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Durango - Fri. 03/14/25 |
A Free Business Publication from Alpine Bank
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WEEKEND
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FRIDAY
- Bach’s Lunch Concert: Durango Bach Festival, noon, St. Mark’s Episcopal Church, Durango, sanjuansymphony.org
SATURDAY
- St. Patrick’s Day Science Fun, 9 a.m. to 3:30 p.m., The Powerhouse, Durango, powsci.org, 970-259-9234
SUNDAY
- Community Knitting & Crochet Group, 2 to 4 p.m., Pine River Library, Bayfield, prlibrary.org, 970-884-2222
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SUNCOR PLANS TO TAKE DOWN A 100-FOOT FLARE STACK IN REFINERY UPGRADE
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Suncor Energy is planning a two-year construction project at its Commerce City oil refinery to tear down a 75-year-old flare stack that often sends flames flickering from the top, and reconnect the pipes that funnel excess gases to a newer, more efficient flare on site. The $16 million project is scheduled to start later this year, pending approval from the Colorado Dept. of Public Health and Environment. The work would dismantle the 100-foot-tall flare stack, built in 1950 as part of what is now called Plant 1. The gases that are burned by that flare will be rerouted to the refinery’s taller gasoline benzene reduction flare, which was built in 2012.
Suncor filed its construction permit application for the project in October, and it’s under review by the state’s Air Pollution Control Division. Last week, Suncor held two online meetings to explain the project and answer questions from the community. The flares burn off excess gas to avoid explosions and are a necessary part of oil refining. The project should improve emissions and safety at the refinery. The gasoline benzene reduction flare is 250 feet tall, 1.5 times higher than the 75-year-old one that will be taken down. That means pollution including carbon monoxide, nitrogen oxides, sulfur dioxide, volatile organic compounds and particulate matter will be dispersed further from surrounding neighborhoods. That should decrease some impacts from emissions.
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COLORADO COMMISSION ADOPTS RECYCLED WATER RULES FOR OIL & GAS COMPANIES
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Colorado's Energy and Carbon Management Commission unanimously adopted new rules Wednesday requiring oil and gas companies to use more recycled water when developing new wells. Oil and gas companies in the Denver-Julesberg Basin north and east of Denver recycle 2 percent of the water used during oil and gas extraction today. After the new rules kick in, companies will be required to double that and recycle 4 percent of the water used in well production by 2026, 10 percent by 2028, 20 percent by 2034 and 35 percent by 2038.
Oil and gas companies can use 1 million gallons or more of water in the process of drilling and then hydraulically fracturing, or 'fracking,' a new well. Much of the water, which in the oil-rich Denver-Julesberg Basin is typically freshwater leased from agricultural users or municipalities, is pumped down the wellbore during fracking. It comes back out of the well during production mixed with hydrocarbon fuels, fracking chemicals, underground minerals and salts and is usually treated and taken to be pumped underground via specially designated disposal wells. But that 'produced water,' as it's called, can be recycled for use in further new well development, reducing the industry's need to draw on freshwater supplies.
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COMCAST EXPANDS PARTNERSHIP WITH OLYMPICS
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Comcast and the International Olympic Committee have agreed on a new deal that expands the company’s broadcast reach and extends its media rights for the Olympic Games through 2036. The committee said the roughly $3 billion agreement elevates Comcast from a media rights holder to a “strategic partner.” Comcast and the organization will collaborate on broadcast infrastructure, in-venue distribution and U.S. digital advertising, among other items. Comcast’s previous agreement with the Olympic committee would have terminated after the 2032 Olympics in Brisbane, Australia. The new deal grants Comcast the rights to broadcast the 2034 Winter Olympics in Salt Lake City as well as the 2036 Summer Olympics in a not-yet-determined city. The deal comes as Comcast and its NBCUniversal unit aim to use live sports to drive subscriptions to the streaming service Peacock. NBC will spend about $2.5 billion per year to carry a package of NBA games starting next season.
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MERIDIAN FIRE BURNING ON 3,000 ACRES EAST OF COLORADO SPRINGS, 30% CONTAINED
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A fast-moving wildfire burned across 3,000 acres east of Colorado Springs on Thursday, forcing mandatory evacuations and destroying one building before firefighters gained 30 percent containment. The Meridian fire was first reported about 1 p.m. near Drennan and South Meridian Roads, 9 miles east of the Colorado Springs Airport. County officials issued mandatory evacuation orders for the surrounding area, but most were scaled back to voluntary evacuations by Thursday night. Evacuation orders are still in effect for Blamey Road south of Colorado 94, Hammer Ranch Road and Franceville Coal Mine Road. Colorado 94 is closed in both directions between Marksheffel Road and Blaney Road.
The fire was burning north toward Colorado 94, and it’s not clear if flames jumped the highway. No injuries have been reported, and the cause of the fire is unknown. The wildfire is burning near Schriever Space Force Base, but the base is not threatened and not required to evacuate. Firefighters from El Paso County, Cimarron Hills, Peyton and Schriever are fighting the fire.
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COLORADO SCHOOL OF MINES DANGLES "GOLDEN TICKET" OF GUARANTEED ADMISSION FOR JEFFCO STEM STUDENTS
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Jeffco Public Schools students who graduate with a high GPA and a STEM diploma will also earn a “golden ticket” to Colorado Schools of Mines with guaranteed admission to any Bachelor of Science degree program starting in 2026. The partnership between Jeffco Public Schools and the state’s premier engineering school aims to encourage students with an interest and aptitude in science, technology, engineering and mathematics to complete a STEM-endorsed high school diploma by offering a direct path to Mines located in Golden. The first students eligible for the new program will be the class of 2026, who are currently juniors.
Jeffco students who pursue the STEM diploma are required to take four years of college prep or advanced math and three years of lab science, as well as complete a senior STEM capstone project, a hands-on course where 11th and 12th grade students tackle real-world challenges by designing, prototyping and presenting innovative solutions. To be eligible for guaranteed Mines admission, students must also maintain a cumulative, unweighted GPA of 3.8 or higher, apply to Mines by the Nov. 1 priority deadline and comply with all other standard admission requirements. Colorado School of Mines was ranked No. 76 out of 436 national universities by the U.S. News and World 2024 report.
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SUMMER HANGING LAKE RESERVATIONS AVAILABLE BEGINNING MARCH 17
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With an anticipated July 1 reopening of the Hanging Lake Trail, summer reservations will be available at VisitGlenwood.com beginning March 17 at 8 a.m. Reconstruction of the main trail and its seven bridges will be completed before the trail reopens, while construction will continue into the fall at the main trailhead and Spouting Rock area. Work to make the 1.2-mile Hanging Lake Trail more sustainable and better able to handle high water began in May 2024. The trail was intermittently open throughout summer 2024, with a full closure in place in the fall once the old bridges were removed. The trail and associated bridges suffered significant damage following the July 2021 debris flows in Glenwood Canyon.
A temporary trail was in place to allow visitation while this larger reconstruction effort was planned and implemented. The Hanging Lake Reconstruction Project is being funded through Great Outdoors Colorado, Colorado Lottery, Colorado Parks and Wildlife State Trails Program, the National Forest Foundation, City of Glenwood Springs, and the USDA Forest Service.
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ST. PATRICK'S DAY PARADE & BREWFEST IN MONTROSE
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The Black Canyon Homebrewers Association has planned a St. Patrick’s Day celebration with lots of good local beer. But there will be something for everyone at the Homebrewers’ second annual Saint Patrick's Day Parade and Brewfest this Saturday, March 15. Festivities kick off at 11 a.m. with a pre-party at Mosaic. A non-motorized parade begins at noon. The brewfest starts at 1 p.m. and will feature beers from a handful of local breweries as well as food trucks, live music and family-friendly activities. Horsefly, Colorado Boy Montrose, Shelter and Silver Basin breweries will pour up Montrose-brewed beer, while Ridgway’s Colorado Boy and Floating Lotus will bring some beer from the south and Paonia’s Big B’s will serve cider. DK’s Snack Shack and Grand Junction-based Bravos Food Truck will also be parked at the brewfest, which will take place next to Horsefly at 846 E. Main Street.
Tickets for the festival are $35 at the door or $30 online for drinking adults and include a keepsake glass that guests can use to sample as much beer and cider as they’d like. Parade participants will receive a $5 discount, while seniors over the age of 75 can participate for free or purchase a $5 glass to get in on the drinking. Non-drinking adults and young adults from 18-20 can purchase tickets for $20, while kids under 18 get in free with an adult. Family and kid-friendly activities like cornhole, face painting, crafts and a photo booth will be available all afternoon, while The Black Canyon Boys will bring a live local sound to the stage. The goal of the festival is to give the community a way to celebrate Saint Paddy’s Day, while also raising some awareness for the association and partnering organizations like Montrose Area Bicycle Alliance and Second Chance Humane Society.
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STEAMBOAT SPRINGS HOME SALE CLAIMS HIGHEST PRICE IN CITY HISTORY
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The Agency Steamboat Springs announced a record-breaking home sale of $17.45 million this week, marking the highest sale price ever recorded in Steamboat Springs real estate history. The ski-in, ski-out home, named “Over the Edge” and located at 2965 Trails Edge, has 7 bedrooms and 7.5 bathrooms as well as a two-story gym, sports simulator, climbing wall, home theater, ski storage room, heated outdoor pool, cold plunge and dry sauna, all included in a total of 9,950 square feet of space.
Originally built in 2007, the home was fully renovated in 2022. According to the Routt County Assessor’s Office, the previous owners purchased the home in April 2021 for $10 million. The 2022 property assessment determined the land to be worth over $3 million, and the “improvement value” was worth over $9.5 million, totaling over $12.5 million in total value. Since then, the property value has increased by over $4.8 million. The second-highest home sale in Steamboat Springs was in Storm Mountain Ranch in September 2023, totaling $15.65 million.
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COLORADO MOUNTAINS BRACE FOR WEEKEND SNOWSTORMS, STRONG WINDS, ROUGH TRAVEL
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Colorado’s mountains are expected to see strong winds and accumulating snow starting Friday, potentially bringing poor travel conditions to the Western Slope’s high terrain and country roads. The National Weather Service has issued a winter weather advisory for portions of Eagle, Pitkin, Garfield and Routt counties from 6 p.m. Thursday to 6 p.m. Friday, reporting 6 to 12 inches of snowfall across the Western Slope’s higher terrain with only a few inches of snow falling in the valleys. The advisory is accompanied by a hazardous weather outlook for northeast and north central Colorado, including high elevation parts of Grand and Summit counties.
Federal meteorologists warn of a “strong and quick-moving storm system” starting Thursday night with high winds up to 35-45 mph in the valleys and 45-55 mph across the mountains. The advisory also forecasts accumulating snow and poor travel conditions across the mountains and Palmer Divide. Icy conditions are expected to continue through Sunday morning. High winds could continue through early next week. The northern mountains will likely see little snow on Thursday night, with 3-6 inches at some central mountains. Snowfall is anticipated to intensify in the northern mountains around Friday morning, with moderate-to-intense snowfall throughout the afternoon. Vail Pass will likely see between 6-8 inches of snow heading into the mountains.
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THE COLORADO REAL ESTATE MARKET
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Colorado’s housing market saw a surge in inventory in February, outpacing sales and giving buyers more options and negotiating power. Mid-6 percent interest rates and affordability concerns continue to moderate sales activity. Statewide, new single-family listings were up 3.6 percent to 6,937 from January to February and 8.3 percent from a year ago, according to the latest Market Trends Housing Report from the Colorado Association of Realtors.
- New condo and townhome listings were up 3.8 percent to 2,489 month over month and increased nearly 13 percent compared to a year ago.
- The $575,000 median price of a single-family home in Colorado rose by just less than 1 percent between January and February and is up 3.6 percent from a year ago.
- The $409,000 median price of a condo or townhome dropped 1.9 percent month-over-month and is down 4.2 percent from February 2024.
Although the conditions suggest that there’s been an uptick in activity, buyers are approaching the market with caution, forcing sellers to adjust their strategies and pricing in an effort to attract interest and complete sales. The real estate market varies throughout the state.
- In the Colorado Springs area, the inventory increased 32.5 percent year-over-year to 2,425 homes on the market in February, despite a 3.5 percent drop compared to January. Home sales in Colorado Springs increased 4.9 percent to 730 in February compared to the previous month but declined 7.8 percent compared to a year ago.
- Vail’s available inventory also has increased dramatically, rising 15.6 percent between January and February to reach the highest supply since the pandemic. But transactions are down significantly, plunging 48.4 percent compared to February 2024. Homes priced at more than $5 million now account for up to 12 percent of the market, up from 4 percent pre-COVID.
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MARKET UPDATE - 03/13/2025 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 03/13/2025)
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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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