November’s Davis Cup. Despite being the sport’s premier left-handed player, Nadal is actually right-handed for other tasks such as writing. In his video Thursday, Nadal paid tribute to his wife of 19 years, Maria Perello, 36, and son, Rafael Nadal Jr., 2, who he described as “a force that has really kept me alive.” Finally, he thanked his fans. “I can’t thank you enough for what you made me feel,” he said. “You have given me the energy I have needed at every moment. Really, everything I have experienced has been a dream come true.”
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12 PEOPLE RESCUED FROM COLORADO GOLD MINE AFTER DEADLY ELEVATOR MALFUNCTION
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Twelve people were rescued after seven hours trapped 1,000 feet underground in a gold mine on Pikes Peak following a deadly elevator malfunction. Emergency responders were able to use the elevator to evacuate 12 remaining people from the bottom of the Mollie Kathleen Gold Mine on Thursday night. It’s not yet clear how the elevator malfunctioned while carrying a group of tourists near Cripple Creek around noon Thursday. One person died during the initial elevator malfunction. Four people in the elevator sustained minor injuries and reported neck, back and arm pain and were treated by paramedics. Two children were on the elevator. Gov. Jared Polis dispatched state emergency personnel to the scene and closely monitored the situation throughout the day. The state also sent an elevator expert and a state mine rescue team to the scene.
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MARRIOTT REACHES SETTLEMENT FOR ALLOWING DATA BREACH
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A bipartisan coalition of 50 attorneys general, including Colorado’s Phil Weiser, reached a settlement Wednesday with hotel chain Marriott International Inc. after an investigation into a large, multi-year data breach revealed the company failed to comply with consumer protection and personal information protection laws. Under the settlement with the attorneys general, Marriott agrees to strengthen its data security practices, provide consumers with better protections, and make a $52 million payment to states. Colorado will receive $822,434 from the settlement. The yearslong breach of the Starwood guest reservation system, during which time intruders went undetected, stretched from July 2014 until September 2018. In 2016, Marriott acquired Starwood and took over its computer system, but did not diagnose and reveal the breach until years later. During the breach, criminals stole 131.5 million guest records pertaining to customers in the U.S.
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BOULDER NEEDS AN ESTIMATED 10,700 MORE HOUSING UNITS BY 2032
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A recent report from the Denver Regional Council of Governments (DRCOG) suggests that to meet existing housing needs and keep pace with expected job and population growth, Boulder needs to add approximately 10,700 more housing units by 2032. DRCOG is a collaborative planning organization for local governments in the Denver metro area. DRCOG member governments work together to establish policy and funding in areas like growth, development and transportation.
- According to the latest estimate, more than three-quarters, or close to 9,000, of the needed 10,700 housing units in Boulder will need to be affordable for people and families making less than the area median income, or AMI.
- Boulder County’s AMI is set each year by the U.S. Dept. of Housing and Urban Development, and the local AMI for a single-person household in 2024 is $102,200.
- The estimate shows nearly 4,500 of the housing units will need to be affordable to people earning below 30 percent of the AMI. In 2024, 30 percent of the Boulder County AMI is $30,660 for one person.
- Boulder has a well-known shortage of affordable housing. The city has grown ever more expensive, with a cost of living that continues to rise. As of 2022, nearly 62 percent of renters in Boulder were spending more than 30 percent of their income on housing, up from 50.9 percent of renters in 2000.
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AI HELPS GOLDEN GAIN A CLEAR PICTURE OF CLEAR CREEK ACTIVITY
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Over the years, the number of tubers and kayakers on Clear Creek has skyrocketed, posing a conundrum for the city of Golden. On one hand, the increased foot traffic has been a boon to local businesses. On the other hand, residents have urged the city to control the number of people using the river, while elected officials worry about environmental degradation.
City staffers said one of the biggest tools they have now is more data. This year, the city not only increased its use of RFID tags, but also employed an AI-enhanced camera system that helps count tubes and track users. A staff report submitted to the City Council notes that the Artificial Intelligence (AI) tool has been trained to identify people and tubes, but it can be trained to identify other items as needed, including people wearing floatation devices, helmets, grills and animals.
Licensed outfitters within the city use RFID tags on all of their rental equipment and require life jackets, but the city stepped up its game by handing out the tiny tracking devices to those using their own equipment. Earlier this summer, the city restricted the sales and rental of recreational inner tubes on the Saturday during Buffalo Bill Days, typically one of the busiest days for creek usage. Data showed that even with the city-imposed restriction, July 27 was still one of the busiest tubing days of the year. But traffic fell in line with more of a typical weekend tubing day, with personal tube usage remaining constant throughout the weekend. So, what does a typical tubing weekend look like?
- The 2024 season revealed insightful trends in creek traffic, with the Vanover station leading in RFID counts.
- The highest camera counts were recorded at Billy Drew and Washington stations.
- For data gathered from July 1 to Sept. 3, camera counts ranged from 4,000 to 6,250.
- Notably, the top three days for camera activity were July 13, Aug. 4, and July 28, indicating popular times for tubing.
- Peak activity occurred on Saturdays between 11 a.m. and 5 p.m., with the highest traffic observed from 1 p.m. to 3 p.m.
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BASALT PROJECTING $34.6 MILLION STARTING FUND BALANCE FOR 2025
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A strong property tax base will continue to benefit the town of Basalt budget going into 2025, but waning sales tax revenues and permit revenue will keep financial planning conservative. Doug Pattison, the town’s finance director, presented the proposed 2025 budget at the Tuesday council meeting. He expects the town to enter 2025 with $34.6 million, $12.4 million of that in the town’s unrestricted general fund. About $6.2 million of the budget is earmarked for personnel, the largest share, 34 percent, going to the Basalt Police Department. The town employs 51.12 full time equivalents, which is a way to quantify workload across positions. Pattison predicted that licenses and permit fees will decline in 2025, with a $958,200 projected finish for 2024 and $356,100 revenue for 2025. The year-over-year tax revenue into the general fund was $8.92 million in 2023 to a projected $9.64 million to finish out 2024. For 2025, the proposed budget projects $9.77 million.
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CHILDREN'S ARTS & LITERACY FESTIVAL OCT. 12 AT GLENWOOD LIBRARY
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The bilingual Children's Arts & Literacy Festival takes place Saturday, Oct. 12, 2 to 5 p.m., at the Glenwood Springs Branch Library. The event is free for families with kids aged 8 and under, plus books for all! Bring your little ones for an exciting afternoon of arts, stories, face and mural painting, a special visit from Smokey the Bear, and so much more! For more information, call 970-230-9117 or email info@rar4kids.org.
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EMPTY BOWL FUNDRAISER WILL FEED THE UNHOUSED FOR 29TH YEAR
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Grand Valley Catholic Outreach will host its 29th annual Empty Bowls fundraiser, in which participants can fill a handmade pottery bowl with one of the 60 soups donated by local restaurants. “It’s so very simple,” Grand Valley Catholic Outreach Director Sister Karen Bland said. “Your food today will help somebody eat tomorrow. That’s it.” Empty Bowls will take place from 11 a.m. to 1:30 p.m. on Saturday, Oct. 12 at Grand Valley Catholic Outreach’s headquarters and soup kitchen at 245 S First St. in Grand Junction. Tickets are $25 per person and can be purchased online, and sales will conclude at 4 p.m. today. Sixty restaurants and organizations, including the Ale House, Dragon Treasure and Wrigley Field, each donated a batch of soup, and more than 40 people and organizations donated handmade pottery bowls. Purchase tickets online by visiting catholicoutreach.org/bowls.
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FIVE COLORADO COMPANIES NAMED TO U.S. CHAMBER'S TOP 100 LIST
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Five Colorado companies were recognized Wednesday for making the U.S. Chamber of Commerce’s 2024 CO-100, a list culled from 14,000 applications recognizing “100 of the best and brightest small and mid-sized businesses across America, celebrated for their remarkable contributions in driving innovation, growth, and ingenuity both locally and globally.” Colorado companies named to the CO-100:
- In addition to Top 100 honors, one Colorado company, The Cavern Men’s Barber Lounge in Colorado Springs, was one of 10 enterprises out of the 100 recognized for outstanding achievement in their category.
- Holidaily Brewing Company in Golden was honored in The Disruptors category, recognizing “businesses that have boldly ventured into uncharted territory by introducing groundbreaking products or services, or by redefining traditional business structures.” Founded in 2016 by Karen Hertz, Holidaily is the only Certified Woman Owned and Certified Gluten Free brewery in the U.S.
- repurposedMATERIALS was recognized in the Champions of Adaptability category, honoring “businesses that have demonstrated extraordinary resilience and tenacity in overcoming significant challenges or adversity.” repurposedMATERIALS specializes in sourcing and rehoming pre-used and discarded industrial materials, offering creative and sustainable solutions that divert waste from landfills.
- Waldschänke Ciders & Coffee was recognized in the Culture Champions category, for “businesses that have cultivated a vibrant and rewarding company culture, drawing in and retaining dedicated employees who drive the company’s success.”
- Woof was recognized in the Growth Accelerators category, for “businesses that have used innovative and effective strategies to achieve business growth.” Founded in 2019 by Daniel Haarberger, Woof is dedicated to enhancing the lives of dogs and their owners by creating products that simplify dog care, allowing for more meaningful moments together.
The CO-100 program is part of the U.S. Chamber of Commerce’s commitment to supporting and advocating for small businesses. Learn more about the U.S. Chamber’s small business work at uschamber.com/work/small-businesses.
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MARKET UPDATE - 10/10/2024 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 10/10/2024)
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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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