![]() The news was indeed big: after months of speculation, the Denver Broncos football team has announced plans to build a new headquarters and a willingness to spend $175 million to get it done. As envisioned by the Walton-Penner Family Ownership Group, which purchased the franchise in the summer of 2022 for $4.6 million, the new headquarters will be a three-story structure measuring 205,000 square feet and housing the latest in training technology. Set to go up at the site of the team's current headquarters at 13655 E. Broncos Parkway, the new facility will include expanded locker room space, as well as meeting rooms and office space for the administrative side of the business. In a statement, Greg Penner, chief executive officer of the Broncos, said, "Our vision is to create a new home for the Denver Broncos that reflects our values of winning and teamwork with a modern Colorado design." That design is being undertaken by the Denver-based architectural firm of HOK and the Rockwell Group of New York. Added Penner: "Having both our football and business operations on the same campus will foster a championship environment in pursuit of our goals on and off the field." Work is expected to begin on the new Broncos headquarters by next spring, with a general completion date of late 2026. Upon that completion the current headquarters structure, which was built in 1990 and expanded several times since then, will be demolished. By Garry Boulard
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![]() Ongoing large federal deficits combined with a lack of confidence that Washington is going to do anything anytime soon to reduce those deficits has prompted the influential Moody’s Investors Service to downgrade the nation’s credit rating. In so doing, the New York-based bond credit rating service lowered the US’s credit rating from stable to negative. The move, notes the New York Times, is seen as “another black mark for the economy.” Adding to the Moody’s decision is the specter of ongoing rising interest rates, and the looming November 17 government shutdown should Congress fail to pass a budget by then. “Moody’s expects that the fiscal deficits of the US will remain very large, significantly weakening debt affordability,” the ratings service said. “Continued political polarization within the US Congress raises the risk that successive governments will not be able to reach consensus on a fiscal plan to slow the decline in debt affordability,” the Moody’s narrative added. Moody’s also remarked that “building political consensus around a comprehensive, credible multi-year plan to arrest and reverse widening fiscal deficits through measures that would increase government revenue or reform entitlement spending appears extremely difficult.” “Investors,” remarked the Wall Street Journal in explaining the Moody’s announcement, “have grown wary that the US economy can handle its rising interest expenses without a major change in federal spending, taking out their concerns on the market for US government debate.” The Moody’s action sparked a negative response from the White House, with Deputy Treasury Secretary Wally Adeyemo remarking: “We disagree with the shift to a negative outlook.” In a statement, Adeyemo added: “The American economy remains strong, and Treasury securities are the world’s preeminent safe and liquid asset.” Meanwhile, House Speaker Mike Johnson has released a proposal designed to forestall a government shutdown that will include funding for some agencies lasting well into the middle of January. In revealing his spending plan, Johnson said he hoped to “stop the absurd holiday-season omnibus tradition of massive, loaded-up spending bills introduced right before the Christmas recess.” If approved, Johnson’s plan would extend funding for the Department of Housing and Urban Development, as well as planned and ongoing military construction projects. By Garry Boulard Tucson School District Voters Approve Large Bond to Cover a Wide Array of Facility Projects11/13/2023 ![]() The planning for nearly $264 million in school building repairs and upgrades will shortly be undertaken in the Tucson Unified School District, now that voters have overwhelmingly approved a historically large bond. By a roughly 59% to 41% margin, voters gave a thumbs up to Proposition 496, which called for spending $480 million on a wide variety of facility projects. Besides the school building repairs and upgrades, the 10-year bond will also fund some $43 million in classroom and learning space improvements, while allotting $66.4 million for technology upgrades. Depending upon the individual school, work will also include sewer line replacements, new flooring, updated fire alarm systems, and new court sunshades. With more than 47,000 students and spanning some 230 square miles, the Tucson Unified School District is the largest public school district in southern Arizona with 87 individual schools. A large number of those schools were built in the 1950s, during a decade when Tucson was experiencing the first wave of an in-migration that would take the city from 45,000 people to more than 542,000 today. The newly approved bond is the first general facilities bond of its kind to be approved by Tucson Unified School District voters since 2004. Next step in the bond program will see the establishment of a bond oversight committee, and subsequent finalizing of various facility projects and scheduling. Reacting to the bond vote victory, Ravis Shah, president of the district’s governing board, remarked that the result of the election will “transform our district.” According to the Arizona Daily Star, Shah added that all of the district’s schools will now have “upgraded facilities, modernized infrastructure, new learning spaces and labs, new buses and new safety security systems.” By Garry Boulard ![]() Metro El Paso and the entirety of Texas is expected to see a significant increase in broadband infrastructure construction as a result of a ballot question that voters have approved by a better than two-to-one margin. Proposition 8 asked voters to create a standing broadband infrastructure fund with $1.5 billion to be allocated to expand internet availability. Just under 70% of voters approved the proposition, one of fourteen ballot questions decided by Texas voters. Twelve propositions were approved by anywhere from 53% to 84% of the vote, with only one question, calling for increasing the mandatory retirement age of judges to 79 years old from the current 75, which failed. The broadband question made it to the ballot after members of the Texas State Legislature last spring gave their approval to the unprecedented $1.5 billion fund, sending it to the November ballot for ratification. At the time of the legislation, Representative Trent Ashby, sponsor of the funding legislation, remarked that the bill represented a "historic investment in connectivity infrastructure to meet the technological demands of the future." Ashby additionally said that the legislation, creating what is called the Texas Broadband Infrastructure Fund, "reaffirms our belief that all Texans deserve access to affordable, reliable, high-speed internet." According to state figures, up to 8 million homes in Texas currently lack access to broadband, with 3 million individuals unable to use the vital technology. An earlier analysis conducted by the National Digital Inclusion Alliance concluded that four of the five least-connected cities in the country are located in Texas. That survey showed that 15% of households in El Paso lacked broadband access. By Garry Boulard Retail Theft Trends Still on the Increase; States Fighting Back, Says New Chamber of Commerce Report11/10/2023 ![]() The stories of a significant rise in retail theft in cities along the West coast have been making all the headlines, but the problem now knows no one region or section of the country, asserts a new report issued by the U.S. Chamber of Commerce. In its Crime Risk to Business 2023, the Chamber notes the results of a recent survey indicating that around 56% of small business respondents said they had recently been the victims of theft, while another 53% in a separate question said they thought the problem had substantially worsened in the last year. "The scourge of organized retail crime has become increasingly pervasive," remarked Tom Wickham, a senior vice president of the Chamber, in a statement. Wickham went on to note that as of the end of 2022, "retailer losses driven by retail crime" represented $100 billion. And statistics compiled between January and August of this year indicate that retail theft has been just as omnipresent as it was in 2022: mentions of retail crime by companies listed on the Standard and Poor's 500 index were up by 43% in the first eight months of this year. At the current rate, this means that acts of crime against retailers are on pace to see a 94% increase by the end of this year. In an effort to reduce those rates, the Chamber is recommending that state lawmakers should "update their laws to allow prosecutors to aggregate multiple offenders across jurisdictions." The organization is also pushing for local prosecutors to aggressively pursue crimes against businesses. In cases where prosecutors fail to act, the Chamber recommends, lawmakers should act to remove those prosecutors. According to Chamber statistics, Arizona stores last year saw thefts from individuals or organized groups worth $2.4 billion; losses in Colorado had a dollar value of $1.6 billion. New Mexico businesses and store owners were only marginally less victimized, with losses in the $819 million neighborhood. In response, a dozen states in the last year have revised statutes allowing for a greater prosecution of such crimes; while five states have passed legislation allowing prosecutors to employ "aggregation of offenses" charges for felony repeat offenders. Continued Wickham in his statement: "No store should have to close because of theft, but sadly we are seeing more stores, particularly smaller ones, shuttering their doors because of theft and other crime in their neighborhoods." According to new figures released by the National Retail Federation, Los Angeles, San Francisco, Oakland, Sacramento, and Seattle are among the top 12 cities for retail theft. But cities further inland have hardly been spared, with Albuquerque, Denver, and Houston also making the top 12. Rounding out the list: Chicago, Atlanta, Miami, and New York. By Garry Boulard Northern Arizona Healthcare Campus Rejected at Polls; Plans for New Campus Elsewhere Unclear11/10/2023 ![]() Plans to build an $800 million healthcare campus in northern Arizona may be recalibrated now that Flagstaff voters have overwhelmingly rejected the initial proposal. Northern Arizona Healthcare has been trying for the last two years to build what has been envisioned as a Health and Wellness Village to the southwest of downtown Flagstaff, near the Fort Tuthill County Park. As originally proposed, the project would see the construction of an ambulatory care center and multi-story hospital on a multi-acre campus that would include a hotel, grocery store, retail space, and residential units. But even though the project earlier this summer won the approval of the Flagstaff City Council, several citizens’ groups launched an effort in opposition to the proposal. One of those groups, Flagstaff Community First, was able to secure nearly twice the number of signatures required to put the question on the November ballot. That ballot ended up seeing 72% of Flagstaff voters voting in opposition to the proposal. Dave Cheney, chief executive director of Northern Arizona Healthcare, had earlier remarked that if the question, officially known as Proposition 480, was defeated, the hospital group would consider building outside the proper limits of the City of Flagstaff. A statement released by the organization in the wake of the election announced: "We are evaluating alternative locations for a new hospital." The statement added that it was "imperative that we expand," noting the organization's downtown Flagstaff Medical Center is "out of space for adult patients many days, which leads to long wait times in the emergency department, and local patients transported to Phoenix hospitals." By Garry Boulard ![]() An entire block of buildings built nearly 120 years ago in downtown Tucumcari is up for sale. Stretching between 101 and 105 W. Main Street, the structures were the inspiration of Joseph Israel, a businessman who arrived in Tucumcari in 1903, launching a business called the Golden Rule Cash Store. "Four years later," writes historian David Stratton in an article entitled "The Jewish Founding Fathers of Tucumcari" for the New Mexico Historical Review, "he opened Israel's as a clothing store in the two-story, sandstone" building located at the corner of Main and Second Street. As listed by the Clovis-based Sagebrush Real Estate, the property includes the two-story 2,300 square-foot clothing store building, along with a 400 square-foot structure that was formerly a boot shop; and a 1,400 square-foot one-time tavern. A fourth building at 105 W. Main Street once housed the Waffle House Cafe. The entirety of the property, making up some 6,800 square feet, has an asking price of $89,000. According to Stratton, Jewish merchants in the early 20th century played a pivotal early role in the development of Tucumcari, injecting "new sources of capital and cultural standards into an isolated and sparsely populated area to create a vibrant urban hub." By Garry Boulard ![]() Outdoor recreation remains one of the most vibrant sectors of the nation's economy, representing upwards of $862 million in spending last year. That statistic was presented in a hearing before the Senate Committee on Small Business and Entrepreneurship exploring the economic impact derived from the millions of Americans who annually visit parks and forests, camp out, and buy needed goods for such outings. "The outdoor economy is outpacing the rest of the American economy," remarked New Hampshire Democrat Jeanne Shaheen, who is the chairperson of the committee. Shaheen additionally noted that while the country's overall economy saw a Gross Domestic Product increase of 5.9% in 2021, the GDP for the outdoor economy was a vibrant 19.9%. "The outdoor recreation economy is built by small businesses and entrepreneurs," the New Hampshire Senator continued, noting that because the outdoor economy is driven by such businesses, it has become a "foundational part of many rural communities and is critical to their well-being." Earlier this year legislation was introduced in the Senate designed to improve infrastructure as it serves the nation's recreational areas, while also promoting public/private partnerships spearheaded by the Interior Department to modernize campgrounds on federal land. The legislation, America's Outdoor Recreation Act of 2023, additionally calls for supporting rural communities adjacent to recreation areas by providing both financial and technical assistance to such local businesses as restaurants, hotels, and campgrounds. In testimony before the Small Business Committee, Iowa Republican Senator Jodi Ernst maintained that a small business can be found "operating in every sector of the outdoor economy." For all of that, Ernst continued: "Small businesses in the outdoor economy are pummeled by inflation and rising gas prices." A series of witnesses appearing before the committee urged Congress to provide greater funding for small businesses that are a part of the outdoor economy, while also reducing conservation program regulations. In its legislative efforts, Congress in the months ahead should focus on improving infrastructure on public lands, said Jessica Wahl Turner, president of the Outdoor Recreation Roundtable. Wahl Turner additionally called for increasing a workforce pipeline for "communities utilizing recreation to revitalize their economies." By Garry Boulard Colorado Springs City Council Approves Funding for Former Mining Site Urban Renewal Project11/9/2023 ![]() An urban renewal project in Colorado Springs on the site of a former gold and silver mining operation has now received important city funding support. Located just to the southeast of U.S. Route 24 and 21st Street, the project in the Gold Hill Mesa subdivision will see the building of new homes, restaurants, retail space, and even a hotel. While more than 600 homes have already been built on the 200-acre site where the Golden Cycle Mill company ran its operations for more than half a century, plans currently call for the eventual construction of up to 1,200 homes. The city support comes in the form of a recent vote taken by the Colorado Springs City Council officially designating around 106 acres of the site as a commercial urban renewal zone. By so doing, the council makes it possible for property owners at the site to be compensated for infrastructure improvements as well as environmental remediation work. Council members also gave the green light to using an anticipated $13.5 million in future sales tax revenue for the development of the renewal zone. The Golden Cycle Mill was one of the most successful gold ore mining operations of its kind in the country, keeping hundreds of workers employed during even the worst years of the Great Depression. The mill ceased operations in 1948. Not until the late 1990s was a subdivision development of the site undertaken, with the first homes going up in 2006 and gradually emerging into what the publication Springs Magazine has called "an award-winning community at the crossroads between downtown Colorado Springs and its nearby mountains and trails." According to the Colorado Springs Urban Renewal Authority, work on the former mill site has seen the building of new housing, transit improvements, and infrastructure, all designed to create a "gateway to the City from the west." By Garry Boulard ![]() As part of an ongoing nationwide expansion effort, the New York-based Chase Bank has announced plans to open its first location in Santa Fe. The announcement comes as Chase, officially called JPMorgan Chase Bank, has expanded its operation into the West, opening outlets in the Dakotas, Montana, and Wyoming. The bank, with $124 billion in annual revenue, has also opened six locations in Albuquerque over the course of the last two years. The new Santa Fe location will be located in a former Hallmark card store that closed its doors earlier this year. The address is 2002 Cerrillos Road, some 2 miles to the southwest of downtown Santa Fe. In an interview with the Santa Fe New Mexican, Claudius Duncan, a regional marketing director for Chase, said the bank's move to Santa Fe is centered on the "financial health and wellness for all of New Mexico." Duncan added that the new Santa Fe location reflects the bank's desire to serve "small, medium, and large business, consumer business, and government." A repurposing of the Cerrillos Road location will see the building of office and conference room space, as well as a lobby. The new bank is expected to open early next year. With the opening of a branch in Billings, Montana, in the summer of 2021, Chase had opened locations in all of the lower 48 states, ultimately establishing more than 400 new outlets by the end of last year. Chase has placed a special emphasis on opening up to a third of those new banks in low- to moderate-income communities. The Chase Manhattan Bank was the result of a merger between the Chase National Bank and the long-standing Manhattan Company in 1955. Chase Manhattan subsequently merged with JP Morgan in the year 2000. It is today the largest bank in the U.S., with more than 4,700 branches. By Garry Boulard |
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