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Colorado - Wed. 05/14/25 |
A Free Business Publication from Alpine Bank
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DENVER BRONCOS HEADING BACK TO LONDON FOR GAME AGAINST N.Y. JETS
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For the second time in three years, the Denver Broncos will be heading to Europe during the NFL season with a game Oct. 12 in London against the New York Jets, the league announced Tuesday. This year’s game at Tottenham Hotspur Stadium in northern London will kick off at 7:30 a.m. Mountain time. The Broncos’ last overseas game was in 2022 when they beat the Jacksonville Jaguars; Denver also played in London in 2010, beating the San Francisco 49ers. The Broncos have played nine games internationally. The NFL features a record seven overseas kickoffs this season. The Minnesota Vikings get a double dip of international play in 2025 with trips to both Ireland and Britain. The Vikings will play the Pittsburgh Steelers at Croke Park in Dublin on Sept. 28 and then they’ll fly over to London to face the Cleveland Browns at Tottenham Hotspur Stadium a week later on Oct. 5.
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ANNUAL INFLATION RATE HIT 2.3% IN APRIL, LESS THAN EXPECTED & LOWEST SINCE 2O21
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Inflation was slightly lower than expected in April as President Donald Trump’s tariffs just began hitting the slowing U.S. economy, according to a Labor Dept. report Tuesday. The consumer price index, which measures the costs for a broad range of goods and services, rose a seasonally adjusted 0.2 percent for the month, putting the 12-month inflation rate at 2.3 percent, its lowest since February 2021, the Bureau of Labor Statistics said. The monthly reading was in line with the Dow Jones consensus estimate while the 12-month was a bit below the forecast for 2.4 percent. Excluding volatile food and energy prices, the core CPI also increased 0.2 percent for the month, while the year-over-year level was 2.8 percent. The forecast was for 0.3 percent and 2.8 percent, respectively. The monthly readings were a bit higher than in March though price increases remain well off their highs of three years ago.
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LAND SWAP FOR PARK HILL GOLF COURSE APPROVED IN DENVER
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The creation of one of Denver's largest parks is a step closer to reality after the Denver City Council approved a property exchange between the city and the owner of the former Park Hill Golf Course. In the land exchange, Denver will trade a 145-acre property near Denver International Airport on East 56th Avenue, in Adams County, for the 155-acre golf course in northeast Denver, at 4141 E. 35th Ave., which is owned by Glendale-based Westside Investment Partners. The council unanimously approved the land swap on Monday afternoon with no discussion. Westside Development, after a period of due diligence, is slated to receive city-owned land adjacent to DIA. That property is valued at nearly $12.758 million, while the Park Hill property has a valuation of $12.76 million.
Both of the properties are heavily restricted in the type of development that is currently allowed. The land Westside will receive near DIA would be zoned to encourage industrial development, prohibiting both residential and hotel uses. The exchange will remove the use limitations contained in the conservation easement for the former golf course site, enabling the Park Hill property to be used under city management for a broader range of park purposes. The Park Hill property still needs to be rezoned by the council from a private park to an open space recreation designation, which is meant to preserve city-owned and managed public parks. The zoning change is scheduled for a public hearing and final vote June 2.
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MONDRIAN SELLS FOR $47.6 MILLION
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A painting by Dutch modernist Piet Mondrian sold for $47.6 million on Monday. The 1922 work, “Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue,” was expected by Christie’s to sell for between $40 million and $50 million, but only one bidder emerged, and it sold quickly for $41 million, or $47.6 million with the auction house’s fees. The work still ranks as the third highest price ever paid for the artist, but the record remains the $51 million paid three years ago for Mondrian’s “Composition No. II.” Elsewhere in the 20th century sale, a Claude Monet view of “Poplars on the Banks of the Epte, Dusk” sold for $43 million, above its $30 million low estimate. By Friday, the world’s chief auction houses, Christie’s, Sotheby’s and Phillips, aim to sell more than $1.2 billion in art, a combined estimate that lags behind their $1.4 billion total last May and $1.8 billion the year before.
The Mondrian was sold by Louise Riggio, the widow of Barnes & Noble founder Leonard Riggio. After he died last August, at age 83, Riggio’s widow decided to downsize her Park Avenue apartment in Manhattan by selling the 39 modern masterworks she and her husband had hung for decades there, including the Mondrian in the apartment’s entryway. Other pieces in this $272 million estate included a $28 million Pablo Picasso from 1937, “Woman with Arlesienne Headdress on Green Background (Lee Miller).” The colorful portrait was estimated to sell for at least $20 million.
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AIRBNB LAUNCHES REDESIGNED APP, NEW SERVICES BUSINESS
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Airbnb launched a redesigned app on Tuesday to showcase the company’s push to let travelers book services, like catering and personal training, at their home rentals. The new-look app marks a new chapter for Airbnb to expand beyond home stays. The company has previously announced plans to invest $200 million to $250 million in a new business that it said it hopes will become a significant driver of future revenue growth. The app’s new services tab offers 10 categories users can select and book during their rental. The offerings include services such as spa treatments, catered or prepared meals, or personal training sessions. These service offerings will debut in 260 cities worldwide.
The company hopes this update will put Airbnb on par with offerings travelers often find at hotels and resorts. The app update will also include a homepage tab to emphasize Airbnb’s experiences business. The new tab divides experiences into 19 categories, including live performances, landmark tours, architecture tours and workouts, which are available in 650 cities.
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ESPN’S NEW STREAMING SERVICE TO LAUNCH THIS FALL
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ESPN’s highly anticipated streaming service will cost $29.99 a month and be named “ESPN.” The new service, set to launch this fall, will give sports fans all the content shown on ESPN’s television channels, including professional and college football and basketball games. Disney is ESPN’s parent. The company will include the ESPN service in its streaming bundle with Disney+ and Hulu for $35.99 a month. The bundle will be available at launch for a price of $29.99 a month for the first 12 months.
- Sports-centric streaming service Fubo’s elite plan costs $94.99 a month.
- YouTube TV is $82.99 a month.
- A package with Hulu + Live TV, ESPN+ and Disney+ costs $82.99 a month.
ESPN has the advantage of exclusive National Football League, National Basketball Association and college games among other valuable sports rights. The network licenses nearly a third of total U.S. sports rights across the four major professional leagues and college sports.
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PETE ROSE, 'SHOELESS' JOE JACKSON REMOVED FROM BASEBALL'S BANNED LIST
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Disgraced Cincinnati Reds legend Pete Rose spent the final 35 years of his life ferociously pursuing reinstatement to Major League Baseball. His family continued the fight following Rose’s death in September. Now, their wish has finally come true. MLB commissioner Rob Manfred on Tuesday posthumously removed Rose from the permanently ineligible list, a seismic move that puts one of the most iconic and polarizing figures in American sports history back into good standing. Manfred said he had determined that deceased players didn’t belong on the permanently ineligible list, since they no longer posed a threat to baseball. Manfred also lifted the ban of Shoeless Joe Jackson, a star in the early 20th century who was banned in 1921 along with seven of his Chicago White Sox teammates who were accused of throwing the 1919 World Series. Jackson, who hit .356 in his career, died in 1951.
Rose was banned from MLB by then-commissioner Bart Giamatti in 1989 after he was caught betting on his team’s games while he was the Reds’ manager. On the field, Rose’s credentials are unimpeachable. He spent 24 seasons in MLB and posted a .303 batting average. He was a 17-time All-Star and won three batting crowns. Over the course of his career, from 1963 through 1986, only four position players compiled more wins above replacement: Joe Morgan, Mike Schmidt, Carl Yastrzemski and Rod Carew.
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WINTER X GAMES SET TO RETURN TO ASPEN IN 2026
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Winter X Games is returning to Aspen Snowmass' Buttermilk Mountain for the 25th consecutive year. From front-flipping snowmobiles to record-landing jumps to perfect '100' scores, a quarter-century of competitions have pushed multiple sports to new heights since Winter X landed in Aspen in 2002. “For 25 years Aspen’s been where winter sports legends are made and boundaries are unlimited,” Jeremy Bloom, National Ski Hall of Fame inductee and CEO of X Games said. “We’re hyped to keep building on this legacy and bring X Games fans and athletes together for another unforgettable experience in 2026.” Bloom became CEO of X Games in December 2024.
X Games Aspen 2026 will once again bring together the world’s top ski and snowboard athletes to compete in fan-favorite disciplines across men’s and women’s events. General admission tickets will be available to fans with a variety of hospitality upgrades offering enhanced experiences and premium viewing options. Fans eager to be the first to grab tickets can sign up for the exclusive X Games Aspen 2026 ticket waitlist at xgames.com. X Games Aspen 2026 will take place Jan. 23–25 at Buttermilk Mountain.
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INDEPENDENCE PASS BIKE RIDE RETURNS SATURDAY
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A 2,300-foot vertical climb, 10-mile race will kick off on Independence Pass on Saturday. The Ride the Pass annual community bike ride will be back for its 31st year. It begins at 10:30 a.m. on Saturday, May 17. The Colorado Dept. of Transportation has cleared the road of snow and done an extensive street sweeping and cleaning operation to ensure that bikers have as pristine road conditions as possible for the race. The Independence Pass Foundation operates this event with help from local sponsors and registration fees. Proceeds from the event help the Foundation continue its efforts restoring and protecting the ecological, historical, and aesthetic integrity of Independence Pass.
The 10-mile ride will start five miles east of Aspen at the winter closure gate and will go to the ghost town of Independence. There will be two aid stations for riders. While the ride does not go to the summit, riders are welcomed to pedal the remaining distance to the top of the Pass, as it will be fully cleared of snow. Once riders finish the race, they can go to the start for a barbecue and raffle which will start once the first racers make it back and go until around 2 p.m. There will be a 2-mile, untimed, family-friendly ride to the Weller Lake pullout. Registration costs are $45 for adults, $25 for kids 18 and under, and $75 for families. Riders can register at independencepass.org/2025-ride-for-the-pass until 5 p.m. on Friday, May 16.
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MONUMENT TRAIL NEARING COMPLETION
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A newly constructed paved path along Monument Road will connect up a 10-mile loop through the Redlands. The second phase of the path will run from the Lunch Loops Trailhead west to the Jurassic Flats Open Space along South Camp Road. The first phase connected Lunch Loops to the Riverfront Trail with a paved path. The Land Trust got involved in purchasing land along the corridor that would be used for a paved recreational trail. That began with the purchase of the Three Sisters property along Monument Road in 2012. Over the years, the Land Trust, working with partners like the city, purchased additional parcels and easements. Another major purchase came in 2019 when the Land Trust acquired the Jurassic Flats parcel at the corner of Monument Road and South Camp Road, which it transferred to the city in 2020. The paved path through that parcel is already complete.
With all the land in hand, the Land Trust began work on the paved trail with the first phase completed in 2020. It broke ground on phase two last fall. With that work completed, the contractor began paving several weeks ago and a new advanced lighted crosswalk was installed to get trail users across Monument Road safely. The community will celebrate the completion of the project at 4:30 p.m. on May 20 with a chain-breaking event at the Lunch Loops Trailhead.
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VOLUNTEER FAIR FOR PUBLIC LANDS SET FOR SATURDAY AT DURANGO NORDIC CENTER
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In observance of Colorado Public Lands Day, the Southwest Colorado Conservation & Outdoor Recreation Roundtable will host a Volunteer Fair for Public Lands from 10 a.m. to 2 p.m. on Saturday, May 17, at the Durango Nordic Center, also known as the Purgatory Community Center, on U.S. Hwy. 550. The volunteer fair will offer insight into how people can get involved in caring for public lands, with groups offering volunteer opportunities that are available throughout the year. Organizations such as Durango Trails, the Continental Divide Trail Coalition, the La Plata County CSU Extension and the San Juan Mountains Association will be represented at the event. The fair will highlight the importance of public lands, engage the public in stewardship efforts, foster common ground among user groups and organizations, and support education and outreach. Those interested in attending can fill out a form online at sccorr.org/events-1.
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COLORADO TOURISM OFFICE AWARDS EAGLE $20,000 GRANT TO ENHANCE WAYFINDING
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Eagle has been awarded a $20,000 Tourism Management Grant from the Colorado Tourism Office to develop a comprehensive wayfinding audit, needs analysis and schematic plan. The initiative aims to improve navigation, boost local commerce, and elevate the overall community experience for both residents and visitors. Eagle is projected to add over 1,600 households and 2,166 new jobs by 2040, and town officials are focused on enhancing how people move through and engage with Eagle. The wayfinding project will help establish clear, cohesive signage that reflects Eagle’s brand and directs people to key destinations like shops, restaurants, parks, trails, cultural landmarks, and public services.
The planning effort will also explore interactive kiosks, bilingual and accessible signage, and multimodal navigation strategies for pedestrians, cyclists, drivers and transit users. These improvements will support ongoing community efforts, including Eagle’s Open Space and Trails Master Plan, Net Zero Action Plan, and Safe Streets 4 All initiative. The Colorado Tourism Office’s Tourism Management Grant supports infrastructure and planning projects that enhance visitor experience across the state. The grant provides up to $20,000 with a 4:1 match requirement and must be used within a one-year timeframe.
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YAMPA RIVER SCORECARD GRADE SLIPS FOR SOUTH ROUTT
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The recently released Yampa River Scorecard Project grade of C-plus for the upper segment of the Yampa River shows a need for some improvements for overall river health in the stretch between Stillwater and Stagecoach reservoirs. A major reason for the lower score is because that river segment is heavily utilized by agricultural water users but has less water coming in from smaller tributaries compared with downstream sections of the river. This is the third year nonprofit Friends of the Yampa has released a grade for river segments as part of a five-year evaluation of five Yampa River segments from the Flat Tops Wilderness to Dinosaur National Monument.
- The Middle Yampa section from Hayden Pump Station to South Beach downstream of Craig scored a B following a 2022 study.
- The Steamboat Springs segment from the Stagecoach Reservoir tailwaters to the Hayden Pump Station scored a B-minus from data collected in 2023.
The 2024 river study looks at 45 indicators and nine characteristics of river health to determine and issue a score for combined flow and sediment regime, water quality, habitat and riverscape floodplain connectivity, riparian condition, river form, structural complexity and biotic community. On the positive side, the study team found the Upper Yampa stretch rated good in water quality, structural complexity, beaver activity, channel morphology and invasive weeds. The healthy beaver activity, especially on U.S. Forest Service land, showcases the natural engineering work of the large rodents to help mitigate the impacts of human water use and infrastructure. The beavers’ work maintains minimum flows in late summer and fall and provides a refuge for fish during low flows. On the “not-so-good” side, the Upper Yampa segment suffers from impacted riverscape connectivity and reduction in riparian buffers.
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HSA LIMITS FOR 2026 ANNOUNCED
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If you’re covered by a high-deductible health plan (HDHP), you can contribute pretax income to a Health Savings Account (HSA) up to certain limits. Funds can be withdrawn tax-free to pay qualified medical expenses. The IRS annually adjusts HSA and HDHP contribution limits for inflation. For 2026, the maximum HSA contribution amount for individuals will be $4,400 ($4,300 for 2025) and $8,750 ($8,550 for 2025) for family coverage. The minimum HDHP deductible for individuals will be $1,700 ($1,650 for 2025) and $3,400 for family coverage ($3,300 for 2025). The maximum HDHP out-of-pocket cost will be $8,500 for self-coverage ($8,300 for 2025) and $17,000 for family coverage ($16,600 for 2025).
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DENVER COUNCIL APPROVES NWSL STADIUM AGREEMENT
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An intergovernmental agreement to bring a National Women’s Soccer League stadium to a former factory site south of downtown won approval Monday night from the Denver City Council, despite concerns about the process and the city’s proposed $70 million contribution. The council’s 11-1 decision to move forward with the agreement with Broadway Station Metropolitan District No. 1 was met by applause from a crowd that donned white T-shirts emblazoned with “Denver” and the NWSL logo. The debate that preceded the vote shows some members of the council are still uneasy about the city investing up to $70 million to acquire 14 acres for the stadium and fund on-site and off-site infrastructure improvements.
The tens of millions of dollars in funding would come from interest generated by Denver’s Elevate Denver bond program. In November, the council is set to rezone the property and approve dispersing funding for the project. If approved then, the city will transfer money to the Broadway Station Metropolitan District, which would acquire the land. The Denver NWSL team ownership group would then negotiate a lease agreement for the operation of the stadium.
- The stadium, which would be located at the Santa Fe Yards in the Baker neighborhood, is proposed to include 14,500 seats.
- It could be built to open as soon as 2028 and would be the long-term home of the Denver NWSL team, an expansion franchise that is slated to start playing at a temporary site in Centennial next year.
- The team's permanent stadium is proposed to be built on land that used to be a Gates Rubber Co. factory site.
- Committing $70 million of city money would bring the total public debt and infrastructure investment connected to transforming the property to nearly $229 million since the industrial buildings that once stood there were torn down.
- The NWSL stadium project would create the country's second purpose-built women’s soccer facility.
- It is estimated to cost between $150 million and $200 million to build.
- An economic impact study from Denver’s Dept. of Finance estimates the investment at the site could generate up to $2.2 billion in economic impact and nearly $500 million in tax revenue over 30 years. It could also directly and indirectly create more than 1,100 jobs.
- While some council members took issue with that economic forecast, others noted even in a worst-case scenario, the stadium and team would generate $10 million a year.
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MARKET UPDATE - 05/13/2025 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 05/08/2025)
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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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