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Colorado - Wed. 01/15/25 |
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 Monday, Jan. 20, in observance of Martin Luther King, Jr. Day. 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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ARAPAHOE BASIN SKI PATROL VOTES TO FORM UNION
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Ski patrollers at the newest Alterra Mountain Co.-owned resort have voted to form a union vying for higher wages and better benefits. Alterra, which also operates Winter Park Resort and owns Steamboat Ski Resort, acquired the Arapahoe Basin Ski Area in November. The Arapahoe Basin Ski Patrol Union revealed that its members authorized unionization in two voting sessions on Jan. 8 and Jan. 11. The organization is now part of the CWA 7781 Mountain Workers. The union local represents 57 professional ski patrollers at Arapahoe Basin.
The vote comes less than a week after Vail Resorts and Park City ski patrollers reached a deal to increase patrollers' wages and add on additional benefits, ending a nearly two-week strike that disrupted the Utah resort's operations during the busy holiday season and drew national media attention to the demands of the union. The Arapahoe Basin patrollers said the purpose of their union is to make ski patrolling a viable career choice through increased wages, scheduling and better benefits.
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ARCTIC COLD HEADED FOR DENVER; WINDCHILL TEMPS TO HIT 30 BELOW ZERO
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Subzero temperatures, wind and snow are headed for Denver this weekend, according to the National Weather Service. Light snow was already falling in northern Colorado’s mountains on Tuesday morning, NWS forecasters said. That snow is expected to make its way into Denver and across the Eastern Plains on Friday, signaling the start of a freezing weekend. “An arctic air mass will bring bitterly cold air to Colorado beginning Saturday and lasting through Monday night,” NWS forecasters said in a Hazardous Weather Alert.
Most of northern and central Colorado will see temperatures below zero degrees over the weekend. Overnight lows are expected to reach minus 15 to minus 20 across metro Denver, the Interstate 25 Corridor and the Eastern Plains. Windchill could make it feel like 30 degrees below zero. The coldest day forecast for Denver this weekend is Sunday. Temperatures will peak around 6 degrees and drop past minus 10 overnight into Martin Luther King Jr. Day. The coldest temperatures will hit northern Colorado, especially near Kremmling and Waldon. Those cities can expect to see temperatures near minus 15 and 17 multiple days this weekend.
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SUPREME COURT REJECTS UTAH'S PUSH TO TAKE CONTROL OF PUBLIC LAND FROM THE FEDS
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The Supreme Court turned back a push by the state of Utah to wrest control of vast areas of public land from the federal government. The high court on Monday refused to let the state file a lawsuit seeking to bring the land and its resources under state control. The decision came in a brief order in which the court did not explain its reasoning, as is typical. It marks the latest roadblock for states in a running feud with the U.S. government over who should control huge swaths of the West and the enormous oil and gas, timber and other resources they contain. Utah’s top state leaders said they have not ruled out taking their lawsuit to a lower court.
In the Western state known for its rugged mountains popular with skiers and red-rock vistas that draw throngs of tourists, federal agencies control almost 70 percent of the land. Utah argues that local control would be more responsive and allow the state access to revenue from taxes and development projects. The complaint sought control of about half of federal land, which still amounts to an area nearly as large as South Carolina. The parcels are used for things like energy production, grazing, mining and recreation. Utah’s world-famous national parks and national monuments would have stayed in federal hands. While lawsuits typically start in federal district courts and eventually work their way up to the U.S. Supreme Court, disputes involving states can start at the nation’s highest court if the justices agree to hear them.
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MASSIVE MIXED-USE PROJECT TAKING SHAPE IN NORTH DENVER
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The first signs of life at Fox Park, one of northern Denver’s largest mixed-use developments in decades, are poised to emerge this year as crews work on developing roads, laying water lines and building a two-story subterranean parking garage. The old Denver Post press building on the site will be demolished by April to make way for a 12-story office building and a 250-room Virgin Hotel, the first of two hotels envisioned on the property and that could eventually add a total of 521 rooms. The offices will also house tenants including World Trade Center Denver and the London-based leisure and entertainment company URWLD, which also plans to invest $70 million in the development.
Vita Fox North LP, a joint venture of Indianapolis-based Pure Development and Mexico City-based Interland, paid $56.5 million for the Globeville property in 2019. Overall, the project will cost roughly $4.5 billion to build and add more than 10 million square feet of commercial, residential and cultural use space to North Denver. Some of that funding will come from a $189 million tax incremental financing deal the developers struck with Denver in 2021, described as the largest per-acre TIF deal in Colorado history.
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PITKIN COUNTY & RFTA RECEIVE FEDERAL GRANTS
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Colorado U.S. Sens. Michael Bennet and John Hickenlooper announced nearly $112 million in federal funding from the U.S. Dept. of Transportation for 11 projects across the state, highlighting significant investments in Pitkin County and the Roaring Fork Transportation Authority (RFTA). The funding, made possible through the Bipartisan Infrastructure Law and Inflation Reduction Act, aims to enhance infrastructure and connectivity across Colorado. Pitkin County receives $2 million to “establish plans for the transformation of the Aspen/Pitkin County Airport into a mobility hub that integrates with the regional transportation network,” a news release states.
RFTA, meanwhile, receives nearly $1.3 million to fund the “development of a Locally Preferred Alternative (LPA) for extending the State Hwy. 82 VelociRFTA Bus Rapid Transit (BRT) lane on a new alignment through the City of Glenwood Springs to the Interstate 70 corridor.” This planning initiative for RFTA focuses on expanding fast, efficient transit options in the Roaring Fork and Colorado River Valleys.
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TELLURIDE FOUNDATION TO HOST PLANNED GIVING WORKSHOP FOR NONPROFITS
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Planned giving is a way for individuals to donate to a nonprofit through financial or estate planning tools. To help nonprofits gain actionable insights on how to effectively incorporate planned giving into their organization, the Telluride Foundation is hosting a “Planned Giving” workshop. The workshop, taught by Sage Martin, Executive Director of Mountainfilm and Sara Bachman, attorney at law, will be held at the Telluride Science & Innovation Center as well as via Zoom, on Jan. 30 from noon to 1:30 p.m. This free event, taught over the lunch hour, is open to anyone wanting to learn more about how to set up a simple planned giving program for your nonprofit that will engage donors and generate important future income.
The workshop will be held at the Telluride Science & Innovation Center, 300 S. Townsend St., and via Zoom. To attend via Zoom, access the link by going to telluridefoundation.org and clicking on “Upcoming Nonprofit Workshops” under “What’s New” on the home page. For more information, help registering, or to RSVP to attend in person, please contact Dani Laine at 970-728-8717 or dani@telluridefoundation.org.
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CMC PRESENTS VIRTUAL EVENT HONORING MARTIN LUTHER KING JR.
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Colorado Mountain College will be hosting a free virtual event to honor Martin Luther King Jr. on Jan. 20, also known as MLK Day. The presentation, “A Legacy of Courage: Honoring Dr. Martin Luther King Jr.,” will be streamed live from 11 a.m. to 12:30 p.m. and will feature Colorado native and legal leader Judge Gary M. Jackson as the keynote speaker. Jackson served at the Denver District Attorney’s Office and the U.S. Attorney District Office of Colorado and has worked to expand judicial diversity in Colorado. CMC President Matt Gianneschi will hold a fireside chat at 11:45 a.m. and an open question and answer session at 12:05 p.m. following Jackson’s presentation. To register for the Zoom presentation, visit ColoradoMtn.edu/event/mlk-day-2025.
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ALPINE LUMBER CO. ACQUIRED BY BUILDERS FIRSTSOURCE
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Builders FirstSource Inc. announced a definitive agreement to acquire Alpine Lumber Company, a Colorado-based, 100 percent employee-owned company with 21 locations across the state, including in Steamboat Springs, and in northern New Mexico. The acquisition is anticipated to close in the first quarter of 2025, according to a news release. Builders FirstSource, headquartered in Texas, says the acquisition will expand the company’s geographic reach in Colorado and New Mexico, in addition to its existing operation of approximately 580 locations across 43 states. Alpine Lumber's Chief Executive Officer Hamid Taha said the acquisition, first announced Dec. 23, 2024, will provide a wider range of product categories and superior service to its customers.
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GJ LIONS CLUB DONATES $150K TO 14 NONPROFITS
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One month ahead of its 96th Annual Carnival and Raffle, the Grand Junction Lions Club announced the 14 nonprofit organizations to which it is donating a total of $150,000. In a ceremony at the Museum of Western Colorado, the Lions Club presented checks to:
- MarillacHealth, $25,000 for its new health care center
- Museums of Western Colorado, $30,000 for its exhibit hall
- Colorado Discover Ability, $25,000 for its Adventure Van
- Community Food Bank of GJ, $10,000 for the 7th Street Community Café
- Redlands Middle School, $9,450 for Aquos Smart Board TVs
- Broadway Elementary School, $7,500 for its playground with Triple ShootOut
- Grand Valley Equine Assisted Learning, $8,500 for the door system for its arena
- Grand Mesa Little League, $7,500 for its new centrally located playground and fencing
- HopeWest, $6,000 to remodel its Art and Sand Therapy room
- Sleep in Heavenly Peace, $5,000 for materials for its bed construction project
- Eureka! McConnell Science Museum, $5,000 for a tow-behind cargo trailer
- Grand Mesa Nordic Council, $5,000 for its Skyway building project
- Lower Valley Hospital (Family Health West), $2,200 to purchase AED unit for Fruita Monument High School athletics
- D51 Foundation, $3,850 to purchase calculators for use by students at Fruita Monument, Palisade, Central and R-5 high schools.
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CDOT TO DOUBLE ARSENAL OF MOUNTAINSIDE AVALANCHE BLASTERS
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Colorado transportation officials plan to nearly double the number of remotely controlled avalanche blasters installed on mountain ridges above highways, a project estimated to cost taxpayers tens of millions of dollars to prevent potentially catastrophic snow slides. The Colorado Dept. of Transportation has been firing 54 blasters about 200 times a year to pre-empt natural avalanches. An updated state inventory shows highways, including Interstate 70, running through more than 500 avalanche paths. CDOT’s expansion to install 50 more Remote Avalanche Control Systems, pending approvals from the U.S. Forest Service, is being planned to start as soon as this summer along I-70 above the east portals of the Eisenhower-Johnson Memorial Tunnel, where 6.1 million vehicles roll each winter, and then shift to southwestern Colorado along Wolf Creek Pass east of Pagosa Springs and Coal Bank, Molas, and Red Mountain passes north of Durango.
CDOT studies estimate a $1.6 million hit to the Colorado economy for every hour that I-70 must be closed for avalanche control, which happened four times in 2024. Since the early 1900s, avalanches have killed 16 drivers along Colorado highways, according to Colorado Avalanche Information Center records. CDOT began an avalanche safety program after state snowplow driver Eddie Imel was killed in March 1992 by an avalanche on U.S. 550 (Red Mountain Pass). No drivers have been killed in avalanches along highways since then. But avalanches regularly hit vehicles:
- Last year on Jan. 24, an avalanche on the west side of Berthoud Pass (U.S. 40) hit 10 vehicles and forced 72 hours of closures.
- On March 7, 2019, an avalanche that ran 1,000 feet through timber near the Copper Mountain ski area caught four vehicles along Colorado 91, burying a pickup and toppling a Subaru into 12-foot-deep debris.
- That month, on I-70 between Frisco and Copper Mountain, an avalanche ripping down a chute on the east side of the highway crossed a creek, sending airborne blasts of snow that blinded drivers and partially buried two cars and forced the closure of I-70.
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MARKET UPDATE - 01/14/2025 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 01/09/2025)
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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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