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BY DOUG [email protected]

How potent is that pot?Well, dude, nobody really knows.Unlike nearly every industry its size,

the cannabis business lacks uniform standards and methods to measure the strength of its products.

In Colorado, a regulation quantifies a “serving size” but there is no limit for how much active ingredient can be in that 10 milligrams of marijuana, and that, for Matt Kaplan, is both a safety concern and an opportunity.

Kaplan, general manager of Boul-der-based Sage Analytics, is about to launch a cannabis potency tester called the Luminary Profiler, a light-weight and portable device that sells for $50,000 and can measure the percent content of three ingredients in pot:

n THC, or tetrahydrocannabinol, the chemical responsible for most of marijuana’s psychological effects;

n CBD, or cannabidiol, which doesn’t provide the psychoactive stim-ulation of THC but rather physiological effects associated with relief of anxiety and muscle relaxation; and

n CBN, cannabinol, an ingredient that is created over time as a product degrades. It can indicate product fresh-ness.

The same amount of active ingredi-ents in marijuana has varying effects on individuals, just as people react differ-ently to the same amount of alcohol or the same amount of active ingredient in Advil, Kaplan said.

ENTREPRENEURS Playgrounds for those who tinker, 3

REAL ESTATE Berthoud revamps water policy, fees, 3

FINANCE Crowdfunding platform links developers, investors, 5

THE LISTS BIOSCIENCE COMPANIES | SUBMIT BUSINESS INFORMATION FOR FUTURE BIZWEST LISTS AT [email protected]

THE BUSINESS JOURNAL OF THE BOULDER VALLEY AND NORTHERN COLORADO VOLUME 34 | ISSUE 6 | MARCH 6-19, 2015

Briefcase .............................16Business News Digest ..........6Editorial ...............................22For the Record ....................19Nonprofit Network...............15On the Job ..........................14The Eye .................................3Time Out .............................15

CONTENTSTechnology

RF engineers help get the message out ..................... 7

Carrie Pinsky: Careers

Pros and cons of stopgap jobs and side hustles ..... 13

Guest Opinion

CSU stadium financing plan fails Econ 101 .............. 23

BizWest is an independent, locally owned business journal.

Recovery still distantas oil industry contracts

BY STEVE [email protected]

FORT COLLINS — Recovery in the oil market could easily be 18 months out, and the prolonged downturn may trigger a rash of merg-ers and acquisitions in the industry, analysts say.

But cuts to capital spending, decreased production and increased consumer demand for U.S. gasoline may help stem further price declines, according to the analysts.

Recovery will occur after produc-ers curtail production at smaller, less productive wells while maintaining production in larger, more produc-tive wells, said Stephen Trammel, research director and energy advisor for Englewood-based analyst IHS. Additionally, he said, producers that have drilled wells will wait to com-plete them until oil prices rebound.

Oil prices have fallen below $50 per barrel this year, with the price of West Texas Intermediate crude settling at $49.90 earlier this month,

declining from highs exceeding $100 last summer. The oil downturn comes amid a supply glut and turmoil in the Middle East and Europe, as well as slowing demand in China, a shift in Europe to renewable energy, nuclear power in Japan and new production in Mexico. In 2014, U.S. production topped 8 million barrels per day, the highest level since 1986. Colorado set a record of 64.1 million barrels of oil produced in 2013.

Oil companies have responded by ➤ See Oil, 4

Pot-potencystandardsstill lacking

➤ See Potency, 12

JONATHAN CASTNER/FOR BIZWEST

Analysts say higher domestic oil production combined with a supply glut in the Middle East and lower demand in China and Europe has lowered prices for consumers, but poses a challenge for oil producers for at least the next 18 months.

Boulder companylaunching tester

2 | March 6-19, 2015 BizWest | www.bizwest.com

Level 3 maintains strong run despite recent layoffs52-WK RANGE CLOSE YTD 1YR

NAME TICKER LO HI LAST* WK MO QTR %CHG %RTN P/E DIV YLD52-WK RANGE CLOSE YTD 1YR

NAME TICKER LO HI LAST* WK MO QTR %CHG %RTN P/E DIV YLD

Stocks of Local Interest

*Prices as of Monday. Dividend Footnotes: a - Extra dividends were paid, but are not included. b - Annual rate plus stock. c - Liquidating dividend. e - Amount declared or paid in last 12 months. f - Current annual rate, which was increased by most recent dividend announcement.i - Sum of dividends paid after stock split, no regular rate. j - Sum of dividends paid this year. Most recent dividend was omitted or deferred. k - Declared or paid this year, a cumulative issue with dividends in arrears. m - Current annual rate, which was decreased by most recent div-idend announcement. p - Initial dividend, annual rate not known, yield not shown. r - Declared or paid in preceding 12 months plus stock dividend. t - Paid in stock, approximate cash value on ex-distribution date. PE Footnotes: q - Stock is a closed-end fund - no P/E ratio shown.cc - P/E exceeds 99. dd - Loss in last 12 months. Source: The Associated Press.

SMALLER SALESRevenue growth was the weakest in a year for big companies last quarter. It’s likely to get worse. Most of the blame lies with energy companies. Their

revenue is falling due to the plunging price of oil, and analysts don’t expect it to bounce back any time soon. Other sectors, meanwhile, are getting hurt by the strengthening dollar. It’s knocking

down the value of sales made in euros, yen and other currencies, and nearly half the total revenue for the Standard & Poor’s 500 index

comes from outside the United States.

REMEMBER US?Analysts’ predictions are never going to be perfect, but they were particularly off the mark for technology earnings last quarter. On the eve of this most recent earnings season, analysts were calling for growth of 8.4 percent for tech stocks in the S&P 500. That’s pretty strong, to be sure, and much better than the 3.2 percent growth analysts were predicting for the overall S&P 500.

But tech company earnings still blew past predictions, more than doubling them. Consider Apple, whose $3.06 in earnings per share easily topped expectations for $2.60.

MarketPulse

AP

FAREWELL FEBRUARYMarch has historically been a lamb of a month for stocks, following the lion that is February. The S&P 500 has gained an average of 1.8 percent during March in the last 20 years. That makes it the third-best month of the year. More importantly, the flip of the calendar also means that February is finally behind us. This past February has been a strong one for the S&P 500, but the month has traditionally been a weakling. It’s the only month from October through June that’s seen an average dip over the last 20 years.

Source: S&P Capital IQ Source: S&P Capital IQ

3.6%3.1

-0.6-0.9

8.4%

17.3est. Q2est. Q1

est. Q4Q3

Estimated 4Q EPS growth for S&P 500 tech stocks

Revenue growth for the S&P 500

’14

’15As of Feb. 27

As of Jan. 19

Market Pulse

ARCA biopharma Inc ABIO 0.65 1 2.38 .72 s s t -24.6 -64.1 dd ... ...

Advanced Energy Ind AEIS 16.00 0 28.40 27.35 s s s +15.4 -4.8 22 ... ...

Anadarko Petrol APC 71.00 3 113.51 82.02 t t t -0.6 +2.6 dd 1.08 1.3

Array BioPharma ARRY 2.98 0 8.55 8.20 s s s +73.4 +55.2 dd ... ...

Avago Technologies AVGO 57.27 0 129.89 129.02 s s s +28.3 +109.9 cc 1.40f 1.1

Ball Corp BLL 52.90 9 77.20 72.66 s s s +6.6 +30.6 21 0.52 .7

Boulder Brands Inc BDBD 7.77 3 18.46 10.35 s s t -6.4 -30.7 47 ... ...

Clovis Oncology Inc CLVS 35.33 8 93.33 79.05 s s s +41.2 -2.4 dd ... ...

Crocs Inc CROX 10.25 2 16.83 11.18 s s t -10.5 -26.3 dd ... ...

DigitalGlobe Inc DGI 23.85 0 34.61 34.38 s s s +11.0 +5.6 cc ... ...

Dynamic Matls BOOM 13.37 3 23.45 16.24 s s s +1.4 -22.6 31 0.16 1.0

EnCana Corp ECA 11.44 1 24.83 12.71 t t t -8.4 -28.9 9 0.28 2.2

Gaiam Inc GAIA 6.06 1 8.76 6.23 t t t -12.6 -2.0 dd ... ...

GlobeImmune Inc GBIM 4.29 3 15.00 7.48 t s t -1.4 ... ... ...

Google Inc C GOOG 487.56 8 604.83 571.34 s s s +8.5 ... 27 ... ...

Hain Celestial Grp HAIN 40.84 0 62.90 62.33 t s s +6.9 +40.7 48 ... ...

Halliburton HAL 37.21 2 74.33 42.99 s s s +9.3 -21.8 10 0.72 1.7

Heska Corp HSKA 8.60 0 22.32 21.35 t s s +17.8 +126.3 44 ... ...

IBM IBM 149.52 3 199.21 160.48 t s r ... -10.2 13 4.40 2.7

Level 3 Commun LVLT 36.00 0 54.46 54.00 s s s +9.4 +44.7 44 ... ...

Noble Energy Inc NBL 41.01 2 79.63 46.41 t t t -2.2 -29.4 14 0.72 1.6

Noodles & Co NDLS 17.15 1 41.54 19.16 s t t -27.3 -52.8 52 ... ...

Pilgrims Pride PPC 14.47 8 32.62 28.35 s s s +2.4 +91.1 10 5.77e ...

Rally Software RALY 8.24 4 20.41 12.25 s s s +7.7 -41.4 dd ... ...

Synergy Resources Cp SYRG 8.05 7 14.11 11.78 t t t -6.1 +15.2 21 ... ...

UQM Technologies UQM 0.71 2 3.45 1.08 s s s +38.3 -44.2 dd ... ...

Vail Resorts MTN 64.47 9 94.16 88.31 s s t -3.1 +26.5 95 1.66 1.9

WhiteWave Foods Co WWAV 25.82 0 41.50 41.42 s s s +18.4 +45.8 46 ... ...

Woodward Inc WWD 40.09 6 55.76 48.98 s s t -0.5 +13.2 18 0.40f .8

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BizWest | www.bizwest.com March 6-19, 2015 | 3

BY STEVE [email protected]

BERTHOUD — The price of Colorado-Big Thompson Project water has surged so dramatically in the past two years that the town of Berthoud, long reliant on the massive federal system, is turning away from the project and adopting a new water policy it hopes will keep develop-ment costs low and builders ready

to invest.Berthoud is one of several towns

that once used Colorado-Big Thomp-son water prices as benchmarks for its own rates. But now, wary of driving development away with pricey water taps, it is looking to other sources as benchmarks. It is a move communi-ties such as Longmont took years ago to ensure that residential building fees did not rise too precipitously.

Instead of relying on C-BT price

points, now at about $52,000 an acre foot, the town has decided to base its cost of water on anticipated supplies from planned water storage projects, including the Windy Gap Firming Project and the Northern Integrated Supply Project. In this way, it hopes to keep its water prices around $31,250 an acre foot.

In another effort to cut water

BY DALLAS [email protected]

In Fort Collins, a robotic turtle draws fancy designs on paper and communicates wirelessly to a laptop in hopes of coming up with a logo. In Broomfield, young builders convert some pieces of wood and a bag of parts into a miniature catapult. In Boulder, budding hackers share their coding secrets in search of the latest app. In Longmont, tinkerers sculpt elegant pieces of pottery. In Loveland, middle-school-age “Foam Fighters” prepare sophisticated model airplane kits for sale, then move on to high school where they build surveillance aircraft for law enforcement.

Makerspaces have come a long way.They started simply as places

where budding entrepreneurs and inventors could socialize as they pro-

totyped and tested their wares. But in a few short years, their value as hands-on crucibles for the STEAM – Science, Technology, Engineering, Arts and Mathematics – education so much in demand globally has led school districts to invest in time and talent to turn garage hobbies into learning experiences. The educational value has become so institutional-ized that in Lafayette, the private Alexander Dawson School and the architect designing its expansion are exploring the idea of incorporating a specially built makerspace into its new construction.

“We’ve intentionally tried to make space for creativity, for hands-on, project-based learning,” said Adele Willson, principal architect at Balti-more-based SlaterPaull/HCM’s Den-ver office. “We’d need to build in bays for such things as 3-D printers

and milling machines” – as well as the electrical and fiberoptic capacity to support them.

“We’d also have interior glass so kids walking by can look in and see what’s going on,” Willson said. “Maybe that would encourage more of them to consider engineering and other fields.”

Dawson already has an after-school robotics program that uses the school’s physics lab, she said, “But it’s not really suited for what they’re doing.”

A final decision will be made this spring about whether Dawson will add the makerspace to Phase 1 of its expansion, Willson said, but she wouldn’t be surprised if her firm gets the go-ahead because “they have a very expeditionary focus for their learning.,

In Loveland, the expedition is well


At NoCo Short Bus Tours, the tours aren’t short. The bus is.

It’s just a 14-passenger converted airport shuttle, and that’s the way owner Mechelle Martz-Mayfield of Loveland and her customers like it.

“It’s a little more intimate,” she said. “People get to face each other and talk instead of just facing the front like a regular bus.”

Besides, the points of interest where the tour bus stops – tasting rooms at the burgeoning array of Northern Colorado craft breweries – don’t tend to be very big.

“We stop at three breweries on the three-and-a-half to four-hour tour,” Martz-Mayfield said, “and the $65 price is all inclusive. They get to sample a flight of about four beers at each location. The nice thing is, you don’t have to drink all of it. You may not enjoy every one, but you can find your favorites – and it’s a great way to promote our breweries. We have 50 craft breweries in a 30-mile radius of Loveland.”

Through her public-relations experience, Martz-Mayfield got to know the Loveland business community – especially the folks at Grimm Brothers Brewery, who encouraged her to run with her idea of providing a “designated driver” for visitors and locals alike to expe-rience the local craft beer and dis-tillery scene, which has become a tourist attraction all its own. Since October 2013 she’s been the whole company – driver, tour guide, event arranger, bookkeeper and negotiator with the breweries for discounts.

Her public tours run on Satur-days and Sundays – with Thursdays and Fridays added for spring and summer – and hit a rotating list of tasting rooms in Loveland, Wind-sor and Berthoud. Her private tours can go anywhere from Fort Collins to Greeley, Longmont and Boulder. A special “My Big Date” on Valen-tine’s Day weekend featured a cof-fee tasting at LoCo Artisan Coffee Co., a brunch-and-brew at Love-land Ale Works, and a cupcake-and-beer pairing at Crow Hop Brewing.

Tours leave at 1 p.m. from the Centerra area, she said, “where there’s lots of restaurants so people can eat first and don’t end up trying all those beers on an empty stomach.”

Tour bus’next stop:More beer

BIZWEST EYE

Water-price surge forcestowns to tap other sources

Makerspaces’ school role picks up STEAM


At TinkerMill in Longmont, Chris Yoder updates the firmware on a robot that the Tinker Scouts work with.

➤ See Water, 21

➤ See Makerspace, 11


cutting their capital spending. Noble Energy Inc. (NYSE: NBL), among the top producers in Weld County, cut its 2015 capital budget by 40 percent to $2.9 billion from more than $4 billion last year. Anadarko Petroleum Corp. (NYSE: APC), another top oil pro-ducer, plans to cut its capital budget by 33 percent to $5.8 billion.

When traders see the production decline following capital spending reductions, oil will begin to command higher prices, Trammel said, some-thing that isn’t likely to occur until the last half of 2016.

“They’re not going to $100, neces-sarily,” he said. “They’re going to be in the $65, $70 range.”

Worldwide, gasoline demand has tapered, especially in China. But high-er gasoline demand by U.S. consumers could help temper the market’s fall in the short term, according to oil analysts.

“You’ve got this economic stimulus happening with low-energy prices,” Trammel said. “That could help bring demand back up.”

David Beard, managing director of Energy Equity Research for Ibe-ria Capital Partners in New Orleans, agrees that a recovery will begin in the second half of next year. However, one scenario points to a “new normal” where the U.S. has no power to price its oil, instead remaining at the mercy

of OPEC pricing schemes.Just how much oil prices rise

will depend on levels of worldwide demand, Beard said.

“If you have a weaker global demand outlook for the next two years, it’s pos-sible that OPEC – Saudi (Arabia), Iraq, others – can meet modest growth, and prices might hover around $50 to 60 per barrel, as U.S. production is not needed to meet demand in this scenario,” he said. “A stronger demand outlook might require $60 to $70 oil in order to modestly grow U.S. pro-duction in 2016 and 2017.”

That doesn’t bode well for 2015. Late last year, less than a third, or 29 percent, of oil and gas chief executives were confident of revenue growth within the year, according to a survey conducted by PricewaterhouseCoo-pers LLP during the third quarter.

The downturn may lead to mergers and acquisitions in the industry, said Rowena Cipriano-Reyes, a Denver-based partner with PwC’s energy prac-tice. Companies can only go so far in attempting to lower their costs, so they are doing additional research on partnerships to find greater efficien-cies. Around half of oil and gas CEOs expect to enter into a new strategic alliance or joint venture over the next year, according to the PwC survey.

“Companies will look at potential strategic partnerships, either to drive down costs, to find efficient ways to operate and to make it profitable with-in $50 oil,” she said. When the first quarter ends, “It will be interesting to see how M&A is reacting to this low price environment.”

Oil prices may not have hit bot-tom this year as production has yet to decline enough for West Texas Intermediate oil prices to improve,

said Tony Starkey, manager of Den-ver-based analyst Bentek Energy’s oil team.

The Denver-Julesburg Basin, which includes territory in Northern Colo-rado, will feel the squeeze perhaps more than other basins nationwide, he said. Many industry representatives have said that the basin remains one of the more economical oil plays, but Starkey said the basin’s distance from larger demand markets may increase its vulnerability.

The Denver-Julesburg Basin already has seen a decline in activ-ity. The number of rigs exploring for oil and natural gas in the D-J Basin totaled 39 at the end of February, 16 fewer from 55 rigs same time a year ago, according to Baker Hughes Inc. (NYSE: BHI). Rigs in the region can support as many as 125 direct and indirect jobs.

“It’s pretty far from the main refin-ing centers in the Midwest and the Gulf Coast,” said Starkey, adding that the basin produces a lighter crude oil while U.S. facilities refine mostly heavier crude oil. “Our refineries are already struggling to continue to con-sume the lighter crudes.”

Complicating matters is the restriction on U.S. crude oil exports, restricted by Congress in the 1970s in response to Arab oil embargoes. So even as international oil prices recov-er, domestic prices may remain low because of oil oversupply.

“That oversupply really has nowhere to go, except into storage,” Starkey said.

Steve Lynn can be reached at 970-232-3147, 303-630-1968 or [email protected]. Follow him on Twit-ter at @SteveLynnBW.

Copyright 2015. BizWest Media LLC.Reproduction or use of editorial or graphic content without written permission is prohibited.BizWest (USPS 018-522, ISSN 1528-6320) is published biweekly, with an extra issue in January, by BizWest Media LLC, a Colorado LLC, 1790 30th Street, Suite 300, Boulder Colorado, 80301.Periodical Postage Paid at Boulder, CO and at additional mailing offices.Subscriptions are $49.97. International subscriptions are $180.00.

POSTMASTER; Send change of address notices to:BizWest Media LLC Subscriber Service, PO Box 17125, North Hollywood, CA 91615-7125303-630-1953 n 970-232-3143 n E-mail:[email protected]

Volume 34 : Issue 6March 6-19, 2015

BizWest will correct any errors that appear in its pages. To suggest a correction or clarification, please contact Executive Editor Jerd Smith at 303-630-1951, or email at [email protected].

n Longmont Power and Communications spokesman Scott Rochat clarified some of his comments in “Municipal broadband spread-ing at the speed of light,” a story in the Feb. 20-March 5 edition of BizWest. To meet demand for the city’s new NextLight high-speed broadband service, he said, the city already has doubled the number of installers through its own hiring, and potential contracts with an outside firm would be in addition to that and would increase the total

number of installers still further. Even though Longmont has considered broadband a utility from the beginning, Rochat said, “it’s too early to say what reclassifying broadband under Title II (of the 1934 Communications Act) would mean for us or what specific effects it would have.” Rochat said charter subscribers to NextLight always will get the best rate for that speed that the city offers, even though their initial $49.95 rate may change “as the years go by.”

CORRECTIONS

OIL from 1

Lori Hagar Lafayette303.225.7533

For more information, visit www.GreatWesternBank.com

©2015, Great Western Bank

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The same online technique used to support the early production of video games and tech gadgets has made its way to the real estate market, and it could be headed for Northern Colo-rado and the Boulder Valley.

While dozens of companies nation-wide have created crowdfunding platforms for small-scale real estate investing, one of those, Washington D.C.-based Fundrise LLC, wants to expand its service in Colorado. Fundrise operates a crowdfunding website that allows people to invest as little as $5,000 for a small equity stake in a real estate development project.

The website connects investors with developers who are open to the idea of receiving a portion of their project’s funding from individuals.

Brandon Jenkins, Fundrise’s chief operating officer, said he hopes to find developers along the Front Range who would use Fundrise to help attract investors.

The company, founded in 2010 by brothers Ben and Dan Miller, has raised $40 million for about 45 proj-ects involving about 50,000 investors. It targets urban infill projects valued at $5 million to $100 million. Fun-drise signs up potential investors to

its website, and then lets them look at projects the company has posted after striking a deal with developers who want to list their projects and raise capital through Fundrise.

Last month, Fundraise made its debut in the Denver real estate mar-ket after providing $1 million to help finance a mixed-use apartment com-plex with Littleton Capital Partners.

Jenkins said 69 individual investors from across the country are helping finance a 62-unit mixed-use develop-ment at 35th and Larimer streets in

Denver’s River North district. Invest-ments range from $5,000 to as much as $50,000 or $100,000.

The return on investment for each project varies, Jenkins said, adding that the average rate of return for its investors is 12 percent to 14 percent.

Jenkins believes Northern Colora-do has “strong growth fundamentals” because of its projected population and job growth, and its attractive outdoor setting.

“We’ll be in the Denver area and working along the Front Range in

March,” he said, hoping to find devel-opers, including several in Boulder, who might want to tap the capital source. He declined to identify the Boulder developers with which Fun-drise is hoping to work.

Ryan Schaefer, president of Chris-land Commercial Real Estate Inc. in Fort Collins, said it’s an intriguing idea.

“We’ve had younger developers contact us to ask what we think about it, but we haven’t actively explored it,” he said. “We have other sources of capital for projects.”

Schaefer said the increased activ-ity in building in Northern Colorado, with developers building and selling projects at a rapid pace, is creating a need for more projects, not alternative funding sources.

Keith Burden, vice president of

Fundrise brings little investors to big developments

➤ See Funding, 9


Fundrise Chief Operating Officer Brandon Jenkins says Northern Colorado “has strong growth fundamentals” and that the company is looking for developers to work with along the Front Range.

Right now, it’s tougher

to find deals to create

projects than raise capital

to build them.

Keith Burden, VICE PRESIDENT BURDEN INC.

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What follows is a compilation of recent news reported online by Biz-West.com. Find the full stories using the search window at the top of the homepage.

LOUISVILLE — Real Goods Solar Inc. (Nasdaq: RGSE) will cut 100 jobs, about one-third of its workforce, as part of a reorganiza-tion to right the financially troubled installer of rooftop solar equipment. Real Goods Solar, doing business as RGS Energy, will maintain a centralized engineering office at its Colorado headquarters in Louis-ville and will continue to maintain field sales and in-house construction teams on the East Coast. The com-pany declined to say where the job cuts would take place.

Posted March 2.

Planning board to studyFoCo-CSU stadium pact

FORT COLLINS – The Fort Col-lins city Planning and Zoning board on Friday, March 6, will review a draft intergovernmental agreement between the city and Colorado State University regarding project-ed impacts of the school’s planned on-campus football stadium. Total costs of “immediate” impacts range from $4.85 million to $8.35 mil-lion, and Karen Cumbo, the city’s director of planning, development and transportation, said that “of the costs identified so far, CSU has committed to pay for them.” City Councilman Ross Cunniff, whose district includes the main campus and neighborhoods to the north and south of it, said “this looks like the biggest part is being punted down the road for somebody else to deal with. There’s not a lot of detail on actual dollar amounts.”

Posted March 3.

Boulder council advancesbuilding-height ordinance

BOULDER — The Boulder City Council opted against nuk-ing all ability for developers to seek exceptions to zoned build-ing-height limits for the next two years, as the city’s planning board had recommended a week earli-er. But the council members did alter where in town they plan to allow such exceptions between now and early 2017 as the city hashes out how to address issues like growth, affordable housing and transportation. Downtown, Boul-der Junction, Gunbarrel, North Boulder and University Hill were all exempted from the original ver-sion of the ordinance, but council members removed the exceptions for downtown and all of North Boulder except for a redevelopment of the Boulder Armory site that was

recently submitted for site review.Posted Feb. 27.

Consumer Price Index climbsin Denver-Boulder-Greeley

The consumer price index for the Denver-Boulder-Greeley metro-politan statistical area increased 2.7 percent from the second half of 2013 to the second half of 2014, accord-ing to a report released by the U.S. Bureau of Labor Statistics. Higher costs for shelter – 5.1 percent – had the largest upward impact on the index followed by food prices that increased 3.3 percent. In contrast, the index for apparel was down 4.1 percent. The energy index increased 0.3 percent over the period. A 3.8 percent increase in cost of electricity and a 5.8 percent increase in utility gas service were partially offset by lower motor-fuel costs that declined 3.1 percent.

Posted Feb. 26.

Panel: Utilities can do morefor consumers, renewables

BROOMFIELD — Utilities must embrace new technologies, generate more electricity from renewable energy and work more closely with the renewable industry to incorpo-rate the generation into the grid, according to experts. Derek Elder, member services manager for Grand Valley Power in Grand Junction, said that customers’ preferences for renewable energy has led the utility to increasingly generate electricity from solar. Elder discussed the rela-tionship between the solar and util-ity industries during a panel discus-sion on the future of utilities at the Colorado Solar Energy Industries Association conference at the Omni Resort and Conference Center.

Posted Feb. 25.

Oil task force submitslist of recommendations

DENVER — Gov. John Hick-enlooper’s oil and natural-gas task force voted to recommend propos-als to bolster local control of oil and gas operations for consideration by the state Legislature. The 21-mem-ber task force, formed by the gov-ernor in September, developed 56 proposals in all. In the end, task force members selected nine pro-posals for lawmakers to consider during the remaining portion of the legislative session. Oil and gas industry representatives praised the task force’s work, while activist and environmental groups criticized the panel’s recommendations as lacking substance.

Posted Feb. 25.

PUC approves XcelEnergy rate hikes

Monthly rates for Xcel residential customers will rise by more than 1

percent, or 96 cents on the aver-age customer’s bill, this year and less than 1 percent, or 72 cents on the average bill, next year under a settlement with the Colorado Public Utilities Commission. Rates will decrease by a fraction of 1 percent, or 11 cents on the average bill, in 2017. Rates for commercial custom-ers would reflect similar percentage changes. The utilities commission approved the settlement agreement that will increase electric rates for Xcel Energy customers to pay for clean air improvements. The settlement, reached between the company, utilities commission staff members and other parties, calls for a net revenue increase of about $41.5 million annually, a significant decrease from the $137.7 million originally proposed by the company.

Posted Feb. 24.

CU study finds better wayto treat oil, gas wastewater

BOULDER — Engineers at the University of Colorado Boulder said they have invented a simpler process that can simultaneously remove salt and organic contaminants from oil-and-gas wastewater. The tech-nology, called microbial capacitive desalination, is like a battery in its basic form, said Casey Forrestal, a CU-Boulder postdoctoral research-er who is working to commercialize the technology through BioElec-tric Inc., a startup he formed with Zhiyong Jason Ren, a CU-Boulder associate professor of environmental and sustainability engineering. The saltiness of the wastewater and the organic contaminants it contains have traditionally made treatment difficult and expensive. “Instead of the traditional battery, which uses chemicals to generate the electri-cal current, we use microbes to generate an electrical current that can then be used for desalination,” Forrestal said.

Posted Feb. 24.

FLEX buses to connectCU, CSU next year

Students, faculty members and other passengers will be able to ride one bus between the region’s two major college towns beginning in January. About $1.15 million in funding has been approved by the Denver Regional Council of Governments to connect Fort Col-lins and Boulder by extending the FLEX regional bus service that now connects Fort Collins, Loveland and Longmont. The cities of Boulder, Longmont, Loveland and Fort Col-lins, the University of Colorado, Colorado State University and the Regional Transportation District have been working out details of the plan. Those entities would need to chip in a total of $289,000 over

three years to match the DRCOG grant. Planners envision five round trips a day between Fort Collins and Boulder – two in the morning, one at midday and two in the afternoon.

Posted Feb. 24.

Developers abandon planfor Baseline Zero project

BOULDER — The developers of the proposed project Baseline Zero in Boulder have decided to abandon their plan to redevelop the area near Martin Acres because of neighborhood opposition and the expectation that the city will pass a height-moratorium ordinance that would render the project economi-cally infeasible. Bruce Dierking, a partner with Jim Loftus in West Baseline Investors LLC, said in an email that “BZ is not a project we are pursuing anymore. We will continue to look at future redevel-opment of the property, but I don’t expect anything to happen for at least the next couple of years.” The project, announced in November 2013, would have included 180,000 square feet of Class A office space in a four-story 55-foot tall building and a 100-room hotel on 3.1 acres. The development area is bounded by Baseline to the north, Moorhead Avenue to the south, 27th Way to the west and the Boulder Turnpike and the Martin Acres neighborhood to the east and southeast.

Posted Feb. 23.

Old Town Square redoto cost 30 percent more

FORT COLLINS — The Fort Collins Downtown Development Authority is scrambling to find ways to keep renovation of the city’s aging Old Town Square on track while covering what one board member called a stunning 30 percent rise in the project’s price tag. What had been a $3 million cost estimate just a month ago – as the DDA planned a Feb. 11 groundbreak-ing for the project – had suddenly jumped by $900,000 by the time the Fort Collins City Council heard a report by City Councilman Bob Overbeck, the city’s representative on the 11-member DDA board. “I was stunned, but not surprised,” Overbeck said Friday in a tele-phone interview with BizWest. “It’s understandable, when you look at the massive development going on in Fort Collins – there are cranes everywhere – that the demand for labor and materials would raise costs. Also, the oil boom has taken away a lot of labor typically used for construction. The price of oil has been falling, though, and the layoffs in that sector might help, but it probably wouldn’t happen quick enough.”

Posted Feb. 20.

RGS Energy plans to cut third of workforceBUSINESS NEWS DIGEST


TECHNOLOGY 8 | Bioscience companies

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Whether you’re a consumer or busi-nessperson frustrated by dropped cell-phone connections at crucial moments or a major energy company needing more frequent pressure readings from pipelines and wellheads, radio-fre-quency technology becomes an invis-ible but crucial part of your life.

And if you live and work in the Boulder Valley, the answers to those RF woes are being developed in your

backyard – by cutting-edge RF, anten-na and electromagnetic engineers at companies as big and established as FreeWave Technologies and as young and ambitious as BluFlux.

In fact, it was Louisville-based start-up BluFlux that announced on March 3 that it had received a patent for what it says is the world’s first cellphone case that increases antenna signal while reducing the radiation users receive from everyday use of those phones.

According to its founder and chief executive, Ben Wilmhoff, the reason for those dropped calls is all in your head.

“The human head and hands block or absorb as much as 90 percent of the energy radiated by and transmitted to a cellphone” or contribute to a “detun-ing” effect of the phone’s “overworked”

antenna, Wilmhoff said, adding that his band of “RF geeks” have come up with a way to divert that radiation away from the user’s head by routing the signal’s “phase center” through a different, external “flip-out” antenna, “moving where radiation enters and leaves the phone.”

The deployable device can pop out of the protective case whenever the user is about to enter a “dead zone” such as the familiar one atop Davidson Mesa along U.S. Highway 36 south-east of Boulder, Wilmhoff said. That extra oomph – maybe as much as two bars’ worth – also would be helpful deep inside a building or in the Rocky Mountain backcountry.

An accompanying app “can keep track of areas where you frequently lose a signal and then predict a few seconds

before you hit it” so the extra antenna can be deployed, Wilmhoff said. “That information can then be shared and crowdsourced.”

BluFlux, which was born in-house at Fort Collins-based smartphone case maker OtterBox and then launched in March 2014 with funding from Otter-Box parent Blue Ocean Enterprises, will work with OtterBox and other case manufacturers to incorporate the technology, Wilmhoff said.

“While the immediate benefits of this technology are for handheld mobile devices, there is huge potential applica-tion to other industries like connected car technologies and consumer and industrial Internet of Things,” Wilm-hoff said. Such devices “are often small and the space reserved for antennas is a

COURTESY BLUFLUX

A 13-foot-square chamber at BluFlux’s facility in Louisville, which the company says is the only one between the Mississippi River and the West Coast, can be used to test the sig-nals of cell phones, tablets, Machine-to-Machine and Internet of Things devices. The company makes the chamber available for other companies to test their prototypes.

➤ See Wireless, 9

Getting the message outBoulder Valley RF engineers develop leading-edge devices


BIZWEST LIST Bioscience CompaniesRanked by number of employees

RANK Company

Number of localemployees

Number of employeesworldwide Products/Services

PhoneWebsite

Person in chargeTitle

Year founded

1 Hach Co.*5600 Lindbergh DriveLoveland, CO 80539

9803,000

Water-analysis systems and hydro lab instruments. 970-669-3050www.hach.com

Lance Reismanpresident

1947

2 Sandoz Inc.2555 W. Midway Blvd.Broomfield, CO 80020

54225,000

Generic pharmaceutical industry. Develops, produces and markets a wide rangeof affordable, high-quality medicines.

303-466-2400www.us.sandoz.com

Peter Goldschmidtpresident

1975

3 Tolmar Inc.701 Centre Ave.Fort Collins, CO 80526

474600

Fully integrated pharmaceutical company. Product development, clinical trialexpertise and manufacturing.

970-212-4500www.tolmar.com

Michael R DuncanCEO2006

4 Corden Pharma Colorado Inc.2075 N. 55th St.Boulder, CO 80301-2880

2004,000

Develops and produces pharmaceutical intermediates and active ingredients. 303-442-1926www.cordenpharma.com

Brian McCuddenCEO1946

5 Array BioPharma Inc.3200 Walnut St.Boulder, CO 80301

200200

Discovers, develops and commercializes targeted small molecule drugs to treatpatients afflicted with cancer.

303-381-6600www.arraybiopharma.com

Ron SquarerCEO1998

6 Hospira Boulder Inc.4876 Sterling DriveBoulder, CO 80301

183N/A

Pharmaceuticals, consumer products, pathology, diagnostic imaging andpharmacy.

303-245-6200www.hospira.com

Mike BallCEO1995

7 SomaLogic Inc.2945 Wilderness PlaceBoulder, CO 80301

129135

Develops clinical diagnostics and research tools for the field of proteomics, thestudy of structure and interaction of proteins.

303-625-9000www.somalogic.com

Byron HewettCEO2000

8 In-Situ Inc.*221 E. Lincoln Ave.Fort Collins, CO 80524

120120

Manufacturer of environmental monitoring and sampling systems used to assessthe quantity and quality of groundwater and surface water.

970-498-1500www.in-situ.com

John PawlikowskiCEO/president

1976

9 Heska Corp.3760 Rocky Mountain Ave.Loveland, CO 80538

110280

Advanced veterinary diagnostic and other specialty veterinary products; diagnosticblood analyzers, point-of-care diagnostic tests, vaccines and other

pharmaceuticals.

970-493-7272www.heska.com

Kevin WilsonCEO1988

10 Biodesix Inc.2970 Wilderness Place, Suite 100Boulder, CO 80301

90125

Advanced-stage cancer molecular diagnostic testing. 303-417-0500www.biodesix.com

David BrunelCEO2006

11 Advanced Thin Films LLC5733 Central Ave.Boulder, CO 80301

8080

Precision optical components and ion beam sputtered coatings for applications inscientific research, defense, aerospace, telecommunications, laser and

semiconductor manufacturing.

303-815-1545www.atf-ppc.com

Robert Beesongeneral manager

1992

12 Corgenix Medical Corp.11575 Main St., Suite 400Broomfield, CO 80020

5252

Develops and promotes of specialized diagnostic test kits for vascular diseasesand immunological disorders.

303-457-4345www.corgenix.com

Douglass T. SimpsonCEO/president

1990

13 Clovis Oncology, Inc.2525 28th St., Suite 100Boulder, CO 80301

50130

Acquires, develops and commercializes innovative anti-cancer agents. 303-625-5000www.clovisoncology.com

Patrick J. MahaffyCEO/president

2009

14 Cargill Research*2540 E. County Road 42Fort Collins, CO 80525

40143,000

Testing laboratory commercial physical research. Research and development inbiotechnology.

970-482-8818www.cargill.com

Judy Schnurrsite director

1865

15 OPX Biotechnologies Inc.2425 55th St., Suite 100Boulder, CO 80301

3838

Bioproducts company using proprietary bioengineering technology to economicallyconvert renewable biomass feedstocks into fuels and green chemistry products.

303-243-5190www.opxbio.com

Michael J. Rosenbergpresident/CEO

2007

16 Microbac Laboratories Inc., HauserDivision4750 Nautilus Court South, Unit ABoulder, CO 80301

30500

Independent laboratory for chemical, physical and microbiological testing ofmaterials and biomass.

720-406-4800www.hauserlabs.com

J. Trevor Boycechairman/president/CEO

1961

17 Takeda Vaccines1613 Prospect Parkway, Suite 100Fort Collins, CO 80525

2530,000

Develops innovative vaccines to address critical unmet needs in global publichealth.

970-672-4918www.takeda.us/

Patrick Greensite head

2005

18 InDevR Inc2100 Central Ave., Suite 106Boulder, CO 80301

2525

Instrumentation and assays. 303-402-9100www.indevr.com

Kathy Rowlen PhDCEO/co-founder

2003

19 GlobeImmune Inc.1450 Infinite DriveLouisville, CO 80027

2222

Biopharmaceutical company that develops and manufactures immunotherapyproducts to treat cancer and infectious diseases.

303-625-2700www.globeimmune.com

Timothy C. Rodell M.D.CEO/president

1996

20 Propel Labs345 E. Mountain Ave.Fort Collins, CO 80524

1724

Bio-instrumentation tools, flow cytometry equipment. 970-295-4570www.propel-labs.com

Tidhar SadehCEO/president

2006

21 Accera Inc.380 Interlocken Crescent, Suite 780Broomfield, CO 80021

1616

Research and development on Alzheimer's disease, Parkinson's disease andrelated neurodegenerative disease therapeutic drugs.

303-439-0004www.accerapharma.com

Charles StaceyCEO2001

22 CHD Bioscience, Inc.2950 E. Harmony Road, Suite 252Fort Collins, CO 80528

1515

A development-stage life-science company focused on anti-infective products forwound healing and regenerative therapies for skin and bone utilizing our patented

compound, VERIOX.

800-970-1779www.chdbioscience.com

Mike HandleyCEO1997

23 CHATA Biosystems Inc.5858 Wright DriveLoveland, CO 80538

15N/A

Manufactures custom-blended chemistry for use in quality control, research anddevelopment, analysis with shipment in patented flexible film bag.

970-221-4919www.chatasolutions.com

Cody Yarboroughpresident

1997

24 PureVision Technology511 McKinley Ave.Fort Lupton, CO 80621

1515

Develops technologies that produce fermentable sugars from diverse bio-materials that can be used to produce biofuels and other consumer products

303-857-4530www.purevisiontechnology.com

Ed LehrburgerCEO/president

1992

25 CARE Research LLCP.O. Box 272577Fort Collins, CO 80527

1414

Preclinical contract research; protocol development and regulatory guidance;multispecies pharmacokinetics and toxicokinetics; toxicology, feed, nutrition and

range finding studies.

970-493-0118www.careresearchllc.com

Rajan Bawa, Ph. D.chief institutional officer

2010

Region surveyed includes Boulder, Broomfield, Larimer and Weld counties and the city of Brighton.*Did not respond to survey. Employee numbers are 2014 data. Researched by Kiley Gant


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tiny fraction of what is really needed for efficient performance. Our tech-nology allows antennas to be installed virtually anywhere on a small device without sacrificing performance or causing negative interaction with the surrounding environment.”

The company’s facility in Louis-ville has the only RF testing chamber between the Mississippi River and San Diego and is helping companies bring the next generation of wire-less, wearable, connected-car, drone, machine-to-machine and Internet of Things devices to market.

The company is investing in devel-opment of wearable technology, which Business Insider predicted would be worth $12.6 billion by 2018. In late February, BluFlux hired Eric Roth as new director of product develop-ment. In 2000, he co-developed the first wearable Web-connected activ-ity monitor, the SportBrain iStepX pedometer.

According to many analysts, the Internet of Things – communication between devices – is expected to see at least tenfold growth between now and 2020. Riding that crest is Boulder-based FreeWave, which for 23 years has been designing, manu-facturing and delivering machine-to-machine communications solutions.

Its WavePoint high-speed wireless networking platform securely com-municates industrial data over long

distances to enable M2M, broadband and SCADA (supervisory control and data acquisition) system applica-tions. Its WaveContact product fam-ily expanded its wireless I/O solutions for industrial M2M and IoT applica-tions in remote and hazardous loca-tions such as Antarctica or the North Slope of Alaska.

“It’s used in more than a million devices,” said Glenn Longley, Free-Wave’s senior product manager for I/O and software, “from getting oil and gas sensor data back from the field to small to midsized aerial vehicles used for soldier training – and in agri-culture, for moving soil pH data from tractors and combines.

“A lot of our customers don’t want their sensor data going out over the public domain,” Longley said. “That’s where FreeWave comes in.”

The challenge that will drive fur-ther information, Longley said, is that customers want the highest speed of data at long distances. “There will be a continued drive to connect more data points more frequently,” he said. “People used to get encrypted read-ings once a day, then twice a day, then hourly. Some customers want to get it every minute.

Dallas Heltzell can be reached at 970-232-3149, 303-630-1962 or [email protected]. Follow him on Twitter at @DallasHeltzell.

Niwot-based Burden Inc., agreed.“Right now, it’s tougher to find

deals to create projects than raise capital to build them,” he said. “We use a lot of friends-and-family fund-ing. We aren’t raising a lot of capital outside that.”

As a developer, Burden said, he’d rather have fewer investors than more. With more investors, he said, more time and money would be spent on responding to their ques-tions about the project as well as dealing with issues about investor accreditation and tax-reporting issues.

Vanessa Grout, president of CMC Real Estate in Miami, told Forbes magazine that landlords and devel-opers are turning to crowdfunding because banks or other traditional financing sources have turned them down, a niche Jenkins wants to fill.

“We are raising amounts that are too small for developers to obtain from conventional lenders, and too large for family and friends,” Jenkins said.

Most real estate crowdfunding platforms charge developers a flat origination fee of 1 percent to 2 percent of the total project cost, and an asset-management fee to list their projects. Crowdfunders must be accredited investors, Jenkins said, meaning they must have assets of $1 million and annual income of

$200,000.Omri Barzilay, founder and CEO

of Propcy, a New York-based real estate firm, said the current form of raising money for real estate pur-chases was established with the Real Estate Investment Trust Act, a law that allows small investors to band together so they can invest in many large-scale, income-producing prop-erties just like large companies, cor-porations and wealthy entrepreneurs had been doing for many decades.

Crowdfunding has offered anoth-er option, he said, but there have been some obstacles and roadblocks.

Barzilay said crowdfunding, because it is relatively new, has yet to establish the successful track record needed to be seen by most as a viable alternative form of real estate invest-ment. “Given the overall track record of the real estate industry, this is to be expected, as many innovations take years to become standard prac-tice,” he said. Barzilay added that there is no secondary market for crowdfunding investment, which means the project will have to come to completion before an investor can liquidate.

“This is a big advantage that REITs have over crowdfunding plat-forms,” he said. “However, new or existing platforms could seize the opportunity to create a secondary market.”


AN ADVERTISING FEATURE OF BIZWEST

ThoughtLeadersBUSINESS ANSWERS TO PRESSING B2B MATTERS

ASSET MANAGEMENT

How Do I Adopt the Repair Regulations?On February 13, 2015, the IRS released Revenue

Procedure 2015-20, giving relief to certain small business taxpayers who face the burden of filing an Application for Change in Accounting Method Form 3115. Beginning with the tax year 2014 tax returns, qualifying small business taxpayers can adopt the new tangible property regulations for repair and maintenance costs, as well as asset dispositions. Small businesses qualifying for this new relief on repair regulations procedure must have less than $10 million in assets or average annual gross receipts less than $10 million for the prior three years.

Overall, taxpayers are thrilled about this long-awaited relief from reporting requirements of the repair regulations. This new procedure was requested by many small businesses and tax professionals, and now it will be much easier for small businesses to apply repair regulations to 2014 and future years.

Thomas Ahrens, CPATax Senior Manager

Eide Bailly, LLP

Thomas Ahrens, CPATax Senior Manager

Eide Bailly LLP970-999-8861

[email protected]

HEALTH CARE

Do I really have to stretch before a workout?

Flexibility is a large aspect of fitness. That’s why both the American College of Sports Medicine and the American Medical Society for Sports Medicine have studied the effectiveness of pre- and post-workout stretching.

The amount of force you can produce instantaneously is largely reduced if you perform pre-workout static stretches (the kind of stretching we’re used to). So in certain instances where you’d need instant force, like sprinting or jumping, static stretching before a workout could actually be disadvantageous.

A more modern way to warm up and reduce risk of injury is to skip for several minutes. Skipping is an extremely effective way to warm up the knees, ankles, and hips. Or you can also perform your specific activity slowly 10-15 minutes prior to starting your exercise at full speed.

Don’t ditch static stretching altogether. It can still be beneficial, especially after you’ve exercised, and at bedtime.

Dr. Brad Abrahamson Sports Medicine

specialistAdvanced training

in orthopedics

www.afmfc.com(970) 484-1757

1107 S. Lemay, Ste 200Fort Collins, CO 80524

WEALTH MANAGEMENT

Financial Preparedness For WomenMany women end up managing their finances alone

at some point in their lives. Unfortunately, the first time many of us get involved with financial matters is during a crisis, such as a spouse’s death or divorce. Asking yourself the following questions can help to determine how prepared you are and if you need to talk with a financial advisor.• Do I have a clear picture of

where my assets are located? • Will my retirement assets

provide a comfortable and secure retirement?

• Are my investments appropriate in today’s economy?• Do I have a will and is it current?• What changes in my life are likely to occur within the

next three years?• Would I be prepared for a family emergency if it

happened tomorrow?

Kari BoxleitnerFinancial Advisor

Kari Boxleitner Financial Advisor

CERTIFIED FINANCIAL PLANNER™ Bouchard-Bates-Ripsam-Boxleitner Wealth Man-

agement Group of Wells Fargo Advisors 1073 N. Lincoln Ave. Loveland, CO 80537

(970) 619-5528 (800) 758-1652

Investment and Insurance Products:

Wells Fargo Advisors, LLC, member SIPC, is a registered broker-‐dealer and separate nonbank affiliate of Wells Fargo & Company.

NOT FDIC-‐Insured NO Bank Guarantee MAY Lose Value


Thursday, April 2, 2015 4:30 PM to 8:30 PMFollowed immediately by the Boulder Arts Week performance until 10:00 PM.

Virginia Patterson Business Person of the Year Judy Amabile Polar Bottle/Product Architects

Industry Leader of the Year The Zayo Group

Community Leadership Award Regina Cowles, Nancy Geyer, Deborah Malden, Bob Morehouse, Bill Obermeier, Patrick O’Brien, Richard Polk, and Bob Yates

Chamber Champion Elvira Romas The Community Foundation Barb Truan Renaissance Management

Fanny Reich Local Hero Award Lifetime Achievement Ron Secrist Boulder Community Health

2015 Awards Honorees

To register go to: www.boulderchamber.com

We Build Community Through Business

Future home of the Museum of Boulder, 2205 Broadway St., Boulder, CO 80302

MAKERSPACE from 3

under way.Jacob Marshall was a wood shop

teacher eight years ago who built hobbyist projects in his garage that attracted curious neighborhood kids. Now he’s teaching design as part of the International Baccalaureate program at Lucille Erwin Middle School in Love-land – but after school he mentors his MESA (Math, Education and Science Achievement) “Foam Fighters” in a makerspace at the school as they turn what he called “standard Dollar Tree foam board” into model aircraft – then package them into kits and fill a mount-ing number of orders for them, in the process learning not only aeronautics and manufacturing but entrepreneur-ship as well.

“We have a full-on company,” Mar-shall said. “We have three departments: the engineering department, where the kids are actually researching, design-ing and producing the product; the product-fulfillment department, where they keep track of materials and inven-tory; and the video prediction depart-ment, where they shoot videos of the Foam Fighters’ work as well as how-to segments and post them on a YouTube channel.

It costs $4 to build each kit, which the kids sell to Garrett Hultgren for his Altitude Hobbies store in Fort Collins, and then he retails them for $35 – and orders more from the Foam Fighters. The students use the money they make to buy things such as building materi-

als, video enhancement and packaging.His “company” has had to keep suc-

cess in perspective, though, Marshall said.

“Even though we’ve generated over $1,000 in revenue, we’ve had to keep true to what we are – a makerspace,” he said. “We’ve had to tell people, ‘We’re not a sweatshop. Remember, we’re just a school. We can’t just make kits!’ ”

It’s not just kits at the next level. Every Wednesday after classes, Mar-shall’s “elite” makers at Loveland High School have been building four-rotor, battery-powered reconnaissance air-craft that can be mounted with cameras and used by the Northern Colorado Bomb Squad. One student even built an aircraft shaped like the Batman symbol.

“We’ve gotten a $10,000 grant from OtterCares” – the charitable arm of Fort Collins-based Otter Products Inc. – “just for the entrepreneurial piece,” Marshall said. “We’ve had students graduate and go on to college and major in aeronauti-cal or mechanical engineering.”

Similar ventures are being launched in other school systems, such as the St. Vrain Valley district’s Innovation Cen-ter and Weld County’s Summit after-school program, as well as through the Poudre Valley Library District. Schools also are making use of existing makerspaces.

Students haven’t yet crowded adult entrepreneurs out, however. For them, membership in a makerspace means

not having to invest in tools, machin-ery or manufacturing space. As Jamie Leben, director of CreatorSpace in Loveland, said, “It makes so much sense instead of spending money on a tool you might not use that much.”

CreatorSpace and most others, such as TinkerMill in Longmont, the Solid State Depot hackerspace in Boulder and The Gizmo Dojo in Broomfield, are nonprofit, member-driven spaces equipped with various loaned or donat-ed tools and machinery where creative people can gather to explore and create art and technology together. Or as Ron Thomas, executive director of Tinker-Mill, put it, “It’s part office space, part communal space.”

TinkerMill, which Thomas said is the largest makerspace in Colorado and surrounding states at 8,500 square feet, is the perfect fit for Longmont because, he said, “it’s a moderately sized, tech-nologically interested city.” It has 170 paying members and 800 people active in its meetup group – people Thomas described as “artists, scientists, engi-neers and others working on any project you can think of.

“We have lawyers, Ph.D.s, materials scientists – and even third-graders,” he said. “A pretty broad spectrum of folks working together.”

Dallas Heltzell can be reached at 970-232-3149, 303-630-1962 or [email protected]. Follow him on Twitter at @DallasHeltzell.

Makerspaces in the Boulder Valley and Northern Colorado Most of these websites include photos, videos and blogs, as well as contact information and links to meetup groups:BOULDER

n Solid State Depot, the Boulder hackerspace: boulderhackerspace.com

BROOMFIELD

n The Gizmo Dojo: thegizmodojo.com

FORT COLLINS

n Fort Collins Creator Hub: fortcollinscreatorhub.org

n Poudre River Library District Mobile Makerspaces: poudrelibraries.org/outreach/makerspace.php

GREELEY

n Greeley-Evans School District 6 Summit Extended Day Learning: greeleyschools.org

LONGMONT

n Boulder Mini Maker Faire: makerboulder.com/

n TinkerMill: tinkermill.org

n Innovation Center of St. Vrain Valley Schools: innovation.svvsd.org

LOVELAND

n Loveland CreatorSpace: lovelandcreatorspace.com

n MESA-RC Foam Fighters: mesarcfoamfighters.com


© 2 0 1 5 X C E L E N E R G Y I N C .

CONSTRUCTION HAS BEGUNOn March 2, 2015, Xcel Energy started a new phase of system modernization to continue providing reliable, safe, natural gas service to our customers along the Front Range. During this phase, approximately three miles of natural gas pipeline in Louisville and Lafayette will be replaced as part of our West Main Natural Gas Pipeline Replacement Project.

The pipeline construction work is expected to be completed by mid-July, with some peripheral work that is expected to be completed in September. The route for this segment runs along 96th Street/State Highway 42 (95th Street) between Baseline Road and Dillon Road.

Visit xcelenergywestmainpipeline.com to sign up for email updates, email us at [email protected], or call our project information line at 1-855-875-7633.

Dean Callan & Company WelcomesBeau Gamble, Broker Associate

Dean Callan & Company is pleased to announce Beau Gamble has joined the �rm as Broker Associate. A recent graduate of the University of Colorado, Beau brings skills such as discipline and

determination he honed as a member of the CU Men’s Basketball Team. Beau is a lifelong Boulderite and 3rd

generation Commercial Real Estate Broker who is excited to leverage his local market knowledge and contacts.

Beau Gamble 303.449.1420 ext. 18

[email protected]

1510 28th Street Suite 200 Boulder, CO 80303

303.449.1420 www.deancallan.com

POTENCY from 1

Researchers at the University of Mississippi, where cannabis has been studied for 45 years, said the question about the increase in potency of can-nabis has been clouded somewhat by reports of 10- and 30-fold increases in cannabis potency since the 1970s. A recent report concluded that it is possible now to mass produce plants with potencies inconceivable when concerted monitoring efforts started 40 years ago.

Jason Lupoi, who holds a doctorate in chemistry from Iowa State Univer-sity, is director of scientific applications at Sage Analytics. He said the percent concentration of THC in marijuana has increased from 1 percent in the 1960s to 5 percent in the late 1990s, and now is approaching 30 percent in some strains grown today.

“Testing equipment used now (for cannabis) can produce wildly different results, based on sample prep and the testing method,” Kaplan said. “Virtu-ally everyone involved with cannabis will benefit from accurate potency test-ing, including growers, dispensaries, manufacturers, regulators, recreation-al consumers and medical-marijuana patients.”

Sage Analytics is a spinoff of St. Lou-is-based Prozess Technologie, which manufactures spectroscopy devises used by 16 of the largest 20 pharma-ceutical manufacturers in the world to test active ingredients in drugs.

Much of the technology needed to detect the potency of pot already is used to analyze products in the food and pharmaceutical industries.

“Being able to test potency in a retail setting would be a huge benefit for consumers,” Kaplan added. “You could have a clerk at the counter test for potency and freshness.”

Erica Freeman, co-owner of Choice First, a grower and retailer of medical and recreational marijuana in Fort Col-lins, sends her company’s marijuana to a third-party lab for testing.

“There are eight to 10 labs in the state that test potency,” she said. “They use similar methods but often get dif-ferent results.”

As a grower, Freeman said her com-pany likely will continue to send its products to labs for testing rather than opt to buy equipment such as that from Sage Analytics to conduct tests in-house.

Colorado has yet to create standards for testing marijuana potency, or set limits on how potent a product can be. Nor has it created standards to com-municate those test results to consum-ers, other than product labeling, which Kaplan said, in its current form doesn’t tell the whole story.

Natriece Bryant, a spokeswoman with the Colorado Department of Rev-enue’s Marijuana Enforcement Divi-sion, said there are groups working on

what those standards might look like.Under current regulations, edibles

sold recreationally must be wrapped individually or demarked in increments of 10 or fewer milligrams of activated THC, the major psychoactive ingredi-ent in marijuana. The state’s recom-mended dose is 10 milligrams, but as Kaplan pointed out, one grower’s 10 milligrams may contain a higher con-centration of active ingredients and be more potent than another grower’s 10 milligrams.

Colorado has yet to mandate testing for mold, pesticides and other contami-nants in marijuana and edibles because there aren’t enough labs yet certified to do the work. State officials have said they hope to have that testing in place by the end of the year.

Right now, there are differences in Colorado’s medical and recreational pot rules.

Recreational pot must be tested for potency and contaminants. For medi-cal pot, such testing is optional.

Edible marijuana must be tested for potency and each “serving size” is limited to 10 milligrams of marijuana’s psychoactive ingredient, THC. But edible pot sold to medical patients has no testing requirement and higher “serving size” limits.

Doug Storum can be reached at 303-630-1959, 970-416-7369 or [email protected].

Jason Lupoi, left, and Matt Kaplan show Sage Analytics’ Luminary Profiler, which can mea-sure the percent content of three active ingredi-ents in marijuana and display the results in a mat-ter of minutes on a tablet screen.DOUG STORUM/ BIZWEST

BizWest | www.bizwest.com March 6-19, 2015 | 13THE EDGE BIZWEST WWW.BIZWEST.COM

The search for a position that aligns with your career aspira-tions sometimes takes longer

than expected. At what point do you consider taking a stopgap job or doing a side hustle to earn some extra money? And what are the pros and cons of doing so?

First, it’s important to understand that there are some key differences between these two alternatives. If we are completely honest, a stop-gap job is one you would never accept if you were gainfully employed in your desired industry. The bottom line is that you take a stopgap job because you need additional income.

The best kind of stopgap measure is a temporary or contract position in your field. This allows you to expand your network and keep your existing skills sharp. You may even be able to add a few new accomplishments to your résumé. Another plus to this approach is that you can get an inside look at different organizations and workplace cultures.

Unfortunately, many stopgap jobs are menial and don’t offer much in the way of professional development. A good example of this is the laid-off software engineer who ends up in an orange apron selling wares at the

local home-improvement store.However, even this may be better

than isolating at home. Unemploy-ment can take a toll on one’s self-esteem. Stopgap jobs, even those below your area of expertise, offer human interaction and the routine of going to work. Many job seekers stay more focused and upbeat when they have some money coming in and a rea-son to get out of the house each day.

It is important to consider how the stopgap job will look on your résumé. It may lessen gaps in employment, but it may erode your professional image and detract from your larger career goals. One of the biggest challenges is to remain com-mitted to your search for a profes-sional position.

Rather than taking a stopgap job, you may consider creating additional income through a side hustle. Scott Balster, principal at Employtown and creator of the Side Hustle Muscle Movement, helps people create

abundant lives with full-time work and side income. Balster believes that side hustles offer job seekers and those already employed a chance to increase earnings and find greater personal and professional satisfaction.

There are always individual consid-erations, but side hustles typically add to your professional image and toolbox rather than detract from it. You might think of a stopgap job as a Band-Aid. A side hustle, on the other hand, is curative and nurtures our personal and professional wellbeing.

Side hustles are a great way to gain the training and expertise we need to be more competitive in the job market. Side hustles also can allow us to dip our toes in new career waters without giving up our steady paychecks. They can be the bridge to a new full-time career or they can always remain “something extra” we do on the side.

According to Balster, “Job seekers who focus on creating side hustles typically find themselves partnering and interacting in new ways with other professionals. The process of creating and implementing a side hus-tle naturally expands a job seeker’s network and can lead to discovering employment opportunities they were not finding through traditional job-search processes.

“Side hustles also increase the value we bring to our day jobs,” he added. “Many of my clients have full time jobs. They are looking for increased job satisfaction as well as additional income. As they create their side hustle, they often bring greater energy and a renewed sense of creativity to the workplace.”

Balster believes this is because through creating a side hustle we strengthen what he refers to as the idea muscle. “The more we tap into our creativity and solve problems, the more we build the idea muscle. This leads to having greater confidence and success in everything we do.”

Balster offers a list of hundreds of side hustle ideas to fit your lifestyle and also provides templates and coaching to help people get started in various side businesses. There are end-

less ways to create a side hustle that matches your talents, needs and goals.

You can teach what you know, offer a service, consult in your indus-try or invent and sell a product. You may decide to rent vacation property through an online site. Side hustles can be born of hobbies or they may be an extension of what we do in our day jobs.

We all know people who have side hustles. I recently met a school-teacher who imports and sells coffee grown on a small farm in Costa Rica. He is supplementing his income and creating a fair-trade business model that supports rural farmers in devel-oping countries.

Another colleague sells medical devices by day and does professional photography on the side to nurture her creative spark. An accounting manager in my neighborhood started a seasonal sprinkler blowout business to help his young son gain business skills and save for his college education.

Jobs have become more temporary and transient in nature and yet we still yearn for and need some stability in our lives. Side hustles are a great way to take more control over our destinies.

“Ideas are the currency of the future,” said Balster. “The process of generating ideas and building a profitable side hustle helps us create our own sense of security and avoids being completely at the mercy of employers and the economy.”

Stopgap jobs can ease financial pressures, but this approach some-times can be a slippery slope leading to a downward spiral in our careers. Side hustles, on the other hand, expand our horizons and tend to increase our marketable skills.

Managing our careers has become more complex than ever. What would you do if you lost your job tomorrow? Maybe it’s time to do the hustle.

Carrie Pinsky is a freelance writer, job-search coach and training special-ist. Reach her at Pink Sky Counseling and Career Services, 970-225-0772 or www.pink-sky.net.

Pros and cons of stopgap jobs and side hustles

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CAREERSCarrie Pinsky

There are always individual

considerations, but side

hustles typically add to your

professional image and

toolbox rather than detract

from it.


ACCOUNTINGGrant Gattis rejoined the Loveland of-fice of K·Coe Isom – formed Jan. 1 upon the merger of Kennedy and Coe and Matson and Isom – after a summer 2014 internship where he prepared tax returns, financial statements and account compi-lation, provided general accounting assistance and ob-served client tax planning meetings. Gattis has a bachelor’s degree in ac-counting and finance from the University of Northern Colorado in his hometown of Greeley.

ARCHITECTURE, CONSTRUCTIONTim Ross and Chris Russell joined Boulder-based Studio Architecture. Ross will direct marketing and business-development activi-ties and will contribute to quality-control and project-management efforts. He has 20 years of experience as an architect and project man-ager, most recently at OZ Architects in Denver. Russell, a design architect, will oversee design and production activities on the firm’s senior-care and multi-family design projects. He has 10 years of experience, most recently at B+H Architects in Shanghai, China.

BANKING, FINANCEAndy Groeger completed the education and formal examination requirements to become a financial adviser with Northwestern Mutual in Fort Collins. He earned a bachelor’s degree in business management from the U.S. Military Academy at West Point, N.Y.

CANNABISBryon Jorgenson will replace Tom Bollich as chief executive of Boulder-based Surna Inc., an engineering, manufacturing and installation company specializing in commercial indoor cannabis cultivation systems. Bollich, a cur-rent director and CEO, will step down April 15. Jorgenson, who joined Surna in January as chief operating officer, has more than 25 years of experience at the executive-level and as an engineer in industrial electronics, life sciences and industrial automation systems. Surna’s main revenue stream comes from manufactur-ing water-chilled climate control systems for the marijuana industry.

EDUCATIONLindy Ruiz was hired as an instructor in the medical-assisting program at IBMC College’s Longmont campus. A medical professional with 25 years of experience who graduated

from the medical-assisting program at IBMC College in Greeley, she is work-ing toward a bach-elor’s of science in nursing degree from Colorado Christian University. She has worked for North-ern Colorado Medi-cal Center, Northern Colorado Heart & Lung Association and Life Care Centers of America-Longmont, as well as owning the Master’s Hands, her own health-care education business.

ENGINEERINGJoel Price was promoted to infrastructure director at JVA Inc., a structural, civil and environmental con-sulting engineering firm with offices in Boulder, Fort Col-lins, Winter Park and Glenwood Springs. Price has more than 15 years of experi-ence in civil engi-neering, including public infrastructure master planning and design related to water, wastewater pipelines and streetscape im-provements.

HEALTH CAREPhysician assistant Meg Grell joined UCHealth Internal Medicine at the Greeley Medi-cal Clinic. A native of Erie, she earned a master of science in physician-assistant studies from Des Moines University in Des Moines, Iowa.

LAWAmber Wyatt was promoted to parale-gal at Coan, Payton & Payne LLC’s office in Fort Collins. A Greeley native and graduate of Colorado State University, Wyatt had been a legal assistant for the firm.

MANUFACTURINGDavid Thomson joined Niwot-based foot-wear manufacturer Crocs Inc. (Nasdaq: CROX) as senior vice president and general manager of the company’s Asia, Africa and Middle East region. Thomson has more than 22 years of experience leading footwear, ap-parel and consumer goods brands in inter-national markets and in startup, high-growth and turnaround situations. He most recently was executive vice president/Asia Pacific for Tommy Hilfiger. Thomson will be based in Singapore and plans to join the company on or around May 1.

NONPROFITJoseph Adams Jr., presidenet of the energy and in-dustry operation at Broomfield-based MWH Global, ac-cepted a three-year term on the board of directors of nonprofit Engineers Without Borders USA.

Deadline to submit items for On the Job is three weeks prior to publication of each biweekly is-sue. Mail to Editor, BizWest Media LLC, 1790 30th St., Suite 300,Boulder, CO 80301; or email to [email protected] with On the Job in the subject line.

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COURTESY GREELEY CHAMBER OF COMMERCE

Sandy Schlager of Eldergarden, left, connects with Mandi Ericson of the Hospice of Northern Colorado at a Feb. 11 Business Before Hours event hosted by J&T Feeds in Greeley.

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Jan Carroll presents Pat Kendall with the 2015 Philan-thropist of the Year award during the Feb. 19 WomenGive Luncheon. The program provides child-care scholarships to help single mothers attend college and build a better future for their families.


Melissa Bowen of Lamar Advertising, left, meets Lori Gama of Da Gama Web Studio and Digital Design at a Feb. 11 Business Before Hours event in Greeley.

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From left, Rita Besser, Dawn Putney, Michelle Venus, Dawn Duncan and Ashley Grisel were among the more than 650 people who attended United Way of Larimer County’s ninth annual WomenGive Luncheon, held Feb. 19 at Embassy Suites in Loveland.


Greeley Police Chief Jerry Garner, left, and Weld County Sheriff Steve Reams give presentations Feb. 12 to the Leadership Weld County class of 2015.

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Jeff Premer of Shelter Insurance cuts the ribbon Feb. 10 to open his office at 350 E. Seventh St., Suite 5 in Loveland.

Email your event photos to Dallas Heltzell, [email protected]. Include complete identification of individuals as well as name, date and place of the event.

NONPROFIT NETWORKFUNDRAISERSA benefit melodrama, “The Great Na-tional Park Dedication, or The Day We Almost Lost Estes Park,” will be pre-sented at 7 p.m. March 6, 7, 13 and 14 and at 2 p.m. March 15 at Presbyterian Community Church of the Rockies, 1700 Brodie Ave., Estes Park. Black Pew Creations, a group at the church, stages a melodrama each year, with all proceeds benefitting various charities. It has raised a total of $43,366 over 10 years; last year, Lifelong Learning of Estes Valley, Crossroads Ministry and the Learning Place each received $2,111. Tickets, at $10 in advance, $12 at the door and $5 for children under 12, are available at the church’s office and narthex as well as Macdonald’s Book Shop, 152 E. Elkhorn Ave.

Through March 14, the Downtown Fort Collins Business Association and member businesses are presenting Great Plates of Downtown 2015, a dining tra-dition that helps support the Food Bank for Larimer County. During Great Plates, 36 downtown restaurants will offer break-fast and dessert specials for $2.50 and dinner specials for $25. Contributions above and beyond the meal support the Food Bank; a $1 donation is equivalent to $5 worth of food. Donations, tax and tip are not included in the Great Plates price. Visit DowntownFortCollins.com for Great Plates dinner and breakfast menus.

GOOD DEEDSJohnstown Milliken Veterans of For-eign Wars Post 2585 donated $7,000 and a television to the Weld County Vet-erans Services office waiting room. With support from the VFW Ladies Auxiliary Post 2585, American Legion Post 70,

American Legion Ladies Auxiliary Post 70 and Sons of the American Legion Squadron 70, the Johnstown Milliken VFW raised the money at its first annual 5-kilometer walk/run in honor of Veterans Day. For anyone interested in joining or learn-ing more about the Johnstown Milliken VFW, American Legion or Sons of the American Legion visit www.jmpost.net or call Damien Berg at 970-481-4700.

GRANTSA pair of programs at the University of Colorado Boulder that teach kids how to code have received a total of $250,000 in grants from Google. The Google RISE Awards are aimed at supporting efforts to attract girls and minorities to com-puter science. AspireIT, a program of the National Center for Women & In-formation Technology based at CU, won a $150,000 award that it will use to continue work toward its goal of engag-ing 10,000 middle-school girls in learning computer concepts by 2018. Scalable Game Design, a program based in CU’s College of Engineering and Applied Sci-ence that teaches kids coding through building their own video games, received a $100,000 award from Google for a part-nership with Instituto Tecnologico de Monterrey in Nuevo Leon, Mexico to help take its program to 3,500 kids there.

GroupGives, a donor-advised fund ad-ministered by the Community Foundation of Northern Colorado, in January award-ed $1,500 to Pathways Hospice, $3,000 to Project Self-Sufficiency, $3,000 to Mountain States Children’s Home and $1,000 to Disabled Resources.


CONTRACTSStartup firm Kelvin Thermal Technologies Inc. in Boulder will begin developing and mar-keting ways to reduce the heat created by electronics that could lead to ultra-thin and flexible smartphones and wearable electron-ics. Kelvin Thermal, founded by University of Colorado professors Y.C Lee and Ronggui Yang, signed a licensing agreement with CU-Boulder’s Technology Transfer Office to commercialize research conducted by a group led by Lee at CU.

Boulder-based Ball Aerospace and Tech-nologies Corp. received a $22.9 million con-tract to modify and repair antenna hardware for the U.S. Navy. The subsidiary of Broomfield-based Ball Corp. (NYSE: BLL) will procure spares of existing hardware, perform redesign activities associated with modifications to ex-isting hardware, repair existing hardware and integrate new or existing hardware into a pro-totype system, the Defense Department said. Ball Aerospace will perform the work at its Westminster-based facility through February 2020 under the indefinite-delivery/indefinite-quantity contract.

Loveland-based CorKat Data Solutions formed an exclusive partnership with Intuit by being named an Intuit Authorized Hosting Provider. The program allows CorKat to host various versions of QuickBooks software in its data centers for individual companies as well as accounting firms, who may host Quick-Books for many of their own clients. CorKat becomes one of only 12 standard providers across the country authorized to host the QuickBooks software suite.

Boulder-based TDA Boulder was named ad-vertising agency of record for Amarillo, Texas-based Merrick Pet Care Inc., providing a mix of print, digital and outdoor advertising and online content marketing.

EARNINGSNiwot-based shoemaker Crocs Inc. (Nasdaq: CROX) reported a net loss of $56.9 million, or 70 cents per share, for the period ending Dec. 31, compared with a loss of $66.9 million or 76 cents per share for the same period a year ear-lier. Revenue for the quarter was $206.5 million, down from $228.7 million the year before. For 2014 as a whole, the company’s net loss was $19 million, or 22 cents per share, on revenue of $1.2 billion, after a profit of $10.4 million, or 12 cents per share in 2013.

PDC Energy Inc. (Nasdaq: PDCE), which drills oil and natural-gas wells in Weld County, earned $133.8 million during the fourth quarter compared with $13.2 million during the same period a year earlier. Denver-based PDC En-ergy posted revenue of $407.7 million during the fourth quarter vs. $135.4 million during the same quarter a year earlier. Fourth-quarter pro-duction soared 29 percent to 28,000 barrels of oil equivalent from 21,700 barrels of oil equiva-lent during the same quarter a year earlier. The company also said it reduced to $473 million its 2015 capital budget from the previously announced $557 million, a decrease of 15 percent, because of the company’s declining service costs amid falling oil prices. For 2014, the company earned $155.4 million compared with a loss of $22.3 million in 2013. PDC En-ergy reported 2014 revenue of $856.2 million, up from $392.7 million in 2013.

Broomfield-based fast-casual restaurant chain Noodles and Co. (Nasdaq: NDLS) reported net income for the fiscal year ending Dec. 30 of $11.4 million, or 37 cents per diluted share, up 71.5 percent from a year earlier. Revenue for 2014 rose 15.1 percent to $403.7 million. For the fourth quarter, revenue climbed 19 percent to $108.5 million, while net income was up 47 percent to $3.5 million, or 11 cents per share.

Natural-foods company Boulder Brands Inc.

(Nasdaq: BDBD) reported fourth-quarter net income of $1.8 million, or 3 cents per share, down from $4.9 million, or 8 cents per share for the same period a year earlier. Revenue rose slightly to $128.6 million for the period ending Dec. 31, still nearly $6 million shy of expecta-tions. For 2014 as a whole, the Boulder-based company turned in a $127 million loss that equated to $2.09 per share after making $10 million last year. Revenue, however, was up, climbing from $461.3 million in 2013 to $516.6 million in 2014.

Longmont-based satellite-imagery provider DigitalGlobe Inc. (NYSE: DGI) swung to profit in 2014, reporting full-year net income of $13.9 million, or 18 cents per share. Most of that prof-it, $10.7 million, came during a strong fourth quarter as the company begins cashing in revenue related to the launch of its new World-View-3 satellite launched in August. Revenue for 2014 climbed 6.8 percent to $654.6 million. DigitalGlobe reported revenue of $185.7 million for the fourth quarter, up from $169.7 million the year before.

Boulder-based Clovis Oncology Inc. (Nas-daq: CLVS), which is developing drugs includ-ing those that could treat lung and ovarian cancer, reported a loss for its fourth quarter and fiscal year 2014 that ended Dec. 31. Clo-vis reported a net loss for the fourth quarter of $54.9 million, or $1.62 per share, and $160 mil-lion, or $4.72 per share, for the year. This com-pares to a net loss of $29.2 million, 92 cents per share for the fourth quarter and $84.5 mil-lion, $2.95 per share, in 2013. Net cash burn for fourth quarter 2014 was $34.2 million, and $120 million for the full year 2014. As of Dec. 31, Clovis had $482.7 million in cash and cash equivalents and 34 million outstanding shares of common stock.

Semiconductor manufacturer Avago Technol-ogies Ltd. (Nasdaq: AVGO), a Singapore and

San Jose, Calif.-based company that employs about 1,200 people in Fort Collins, announced first-quarter fiscal earnings of $351 million, or $1.26 per diluted share, for the period end-ing Feb. 1. That was up from $135 million the previous quarter and from $134 million for the same period a year ago. Revenue climbed to $1.6 billion in the first quarter, more than dou-ble that of a year earlier in part because of to the acquisitions of LSI Corp. and PLX Technol-ogy Inc. Avago finished the quarter with a cash balance of $2.6 billion, up $1 billion from the previous quarter.

KUDOSJeff Crabtree was named Young Entrepreneur of the Year and Scott Ehrlich received the Leann Anderson Community Care Award at the Greeley Chamber of Commerce’s annual dinner and awards ceremony, held Feb. 19 at the Island Grove Event Center in Greeley. Also at the dinner, which was attended by 816 peo-ple, Cheryl Kubo was named Ambassador of the Year and Coyotes Southwestern Grill, Showcase Art Center and Noble Energy Inc. received Winners Circle awards.

The Dellenbach family won the Fort Collins Area Chamber of Commerce’s annual Col-lins Award at the organization’s 110th annual dinner on Feb. 25. First presented in 1977, the award recognizes long-standing contri-butions to the community. Fort Collins-based Dellenbach Motors employs more than 140 people. Also at the dinner, which was attended by more than 550 people. Angela Penland of First National Bank was named Young Profes-sional of the Year, Pete Gazlay of Total Facility Care was recognized as Volunteer of the Year and Ralph Waldo, a retired real estate broker, won the Lifetime Achievement Award.

Greeley-based Rice’s Lucky Clover Honey received the Small Business of Excellence award for 2014 from the not-for-profit Colo-rado Lending Source

Pam Metzger, director of operations and business develop-ment for Colorado Landmark Realtors in Boulder, received the Leading Real Es-tate Companies of the World President’s Award at an event in Las Vegas. Long-mont-based Wright Kingdom Real Es-tate won numerous member achieve-ment awards at the event, including best overall website, the Crown of Excellence and Pinnacle awards, an honor for outgoing sales production, and the Real Estate Transaction of the Year Award to agents Dennis and Jann Culver for the extraordinary measures they took in assisting and relocating a family whose house was destroyed by the flood in 2013.

Dr. Robin Downing, owner and hospital di-rector/practitioner at Windsor Veterinary Clinic PC and founding director of the Downing Cen-ter of Animal Pain Management LLC, also in Windsor, successfully completed board-certi-fication in Canine Sports Medicine and Reha-bilitation.

For the seventh year in a row, the town of Fire-

BRIEFCASE

CrabtreeEhrlich

Metzger

AT VERUS BANKYOUR BUSINESS LOAN

IS NEVER TOO BIGOROROROR

TOO SMALL


BRIEFCASEstone was awarded the Certificate of Achieve-ment for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada for its com-prehensive annual financial report.

B&M Roofing of Colorado Inc. in Frederick won two awards for outstanding workmanship at the Colorado Roofing Association awards dinner on Feb. 19.

Greg Blanchard of Broomfield, an agent for New York Life in Colorado, earned member-ship in the company’s Million Dollar Round Table for 2015.

MERGERS & ACQUISITIONSBroomfield-based packaging manufacturer Ball Corp. (NYSE: BLL) is buying London-based metal beverage can maker Rexam in a cash-and-stock deal valued at about $6.64 billion in order to stay competitive against other packaging companies. Ball also completed its acquisition of Sonoco Phoenix’s manufactur-ing plants in Canton, Ohio. Financial terms of the deal were not disclosed. Sonoco Phoenix is a business unit of Hartsville, S.C.-based So-noco Products Co. (NYSE: SON), a global pro-vider of consumer-packaging products.

Semiconductor manufacturer Avago Tech-nologies Ltd. (Nasdaq: AVGO), a Singapore and San Jose, Calif.-based company that em-ploys about 1,200 people in Fort Collins, will pay about $606 million, or $8 per outstand-ing share of common stock, for Costa Mesa, Calif.-based Emulex (NYSE: ELX). The boards of both companies have approved the deal, which is expected to close in the second half of Avago’s fiscal year, which ends Nov. 1.

Longmont-based UQM Technologies Inc. (NYSE MKT: UQM), a developer and manufac-turer of electric motors, generators and power electronic controllers, is expanding into the fu-el-cell business by acquiring Michigan-based Roush Performance Products Inc.’s fuel-cell compressor business. Financial terms of the deal were not disclosed. UQM, in a prepared statement, said it expects to begin manufac-turing the compressor modules in May. The compressor modules are a key component of hydrogen powered fuel-cell vehicles.

Centura Health Envision Radiology acquired four advanced medical imaging centers in the Denver metro area, including one in Louisville. The joint venture formed in 2006 between En-glewood-based Centura Health and Colorado Springs-based Envision Radiology also ac-quired imaging centers in Denver, Golden and Thornton. The acquisitions expand the imaging network of Centura Health Envision Radiology, doing business as Health Images, to 12 loca-tions in Boulder and metro Denver. The Lou-isville location contains magnetic resonance imaging, CT scanning, X-ray and ultrasound. Financial terms of the deal were not disclosed. The name of the Louisville location will change from Advanced Medical Imaging Center to Health Images at Louisville. Physicians with Colorado Imaging Associates will continue to interpret images at the location.

Berthoud-based oilfield-services company Blackeagle Energy Services acquired Po-laris Drilling Inc., which is based in Loma, northwest of Grand Junction. Terms of the deal were not disclosed. Officials for Blackeagle – the tradename for Desco Acquisition LLC, a division of Desco Corp. – said the deal adds complementary services to the company’s portfolio, and will help Blackeagle expand its footprint into the Uinta and Piceance basins in eastern Utah and western Colorado.

Marie Zimenoff, president of Fort Collins-based career services firm A Strategic Advan-tage, acquired international career think tank Career Thought Leaders Consortium and the Resume Writing Academy.

Boulder-based Gravity Renewables complet-ed its acquisition of the Stillwater Hydroelec-tric Facility located on the Hudson River near Albany, N.Y.

MOVESRunning-shoe retailer Newton Running in Boulder will move in late March from 1375 Walnut St. to 1222 Pearl St. on the Pearl Street Mall.

Private-equity firm Poudre Valley Capital is re-locating within Fort Collins, from 155 E. Board-walk Drive to the Harmony One office building at 3003 E. Harmony Road. It leased approxi-mately 6,000 square feet on the third floor of the five-story building that is in the Preston Center business park, near the intersection of Harmony and Ziegler roads.

NAME CHANGESBoulder-based N30 Pharmaceuticals Inc. changed its name to Nivalis Therapeutics Inc. The clinical-stage pharmaceutical company’s new corporate name is derived from the Latin term for “of snow.” Just as each snowflake is unique, so too is each person with cystic fibro-sis, the company explained in a statement.

OPENINGSBroomfield-based MWH Global spun off its management-consulting business unit into a new company it calls Hawksley Construc-tion. MWH Global, a planning, design and construction company specializing in water and natural resources, launched Hawksley as a wholly owned subsidiary.

California-based specialty grocer Trader Joe’s opened its sixth Colorado location on Feb. 27 at 3500 S. College Ave., No. 110, in Fort Col-lins.

San Diego-based digital innovation agency MJD opened an office in Boulder. It initially will be located inside Galvanize on Pearl Street and be headed by managing director Jason Van Peeren.

PRODUCT UPDATEThe Small Business Administration launched LINC, an online tool that will allow entrepre-neurs looking for a small-business loan to be matched with an SBA lender somewhere in the United States. LINC, which stands for Le-veraging Information and Networks to access Capital, will require small-business owners to answer 20 questions that will be reviewed by the 124 lenders across the United States par-ticipating in the program. Lenders will respond to the prospective borrower within 48 hours. The SBA hopes to increase the number of lenders participating in LINC as time goes on.

Broomfield-based Gogo Inc. (Nasdaq: GOGO), a provider of in-flight connectivity and entertainment solutions, will bring its next-generation ATG-4 air-to-ground connectivity technology to business aviation. ATG-4 will be available for business aircraft via a new equip-ment package called ATG 8000. First ship-ments are expected in April.

Louisville-based NexGen Storage will deliver VMware vSphere Virtual Volumes capable NexGen N5 Hybrid Flash Arrays. Virtual Vol-umes is an integration framework to enable VM-centric operations on external storage sys-tems and extends the Software Defined Stor-age control plane to external storage through the use of the vSphere Storage Policy-Based Management.

Boulder-based ISONAS Inc., a pure IP ac-cess-control system manufacturer, partnered with Milestone Systems, an open-platform company in IP video management software, to deliver an integrated video and access control solution to customers. This solution provides a seamless integration of the Milestone XProtect Smart Client and the ISONAS Crystal Matrix software.


To purchase tickets or for more information,visit bit.ly/torch2015 or call 970-488-2045

A through Z ComputingAward Alliance LLCBaessler Homes LLLPCentennial Ag Supply Co.Citizen Printing Company Inc.Columbine Health SystemsEmployment SolutionsEncompass Medical PartnersGreen Ride Co. Inc.Hudson Auto Source Inc.Kennon Products Inc.MazTech & All Tech AutomotiveMenuTrinfo LLCMetric Motors Foreign Auto ServicePoehlmann Construction/Basements 4 YouProfessional Auto Body & Frame Inc.Roberts Excavation Corp.Sax AlleyThe Currier InnThomas Crawford AutoVista Solutions Corp.Wyoming Pure Natural Beef

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BANKRUPTCIES

Boulder CountyChapter 7

GLENN JOHN WOJCIK, 2030 Athens Street C1d, Boulder; Case #2015-11166, Date Filed: 2/11/2015

STACY LYNN ERBES SZYDLEK, 603 Terry Street #4, Longmont; Case #2015-11189, Date Filed: 2/11/2015

SUSAN ELISABETH MARTIN, 7415 Pan-orama Dr, Boulder; Case #2015-11196, Date Filed: 2/11/2015

KIMBERLY SUZANNE BYNUM, 4565 14th Street #206, Boulder; Case #2015-11244, Date Filed: 2/13/2015

ADRIANA RAMIREZ, 610 S Public Rd Lot 30, Lafay-ette; Case #2015-11399, Date Filed: 2/18/2015

KAREN HAFFNIETER, 525 S Carr Ave #2a, Lafay-ette; Case #2015-11400, Date Filed: 2/18/2015

COURTNEY DOWELL HOSKINS, 2870 Kalmia Ave #202, Boulder; Case #2015-11495, Date Filed: 2/20/2015

NATALIE RAYMONDE RABINOWITZ, 2722 Juni-per Ave Apt 51, Boulder; Case #2015-11496, Date Filed: 2/20/2015

Chapter 13

MELISSA GWYN MCPHERSON, 645 Virid-ian Drive #168, Lafayette; Case #2015-11247, Date Filed: 2/13/2015

JESSE RAY THOMAS, 109 South 4th Avenue #3, Superior; Case #2015-11493, Date Filed: 2/20/2015

Broomfield CountyChapter 7

JOANNE KY SON, 4719 Rabbit Mountain Rd, Broomfield; Case #2015-11288, Date Filed: 2/14/2015

Larimer CountyChapter 7

KATHLEEN BROOKS KAHN, 3916 Main Street, Timnath; Case #2015-11192, Date Filed: 2/11/2015

JON DAVID ARMENT, 317 Parker St, Fort Collins; Case #2015-11207, Date Filed: 2/11/2015

DAVID GRAHAM SMITH, 4101 Crittenton Ln, Wel-lington; Case #2015-11208, Date Filed: 2/11/2015

CATHERINE M GOETZ, 1281 E Magnolia Street No 184, Fort Collins; Case #2015-11243, Date Filed: 2/13/2015

RANDALL DANA BOR-CHARD, 1502 N 4th Street #4, Berthoud; Case #2015-11279, Date Filed: 2/14/2015

JARED DRIESSEN, 2233 Milton Lane, Fort Collins; Case #2015-11286, Date Filed: 2/14/2015

ADVANCED DRYWALL LLC, 832 Glenwall Dr, Fort Collins; Case #2015-11339, Date Filed: 2/14/2015

JASON CLINTON GROUNDS, 3803 Loch-side Lane, Fort Collins; Case #2015-11341, Date Filed: 2/14/2015

DANIELLE RENEE STOMBERG, 1714 Stover St Apt 3b, Fort Collins; Case #2015-11359, Date Filed: 2/16/2015

VERNON IRA SR NEL-SON, 1000 Cimmeron Dr Apt F, Loveland; Case #2015-11381, Date Filed: 2/18/2015

STEVEN J NELSON, 2379 Opal Ct, Loveland; Case #2015-11409, Date Filed: 2/18/2015

CHRISTINE CUNNING-HAM, 2500 E Harmony Rd #98, Fort Collins; Case #2015-11447, Date Filed: 2/19/2015

DOUGLAS D TREM-BLY, 737 S Lemay Ave #B4259, Fort Collins; Case #2015-11472, Date Filed: 2/20/2015

MONICA CORONA, 124 Se 2nd St, Loveland; Case #2015-11479, Date Filed: 2/20/2015

Chapter 13

CHANTELLE LYNN GRIMALDO, 4709 Holly Ct, Loveland; Case #2015-11159, Date Filed: 2/11/2015

GEORGE JOSEPH MCMAHON, 4596 W County Road 14, Loveland; Case #2015-11342, Date Filed: 2/14/2015

CHRISTOPHER LEE WEAVER, 327 Slippery Elm Pl, Loveland; Case #2015-11473, Date Filed: 2/20/2015

Weld CountyChapter 7

MARIA ISABEL GARCIA, 234 N 10th Ave, Brighton; Case #2015-11165, Date Filed: 2/11/2015

NAOMI ANN CORNELL, 712 42nd St, Evans; Case #2015-11201, Date Filed: 2/11/2015

BERTA ABIGAIL RECI-NOS, 3626 17th Ave Apt 2, Evans; Case #2015-11221, Date Filed: 2/12/2015

ESPERANZA GUZ-MAN, 513 9th Avenue # 401, Greeley; Case #2015-11248, Date Filed: 2/13/2015

KORBIN CHANNING RAY VALDEZ, 1642 7th Ave, Greeley; Case #2015-11252, Date Filed: 2/13/2015

RUTH GARCIA, 2600 Crescent Cove Dr Apt 201, Evans; Case #2015-11253, Date Filed: 2/13/2015

EDWARD J ROMERO, Po Box 188, Windsor; Case #2015-11254, Date Filed: 2/13/2015

KELLIE ANN ESSERT, 3620 West 10th Street Unit B Bo, Greeley; Case #2015-11257, Date Filed: 2/13/2015

GUADALUPE PINON, 1709 31st Street Road Apartmen, Greeley; Case #2015-11278, Date Filed: 2/14/2015

BRITTANY MICHELLE LEVY, 2311 West 16th St Apt 202, Greeley; Case #2015-11326, Date Filed: 2/14/2015

JEREMY COLE BUBB, Po Box 244, Frederick; Case #2015-11331, Date Filed: 2/14/2015

MAI KOU VANG, 310 Gar-field Street, Dacono; Case #2015-11461, Date Filed: 2/19/2015

DAVID BRIAN HITCH-COCK, 2700 Crescent Cove Dr #303, Evans; Case #2015-11471, Date Filed: 2/20/2015

BENJAMIN NICHOLSON JACKSON, 9037 Shenan-doah Avenue, Frederick; Case #2015-11474, Date Filed: 2/20/2015

Chapter 13

RITA GINA BALDERES, 4335 Mount Oxford Street, Brighton; Case #2015-11195, Date Filed: 2/11/2015

HOWARD HERMAN HILLESLAND, 1777 28th Avenue, Greeley; Case #2015-11370, Date Filed: 2/17/2015

FORECLOSURESBoulder County

BORROWER: William Alan Strahn, 3025 Broadway St # C-26, Boulder. Lender: Nationstar Mortgage Llc, Amount Due: $168839. Case #3426636. 2/10/2015

BORROWER: Glen & Alice Mcintosh, 2310 Dennison Ln, Boulder. Lender: Key-bank National Association, Amount Due: $176255. Case #3426637. 2/10/2015

BORROWER: Renae B Wilkinson, 3259 Noble Ct, Boulder. Lender: Bank America, Amount Due: $389501. Case #3426918. 2/11/2015

Broomfield County

BORROWER: Lisa S Carlson, 765 Nickel St, Broomfield. Lender: Wells Fargo Bank, Amount Due: $198701. Case #1482. 2/11/2015

BORROWER: Kelley Nelson, 1166 Opal St Unit 201, Broomfield. Lender: Nationstar Mtg Llc, Amount Due: $91924. Case #1747. 2/19/2015

Larimer County

BORROWER: James H Armstrong, 5608 Condor Dr Unit 6, Fort Collins. Lender: Wells Fargo Bank, Amount Due: $176369. Case #6301. 2/4/2015

BORROWER: Jeffrey A Wills, 684 26th St Sw, Loveland. Lender: Ally Bank, Amount Due: $140504. Case #6302. 2/4/2015

BORROWER: Gary Osmus, 10049 Poudre Can-yon Rd, Bellvue. Lender: Michael Louis Braskich, Amount Due: $141465. Case #6643. 2/5/2015

BORROWER: Tamara A & Andrew E Richards, 500 Mail Creek Ct, Fort Collins. Lender: Bk New York Mel-lon, Amount Due: $221732. Case #6877. 2/6/2015

BORROWER: Pheasant Run Partners Llc, 3624 E Mulberry St, Fort Collins. Lender: Rolla Boys Llc, Amount Due: $80000. Case #7422. 2/10/2015

BORROWER: Jon Lewis, 2045 Mississippi St, Love-land. Lender: Nationstar Mortgage Llc, Amount Due: $426150. Case #7423. 2/10/2015

BORROWER: Jerry L Prock, 7404 Ladbroke Dr, Windsor. Lender: Stearns Lending Llc, Amount Due: $306271. Case #7705. 2/11/2015

BORROWER: Thomas E & Dawn Weimer, 2727 Eldorado Springs Dr, Loveland. Lender: Green Tree Servicing Llc, Amount Due: $330702. Case #7706. 2/11/2015

BORROWER: Cheryl A Wolfe, 4785 Sunvalley Dr, Loveland. Lender: Colorado Housing Finance Autho, Amount Due: $185950. Case #7707. 2/11/2015

BORROWER: Lyle Scott Loveland, 7432 Triangle Dr, Fort Collins. Lender: Wells Fargo Bank, Amount Due: $210858. Case #8428. 2/14/2015

BORROWER: Justin & Mary L K Oharrow, 1111 W 36th St, Loveland. Lender: Phh Mortgage Corp, Amount Due: $177046. Case #8431. 2/14/2015

Weld County

BORROWER: Sandra Prophete, 6321 Noble St, Evans. Lender: Wilming-ton Trust, Amount Due: $120963. Case #4080314. 2/4/2015

BORROWER: Matthew W Robertson, 608 E 23rd St, Greeley. Lender: Deutsche Bk Natl Trust Co, Amount Due: $113983. Case #4080743. 2/5/2015

BORROWER: Paul H Davis, 6155 Graden St, Frederick. Lender: Hsbc Bk Usa, Amount Due: $192572. Case #4080744. 2/5/2015

BORROWER: Brent E Couch, 5551 29th St Unit 112, Greeley. Lender: Bk Am, Amount Due: $122305. Case #4081013. 2/6/2015

BORROWER: Ellen M & Ron R Rhodes, 719 2nd Street Ct, Kersey. Lender: Wells Fargo Bk, Amount Due: $113373. Case #4081737. 2/10/2015

BORROWER: Do Right Co, 1786 Cnty R 23, Brigh-ton. Lender: Pine Invest Llc, Amount Due: $360500. Case #4082047. 2/11/2015

BORROWER: Darian N Young, 104 Lucca Dr, Evans. Lender: Citimortgage Inc, Amount Due: $73264. Case #4082048. 2/11/2015

BORROWER: Felix Adrian Escarc Gonzalez, 904 Birch Ct, Fort Lupton. Lender: Bk Am, Amount Due: $90158. Case #4082294. 2/12/2015

BORROWER: Marilyn N Coffey, 2030 6th Ave, Greeley. Lender: Onewest

This information is obtained from SKLD Information Services.

BankruptciesApplications for bankruptcy protection are filed with the U.S. Bankruptcy Court in Denver. Chapter 7 denotes filings made for liquidation. Chapter 11 indicates filings for reorganization. Chapter 13 indicates filings that en-able petitioners to pay off their creditors over three to five years.

ForeclosuresIncludes notices of election and demand filed by credi-tors alleging default on a debt. Foreclosures are not final until a Public Trustee’s Deed has been issued.

State Tax LiensJudgments filed against assets of individuals or businesses with delinquent taxes.

JudgmentsJudgments constitute de-cisions by a court of law against an individual or corporation for payment of monetary damages.

Warranty DeedsTransfers property while guaranteeing a clear title free of any encumbrances that are not listed on the deed.

FOR THE RECORDBk, Amount Due: $100264. Case #4082295. 2/12/2015

BORROWER: Brighton Vista Llc, Vl, . Lender: 2011 Sip 1 Radc Venture Llc, Amount Due: $2553356. Case #4083267. 2/14/2015

BORROWER: Michael P & Sherri A Lapp, 5211 W 16th St, Greeley. Lender: Pnc Bk, Amount Due: $187934. Case #4083268. 2/14/2015

BORROWER: Paul Gerard & Maria L Wilson, 1311 7th St, Fort Lupton. Lender: Everbank, Amount Due: $177599. Case #4083269. 2/14/2015

JUDGMENTS

Boulder County

DEBTOR: ADAM M BANMAN, Creditor: Chicago Title Ins Co. Amount: $133729.42. Case #D-2013cv30136. Date: 2/14/2015abs

DEBTOR: JIM LAGRANDER, Creditor: Unifund Ccr Llc. Amount: $14839.85. Case #C-14c-031641. Date: 2/4/2015abs

DEBTOR: CHERYL D GRAVES, Creditor: Cavalry Spv I Llc. Amount: $1290.69. Case #C-14c-032170. Date: 2/4/2015abs

DEBTOR: LESLIE SIMP-SON, Creditor: Cavalry Spv I Llc. Amount: $5317.23. Case #C-14c-031556. Date: 2/4/2015abs

DEBTOR: ANGELA CIANO, Creditor: Cav-alry Spv I Llc. Amount: $1744.22. Case #C-14c-032960. Date: 2/4/2015abs

DEBTOR: PATRICIA J WILLIAMS, Creditor: Capi-tal One Bk Usa. Amount: $5213.7. Case #C-12c-002775. Date: 2/4/2015abs

DEBTOR: ALBERTA HART, Creditor: Capital One Bk Usa. Amount: $1632.32. Case #C-14c-033654. Date: 2/4/2015abs

DEBTOR: TWO MILE RANCH LLC, Creditor: Tr Citadel Llc. Amount: $78271.41. Case #D-13cv-035531. Date: 2/4/2015abs

DEBTOR: TREVOR R & JANE DOE PETTEN-NUDE, Creditor: New York Community Bk. Amount: $693635.75. Case #D-14cv-034568. Date: 2/7/2015abs

DEBTOR: ANDRES ALBERTO SALAZAR, Creditor: Dcfs Llc. Amount: $15746.15. Case #C-14c-043147. Date: 2/10/2015abs

DEBTOR: CG PAINTING INC, Creditor: Roche Con-str Inc. Amount: $17476.27. Case #D-14cv-030209. Date: 2/11/2015abs

DEBTOR: RODOLFO MOLINA RASCON, Credi-tor: Springleaf Fin Services Inc. Amount: $7534.32. Case #C-14c-033753. Date: 2/11/2015abs

DEBTOR: ERIC JASON POTTS, Creditor: Cen-ter Denver Ind Assoc Ii. Amount: $6856.2. Case #D-14cv-031595. Date: 2/11/2015abs

DEBTOR: ROD-NEY K BRUESKE, Creditor: Marian L Olson. Amount: $42178.0. Case #D-06cv-003863. Date: 2/11/2015abs

DEBTOR: SHANNON PITTSER, Creditor: Bc Services Inc. Amount: $3170.26. Case #C-11c-001346. Date: 2/13/2015abs

DEBTOR: JR HOLD-INGS LLC, Creditor: Alecta Real Estate Usa Llc. Amount: $212329.61. Case #D-14cv-030922. Date: 2/14/2015abs

DEBTOR: TRUN-ORTH LLC, Creditor: Alecta Real Estate Usa Llc. Amount: $25775.5. Case #D-2014cv30923. Date: 2/14/2015abs

DEBTOR: KARI MITCH-EL, Creditor: Discover Bk. Amount: $6608.34. Case #C-13c-033383. Date: 2/14/2015abs

DEBTOR: CALVIN T JR TYREE, Creditor: Discover Bk. Amount: $5067.56. Case #C-09c-005571. Date: 2/14/2015abs

DEBTOR: DOUGLAS M CLARK, Creditor: Discover Bk. Amount: $9235.03. Case #C-09c-005574. Date: 2/14/2015abs

DEBTOR: VIRGIL B SMITH, Creditor: Lvnv Funding Llc. Amount: $1277.15. Case #C-12c-002078. Date: 2/14/2015abs

DEBTOR: CYNTHIA D & ROBERT BELL, Credi-tor: Discover Bk. Amount: $12015.37. Case #C-11c-003108. Date: 2/14/2015abs

DEBTOR: CHRISTO-PHER T GHARRITY, Creditor: First Citizens Bk Trust Co. Amount: $113359.25. Case #D-10cv-005764. Date: 2/14/2015abs

DEBTOR: MAGGIE M BRINKEL, Creditor: Chase Bk Usa. Amount: $6261.49. Case #C-10c-004258. Date: 2/7/2015sat

DEBTOR: BRUCE A FAUL, Creditor: Long-mont Winnelson Co. Amount: $24210.76. Case #D-08cv-000571. Date: 2/7/2015sat

DEBTOR: BRUCE FAUL, Creditor: Jeffrey A & Karen Weinman. Amount: $7340.85. Case #D-08cv-000001. Date: 2/7/2015sat

DEBTOR: CINDY LONG, Creditor: Midland Credit Management Inc. Amount: $6362.52. Case #C-11c-004683. Date: 2/10/2015sat

DEBTOR: ERIC SEAN PHILIPS, Creditor: Ameriprise Bk. Amount: $39141.68. Case #D-11cv-001395. Date: 2/11/2015sat

DEBTOR: WALNUT GARDENS RETAU-RANTS INC, Creditor: Walnut Gardens Llc. Amount: $52539.7. Case #D-14cv-031159. Date: 2/13/2015sat

Broomfield County

DEBTOR: ADAM M BANMAN, Creditor: Chicago Title Ins Co. Amount: $133729.42. Case #D-2013cv30136. Date: 2/13/2015abs

DEBTOR: TWO MILE RANCH LLC, Creditor: Tr Citadel Llc. Amount: $78271.41. Case #D-13cv-035531. Date: 2/4/2015abs

DEBTOR: MICHELLE S HATCH, Creditor: Unifund Ccr Llc. Amount: $53025.36. Case #D-14cv-030146. Date: 2/10/2015abs

DEBTOR: ERIC JASON POTTS, Creditor: Center Denver Industrial Assoc. Amount: $6856.2. Case #D-14cv-031595. Date: 2/11/2015abs

DEBTOR: CG PAINT-ING INC, Creditor: Roche Constructors Inc. Amount: $17476.27. Case #D-14cv-030209. Date: 2/11/2015abs

DEBTOR: KIMBERLY MAGEE, Creditor: Wake-field Assoc Inc. Amount: $1288.7. Case #C-14c-031051. Date: 2/13/2015abs

DEBTOR: JR HOLD-INGS LLC, Creditor: Alecta Real Estate Usa Llc. Amount: $212329.61. Case #D-11cv-030322. Date: 2/14/2015abs

DEBTOR: TRUNORTH LLC, Creditor: Alecta Real Estate Usa Llc. Amount: $25775.5. Case #. Date: 2/14/2015abs

DEBTOR: MARK P ARO, Creditor: Discover Bk. Amount: $8944.88. Case #C-11c-000458. Date: 2/14/2015abs

DEBTOR: TJ BECK-WITH ENTERPRISES LLC, Creditor: Ghmd Llc. Amount: $36014.35. Case #D-14cv-030096. Date: 2/18/2015abs

DEBTOR: BLAKES REMANUFACTURING SERVICE, Creditor: Bodine Services Decatur Inc. Amount: $11919.63. Case #D-14cv-034723. Date: 2/19/2015abs

DEBTOR: AVONDUA CULLINS, Creditor: Ncep Llc. Amount: $5915.76. Case #C-13c-030436. Date: 2/19/2015abs

DEBTOR: PAUL L KIDWELL, Creditor: Atlan-tic Credit Fin Inc. Amount: $2557.33. Case #C-09c-000250. Date: 2/19/2015abs

DEBTOR: MATTHEW P ALDERNAN, Creditor: Vista Ridge Master Home-owners. Amount: $1635.95. Case #C-12c-007839. Date: 2/12/2015sat

Larimer County

DEBTOR: BARRY L ZAIGER, Creditor: Wake-field Assoc Inc. Amount: $1383.18. Case #C-14c-031775. Date: 2/4/2015abs

DEBTOR: JOHANNA ULLOA, Creditor: Wake-field Assoc Inc. Amount: $1071.73. Case #C-14c-031730. Date: 2/4/2015abs

DEBTOR: TODD SEIPELT, Creditor: Wake-field Assoc Inc. Amount: $4713.01. Case #C-14c-031776. Date: 2/4/2015abs

DEBTOR: ROCHELLE J WHALEY, Creditor: Wake-field Assoc Inc. Amount: $1814.21. Case #C-14c-031870. Date: 2/4/2015abs

DEBTOR: PARKER DEVL LLC, Creditor: John M Hepp. Amount: $29141.51. Case #D-14cv-030904. Date: 2/4/2015abs

DEBTOR: AMY E MOR-GAN, Creditor: Credit Ser-vice Co. Amount: $2486.28. Case #C-14c-034402. Date: 2/7/2015abs

DEBTOR: MARY J VASQUEZ, Creditor: Springleaf Fin Services Inc. Amount: $2173.85. Case #C-14c-035843. Date: 2/7/2015abs

DEBTOR: DARRIN M & DARRIN HUEGE, Creditor: Natl Credit Acceptance Inc. Amount: $1716.36. Case #Repost Date 02/13/15. Date: 2/10/2015abs

DEBTOR: STEVEN LEONARD, Creditor: Pawnee Leasing Corp. Amount: $40490.52. Case #D-14cv-030542. Date: 2/10/2015abs

DEBTOR: EVAN HARD-ING, Creditor: Buffalo Creek Subdivision At W. Amount: $2641.85. Case #C-14c-035336. Date: 2/10/2015abs

DEBTOR: RANDOLPH S II FERNANDEZ, Creditor: Am Family Mutual Ins Co. Amount: $7906.27. Case #C-14c-031714. Date: 2/13/2015abs

DEBTOR: AMANDA SEWARD, Creditor: Public Service Credit Union. Amount: $7132.42. Case #C-15c-030002. Date: 2/14/2015abs

DEBTOR: SYDONIA M & DERREL L BAKER, Creditor: Account Brokers Larimer County. Amount: $1340.5. Case #C-14c-035863. Date: 2/14/2015abs


DEBTOR: HARRIET G ORR, Creditor: Capital One Bk Usa. Amount: $3630.22. Case #C-14c-034306. Date: 2/14/2015abs

DEBTOR: MESCHELLE PETERSON, Creditor: Gemini Capital Group Llc. Amount: $8732.56. Case #C-14c-030870. Date: 2/14/2015abs

DEBTOR: MARY BROST, Creditor: Gemini Capital Group Llc. Amount: $9008.63. Case #C-14c-032241. Date: 2/14/2015abs

DEBTOR: AMANDA CHAVEZ, Creditor: Gemini Capital Group Llc. Amount: $1884.9. Case #C-13c-030891. Date: 2/14/2015abs

DEBTOR: SEAN WIL-LIAMS, Creditor: Gemini Capital Group Llc. Amount: $2143.58. Case #C-13c-032055. Date: 2/14/2015abs

DEBTOR: GERALD OBERLE, Creditor: Gemini Capital Group Llc. Amount: $7659.89. Case #C-14c-033124. Date: 2/14/2015abs

DEBTOR: KAREN S WIGGINS, Credi-tor: Unifund Ccr Llc. Amount: $42736.08. Case #D-14cv-030338. Date: 2/14/2015abs

DEBTOR: KATHRYN & ZACHARY A ZIEGER, Creditor: Credit Service Co Inc. Amount: $4077.4. Case #C-14c-035634. Date: 2/18/2015abs

DEBTOR: KATHY LOU & JIMMY D FORMBY, Creditor: Account Bro-kers Larimer County. Amount: $24399.12. Case #D-14cv-030482. Date: 2/18/2015abs

DEBTOR: TRACEY SILVA, Creditor: Ge Money Bk. Amount: $3739.61. Case #C-11c-009623. Date: 2/18/2015abs

DEBTOR: MICHELLE AVERY, Creditor: Discover Bk. Amount: $4904.14. Case #C-12c-009868. Date: 2/18/2015abs

DEBTOR: GARY H AYCOCK, Creditor: Lvnv Funding Llc. Amount: $3145.05. Case #C-11c-010473. Date: 2/18/2015abs

DEBTOR: REBECCA TEAFF, Creditor: Lvnv Funding Llc. Amount: $10798.13. Case #C-09c-006512. Date: 2/18/2015abs

DEBTOR: CHRISTINA W SILERIO, Creditor: Lvnv Funding Llc. Amount: $2492.31. Case #C-14c-030386. Date: 2/18/2015abs

DEBTOR: MARVIN BUSH, Creditor: Lvnv Funding Llc. Amount: $2720.35. Case #C-09c-008150. Date: 2/18/2015abs

DEBTOR: RAJENDRA & LISA CHAUBAL, Credi-tor: Discover Bk. Amount: $9864.18. Case #C-14c-031198. Date: 2/18/2015abs

DEBTOR: PATRICK E HOWARD, Creditor: Lvnv Funding Llc. Amount: $8462.73. Case #C-12c-010178. Date: 2/18/2015abs

DEBTOR: MARK A KUM-MER, Creditor: Discover Bk. Amount: $9723.06. Case #C-09c-008440. Date: 2/18/2015abs

DEBTOR: BONNIE W & MICHAEL K BARRETT, Creditor: Discover Bk. Amount: $20396.29. Case #D-08cv-001298. Date: 2/18/2015abs

DEBTOR: CHARLES WERNSMAN, Creditor: Lvnv Funding Llc. Amount: $2355.13. Case #C-08c-006770. Date: 2/18/2015abs

DEBTOR: NEW VENE-TIAN LLC, Creditor: Colo Dept Revenue. Amount: $2223.47. Case #D-12cv-801985. Date: 2/6/2015sat

See Record, 21


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SPOTLIGHT YOUR COMPANY!The summit will welcome a limited number of exhibits and sponsorship opportunities.

• Target Your Advertising Dollars

• Increase Market Share

• Retain & Grow Customer Base

Parkway Plaza Hotel & Convention Centre • 123 West E Street, Casper

Wyoming is one of the nation’s premier sources for energy of all kinds: from oil and gas to uranium, coal, and renewables. The Wyoming Business Report is gearing up to create the second annual Energy Summit for the state. With over 300 attendees last year, this summit is the perfect venue for your business, whether you chose to be a vendor, sponsor the event, or attend. You don’t want to miss it, so save the date!

Visit WyomingBusinessReport.com for additional information on how to become a sponsor and other opportunities!


FOR THE RECORD

DEBTOR: TIMOTHY GIRARD, Credi-tor: Colo St Revenue. Amount: $1182.0. Case #D-D352013cv801179. Date: 2/7/2015sat

DEBTOR: VICKIE J NEWLIN, Creditor: Arrow Fin Services Llc. Amount: $2786.26. Case #C-08c-010246. Date: 2/12/2015sat

DEBTOR: KYLE J FODY, Creditor: Crystal Lakes Road Recreation. Amount: $7173.85. Case #D-14cv30535. Date: 2/13/2015sat

DEBTOR: MARK & LINDA GODDING, Credi-tor: Public Service Credit Union. Amount: $0.0. Case #C-2013c35767. Date: 2/14/2015sat

DEBTOR: CANDIDO MARTINEZAPONTE, Creditor: Colo St Revenue. Amount: $354.86. Case #D-D352014cv801415. Date: 2/14/2015sat

Weld County

DEBTOR: JOHN R NAVARETTE, Credi-tor: Lindy Ruiz. Amount: $9194.39. Case #D-85js000034. Date: We Jdgabs

DEBTOR: ELIZABETH SCOTT STEGNER, Creditor: Melissa Rye. Amount: $3685.0. Case #D-07dr-000023. Date: 2/6/2015abs

DEBTOR: DIANE B JONES, Creditor: Central Credit Corp. Amount: $1543.85. Case #C-13c-030056. Date: 2/7/2015abs

DEBTOR: MANUEL FLORES, Creditor: Premier Members Fed Credit Uni. Amount: $17482.79. Case #D-14cv-030837. Date: 2/10/2015abs

DEBTOR: NORTH-ERN COLO HOME IMPROVEMENT, Credi-tor: Pinnacol Assurance. Amount: $6659.28. Case #C-2014cv0082. Date: 2/10/2015abs

DEBTOR: JERRY SR & JERRY HANSEN, Creditor: Ernestine Riggs. Amount: $14097.99. Case #C-14c-051564. Date: 2/10/2015abs

DEBTOR: LAURA & DOUGLAS A QUARN-BERG, Creditor: Bc Servic-es Inc. Amount: $2082.06. Case #C-14c-033672. Date: 2/12/2015abs

DEBTOR: FRAN-CISCO J RUIZ, Creditor: Wakefield Assoc Inc. Amount: $1072.98. Case #C-15c-030063. Date: 2/13/2015abs

DEBTOR: SETH M SMITH, Creditor: Wakefield Assoc Inc. Amount: $1522.3. Case #C-15c-030061. Date: 2/13/2015abs


DEBTOR: BRIGG LEE & BRIGG L KULA, Credi-tor: Yks Acceptance Inc. Amount: $11108.21. Case #C-14c-037384. Date: 2/14/2015abs

DEBTOR: EULICES CASAS, Creditor: Yks Acceptance Inc. Amount: $14408.21. Case #C-14c-037375. Date: 2/14/2015abs

DEBTOR: GARY E & DARLIS L WINKLE-PLECK, Creditor: Profes-sional Fin Co Inc. Amount: $3313.57. Case #C-07c-008566. Date: 2/6/2015sat

DEBTOR: MM TANK COATING CO INC, Creditor: Sherwin Williams Co. Amount: $28009.15. Case #D-2012cv274. Date: 2/6/2015sat

DEBTOR: MICHAEL WIDICK, Creditor: Colo Dept Revenue. Amount: $260.0. Case #D-12cv-803626. Date: 2/10/2015sat

DEBTOR: MICHAEL WIDICK, Creditor: Colo Dept Revenue.

Amount: $315.0. Case #D-11cv-805954. Date: 2/10/2015sat

DEBTOR: CHARLES H TEMPLAR, Credi-tor: Amanda F Templar. Amount: $16147.39. Case #D-07dr-000899. Date: 2/12/2015sat

DEBTOR: J MARK STRODTMAN, Creditor: Jesus Devora. Amount: $7857.12. Case #D-08cv472. Date: 2/13/2015sat

RELEASE OF JUDGMENT

Boulder County

DEBTOR: SARAH A CARRILLO, Creditor: Alpine Credit Inc. Amount: $0.0. Case #C-13c031950. Date: 2/7/2015

DEBTOR: MARY C MULRY, Creditor: Colo St Revenue. Amount: $13604.97. Case #. Date: 2/10/2015

Larimer County

DEBTOR: ROSELLA ANN ANDERSON, Credi-tor: Liberty Acquisitions Llc. Amount: $0.0. Case #D-09-31543-Hrt. Date: 2/7/2015

DEBTOR: JEANETTE ANDRES, Creditor: Cach Llc. Amount: $0.0. Case #D-11-36332. Date: 2/7/2015

Weld County

DEBTOR: GORDON GERALD & JOANN KILGORE, Creditor: Har-vest Credit Management Vii. Amount: $0.0. Case #D-14-23881-Mer. Date: 2/6/2015

DEBTOR: GORDON GERALD & JOANN KILGORE, Creditor: Patrick Onorato. Amount: $90000.0. Case #D-14-23881-Mer. Date: 2/6/2015

STATE TAX LIENSBoulder County

AUTOWERKS EAST, $220.56, Case #3426567, 2/7/2015

BEAUTY EXPRESS STORES INC, $409.93, Case #3427247, 2/13/2015

DISTRIBUTION MAN-AGEMENT CORP I, $546.89, Case #3426146, 2/5/2015

ECOLOGICAL LAWN CARE, $5131.59, Case #3426152, 2/5/2015

FINISHING TOUCH EXPERT LLC, $255.12, Case #3427246, 2/13/2015

WATER from 3

prices, it also has lowered the amount of water it requires for each new single-family home to 0.4 of an acre foot, 0.2 for potable water and 0.2 for non-pota-ble water, from as much as 1 acre foot annually. An acre foot equals as much as 326,000 gallons, enough water to serve 2.5 households annually.

“We could not continue to price our water against C-BT if we were going to be able to continue to attract devel-opment,” said Walt Elish, business development manager for the town of Berthoud.

Reaching all-time highsBizWest first reported last month

that Colorado Big-Thompson Project water prices had reached historic highs after a Jan. 23 auction where Ber-thoud-based Little Thompson Water District bought two units of water for $26,635, and Western Equipment & Truck in Greeley bought six units at $26,250 apiece. The auction prices put C-BT water at the equivalent of as much as $52,000 per acre foot. The prices paid at the auction were nearly three times higher than the cost of a C-BT unit only two years ago.

Built in the 1930s to serve irrigated agriculture in Northern Colorado, the Colorado-Big Thompson Project is managed by the Northern Colorado Water Conservancy District. Cit-ies and towns have since acquired the water to feed the needs of their growing populations. The project brings water from the headwaters of the Colorado River, and delivers it through the Adams Tunnel under the Continental Divide.

If developers do not bring their own water for new residential hous-ing developments, water prices set by cities can significantly factor into whether they decide to locate their development in a city or town. That has led cities to find other sources of water to avoid tying their water prices to C-BT water, already largely owned by cities such as Fort Collins, farmers and more recently, oil and gas companies.

Brian Werner, spokesman for Northern Water, acknowledged that cities’ shift away from using high-priced C-BT water as a benchmark,

even though it remains the “gold stan-dard” because of its ease of transfer.

“But as the price continues to go up, as we’ve certainly seen, and you can’t find it as easily as maybe you once could, developers and others that have to bring water to the table are looking for whatever supplies they can find,” he said. “Those communi-ties are trying to make it as easy as they can for people to find the water.”

From 2000 to 2010, Berthoud saw very little population growth – around 200 people, Town Adminis-trator Mike Hart said, and developers idled residential housing projects that they planned in those years.

Scarce resources“Water became the problem,” he

said. “It’s very hard for the develop-ers to go out and find C-BT to buy, and then the (town’s) pricing was so prohibitive, it was stopping the devel-opment process.”

Berthoud once had a policy that developers had to supply their own water, or it would charge them expen-sive C-BT rates. Town officials met with developers and ultimately decid-ed to charge developers $12,500 per 0,4 acre feet for each home in a hous-ing development. That translates to $31,250 per acre foot.

Like Berthoud, cities such as Gree-ley and Fort Collins take cash from developers who do not have enough water and give them surplus water units that the cities already possess, but the rate can vary.

The rate in Greeley totals $33,000 per acre foot, while in Fort Collins, which owns a variety of water rights, it totals $6,500 per acre foot.

Berthoud, too, has sought to increase its water portfolio through

its new policy, which is designed to generate cash to do just that.

“We start accumulating the kind of reserves we need to go out and secure other resources” besides C-BT, Hart said. “C-BT is an option, but our new policy is designed to bring in cash.

“That’s the cash we need to go acquire the next resource,” he said. “If we were going to continue with the policy of acquiring C-BT, then that price point would have to be higher.”

Ryan Schaefer, president of Chris-land Commercial Real Estate in Fort Collins, welcomed Berthoud’s new policy, which he said showed that the town supported growth. Chrisland has brokered the 165-acre mixed-use development Badar Farm, which will include around 500 homes in Berthoud.

Hugh variations the norm

“The cost of water varies greatly by municipality and even among various districts within municipalities,” he said. “It’s pretty common that every municipality we do business in, we can’t take anything for granted as far as water is concerned.

“We have to research what the costs of water and municipal fees are in the appropriate jurisdiction,” he added.

The town of Windsor also relies solely on C-BT, and therefore its water rate for developers is $38,000 per acre foot, said Dennis Wagner, director of the town’s Engineering Department. Only a few years ago, the town priced its water at $21,400 per acre foot.

“It used to be that C-BT was read-ily available on the market,” Wagner said. “If you needed some water, you found it: you called a broker.”

C-BT has become scarce because of pressures from oil and gas develop-ment and population growth, accord-ing to experts, and developers and homebuyers have struggled with the pricing.

“We’ve heard from developers that it’s hard for them to find water,” Wag-ner said.

That problem has led Windsor’s Water and Sewer Board to study alter-natives, and officials plan to hold a meeting with developers in March to share ideas.

Like Berthoud, the city of Long-mont also once closely tied its water pricing to C-BT water, charging $13,000 per acre foot three years ago. About two years ago the city changed its policy when C-BT water prices surged. The city would have had to charge $19,000 per acre foot, Longmont officials said.

Rethinking pricing strategiesIt now sets its water prices at

$10,800 per acre foot, based not only on C-BT, but on costs of water rights in the St. Vrain as well as anticipated costs of building new water projects, including its stake in the expansion of Windy Gap Reservoir. The $223 mil-lion project, known as the Windy Gap Firming Project, will deliver 26,000 acre feet of water annually to cities and towns in Northern Colorado if approved by federal and state authori-ties.

The city’s largest supply comes from the St. Vrain River, but it also has Windy Gap and Colorado-Big Thomp-son supplies, said Dale Rademacher, director of public works and natural resources for the city of Longmont.

“We’re looking at a broader pic-ture when it comes to the city’s water supply that really does reflect that we don’t get all of our water from Colorado-Big Thompson, nor have we ever,” he said. “If our fees were a lot higher, that would probably be a discouragement for people to build in Longmont.”

Steve Lynn can be reached at 970-232-3147, 303-630-1968 or [email protected]. Follow him on Twit-ter at @SteveLynnBW.

What water costs

Prices of water paid by developers in Northern Colorado and the Boul-der Valley. If developers do not have water to supply their developments, they instead pay cash to cities and towns for units of water. The follow-ing are prices per acre foot:

n Berthoud .................. $31,250

n Greeley ..................... $33,000

n Fort Collins ................. $6,500

n Longmont ................. $10,800

n Windsor .................... $38,000

Sources: Towns of Berthoud and Windsor, cities of Fort Collins, Greeley and Longmont.

RECORD from 19A


BizWest.com opinion pollQuestion:

Should Colorado require oil and gas companies to publicly disclose the contents of the fluids they inject underground as part of hydraulic-fracturing processes?

Next question:

As oil prices plummet, hundreds of Colorado oil field workers are losing their jobs. Are the resulting lower gas prices worth the hit to employment?

n Yes

n No

Visit www.BizWest.com to express your opinion.

The BizWest Opinion Poll is not scientific and reflects only the opinions of those Internet users who have chosen to participate.

COMMENTARY BIZWEST WWW.BIZWEST.COM

VOLUME 34, ISSUE 6

Boulder Office 1790 30th St., Suite 300, Boulder, CO 80301 | Fax: 303-440-8954

Fort Collins Office 1550 E. Harmony Road, 2nd floor , Fort Collins, CO 80525

P.O. Box 270810, Fort Collins, CO 80527 | Fax: 970-221-5432

Copyright © 2015.

BizWest Media LLC. Reproduction or use of

editorial or graphic content without written permission

is prohibited.

Publishers

JEFF NUTTALL [email protected] 970-232-3131 | 303-630-1955

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Executive Editor JERD SMITH [email protected] 303-630-1946 | 970-232-3130

Vice President of Operations KEN AMUNDSON [email protected] 970-232-3142 | 303-630-1952

Vice President of Strategic Partnerships SANDY POWELL [email protected] 970-232-3144 | 303-630-1954

Anyone who has ever walked through down-town Boulder under-stands the value of

being able to casually glance up and see the foothills, seemingly so close you can nearly touch them.

It’s almost priceless. It’s why voters, 45 years ago, approved a 55-foot height limit on buildings. Since then, the building code has stipulated even stricter height limits of 38 feet downtown and 40 feet in most industrial zones. Developers have had to work hard to win exemptions from those rules.

Now, Boulder is suffering from an excess of riches, with lots of people asking for more space, and developers finally able, after the Great Recession, to line up financing to create that space.

The problem is that the citi-zenry that has done such a good job of protecting the town’s aes-thetic appeal over the years is having a collective anxiety attack

about the surge in development. In response, the city council

has agreed to a two-year mora-torium on any efforts to ask for taller buildings, except in three notable areas: The Armory in North Boulder; the area around 30th Street and Pearl Parkway known as Boulder Junction, and University Hill’s commercial area.

We, along with the Boulder Chamber and others in the city’s business community, are deeply concerned that this back-to-the-future shackling of development will further undermine other community goals.

Boulder is well known for its growth-control policies, but it is also a leader in transportation policy. Ask any transportation planner, and he or she will tell you that you cannot have effec-tive, economical mass transit

without density. With the city so close to build-out, one of the few paths to achieving higher densi-ties is by allowing some buildings outside critical view corridors, such as those in the Boulder Junc-tion area, to add more stories.

Boulder is also renowned for its embrace of the young, entre-preneurial community. Without more development, commercial space will become increasingly scarce and expensive. Adding modest amounts of height in the right places will free up more office space for the city’s much-vaunted young techies and their exciting companies.

Google already has made a major commitment to the cen-tral part of town, and its plans were closely tied to adding addi-tional stories. We’re glad the city allowed the tech giant to do so, and we want this kind of flexibil-ity to remain.

Also, keep in mind a third community goal: affordable housing. Boulder has one of the

priciest housing markets in the country and, like other scenic places, it wrestles continuously with keeping the cost of housing within reach for as many people as possible.

Here, the same companies that are advocating for taller height limits may have something to offer. In its home base, Mountain View, Calif., Google is proposing a major expansion and redevelop-ment of its corporate campus. To sweeten the deal, it’s offering to include some affordable housing. Interesting concept.

We’re not thrilled with the two-year moratorium. We don’t think it’s necessary. But given that it’s one round of voting away from being finalized, we encour-age the voters of Boulder to take a deep cleansing breath, to allow their fears of skyscrapers to recede, and to envision instead a well-managed height ordinance that helps provide for mass tran-sit, plentiful office space and affordable homes.

Relaxed rules may help Boulder hit new heightsEDITORIAL

X

Yes, they should be upheld and strengthened:

No, they should be loosened to create more buildable commercial space:

41.458.6%

Printed on Forest Stewardship Council certified paper


CSU professor: Stadium financing flunks Econ 101

2015

In 2015, Northern Colorado Women of Distinction — women committed to our community and who exemplify the best of success — will be honored at a breakfast event on Thursday, April 9, 2015 at the Fort Collins Marriott.

Ten women and an outstanding mentor will be honored for their achievements in business, philanthropic and government organizations. Profiles of the 2015 Women of Distinction will be published in the April 17th issue of BizWest, the business journal for the Boulder Valley and Northern Colorado.

Buy your tickets now!

APRIL 9, 2015

7:00 - 9:30 AM

BREAKFAST EVENT

FORT COLLINS MARRIOTT 350 E. HORSETOOTH FORT COLLINS, CO

RESERVE YOUR PLACE AT NORTHERN COLORADO’S PREMIER CELEBRATION FOR WOMEN OF DISTINCTION

TICKET PRICINGEarly Bird: $39 through April 1$49 starting April 2 - April 8$59 at the door

Reserve Today.Go to: https://www.regonline.com/2015womenofdistinction

Rich Schweigert, Colorado State University’s chief finan-cial officer, recently warned

that Standard & Poor’s may down-grade CSU bonds because of the financial risks of its new football stadium.

This remark-able announce-ment has been brushed aside by Schwei-gert and CSU President Tony Frank. None-theless, it clearly shows that the financial projections for the new stadium are shaky at best.

Contrary to his promises, Frank plans to borrow the entire $242 million needed to build the new stadium and start paying down the bonds. That will increase CSU’s total debt to the point where Stan-dard & Poor’s could lower its credit rating.

After all, college football pro-grams around the country over-whelmingly lose money. Atten-dance at the games has been falling. Frank has never explained why CSU will be an exception to these national trends.

The new football stadium will need to generate $12 million every year above what Hughes Stadium generates just to make its bond pay-ments. It also will need to generate the additional revenues needed to pay for a dramatically expanded football program, including the extravagant salary paid to the new coach.

Why is Frank so confident that the new stadium will clear these financial hurdles? The only evidence he ever has provided is the feasibility report by Icon Ven-tures, a stadium consulting and construction company. The Icon report concludes that the stadium project is financially feasible. But Icon has a significant stake in that conclusion since it stands to make millions of dollars from oversee-ing the construction of the new stadium.

That is a blatant conflict of interest that calls into question the objectivity of the Icon report. At the very least, it creates an appear-ance that the process has been

rigged to get to a preordained con-clusion.

The biases in the Icon report are not subtle. For example, it ignores the negative national trends in college football finances and atten-dance that raise the risk of finan-cial failure.

It projects a permanent 22 per-cent increase in attendance, com-pared with attendance at Hughes Stadium, based on a survey of Rams fans who said they would be more likely to attend games in a new stadium.

But that hopeful assump-tion does not take into account the increased cost of attending games at the new stadium because of higher ticket prices, parking charges and even a proposed fee for tailgating.

As these costs go up, demand for football tickets will go down, particularly since there is no reason to believe that personal incomes will rise as quickly as the cost of attending football games.

Nor does the Icon report acknowledge that ticket sales at the new stadium should fall over time as the stadium ages. After all, if Rams fans don’t want to attend games at Hughes because it is old, why will they want to attend games at the new stadium when it is old?

For a variety of reasons like these, the Icon report cannot be taken seriously. Yet Frank has no other evidence that would justify this amount of borrowing and spending.

Frank now faces widespread anger and cynicism. He says the stadium will pull our community together, when in fact it has torn it apart.

The new stadium may be a done deal, but the debate about it will go on. It is a necessary debate because the new stadium embod-ies so much that has gone wrong with higher education, including excessive cost, bloat and misman-agement, a lack of focus on its core educational mission and a loss of public trust.

That will be Frank’s legacy to our community, written in steel and stone.

Steven Shulman is a professor of eco-nomics at CSU. He teaches and writes about the economics of higher education.

GUEST OPINIONSteven Shulman

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