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Colorado - Wed. 11/06/24 |
A Free Business Publication from Alpine Bank
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LIVE COLORADO ELECTION RESULTS, COUNTY BY COUNTY
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While the state of Colorado awarded its electoral college votes to Kamala Harris, Donald Trump was elected the 47th president of the United States on Wednesday. Trump is the first former president to return to power since Grover Cleveland regained the White House in the 1892 election. Lauren Boebert won the 4th Congressional District, and Colorado voted to enshrine abortion access in the state constitution. To access 2024 election results for the nation, state and county by county, visit the link below.
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DENVER BACKS DIA LAND TRADE FOR PARCEL ON TOWER ROAD
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The Denver City Council gave its initial approval Monday for a land swap between the Denver International Airport and landfill operator Allied Waste Services of Colorado. The deal will allow Denver’s Dept. of Aviation to exchange 25.33 acres west of the E-470 toll road in Adams County for an 18-acre parcel west of the airport fronting Tower Road in Commerce City. The land is owned by Allied. The move is intended to trade the remote parcel in Adams County for one “in a rapidly developing corridor.” The undeveloped land will help accelerate growth of DIA’s “2nd Creek Campus commercial district,” which the airport has offered for commercial development. No money will be exchanged in the swap. It's considered beneficial to both parties because it allows Allied to realize its operational goals while giving the airport land that is more developable. DIA has seven districts encompassing 1,500 acres that are available for long-term ground lease and commercial development.
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BOEING MACHINISTS END STRIKE AFTER APPROVING LABOR CONTRACT
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Boeing machinists approved a new labor deal Monday, ending a costly seven-week strike that halted most of the company’s aircraft production, worsening its mounting losses. Machinists voted 59 percent in favor of the new contract, which includes 38 percent wage increases over four years and other improvements. The approval is a relief for Boeing’s new CEO, Kelly Ortberg, who took the top job in August to steer the company through its safety and manufacturing crises. The company raised more than $20 billion in a share sale last week to weather its financial problems after warning it will likely burn cash through 2025. Ortberg last month said Boeing will cut 10 percent of its 170,000 workforce including managers, executives and employees, to slash costs, with layoff notices going out in mid-November. He painted a picture of a leaner Boeing, focusing on its core commercial and defense businesses. The machinists must return to their jobs no later than Nov. 12.
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RESTAURANT LED BY DENVER NUGGETS CHEF OPENS AT DIA
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A new restaurant at Denver International Airport has opened with a locally sourced menu overseen by the personal chef for the Denver Nuggets. The Sunset Loop Bar & Grill, on Concourse B, includes a bar and dining area. The restaurant was developed by New York-based hospitality group OTG, which operates 350 restaurants and retail markets across 10 U.S. airports. The bar and grill's food options center on health-conscious American fare overseen by local chef Daniel Young, otherwise known as “Chef D," who has opened a variety of local eateries and worked with the Nuggets NBA basketball franchise for over 15 years. Rick Blatstein, the CEO of OTG, said in an interview last year that menu items would be named after the city’s former mayors, such as the Wellington Webb Steak. The airport is adding about 54,000 square feet of new concessions space this year.
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FUNDING COULD HELP STRUGGLING RURAL BUSINESSES ACHIEVE EMPLOYEE OWNERSHIP
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The partnership between Rocky Mountain Employee Ownership Center and the Colorado Office of Economic Development and International Trade will assist 12 rural businesses by covering 50 to 100 percent of the cost of technical assistance for converting to an employee-owned structure. The $200,000 grant from the Colorado Office of Economic Development and International Trade will be divided into $15,000 per company. This is in addition to the department’s existing tax credit, which covers 50 percent of out-of-pocket expenses during the employee ownership conversion.
As more baby boomers retire, many rural businesses struggling to find suitable buyers are at risk of closing. Less than 20 percent of businesses put on the market are sold and only 15 percent are passed on to family members. Companies must be located in designated rural counties and agree to sell at least 20 percent of their business to three or more employees to qualify for the funding. Applications are online at TinyUrl.com/employeeownedco.
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VOTERS APPROVE SCHOOL DISTRICT 51'S 4A, 4B MEASURES
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In unofficial results Tuesday night, measures 4A and 4B were supported by a majority of the county’s voters, giving Mesa County Valley School District 51 the green light for some facility enhancements as well as other benefits. With 66.5 percent of the results tallied across the county, Measure 4A received 43,179 yes votes (60.6 percent) and Measure 4B received 41,599 yes votes (58.4 percent).
- Measure 4A will cover roughly $190 million of the $600 million of deferred maintenance the district says its facilities need, including additions and renovations to Fruita Monument and Central high schools, high-priority repairs across the district such as roof replacements and ADA (Americans with Disabilities Act) upgrades, safety and security enhancements at all schools, special education renovations in elementary schools, and new furniture and upgraded classroom instructional technology in middle schools.
- Measure 4B extends the expiring mill levy override from 2017, authorizing District 51 to extend its annual tax of a maximum of $6.5 million to be utilized for general fund purposes, including additional student instruction days, updated instructional materials and educator training, extending the life of buildings with funding for priority maintenance, and additional technology support positions.
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$150 MILLION SCHOOL DISTRICT BOND PASSES IN DURANGO
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Durango School District 9-R’s Ballot Issue 4A passed by a large margin Tuesday, enabling the district to build a new elementary school in Three Springs. As of 9 p.m. Tuesday, a little over 60 percent of La Plata County residents voted in favor of the $150 million school bond which will be dedicated to building the new school, affordable housing solutions for teachers and more deferred maintenance. Ballot Issue 4A will cost homeowners about $14 per month, or $168 annually, for a home valued at $500,000, in order to provide a $150 million bond to the district. With the ability to fund a new school at Three Springs, the district will be able to relocate the bus depot on Colorado Hwy. 3 to Florida Mesa Elementary School. Florida Mesa would then be closed, and students would attend the new school in Three Springs. The bus depot property could potentially be used to create affordable housing for teachers and staff.
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VETERANS, NAVAJO CODE TALKERS HONORED WITH MURAL AT DURANGO AMERICAN LEGION
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A mural honoring veterans of the Durango area’s past was unveiled Saturday at the American Legion Post 28 on East Second Avenue. The mural features Navajo Nation code talkers and U.S. Navy Blue Angel Jeff Kuss, “a fearless leader, son, brother, cousin, father and hero,” as described by American Legion Post 28 Cmdr. Melinda Michael, who emceed the celebratory gathering. Acknowledgments were also made to U.S. Marine John Kinsel Sr., a WW2 Navajo code talker who died last month at the age of 107, and Anna Martinez of the Navajo Nation, representing her parents, including her father who was a WW2 Purple Heart recipient. Artist Parker Ledford, born and raised in Durango, said he is honored to celebrate local culture and people who mean so much to the city and its past.
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CREWS BREAK GROUND ON NEW $1.2 MILLION ART STUDIO IN VAIL
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Construction is underway on the Vail Art Studio, located on the lower bench of Ford Park near the pedestrian bridge to Manor Vail. The studio will offer a year-round, ADA-accessible space for artists to flourish within Vail’s natural environment. Adjacent to the Betty Ford Alpine Gardens, the art studio will overlook Gore Creek in Ford Park and will include a vaulted ceiling and 12-foot-high walls to allow for strategically placed windows providing natural light and uninterrupted wall space. Within the 750-square-foot building, there will be an open working studio of 450-square feet along with an entrance foyer, an ADA-accessible bathroom, and a storage area. The building was designed by Harry Teague Architects in an effort to create a building that is both a working artist studio and a sculpture itself, integrated into the landscape of the park. The studio should be completed by spring 2025. For more information, call 970-479-2160 or email ghall@vail.gov.
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EAGLE COUNTY VOTERS APPROVE NEW TAXES FOR FIRE PROTECTION, SHORT-TERM RENTALS IN MINTURN
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Voters on Tuesday approved a new 0.79 percent sales tax for the Eagle River Fire Protection District in Avon, EagleVail, Edwards, Minturn and Red Cliff, with more than 5,500 voters in favor, while fewer than 3,000 voters were opposed. The new tax will help the district meet its personnel and capital costs, while also maintaining or improving emergency service coverage and response time. Voters in Minturn voted in favor of more taxes on short-term rentals, according to returns published just before 9 p.m. on Tuesday, with more than 70 percent or 362 voters, and only 131 people voting against the idea. Property owners in Minturn also voted in favor of creating a new downtown development authority in town. Gypsum voters Tuesday were poised to reject a 3 percent lodging tax for two proposed hotels in town. That tax was trailed by a tally of 1,665 votes against and 1,416 votes in favor. The tax would impose a 3 percent per night tax on lodging accommodations.
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KEYSTONE VOTERS APPROVE 2% LODGING TAX & ELIMINATE TABOR SPENDING CAP
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The two ballot questions posed to Keystone voters have passed, according to preliminary results published as of 8 p.m. Tuesday, Nov. 5. Town of Keystone Ballot Issue 2A, which proposed a 2 percent lodging tax on bookings that are fewer than 30 days long, received 419 votes in favor, or 70.90 percent, as of 8 p.m. There were 172 votes against the measure, or 29.10 percent. Keystone Ballot Issue 2B was created to remove the government revenue and spending limits put in place by the Taxpayers Bill of Rights, or TABOR. The ballot issue was passing with 462 votes cast in favor, or 78.84 percent, while 124 votes were cast opposing it, or 21.16 percent, as of 8 p.m. Summit Daily called both of the races at 8 p.m. due to the decisive margins.
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METRO DENVER HOUSING MARKET HEATS UP IN OCTOBER
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Metro Denver’s housing market heated up instead of cooling down last month as buyers defied expectations they would take a wait-and-see approach until the election was over. If anyone was hitting the pause button, it seemed to be sellers.
- Buyers closed on 3,443 residential properties last month, a 2.3 percent increase from September and a nearly 8 percent bump up from October 2023.
- The sales volume, or value of properties sold, jumped 7.4 percent month-over-month to $2.4 billion and is up nearly 12 percent on the year.
- In a year where the number of listings is up by about half, active listings shrank in October to 10,940, down 1.6 percent from the 11,115 available at the end of September.
- The decline came about mostly because sellers were holding back, not buyers. Metro Denver had 4,691 new listings last month, a 7.2 percent decline from September’s count.
- The median price of a stand-alone or detached home rose to $650,000 in October, a 3.2 percent gain from September’s median price of $629,950.
- The median price of a townhome or condo that sold last month was $401,000, down 1 percent from the median of $405,000 and down 5.5 percent on the year.
- Listings took longer to sell, a median of 26 days instead of 25 days in September and 16 days a year ago.
- Sellers are also getting slightly less on average from the listing price, 98.66 percent, than was the case earlier in the year.
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NEW CDOT REPORT SHOWS EXTENT OF DISTRACTED & IMPAIRED DRIVING
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The Colorado Dept. of Transportation 2024 Driver Behavior Report reveals encouraging trends in driving habits. The results show a decrease in some risky driving behaviors, including impaired driving and seat belt use. The random-sample survey evaluated 945 Colorado residents’ attitudes and behaviors concerning seat belt use, speeding, distracted driving and impaired driving. Key findings of the report include:
Distracted Driving
- Drivers aged 25-44 are particularly prone to distracted driving behaviors. These include picking up a phone to make calls, reading messages, sending messages, and eating or drinking while behind the wheel.
- 77 percent of Colorado drivers admitted to using their phones while driving, with 45 percent saying a hands-free feature in their car would stop them from using their phone.
- 73 percent of drivers in Colorado reported eating or drinking while driving in the past week.
Impaired Driving
- 19 percent of Colorado drivers said they had operated a vehicle within two hours of drinking alcohol in the past month, 6 percent reported driving within two hours after consuming cannabis, and 3 percent after taking prescription drugs.
- More than half of Coloradans (57 percent) say they never drive under the influence of alcohol, cannabis and/or prescription drugs.
Seat Belts
- While 89 percent of drivers said they always wear a seat belt when driving, this dropped to 80 percent with trip distances of less than 2 miles.
- Male drivers reported lower overall seat belt use (86 percent) than female drivers (92 percent).
Speeding
- 16 percent of motorists say they drive over the speed limit most or all of the time. This is down 4 percent from last year.
- Most drivers said they speed at least some of the time when driving on highways (69 percent on main highways (speed limit of 65mph) and 68 percent on local highways (speed limit of 55 mph)).
- Drivers aged 18-34 (35 percent) were more likely than those aged 35 and older (23 percent) to say they drive over the speed limit at least some of the time on neighborhood roads.
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MARKET UPDATE - 11/05/2024 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 10/31/2024)
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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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