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Vail Valley - Fri. 05/03/24 |
A Free Business Publication from Alpine Bank
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WEEKEND
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FRIDAY
- Aging Well Expo, 9 a.m. to noon, Edwards Field House, eaglecounty.us, 970-328-9586
SATURDAY
- Cocktails & Canvas or Clay, 6:30 to 8:30 p.m., Alpine Arts Center, Edwards, alpineartscenter.org, 970-926-2732
SUNDAY
- Cinco de Mayo
- Community Meditation, 6 to 7 p.m., Yoga Off Broadway, Eagle, yogaoffbroadway.com, 970-328-9642
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SONY, APOLLO MAKE $26B ALL-CASH OFFER FOR PARAMOUNT
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Sony Pictures and private-equity firm Apollo Global Management have submitted an all-cash $26 billion offer for Paramount Global. The joint bid comes as Paramount had been in exclusive merger talks with Skydance Media. A number of shareholders have protested the Skydance offer, which they said gave controlling shareholder Shari Redstone a sweetheart deal for her stake in National Amusements, the company through which she controls Paramount. Both Skydance and Paramount entered into exclusive negotiations over a deal last month, but that exclusivity period runs out at the end of Friday - meaning Paramount and Redstone can open up sales discussions with other suitors. Under the terms of Sony and Apollo’s offer, Sony would become the significant majority shareholder, with Apollo taking a minority stake and ceding operational control. The offer includes assumption of Paramount’s debt, which stands at $14.6 billion. Paramount shares closed 13 percent higher Thursday.
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ONE-OF-A-KIND GEM: HANGING LAKE TRAIL GETS SOME TLC
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The 1.2-mile climb to Hanging Lake, with its steep, rocky ascent, is breathtaking because of its 1,000-foot elevation gain. But the payoff is at the top, where waterfalls spill into the picturesque blue-green lake. The past four years have been hard on the popular Colorado trail, the lake and the surrounding White River National Forest. Hanging Lake survived the Grizzly Creek fire that burned 33,000 acres in Glenwood Canyon and surrounding areas in 2020, but the damage triggered a series of floods that have led to closures off and on in the years since. Now, the U.S. Forest Service is leading a $4.5 million reconstruction project. Work starts this week with plans to replace bridges, add a boardwalk, rebuild some sections of the trail and other measures to protect the forest. This summer, the trail will be closed Monday through Friday and on some weekends once bridge replacement starts. Reservation slots will be released at 8 a.m. each Tuesday at visitglenwood.com.
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CAR THEFT IN COLORADO TRENDING DOWN IN 2024
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In the first four months of 2024, the number of automobile thefts in Colorado is trending lower than in prior years by almost half, according to Colorado State Patrol (CSP). As of Thursday, CSP reported a total of 8,109 car thefts this year. At the same time last year, that level was at 11,643. In 2022, CSP reported 14,698 car thefts in the first four months of the year, marking a 45 percent reduction, or a reduction of 6,589 theft cases, this year compared to 2022. While the reduction shows a positive trend, CSP warned vehicle owners to "remain vigilant" — reminding people to keep taking precautions to keep their cars safe. The CSP suggests that car owners learn more about appropriate precautions at lockdownyourcar.org.
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ENGLISH IN ACTION BREAKS GROUND ON NEW COMMUNICATION CENTER
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English in Action hosted a groundbreaking ceremony for its new Center for Communication in El Jebel on Wednesday, inviting students, tutors and community members to commemorate the historic occasion. English in Action is a nonprofit organization with a mission “to strengthen the quality of life for everyone in our community by helping adult immigrants learn to read, write and speak English, and by cultivating cross-cultural friendships.” Founded in 1994, the organization serves around 400 students ages 18 and older with the help of their 300 volunteers who serve as tutors in their programs. Work on the new English In Action Center for Communication begins as the organization hits $4.3 million of its $5 million fundraising goal. Half of the funds have come from English in Action’s very own students and tutors. Crawford Properties provided English in Action a 50-year land lease. To learn more, visit online at englishinaction.org.
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ROARING FORK FIRE DEDICATES NEW AMBULANCE TO THE LATE DALLENBACH SR.
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As Chief Scott Thompson laid the orange uniform on the hood of the new ambulance, officially signifying that it was in service, Wally Dallenbach Sr. had to be smiling somewhere. After all, it was the famed auto racer who gave Basalt its first ambulance in 1976. And with his passing on April 29, at age 87, it only made sense for the Roaring Fork Fire Rescue Authority to let him help christen their newest star. RFFRA hosted the christening in front of Station 41, near downtown Basalt. The new ambulance, which cost $355,000, is a far cry from the one Dallenbach Sr. drove back from the Indianapolis 500 that year. An established star in IndyCar racing and living near Basalt, he purchased that original ambulance for $21,000 and had all his friends take EMT classes so they could help run the ambulance service. This was exactly 48 years ago to the month, said Thompson, who remembered getting to ride in that original ambulance during his time as an EMT in the 1980s.
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AMAZON FACILITY UNDER CONSTRUCTION NEAR GJ AIRPORT
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A 38,000-square-foot facility to be used as a “last mile” facility by Amazon is slated to open later this year near Grand Junction Regional Airport, the Grand Junction Economic Partnership announced Wednesday. Construction has started on the facility, according to a GJEP press release. It will be located at 800 Saccomanno Road. Packages will be transported to the site from Amazon fulfillment centers and then processed by employees for last-mile delivery. “Most employees in customer fulfillment and transportation earn between $17 and $28 per hour,” the release stated. The release did not say how many people the Grand Junction location will employ.
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CPW: BEARS ARE AWAKE
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Colorado Parks and Wildlife reminds residents and visitors that bears have emerged from hibernation to begin their daily search for food. CPW has already received 110 reports of bear activity in 21 Colorado counties this year. Residents should secure any and all attractants. Bears should NOT eat from trash receptacles, bird feeders, or other human-provided food sources around homes or businesses. The first bears to emerge from their winter dens are typically males followed by females that did not give birth to cubs over the winter. The last bears to emerge from winter dens are the females who gave birth to this year’s cubs, usually in late April. Early-season natural food sources for bears include grasses, aspen buds and other vegetative matter that is beginning to sprout. The term "walking hibernation" refers to bears that are out on the landscape moving slowly and eating what tends to be vegetative material.
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VAIL VALLEY PARTNERSHIP ANNOUNCES AWARDS
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The Vail Valley Partnership has announced its 2024 Chairman’s Award and Member of the Year as part of the 21st Annual Success Awards. Chairman’s Award-winner Gary Woodworth has called Eagle County home for 45 years, during which time he has raised his family and built a career at The Gallegos Corporation. Woodworth serves on the Board of the Vail Valley Foundation, and the Seasonal Employers Alliance. Member of the Year Amy Yurcak, Managing Director and Broker Associate for Coldwell Banker Mountain Properties, fosters community everywhere she goes. Yurcak’s passion for workforce development is second to none, especially when it comes to the valley’s youngest professionals through the CareerWise Eagle County program. The Vail Valley Partnership will honor Woodworth, Yurcak and others at the 21st Annual Success Awards & Community Celebration on Friday, May 10, from 3 to 6 p.m. at the Riverwalk Theater in Edwards.
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COPPER MOUNTAIN ANNOUNCES 2024 CLOSING DAY
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On Thursday, May 2, Copper Mountain Resort announced it will wrap up one of its longest ski seasons ever on Sunday, May 12. Copper received 60 inches of snowfall in April, racking up major single-day snowfall totals, including an 18-inch powder day on April 16. The influx of snow paired with Copper’s high elevation and north-facing aspect made for a well-preserved snow surface throughout the season. Starting Monday, skiing and riding operations will be based solely out of Center Village with access to the mountain via the American Eagle lift. Copper will have four terrain parks open, including a hike park with rail features at the top of American Eagle, access to the 22-foot superpipe, a cross-course adjacent to the top of the superpipe, and rail and jump features located below the base of the superpipe. Parking is free in all interior lots, excluding Ten Mile.
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DENVER RANKS SECOND IN U.S. FOR CLIMATE-FRIENDLY POLICIES
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Denver’s new mandates for building electrification earned the city the second-place spot in a new ranking of the country’s top cities with climate-friendly policies. A report by the American Council for an Energy-Efficient Economy compared policies from 75 cities across the country. Analysts compared rules in five categories: building policies, community-wide initiatives, transportation policies, community energy infrastructure and local government operations. Denver was one of just two non-coastal cities to make the top 10. The nonprofit awarded first place to San Francisco for the second year in a row. Of the 75 cities analyzed, 11 had implemented building performance standards aimed at reducing greenhouse gas emissions. Denver’s “stringent” policies for buildings made it the top city in that category and was what helped propel the city toward the top of the list.
The top 10 cities are:
- San Francisco, California
- Denver, Colorado
- Seattle, Washington
- Los Angeles, California
- Oakland, California
- Minneapolis, Minnesota
- New York City, NY
- Portland, Oregon
- San Jose, California
- Washington, D.C.
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KENTUCKY DERBY ON SATURDAY
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Football has the Super Bowl, baseball has the World Series, tennis gets the Grand Slams, but there's no bigger day in racing than the Kentucky Derby. This year is particularly special, as the event will be celebrating its 150th anniversary when the race is run on Saturday, May 4, 2024. A few fun facts about the Kentucky Derby:
- Nineteen past winners have had names beginning with the letter "S," including Secretariat.
- On average, spectators will eat 142,000 hot dogs, 18,000 barbecue sandwiches, 13,800 pounds of beef, 32,400 jumbo shrimp, 9,000 scallops, 8,000 pounds of potatoes, 30,000 cookies and 300,000 strawberries.
- Only three horses ran in the 1892 and 1905 Kentucky Derby races.
- It makes up one third of the coveted Triple Crown along with the Belmont Stakes and the Preakness Stakes.
- The traditional drink of the Derby is the mint julep, and over 120,000 are said to be consumed at the race each year.
- Diane Crump was the first woman jockey to ever ride in the Derby; there has yet to be a winning female jockey, but Shelley Riley came the closest in 1992 when she came in second.
- The Kentucky Derby trophy only weighs 3.5 lbs.
- The title of youngest jockey to win the esteemed race is shared by Alonzo "Lonnie" Clayton and James "Soup" Perkins—both were just 15 come Derby Day in 1892 and 1895, respectively. Bill Shoemaker continues to hold the title as the oldest winner; he was 54 when he took home the 1986 title.
- Mike Smith has ridden the most Kentucky Derby horses (27) in history, beating out Bill Shoemaker's record of 26 in 2021.
- The record low temperature at the race (traditionally held on the first weekend of May) was 47 degrees in 1935 and 1957. The record high was 94 degrees in 1959.
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MARKET UPDATE - 05/02/2024 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 05/02/2024)
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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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