ESTES PARK ECONOMIC DEVELOPMENT CORPORATION
2015 Report Community
Our Mission is Three-Fold Help build a stronger, broader local economy; Assist existing local businesses to reach their full potential; and Expand or attract businesses that create new job opportunities. All of our activities are aimed at fostering a vibrant, multigenerational community that benefits all of our residents.
October 2015
from the estes park EDC Board Chair Estes Park EDC began its life just weeks before the Colorado floods of September 2013. In our first two years, we have been trailblazers. Our regional partnerships have increased the ability of local businesses to obtain free and low-cost resources. For example, our local focus on the Recover Colorado business grant program made us a state-wide leader in providing assistance to small businesses that were disrupted by the flood. The flood also gave us the opportunity to access national experts in economic strategy, competitive broadband and fostering entrepreneurship through an award from the U.S. Economic Development Administration. The competitive broadband plan is complete, and our region’s first comprehensive economic strategy will be launched this fall.
Please join me in thanking Estes Park EDC’s investor organizations, who give of both their time and financial resources to support this effort. Without their commitment the work of this organization could not go forward.
James H. Pickering Chair
from the estes park EDC President Our community’s success depends upon community partnerships. The same is true for the Estes Park EDC. Working with Larimer Small Business Development Center and the Community Foundation of Northern Colorado made it possible for us to assist 56 local businesses in obtaining over $1.9 million in total flood recovery grants. Our partnership with the Town of Estes Park resulted in a $300,000 award from the U.S. Economic Development Administration for planning activities. The Stanley Hotel is in the process of constructing a Wellness Center, a joint project with the Estes Park Medical Center, as the centerpiece of its extended campus. Prior to last year’s Lot 4 election the Estes Park EDC commissioned an independent third-party study from CSU to further public understanding of the economic impact of the proposed Center. Two new craft breweries benefitted from an update to the commercial development code to allow tasting rooms, changes which the Estes Park EDC supported as part of our on-going effort to help create a business friendly community that reflects and reinforces what is best about Estes Park. Many important tasks remain. In 2016 we will begin
to implement the recommendations of the soonto-be-completed Avalanche economic resiliency report. We will work with the Town of Estes Park, as requested, to help facilitate the competitive broadband recommendations from the NEO report. Partnerships will continue with organizations like the Estes Park Housing Authority to address our critical workforce housing needs. In addition, we will be developing a plan for how best to support the needs of local entrepreneurs. I look forward to furthering our partnerships and developing new ones as we continue our work fostering a vibrant, multigenerational community that benefits all of our residents.
Jon Nicholas President/CEO
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Estes Park EDC Volunteer Spotlight Since 2013, more than 70 Estes Park EDC volunteers have: • Served on the board or executive committee • Assisted with selecting EDA-funded consultants
david batey estes Park EDC Volunteer
• Worked on committees addressing competitive broadband, workforce housing, the commercial development code, and destination product development
flood recovery for estes businesses
My interest in working on solutions to our community’s economic challenges led me to the Estes Park EDC. I’ve enjoyed working with a remarkable group of passionately engaged and deeply informed people who, like me, care about evolving our community’s economy while maintaining its beauty, vibrancy, and unique essence.
If you’d like to get involved, contact Jon Nicholas at 970.577.1031. We ask that volunteers be committed to our mission and are willing to share their talents and expertise to help us achieve community vitality.
A $39,500 Community Foundation of Northern Colorado grant funded the Estes Park EDC Business Recovery Coordinator program. In 2014 we conducted extensive public outreach, including three workshops in partnership with the Estes Valley Library. We then partnered with Larimer Small Business Development Center (SBDC) to assist business owners with the application process.
224 full time jobs retained
56 businesses
382
45% received
$1,951,119
in flood & relief grants/loans (more applications pending)
ASSISTED
100+
businesses
”
part time jobs retained
of Colorado Grant funds went to Estes Park businesses
“
Estes Park EDC and Larimer SBDC helped us with the Recover Colorado grants program. Having local assistance with the state program helped our business come back stronger than ever.
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Jordan and Nick Mohr owners of Shakes Alive! WITH RECOVERY ASSISTANCE APPLICATIONS
a stronger, broader local economy
issues being addressed • Seasonality of employment • Insufficient workforce housing • Low number of jobs that pay enough to cover the cost of living in Estes • Loss of young family residents
STUDIES SHOW
30
%
businesses
of all jobs in estes are filled by non-residents
32%
YOUNG FAMILIES tend to spend locally, invest in the future and are usually the largest per capita source of public revenues
estes has
1
Employees who live closer to jobs are more reliable for employers, engaged in the community and inclined to spend wages locally
OF EMPLOYED ESTES RESIDENTS WORK OUTSIDE OF THE AREA
Seasonality of the economy
2
poses many challenges for businesses including cash-flow, hiring and retaining employees and the expense of training new staff each year.
the PERCENTAGE of households with children than the Colorado average
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households with kids
16% estes Park
32%
colorado
households with kids
The Estes Park EDC’s outreach and assistance was instrumental in receiving the help I needed to reopen my flooddamaged businesses. In addition, their ongoing work to keep our business community viable has given me justification for investing further in my businesses and the future of Estes Park.
Diane Muno owner of Spruce House, The Christmas Shoppe, White Orchid and Liz & Jo’s
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Support for existing businesses
Estes Park EDC partners with the Larimer Small Business Development Center (SBDC) to provide education and free consulting services for business owners. More details at: larimersbdc.org Free consulting services include: • • • • • • •
Financial analysis Marketing, advertising and sales Social media and websites Pricing products and services Strategic planning Business valuations And more
OUR NEW ENTERPRISE ZONE
Starting January 1, 2016, local businesses are eligible for a host of business tax credits. Pre-certification in 2015 is required to be eligible in the 2016 tax year. Contact us for information.
Enterprise Zone Colorado Tax Credits: • $1,100 per new job/employee • $1,000 per employee provided with health
RECOVER COLORADO GRANTS
STILL AVAILABLE
The Recover Colorado grant program now includes business losses stemming from fewer visitors in 2012 due to the High Park fire. If your business lost more than $10,000 in sales, consider applying soon. December 2015 could become the final deadline for businesses to file for Recover Colorado grants or loans.
insurance • 25% of hard costs to rehab a vacant building • Plus equipment or vehicle purchase tax credits, R&D tax credits, and job training tax credits!
Gov. John Hickenlooper signs HB 2014-1006, a flood recovery bill that provided monthly revenues for Visit Estes Park and other local marketing districts. Estes Park EDC provided information to the bill’s legislative sponsors, Rep. Jonathan Singer (D-Longmont) and Senator Kevin Lundberg (R-Estes Park), about its importance to flood recovery.
ATTRACTING NEW BUSINESSES IN TARGET INDUSTRIES
ESTES VALLEY TARGET INDUSTRY CATEGORIES Outdoor Recreation & Products
Professional Services & Wellness
Craft goods
Target Industries were selected based on: • The ability to increase overall household wealth in the community • Compatibility with the Estes Valley (fit with existing business base, attuned with community values, environmental impact, space and other resource requirements) • Higher annual salaries than the average for Larimer County and the majority of current jobs available in the community
HIGH-SPEED BROADBAND
92
Bringing competitive broadband services to the Estes Valley will provide the necessary infrastructure for some of the highest paying jobs being targeted for development. It will also assist our diverse community members in their pursuit of education, employment, health, safety, social literacy, and business activities.
.4% of Estes Park residents voted to give the Town the ability to determine if it should have a role in providing increased broadband access within the Estes Valley.
As of Oct. 15, the Town of Estes Park is working on two endeavors regarding broadband: • Staff is preparing due diligence analyses to validate the economic factors in the NEO Fiber report for the Town Trustees. • Staff is also actively seeking grant funding that could defray some of the costs should the Trustees determine that the Town will proceed.
ECONOMIC DEVELOPMENT CORPORATION
ESTES PARK EDC
INVESTORS
TOWN OF
ESTES PARK
Estes Valley Public Library District
State Farm Insurance
Estes Valley Rec. & Parks District
Thorp Associates, P.C.
Whimsical, Inc.
Verus Commercial Real Estate
Estes Park Central
Estes Area Lodging Association
Estespark.co
Estes Park Board of Realtors
Estes Park Trail-Gazette
Estes Park Wedding Association
Mary’s Lake Lodge
Estes Valley Partners for Commerce
Mueller & Associates, CPA, LLC National Park Village Rocky Mountain Resorts
Join the growing list of businesses supporting smart economic growth in the Estes Valley. Contact Jon Nicholas at 970.577.1031 for more information.
ESTES PARK ECONOMIC DEVELOPMENT CORPORATION
ESTES PARK EDC
533 Big Thompson Avenue Suite 103 Estes Park, CO 80517 970.577.1031 EstesParkEDC.com facebook.com/EstesParkEconomicDevelopmentCorp twitter.com/EstesParkEDC