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Colorado - Thu. 11/07/24 |
A Free Business Publication from Alpine Bank
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SNOW IS HERE, MORE RESORTS WILL OPEN
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Colorado skiing and boarding is here: Wolf Creek opened Oct. 22; Keystone and Arapahoe Basin opened last Saturday. Now, with a week of snow, Eldora will open Thursday, while Copper Mountain, which received 28 inches of snow since Sunday, will also open Thursday. On Friday, Winter Park with 16 inches of snow this week, and Breckenridge, with 14 inches, will open Friday, and Loveland announced it will open Saturday, with 1,000 vertical feet of skiing and riding. More snow is in the forecast, with Wolf Creek expecting 15 inches over the next five days and seven other areas forecast to receive six inches or more.
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DELAYED AT DIA? PLAY GOLF
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Denver International Airport is undergoing major changes in Jeppesen Terminal, at the security screening areas and the changes at Concourses A and B were just opened. One of the additions to Concourse A is an immersive golf simulator, Golf Den, which has just opened. If you only have 15 minutes you can have a session for $20, a full 60-minute session runs about $65. Golf Den also has “Delayed Club” and “Cancellation Club” options for those with more time that include one or two alcoholic beverages with 30 or 60 minutes of play. The simulator allows you to play some of the most famous courses in the world as well as receiving real-time feedback on your swing.
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ELDORA WILL OPEN THURSDAY, 8 DAYS EARLY
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The closest ski area for most of those on the Front Range, Eldora Mountain Ski Resort, 8 miles west of Boulder, will open for the season today, Nov. 7. The recent storms and cold weather, which allowed for snow making, will also allow Eldora to open 8 days earlier than its scheduled Nov. 15 opening. One thousand vertical feet of terrain will be open, including Hornblower, Windmill, International trails as well as a small terrain park near the West Wing Lodge. Skiers and snowboarders will not be able to access the beginner terrain, lessons, uphill access or snowshoe trails at opening. All tickets and passes must be purchased online at eldora.com. Operating hours are 9 a.m. to 4 p.m. weekdays and 8:30 a.m. to 4 p.m. weekends. Passes purchased online can be picked up at the automated pick-up box at Indian Peaks Lodge by using the QR code in their confirmation email.
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PITCO VOTERS ENDORSE COMMISSIONERS/AIRPORT
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Voters in Pitkin County appeared to endorse the Pitkin County commissioners in their efforts to make improvements at the Aspen/Pitkin County Airport. Although results remained unofficial Wednesday, voters gave a strong endorsement (more than 65 percent) to ballot item 1C, which was placed on the ballot by the county commissioners asking voters to “reaffirm” the board’s authority to implement a runway layout plan at the airport, plus other goals on climate and growth management. Ballot question 200 was a citizen-initiated measure supported by the issue committee Our Airport Our Vote. It asked voters to divest the Pitkin BOCC of its authority to expand or relocate the airport runway without subsequent voter approval. Question 200 had a "no/against" tally of around 60 percent.
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MESA COUNTY: NO TO 29 ROAD INTERCHANGE
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Wednesday, the unofficial vote tally in Mesa County continued to show that voters rejected the proposed funding of an interchange at Interstate 70 and 29 Road, ballot issue 1A. The ballot issue proposed a bond to fund an $85 million project to extend 29 Road to I-70, build an interchange at I-70, expand 29 Road from Patterson Road to I-70 from two to four lanes and add bike and pedestrian infrastructure along 29 Road. The City of Grand Junction and Mesa County would split the cost 50-50. The vote count remained at 55 percent - 45 percent against the ballot issue.
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LA PLATA VOTERS ENDORSE REALLOCATION OF LODGERS TAX BY A WIDE MARGIN
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La Plata County voters overwhelmingly approved Ballot Issue 1A, authorizing the county to direct up to 70 percent of the revenue from its lodgers tax away from tourism marketing and toward affordable housing and childcare. With 81 percent of ballots counted, 69 percent of voters said the county should be authorized to redirect the funding, while only 31 percent voted to maintain the status quo. The county's lodgers tax applies only to hotel rooms, vacation rentals and other short-term overnight accommodations and it is capped at 2 percent per state law. Inside Durango city limits, visitors pay a 5.25 percent tax on short-term lodging. Durango voters did not vote on Ballot Issue 1A. The passage of the ballot question means the county has broad discretion to use an estimated $700,000 in any number of ways related to workforce housing and childcare rather than tourism marketing.
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TIME HAS COME TO RESTRICT TRAFFIC IN THE CITY CENTER OF PARIS
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In May 2021, authorities in Paris proposed a plan to establish a Zone à Trafic Limité or “Limited Traffic Zone,” or ZTL for short which banned private cars from driving into the city’s four most central arrondissements if their final destination was outside the zone. The area for the restriction covered five square kilometers (1.9 square miles). Last Thursday, the city’s officials decided it was time to implement the plan, and some motorists were caught by surprise with the rapid implementation of the ban, which went into effect three days later, on Monday of this week.
Between 175,000 to 250,000 through-journeys are made through this area every day; authorities hope to cut that figure at least in half. The ZTL will not necessarily turn Paris’s core into a car-free fortress as the roughly 100,000 residents who live in these arrondissements will face no new restrictions, and neither will people with disabilities. Buses, taxis and the emergency services are exempt, and so are healthcare workers, delivery vehicles and some essential workers who will be able to apply for permits. Enforcement will be phased, with no penalties imposed during the first six months. After six months those violating the ban will be liable for a fine of about USD$150.
Paris’ new zone is not the first of its kind in Europe. Brussels already imposed restrictions on through-traffic in 2022 as part of that car-clogged city’s wide-ranging “Good Move” mobility makeover; Amsterdam proposed similar in 2023. Madrid’s zone is focused on air pollution, limiting access to zero-emissions vehicles or drivers with a pre-booked parking space. Dublin’s introduction of so-called “bus gates” along the River Liffey, through which driving a car is banned, also blocked through-traffic in the city core when introduced this year.
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HOMEOWNERS TURN TO REMODELING: THE GOOD AND THE BAD
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Faced with high prices for homes and mortgage rates continuing to soar, American homeowners are turning more and more to remodeling. A new survey of 1,000 homeowners by Clever Real Estate showed six in 10 say they would prefer to remodel their current home rather than move to a new home. It isn’t cheap.
- Nearly 80 percent of homeowners went over budget on their last renovation, and two-thirds went into debt to fund home improvement projects.
- Around 32 percent stopped a renovation project before its completion because of unexpected costs.
- Around 63 percent took on debt to finish the work.
- Ninety-four percent of homeowners tackled a major renovation in the past five years, while 93 percent tackled a minor one over that same time period.
- The most popular major renovation was a bathroom remodel, completed by 37 percent of homeowners.
- About 33 percent of homeowners painted their interior, while 30 percent upgraded heating and air conditioning.
- Ninety-two percent of homeowners said their home improvements positively impacted their lives, but 74 percent of renovators had regrets.
- About one-fourth of homeowners (24 percent) said they spent too much money, making it the most common regret.
- An additional 22 percent regret the renovation took too long.
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VETERANS DAY AND NATIONAL VETERANS SMALL BUSINESS WEEK
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Monday, Nov. 11 is Veterans Day, which dates to the end of World War I and became an official U.S. holiday in 1938. Next week is also National Veterans Small Business Week.
- Veterans are more likely to start a small business than non-veterans. Nearly 10 percent of all businesses in the U.S. are owned by a veteran. In Colorado, there are some 410,000 veterans and as many as 50,000 are small business owners.
- The SBA has several programs designed to assist veterans, the Boots-to-Business and Reboot programs, part of the Dept. of Defense’s Transition Assistance Program. This program provides free, high level business training to participants.
- The SBA also provides support with the Women Business Outreach Centers that assist women in starting and growing small businesses; Small Business Development Centers that offer free, one-on-one counseling and low-cost training services; SCORE, a network of thousands of volunteer business counselors around the country that provides free in-person and online counseling and training; and Veteran Business Outreach Centers (VBOC), a nationwide program which provides business education to all current and separated military members and their families.
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RESPONSIBLE TOURISM AWARDS RECOGNIZE SIX TRAVEL FIRMS
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The Responsible Tourism Awards, run by the nonprofit International Centre for Responsible Tourism Global, celebrate their 20th anniversary with six awards for 2024:
- Employing and upskilling local communities: Grootbos Private Nature Reserve, South Africa - This is a five-star ecolodge in South Africa which gives profits to the Grootbos Foundation which provides training for hundreds of local people in hospitality, horticulture, entrepreneurship and biodiversity
- Championing cultural diversity: Rajasthan Studio, India - Travelers to the Rajasthan Studio visit master artists at their homes and studios, and participate in the making of local handicrafts by co-creating a personalized souvenir with the crafter
- Increasing local sourcing and creating shared value: Sivatel Bangkok Hotel, Thailand - Around the world, there have been protests by local people feeling overwhelmed by tourists, the Sivatel Bangkok Hotel works to bring local food and other products and services through its Sivatel Friends Network
- Making tourism inclusive: TUI UK&I - TUI has a huge presence in Europe, serving more than six million clients and TUI has 90 dedicated agents with specialist accessibility training to survey hotels and develop access guides and works with Sign Live to provide interpreting services for sign language travelers
- What are you doing about climate change: Jetwing Hotels, Sri Lanka - This small hotel company with 19 Jetwing Hotels is actively decarbonizing its operations, using renewable energy from biomass, solar PV, solar thermal and biogas for power
- Nature Positive: CREES, Peru - CREES offers tours and volunteering opportunities in the Manu Biosphere Reserve The educational program of CREES works to conserve biodiversity at its three research stations in the Manu National Park that are home to one of the longest running and largest biodiversity studies in the Amazon
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PART ONE: RESULTS OF STATEWIDE INITIATIVES IN 2024 ELECTION
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Amendment G: (requires 55 percent approval) A constitutional amendment to expand eligibility for the property tax exemption for veterans
- Yes/For: 72.4 percent
- No/Against: 27.54 percent
Amendment H: (requires 55 percent approval) A constitutional amendment to establish an independent judicial discipline adjudicative board, setting standards for judicial review
- Yes/For: 72.7 percent
- No/Against: 27.2 percent
Amendment I: (requires 55 percent approval) A constitutional amendment to create an exception to the rights to bail in cases of murder
- Yes/For: 69.3 percent
- No/Against: 30.7 percent
Amendment J: Shall there be an amendment to the Colorado constitution removing the ban on same-sex marriages?
- Yes/For: 63.7 percent
- No/Against: 36.2 percent
Amendment K: (requires 55 percent approval) Shall there be an amendment to the Colorado constitution concerning the modification of certain deadlines in connection with specified elections?
- Yes/For: 44.6 percent
- No/Against: 55.3 percent
Amendment 79: (requires 55 percent approval) Shall there be a change to the Colorado constitution recognizing the right to abortion
- Yes/For: 61.4 percent
- No/Against: 38.5 percent
Amendment 80: (requires 55 percent approval) Shall there be an amendment to the Colorado constitution establishing the right to school choice for children in kindergarten through 12th grade
- Yes/For: 47.9 percent
- No/Against: 52.0 percent
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PART TWO: RESULTS OF STATEWIDE INITIATIVES IN 2024 ELECTION
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Proposition JJ: To allow the state to keep and spend all sports betting tax revenue above voter-approved limits to fund water conservation and protection projects instead of refunding revenue to casinos?
- Yes/For: 75.8 percent
- No/Against: 24.0 percent
Proposition KK: To establish a tax on firearms and ammunition to fund mental services
- Yes/For: 54.1
- No/Against: 45.8 percent
Proposition 127: Statutory change to prohibit the hunting of mountain lions, lynx and bobcats
- Yes/For: 44.4 percent
- No/Against: 55.5 percent
Proposition 128: Statutory change concerning parole eligibility for an offender convicted of certain crimes
- Yes/For: 62.4 percent
- No/Against: 37.5 percent
Proposition 129: Statutory change to create a new veterinary professional associate profession
- Yes/For: 52.3 percent
- No/Against: 47.5 percent
Proposition 130: Statutory change to state funding for peace officer training and a $350 million appropriation for training, pay and death benefits for personnel killed in the line of duty
- Yes/For: 53.1 percent
- No/Against: 46.8 percent
Proposition 131: A statutory change to create ranked choice voting for certain elections
- Yes/For: 44.8 percent
- No/Against: 55.1 percent
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MARKET UPDATE - 11/06/2024 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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