So. Colorado Business Forum & Digest || YEAR END || 2024

COS Redevelopment Plans Continue P. 29

Pushing the Boundaries in El Paso County

FOUNDER, COLORADO MEDIA GROUP & EXECUTIVE PUBLISHER, SO. CO. BUSINESS FORUM & DIGEST

Dirk R. Hobbs dhobbs@coloradomediagroup.com

MANAGING EDITOR

Lee Harper lharper@coloradomediagroup.com

SENIOR COPY EDITOR

Rhonda Van Pelt info@coloradomediagroup.com

CREATIVE DIRECTOR

Christopher Tombaugh ctombaugh@coloradomediagroup.com

SENIOR GRAPHIC DESIGNER

Geraldine Villanueva gvillanueva@coloradomediagroup.com

DIRECTOR OF MEDIA SALES & PARTNERSHIPS

Jeff Mohrfeld jmohrfeld@coloradomediagroup.com

STUDIO NARRATOR/BUSINESS DIGEST WEEKLY

Rachael Plath

SENIOR WRITERS

Pam Bales, Jeanne Davant & Wayne Heilman

STAFF WRITERS

Emilie Hagopian, Keri Kahn, Lucy Richardson, Lorelei Smillie, Tiffany Underwood & Theresa Woods

CONTRIBUTING WRITERS

Colorado Springs Utilities, William Craighead, Ph.D., UCCS Economic Forum, Cultural Office of the Pikes Peak Region, Aikta Marcoulier, Meghan McGuire, COP, MS , Frances Padilla Jin Peng, Ph.D, UCCS College of Business & Lola Woloch, CEO, SC Women’s Chamber of Commerce

SOCODIGEST.COM WEB TEAM

Sterling McMannis & Emilie Hagopian

STRATEGIC MEDIA & PRODUCTION

Publisher’s Letter

Happy Holidays from our team at The Southern Colorado Business Forum & Digest. Those of us at The Digest are honored to bring you regional economic and business news as provided by some of the top business writers and investigative journalists in our area; many of whom have long and illustrious track records for top-level reporting.

Southern Colorado has, for years, been underrepresented and understated in the advantages and ecosystems offered here. I believe the perception of the region, aside from being a gorgeous place to live, work and play, has always been presented in such a way so as to undersell Southern Colorado communities, removing it from the list of places for site selectors, and various industry sector players who would otherwise thrive in our rich economic clusters.

That’s why we developed The Digest – to present this entire region as a short list candidate that presents a tremendous opportunity for countless industries to integrate and assimilate into our deep roots of high tech, cyber security, advanced manufacturing, aerospace and defense, hospitality, tourism, sports economy, retail and professional services, agriculture, energy and numerous other sectors.

At The Digest, we strive to provide intelligent insights into our workforce, government, innovation hubs, private equity, economics, arts and culture, education systems, infrastructure and countless other topics that work together to make our region one of the nation’s most desirable places to live and do

business: from early stage startups to well-beyond.

I feel our team does an amazing job of showcasing top businesses – small and large –so that readers, both local and from the outside looking in, get a sense for what’s here. Yes, it’s a beautiful place to live – but it’s so much more.

Southern Colorado continues to steadily increase its gravitational pull for employers and workforce to plant their flag. Regional leaders and business are at the table for a great many conversations, both at the state and national level, that have implications beyond our local economy.

Look for us every week on radio, television and online (publishing, podcasts, YouTube). We have some special surprises to share with you in 2025. And reach out to tell your story and give the world yet another example of why Southern Colorado is one of the top places in the nation to do business.

See you in 2025!

Dirk R. Hobbs, Founder & Executive Publisher Colorado Media Group, Inc.

ECONOMIC DEVELOPMENT

8 Peak Innovation Park Plans Grow

Peak Innovation Park current tenants employ more than 5,500 people. But the business park is larger than Denver Tech Center, and is included in several special zones that provide tax breaks to tenant businesses. Within five years, retail development — including restaurants, shops and services — is expected to complement the airport’s eventual development plans for recreational amenities, such as parks, trails, an amphitheater and bocce and volleyball courts.

BY WAYNE HEILMAN

29 Downtown Colorado Springs Redevelopment Plans Continue

The City has postponed groundbreaking on a $6 million Tejon Street project but what else is on the books for Downtown COS? A plan that launched in 2016 has made steady progress over the past eight years in other areas. Housing, mixed use, tourism, public art, green spaces and more are addressed in the 150+ of the document. Read more about the plans — and the results.

BY THERESA WOODS

TOURISM

10 Hotel Polaris Expected to Boost Hospitality Industry and Tourism

With more than 50 events already on the Hotel Polaris calendar for 2025, the possibilities for meetings and conferences in the Springs has changed. The hotel’s staff of 230 will increase to 340 during tourist season, and further development hopes for the north side of town are on the rise also.

BY JEANNE DAVANT

36 By the Numbers/Largest Hotels in Colorado Springs

Soco Business Forum & Digest presents a list of the largest hotels in the Colorado Springs vicinity, thanks to Visit Colorado Springs.

BY WAYNE HEILMAN

38 Pueblo Zoo Achieves Prestigious Accreditation, Strengthens Community Impact

Founded more than 100 years ago, the Pueblo Zoo received accreditation again from the Association of Zoos and Aquariums. The rigorous evaluation every five years assesses animal welfare, safety, financial stability and other factors.

BY TIFFANY UNDERWOOD

EDUCATION

12 Fountain Valley School Provides Foundation for Unique Learning

A nearly 100-year-old day and boarding school, Fountain Valley School educates grades nine through 12. Due to their unique location, a ninth-grade ecology class helps students understand issues that impact the globe, like land and water conservation.

BY PAM BALES

40 Community Colleges Address Workforce Needs

A dental hygiene accreditation, a twoyear engineering technician degree and a three-semester semiconductor technician program will secure high-demand, highwage employment opportunities that were once out of reach. Read about how community colleges are helping to fill workplace gaps.

BY JEANNE DAVANT

TECHNOLOGY

13 Fiber Internet Could Speed

Cañon City toward Tech Powerhouse Status

You may not be aware that writing paper checks discloses information that criminals can use easily to empty your bank account—or worse, if you have overdraft privileges. This is because every check you write has your account number on it. All a forger needs are your bank routing number (public information), your name (also public) and your checking account number.

BY JEANNE DAVANT

CHAMBERS

15 New Year Offers New Opportunities

Lola Woloch, president and CEO of the Southern Colorado Women’s Chamber of Commerce, tells of the group’s 2024 successes and their priorities for 2025.

BY PAM BALES

SMALL BUSINESS

16 The Season Supports Colorado’s Main Street Retailers and Restaurants

The success of this year’s holiday shopping season, which ends on December 31, will have a huge impact on cottage businesses. Colorado’s 716,000 small businesses generate two of every three net new jobs, employing more than 1.1 million residents.

BY AIKTA MARCOULIER AND FRANCES PADILLA, CONTRIBUTORS

RETAIL

17 Recreational Cannabis in COS Faces Legal Hurdles Despite Voter Support

Although 54% of voters passed Ballot Issue 300 in favor of recreational sales in COS, the die was cast a few weeks earlier when the City Council approved a zoning ordinance that essentially bans any sales — with a one-mile radius clause. While the ballot measure approved recreational sales by only existing medical cannabis shops, the 7-2 vote increased the 1,000-foot radius (from certain facilities), disqualifying all current retail establishments.

BY PAM BALES

PEOPLE

18 Professionals on the Rise

Get to know some of those people in the region who have made leaps in their careers, or stand out in their current roles. This is where The Digest celebrates the achievements of Southern Colorado’s workforce.

WORKFORCE

22 Colorado’s Workforce Centers Help Employers (and Employees)

The primary goal of workforce centers is not, as is commonly understood, to serve as employment agencies for job seekers. It’s actually to help businesses attract the talent they seek. Ten centers operate in Colorado, working with employers to attract staff through targeted efforts.

BY JEANNE DAVANT

ECONOMIC FORUM

25 What GDP Reveals About the Pikes Peak Region Economy

The U.S. Bureau of Economic Analysis released the local GDP estimates and the region’s economy shows healthy growth. Dr. Craighead breaks down the data in real terms that explains where the region is and how far it’s come in a few years.

BY DR. WILLIAM CRAIGHEAD

DEFENSE

26 Delta Subcontractor Bowhead Steps Up Ukpeag.vik Iñupiat Corp. acquired 70% of Delta Solutions & Strategies on Nov. 29. Delta will become part of UIC’s Bowhead Family of Companies; Bowhead had been a Delta subcontractor for 10 years before their selection.

BY WAYNE HEILMAN

UTILITIES

28 Colorado Springs Utilities to Make Significant System Investments in 2025

The five-year plan to invest nearly $4 billion calls for a multi-year rate case including base rate increases for electric, water, gas and wastewater. The changes take effect Jan. 1, 2025, and affect businesses through changes to demand charges and adjustments to the on-peak time. BY COLORADO SPRINGS UTILITIES

Under Awards

Designed to honor the visionaries, volunteers, entrepreneurs, and leaders who are paving the way for the next generation, our first ever 40 Under 40 Awards celebration will showcase the best and brightest. The nominations are in and next the judges will determine the current leaders, movers, and shakers who get things done and are shaping the future.

This exclusive showcase will highlight forty outstanding young professionals under the age of 40 who are making waves across industries, driving innovation, and shaping the future of our community.

40 Under 40 Awards Breakfast

Tuesday February 25, 2025

7 am - 9:30 am

A full breakfast will be served, and complimentary on-site parking will be available for all attendees.

Individual tickets: $45 Table Sponsor: $750

Other sponsorships available: contact Jeff Mohrfeld at jmohrfeld@coloradomediagroup.com.

Updates From Around the Region

Huerfano Governor Announces Outdoor Recreation Grant

On Dec. 9, Gov. Jared Polis announced the largest infrastructure project to receive funding through the Colorado State Outdoor Recreation grant (COSORG). Panadero Ski Corp. received $250,000 to support operational expenses related to Cuchara Mountain Park, a small ski area in Huerfano County that closed in 2000 and planned to reopen for the 2024-2025 ski season on Dec. 14.

In the release, Polis says, “… Increasing access to our high country recreation is great for Coloradans and helps to strengthen our local economies. Thanks to a state and local partnership during the 2024-2025 ski season, Coloradans will have new ski opportunities in Huerfano County.”

The COSORG grant was made possible by funding from the U.S. Economic Development Administration (EDA) State Tourism

El Paso

Grant. In total, COSORG awarded more than $3.7 million to 49 projects in 27 counties. Approximately 413 jobs have been directly supported, with indirect benefits impacting hundreds of jobs. According to the release, the grants have also supported efforts to make the outdoor recreation industry more inclusive and accessible, through outdoor experiences for BIPOC youth, cancer survivors and Spanish-speaking populations, among others.

Buc-ee’s Travel Center Eyes Palmer Lake for Expansion

Texas-based gas station and country store chain Buc-ee’s wants to develop a second Colorado location near Palmer Lake. The privately owned company is in the early stages of development and is interested in acquiring land in El Paso County, just north of Colorado Springs. Palmer Lake Mayor Glant Havenar told Denver’s 9News the company had inquired about Palmer Lake annexing land for a potential site between Larkspur and Monument.

The company’s development team

presented a meeting on Dec. 3 and more than 300 people attended, many of whom were vocal about their opposition to the plan. Residents cited concerns about traffic impacts,

light pollution, property values and weather. According to the report, the development team highlighted the job opportunities, which start at $20 per hour, as well as products and foods the store sells.

A hearing on Dec. 12, to determine if the owner of the land would be eligible to move forward with the annexation request, ended with the board of trustees approving the project’s eligibility 4 to 1, with one trustee and Mayor Havenar not present. The proposal is a “flagpole” annexation, connecting the town to

the 30-acre property by a thin strip of land along County Line Road. Buc-ee’s first Colorado location opened in March 2024 in Johnstown. The 74,000-square-foot travel plaza north of Denver boasts 116 fuel pumps and 12 EV charging stations, according to the report. In addition to the Johnstown location, Buc-ee’s has 35 locations in Texas and 14 more throughout the South, in Kentucky, Missouri, Tennessee, South Carolina, Georgia, Alabama and Florida. All locations are open 24/7, 365 days a year.

El Paso

Huerfano

Updates From Around the Region

Statewide State Garners Awards for Economic Development

The Colorado Office of Economic Development and International Trade (OEDIT) has received two Startup Ecosystem Star Awards for the Global Business Development Division’s Advanced Industries Accelerator (AIA) Program, according to a December release.

“The innovative Advanced Industries Accelerator program has been a key contributor to the success of advanced industries startups across Colorado. To date, the program has helped create and retain 11,899 jobs

Statewide

and assisted recipients in raising $3.4 billion in third-party capital. We are thrilled to see this instrumental economic development program receive international recognition as a best-in-class strategy to support startups and spur investment,” says

OEDIT Executive Director Eve Lieberman.

The Startup Ecosystem Star Awards promote business best practices as a way to encourage collaboration and create global networks that benefit the development and growth of innovation

Colorado Business Economic Outlook for 2025

The Leeds School of Business released its 60th annual report that compiles insights from 2024 and the outlook for 2025. The summary looks like this:

Employment in Colorado is estimated to have increased 1.6%, or 46,800 jobs, in 2024, pushing the economy to new peaks. Colorado will sustain job growth in 2025, albeit at a more modest pace, increasing by another 36,700 jobs (1.2%). Of the 11 industry groups in the state, 10 are projected to add jobs in 2025; the exception is Information, which continues to face long-standing industry challenges.

In 2025, Education and Health Services is projected to add the most jobs, while the fastest pace of job growth (in percentages) is projected in Natural Resources and Mining.

High production costs and lower crop prices will remain headwinds

for the Agriculture sector in 2025. The outlook for crop farmers is grim, as market prices for many of Colorado’s field crops were lower in 2024 than in 2023, and prices are expected to remain unfavorable in 2025. Conversely, beef, egg and dairy growers experienced a good year, led by Colorado’s strong cattle production. Colorado’s 2024 net farm income is estimated to decrease 10.5%, but grow 12.2% in 2025.

Colorado’s Natural Resources and Mining sector valuation is estimated at $17.5 billion in 2024, a nearly 7% decrease from the 2023 sector valuation of $18.7 billion and a notable 37% below the valuation in 2022.

Colorado’s total value of oil and gas production is estimated to be $14.9 billion in 2024, down 6.5% from 2023 due to a modest decrease in physical output and muted prices. The value of Natural Resources and Mining is projected to

ecosystems worldwide. The AIA Program received the following awards:

• Best-in-class Startup Programs: Recognizes programs that train and support homegrown startups, helping them scale internationally and fueling ecosystems of innovation by attracting startups.

• Outstanding Investment Boost: Awarded to programs that empower the growth of innovative ecosystems through co-investments, matching programs, attraction of foreign

direct investment and international exposure.

According to the release, Colorado’s advanced industries account for nearly 30% of the state’s total wage earnings, approximately 30% of total sales revenue and almost 35% of the state’s total exports. Through the Advanced Industries Accelerator program, OEDIT’s Global Business Development division works to ensure “this vital part of Colorado’s thriving economy remains strong and growing.”

increase modestly (1%) in 2025.

Total Construction activity is estimated at $19.3 billion in 2024, representing a decline of 15% from 2023, primarily driven by declines in multifamily and nonresidential sectors. While single-family permits increased and are expected to rise further in 2025 due to higher inmigration and declining interest rates, multifamily construction permits decreased significantly. While the multifamily slowdown was attributed to high interest rates, softening rental markets and increased regulations in local governments, demand is expected to improve as in-migration increases and single-family homes remain relatively unaffordable. Nonresidential building construction is expected to decline slightly while non-building construction activity is expected to increase, driven by large renewable energy utility projects.

Much like the rest of the nation, Colorado’s Manufacturing sector has struggled with the effect of high interest rates, high costs of raw materials and inputs, a slower housing market and reduced demand for durable goods. Overarching market dynamics, including a persistent skills gap and an ongoing push to automation, have influenced several of the manufacturing subsectors. Given these challenges, manufacturing in Colorado is expected to slightly contract in 2024, driven by losses in nondurable goods and flat employment in durable goods. Despite the expected losses in the near term, easing interest rates, federal investment in renewable energy and growth in food products and beverages are expected to generate modest employment gains in the state in 2025.

Peak Innovation Park Plans Grow

BY WAYNE HEILMAN

Peak Innovation Park, the 2,300acre business park the Colorado Springs Airport owns adjacent to its primary entrance, has become a major economic driver for the Colorado Springs area, generating $1.9 billion in economic activity, according to a new study.

The 33-page study, which the Denver office of Economic and Planning Systems Inc. completed earlier this year, estimates businesses and government agencies in the park will employ 7,415 people and generate an economic impact of $1.2 billion within five years. The study is based on tenants with operations in the park during late 2023, so it does not include two new tenants that began operations earlier this year.

The Oakland, Calif.-based consulting company, which specializes in real estate development market analysis, also estimated that businesses providing support to the park’s tenants employ 1,859 people with an economic impact of more than $350 million and that household

spending by the park’s tenants, their suppliers and vendors generates another 2,450 jobs and an economic impact of nearly $370 million.

The park’s economic impact is responsible for nearly 5% of the $41.3 billion in economic activity produced during 2022 in the Colorado Springs area, as measured by the U.S. Bureau of Economic Analysis. The park’s economic activity is expected to more than triple, nearing $6.8 billion by the time the development is completed in 2040. By that time, the number of employees working in the park is expected to reach nearly 29,000, supporting another 15,000 jobs.

The study forecasts the park will generate up to $4.2 million a year from land sales and up to $6 million annually from land leases, which will benefit the airport and can be used to reduce airport fees or fund facility upgrades. Within five years, businesses in the park are expected to generate about $900,000 in annual tax revenue for the city and the Pikes Peak Rural Transportation Authority, with an expectation of nearly $4

million annually as development is completed.

“Peak Innovation Park is driving positive development in Colorado Springs, and specifically the Southeast area,” Colorado Springs Mayor Yemi Mobolade said in an emailed statement. “The increase of employment opportunities, coupled with the increase of diverse housing options in this part of our city, means current and future residents can enjoy the benefits of smart growth by living near their workplace.”

The business park now houses businesses employing more than 5,500 people, including distribution facilities for Amazon and Frito Lay, a sorting center and last-mile delivery station for Amazon, offices for defense contractor Northrop Grumman, research nonprofit Aerospace Corp. and cybersecurity provider Invictus International Consulting. Potential additional tenants are pending.

The airport has two parcels totaling 17 acres under contract to be sold as the sites for a 150,000-squarefoot speculative two-building

industrial complex. Both transactions are scheduled to be completed during the first quarter [0f 2025], says Troy Stover, the airport’s director of business park development. The park also hopes to announce plans for its first retail development early next year, near Amazon’s distribution center at Grinnell and Powers boulevards.

The retail development will include restaurants, shops and service businesses to serve park tenants and their employees who now must travel several miles for those services.

The airport also plans a series of recreational amenities in the park, including a disc golf course to be built next year, as well as a bicycle park and trails, outdoor amphitheater, dog park, hiking trails and bocce and volleyball courts in the project’s later phases.

Frito-Lay and Invictus became the park’s newest tenants earlier this year. In August, Invictus opened the first of two planned facilities in Colorado Springs at the park’s

Business Development

Peak Technology Campus to provide on-site engineering and network support services to its clients. FritoLay opened its 104,500-square-foot distribution center in October, but no information is available on number of employees or what products the center distributes.

Peak Technology Campus is planned as a 210,000-square-foot office/industrial complex of four buildings designed for aerospace and defense tenants. Denver-based Flywheel Capital completed the first 50,000-square-foot building in 2021 and leased nearly 20,000 square feet to Invictus. The company also plans a pair of three-story office buildings on another nearby site. No timetable has been set for that project, though the study assumes completion within five years.

Construction could resume early next year on a two-hotel complex adjacent to the airport’s primary entrance on Milton E Proby Parkway, says Jim DiBiase, a partner in the project. Work on the first of two hotels halted in early 2023, after completion of the foundation, utilities and elevator shafts, when one of the project partners withdrew and the

construction lender pulled out due to rising interest rates, surging inflation and other market conditions.

DiBiase expects to secure new financing soon for the $42 million project as interest rates continue declining, allowing construction to resume next spring on a 142-room Residence Inn by Marriott that would open about 13 months after work resumes. Construction on a second hotel, a Courtyard by Marriott, or another of the hotel giant’s brands with 125-130 rooms, would begin construction about a year after the first hotel opens and be completed within three years, he says.

Although the park was first envisioned in the 1990s and development began in 2006, Northrop Grumman and Aerospace Corp. were the only tenants for more than a decade as the Great Recession stalled development for several years. That changed when Amazon opened its last-mile delivery station in 2019 and acquired land for its distribution center months later, accelerating development and triggering renewed interest from potential tenants.

Development of the park is “ahead of schedule because of the

entry of Amazon, but this is still a youthful business park” since most of Peak Innovation Park remains to be developed, Stover says. Metro districts the airport organized spent nearly $100 million — financed through bonds that are repaid by taxes from the park’s property owners — building roads, utilities and drainage improvements during the past six years.

About 18% of the park’s 1,600 acres have been developed, though nearly one-third of the 15 million square feet of buildings the property could accommodate have already been completed, Stover says. The park is adding another 700 acres adjacent to the airport’s east side during the next several years by acquiring 562 acres for $38 million and moving additional surplus airport property into Peak Innovation Park.

The park is included in several special zones that provide tax breaks to tenant businesses, including the Pikes Peak Enterprise Zone, a Commercial Aeronautical Zone, a federal Opportunity Zone and a Foreign Trade Zone that provides temporary exemption from import duties.

The additional land gives the

airport control of property up to the west side of Marksheffel Boulevard, creating a buffer between the airport and likely residential development to the east, reducing potential resident noise concerns. The land also gives the airport control over access to Marksheffel Boulevard, a key transportation corridor on the city’s east side that could eventually be linked with Powers Boulevard on the airport’s east side.

The deal gives the airport “land for future growth and development and allows the airport to control land use” near its property, Stover says. That land could be used for business park development, airport improvements or by Peterson Space Force Base, he says.

Wayne Heilman is a senior writer for the SoCo Business Forum & Digest.

Frito-Lay, owned by PepsiCo, opened a distribution center in October in Peak Innovation Park.

Photo courtesy of Peak Innovation Park.

Hotel Polaris Expected to Boost Hospitality Industry and Tourism

BY JEANNE DAVANT

With the Nov. 14 opening of the Hotel Polaris, the Pikes Peak region gained 375 guest rooms and amenities that will please both guests and locals. The hotel’s opening also is expected to spur development of the rest of TrueNorth Commons, the 36acre mixed-use project at the gateway to the U.S. Air Force Academy that also houses the AFA Visitor Center.

The Hotel Polaris “overnight is our second-largest hotel,” says Doug Price, president and CEO of Visit Colorado Springs. “That alone is huge. It’s going to attract a new audience that previously was almost limited to looking at The Broadmoor.”

Overall in 2024, about 550 new guest rooms were added in Colorado Springs, with the Polaris accounting for more than two-thirds of them. That’s significant, not only in terms of the region’s ability to attract tourists, but also to host conferences and events.

Owned by Baton Rouge, Louisianabased Provident Resources Group and managed by CoralTree Hospitality, the hotel contains more than 26,000 square feet of much-needed indoor meeting, conference and event space.

The hotel’s opening made up for the loss of the Hotel Eleganté, Colorado Springs’ second-largest hotel until it closed after it was sold in January 2022.

Since then, “the options have been more limited for events, but now the Hotel Polaris opening changes the trajectory of meetings and events and conferences,” Price says.

The hotel has already booked more than 56 events for 2025 and is confirming more every day, Price says. For example, the Governor’s Conference on Tourism — an event that hasn’t been held in Colorado Springs in 20 years — will bring 400 attendees from across the state to the Polaris next fall. Although events like the Space Symposium will stay at The Broadmoor, the Polaris will provide

overflow rooms for attendees.

In addition, Price expects the hotel’s amenities, including the three unique flight simulators, spa and six restaurants and bars, to attract Colorado Springs residents.

“The local food critics are already writing rave reviews” about the Aviator Rooftop Bar, Pamela’s, an upscale restaurant, and Doolies, a casual eatery, he says.

Price expects the hotel will immediately boost Colorado Springs’ sales and lodging tax collections and will drive visitors to entertainment venues on the north side, including the Ford Amphitheater, Top Golf and iFLY.

“The Polaris alone will be able to move the needle on that lodging tax,” he says.

When originally modeling the numbers the hotel was expected to generate, its owners projected about a 71% occupancy rate, says Dan Schnepf, founder, CFO and chairman of the board at Matrix Design Group and president of Blue & Silver

Development Partners, the developers of TrueNorth Commons.

“The occupancy rate is going to ramp up from here,” Schnepf says. “Usually, hotels take a year or two to ‘seat.’ We’re looking at maybe a 2% greater occupancy rate at stabilization.”

Because the hotel’s concierge staff will be well-versed in directing guests to local attractions such as the Garden of the Gods Visitor Center, the U.S. Olympic & Paralympic Museum, the Pikes Peak Summit Visitor Center and Downtown Colorado Springs, “you’re going to see offshoot spending by people who didn’t know about all the elements in town,” Schnepf says.

The hotel currently employs 230, a staff that will increase to 340 during prime tourist season, he says.

Schnepf also thinks the hotel will be a catalyst for further development at TrueNorth Commons. The hotel serves as the project’s anchor, along

Tourism

with the Air Force Academy Visitor Center. Construction of the center, which is designed to evoke an aircraft taking flight, has been completed and turned over to the Air Force.

Washington, D.C.-based Gallagher & Associates, the exhibition designer for the Olympic Museum, is also designing the exhibits for the visitor center, which is expected to open in late 2025. The exhibits will use technology and immersive storytelling to illustrate a cadet’s day and fouryear journey at the Academy.

Plans for the remaining 16 acres at TrueNorth Commons include 30,000 square feet of retail and restaurant space and a 200,000-square-foot office building.

Schnepf says he is seeing interest in the retail space, but plans for the office building have been deferred because of

the stalled office market and high interest rates. The 9.9-acre office market parcel is zoned commercial. Although he hopes dropping interest rates will generate investment, Schnepf says, the office market parcel could accommodate any other commercial use that would be complimentary to the Air Force Academy and the community.

“We will work with the Air Force to determine highest and best uses, if we can’t get the office component to go,” Schnepf says.

Jeanne Davant is a senior writer for the SoCo Business Forum & Digest.

Photos courtesy of Hotel Polaris.

Fountain Valley School Provides Foundation For Unique Learning

BY PAM BALES

Colorado Springs is home to something often associated with the East Coast: a 94-year-old institution and boarding school, Fountain Valley School (FVS). Established in 1930 as an all-boys high school for boarding and day students, FVS operates from its main 1,100-acre Prairie Campus on the southern edge of Colorado Springs — 10 minutes from the Colorado Springs Airport and about 80 miles south of Denver. The Mountain Campus, at the foot of the Collegiate Peaks, is two hours from FVS’s main campus.

FVS is a boarding and day student school for grades nine through 12, accredited by the Association of Colorado Independent Schools, the National Association of Independent Schools and the Association of Boarding Schools.

“We are fully aware of our place

and space in boarding schools,” says Chuck Greene, assistant head of school for strategic marketing and communications at Fountain Valley School. “Our existence on the Front Range of the Rockies, in the shadow of Pikes Peak, provides us with a different perspective from other boarding schools. We have what is likely the only ninth-grade ecology class that takes advantage of our unique location to help our students understand issues such as land and water, providing them with a lens they can use for understanding problems that impact people around the globe today and in the future.”

The school has a student body of 220 with 50-60 students per grade and 12-16 students per class. The split between boarding and day students is 70% and 30%, respectively. Half of FVS students are from Colorado, says Greene. The school has 20 countries

and 26 states represented, with about a quarter of students being international.

FVS boasts the largest high school climbing wall in the country, 15 miles of mountain bike trails and a working ranch that houses both English and Western riding programs. It also offers a travel experience to send students around the globe to expand their perspectives.

Megan Harlan, who joined FVS in 2022, is its ninth head of school. The school employs nearly 100 full-time faculty and staff. Approximately 98% of full-time teaching faculty reside on campus, and 63% of all teaching faculty hold advanced degrees.

“We average about $2.8 million in tuition assistance per academic year,” says Greene. “We have two different types of aid: merit- and need-based.”

“The school’s enduring Western values — courage, compassion,

curiosity, self-reliance and openmindedness — translate well to any era,” Greene says, explaining how the school continues to provide a unique learning experience over the decades. “It really is a testament to the school’s leadership, a history of outstanding faculty and the ability to attract generations of families who have trusted Fountain Valley School to prepare our graduates for whatever comes next.”

Pam Bales is a senior writer for the SoCo Business Forum & Digest.

Fiber Internet Could Speed Cañon City toward Tech Powerhouse Status

BY JEANNE DAVANT

The fiber optic cable ring taking shape in Cañon City will bring high-speed internet to government facilities, businesses and residents — boosting Fremont County’s efforts to become a technology center.

Funded by $1 million in American Rescue Plan Act grants and private investment from Gillette, Wyomingbased Visionary Broadband, the project will create a redundant loop and high-speed connections, Cañon City Economic Development Manager Rick Harrmann says. “It will also help our community compete with other communities for development.”

The city and county want to attract more tech companies and location-neutral professionals who can work anywhere, says Cañon City Administrator Ryan Stevens. Fremont County has had some success in doing that through the TechSTART project and the Emergent Campus.

Quality broadband is essential to growth in a rural economy, says Brad Rowland, Emergent Campus cofounder.

“Tech-based businesses don’t have the option to be offline,” Rowland says. “Our federal subcontractors are often required to have multiple providers to comply with their site requirements.”

These considerations led the city to craft an request for proposals for fiber internet, Stevens says, and an agreement with Visionary to construct and operate a fiber network was signed in early 2024.

The project’s first phase broke ground April 26, 2024, with the construction of the backbone infrastructure, which Visionary plans to complete by late 2025 before beginning two more phases to connect residences and businesses, Visionary CEO Brian Worthen says. All three phases are projected to be online by approximately the end of 2026.

Some parts of the initial structure already are functioning, and potential customers won’t have to wait until the

project is completed to get service.

“We’re about a quarter of the way done,” Worthen says. “We have taken some areas live around the Justice Center, and those businesses can get online now. We made sure while we’re building that we have connectivity along that trunk line, and as we build additional footage, we can take those customers live every mile we build.”

The trunk line is designed to connect all of the city’s assets and serve high-security operations such as water and emergency services, as well as businesses and residences.

The project’s redundancy is one reason city officials supported it.

Until now, Cañon City has relied on older technologies provided by Spectrum, Century Link and a few smaller cable and telecom companies, Stevens says.

“If one of their lines got severed, it would shut down the town,” he says. “All merchants on that line lost their ability to take credit cards.”

When the city crafted the RFP, he says, “we asked for the provider to have a diverse physical route. So, if one line gets severed, there’s still another line coming into the community.”

In addition, the city specified a carrier-neutral facility that would be

built outside City Hall where other providers could pay to piggyback onto Visionary’s service and retain their connectivity.

Visionary was chosen for the project from among several bidders.

“They were already in the community, so we were familiar with them,” Stevens says.

“They were the most responsive to what we put in our bid, and they have a track record of doing this in rural communities.”

Visionary serves more than 120 communities from southern Montana to southwest Colorado, Worthen says.

“We describe ourselves as a Rocky Mountain company,” he says. “We started as an internet provider in 1994 with five phone lines in the basement of a house. We’re not new to the game.”

But Visionary is part of a new breed of fiber internet builders/ owners/operators serving smaller, rural communities that don’t interest larger providers.

The availability of grants and loans in the past few years and post-COVID demand has spawned small, nimble builders like Visionary across the country, Worthen says.

“In our case, it was easy to pivot a lot of our staff towards fiber building,”

he says.

In Colorado, Visionary provides fiber internet service in Gunnison, Kremmling, Lake City and Marble, and mobile phone service in several Colorado towns including Cortez, Durango, Eagle, Pagosa Springs, Telluride and Vail.

“Cañon City is a very strategic location for us and a great market from a fiber builder standpoint,”

Worthen says, adding that the project’s positive impacts go beyond the services provided and make the company’s and city’s investments worthwhile.

“When you put fiber in the ground, you’re creating property tax, and then when you ship materials to a location, it creates sales tax to the local community,” he says. “Those are all wins, and Cañon City recognizes that, and that’s why it’s a good partnership. If I were to boil it down into two words, it’s future proofing.”

Jeanne Davant is a senior writer for the SoCo Business Forum & Digest.

New Year Offers New Opportunities Chambers

BY PAM BALES

“Catalyst” is the 2025 theme for the Southern Colorado Women’s Chamber of Commerce (SCWCC), according to Lola Woloch, president & CEO. The theme will focus on growth, collaboration, leadership and empowerment, she explains.

“We always take time to celebrate the achievements of the past year, even as we look forward to 2025,” says Woloch.

In 2024, SCWCC’s membership growth exceeded 25%, programs revenue growth hit 34.5% and there was a 20% rise in attendance at programs and signature events, she notes. The SCWCC Public Policy Committee reviewed 705 initiatives, analyzed 53 policies and recommended positions on 14 of those, solidifying SCWCC’s role as a trusted voice for the business community. SCWCC was named an award-winning chamber by the Colorado Chamber Alliance for the seventh consecutive year.

Education and training remain high priorities – the SCWCC Foundation achieved a 93% increase in scholarship funding in 2024, enabling the group to provide five scholarships for UCCS’s Karen Possel Women’s Endowment and Pikes Peak State College, including their first technical certificate scholarship.

“We are excited to be launching a Leadership Accelerator Program, in fall 2025 to cultivate women leaders in Southern Colorado,” explains Woloch. “We will be expanding and optimizing our committees and projects, including our Young Professionals Committee, and enhancing support for women in the Department of

Defense and military sectors.”

SCWCC continues to strengthen its partnerships with regional economic development entities, such as the Colorado Office of Economic Development and International Trade, Colorado Minority Business Office, the Small Business Development Center and Pikes Peak Workforce Center. These efforts underscore the importance to drive attraction and retention of women-owned businesses throughout the Southern Colorado area.

“Together, we are raising the bar for what it means to be a Chamber of Commerce, and shaping a thriving future for women-owned business,” says Woloch.

“As we continue to grow and support women in business, we invite you to consider joining the leadership team at SCWCC by serving on the Board of Directors,” says Kathie Seerup, SCWCC board chair. “If you are passionate about making a difference and contributing to the success of our community, we encourage you to apply.”

Pam Bales is a senior writer for the SoCo Business Forum & Digest.

The Southern Colorado Women’s Chamber of Commerce is dedicated to advancing women in business through advocacy, education and networking. For more information about board opportunities or SCWCC’s programs and initiatives, visit: WWW.SCWCC.COM

Small Business The Season Supports Colorado’s Main Street Retailers and Restaurants

BY AIKTA MARCOULIER AND FRANCES PADILLA

The Season of Small Business is an annual U.S. Small Business Administration-led campaign designed to drive Americans to shop at small businesses throughout the entire holiday season. The pandemic confirmed the essential role that small businesses play in our daily lives. The holiday shopping season is a crucial time for small firms that depend upon the boost in sales earned between Thanksgiving and New Year’s Eve. It sounds cliché, but locally owned small retailers and restaurants truly are the heart and soul of our cities and towns.

Not so long ago, it was an annual holiday tradition to travel downtown and shop at one of the many locally owned businesses. Brick-and-mortar businesses would promote their best deals of the year in hopes of luring shoppers to make a purchase, or at least browse their shelves full of merchandise.

Today, online shopping has quickly become the preferred way Americans buy their holiday gifts. Recent estimates show that more than 80% of shoppers make regular online purchases throughout the year. Given the dramatic shifts in the retail environment over the past 20 years, those holiday scenes and traditions are in danger of passing into the realm of nostalgic folklore.

To better compete, small business owners have modernized the way they sell and promote their products and services. Today, most entrepreneurs have pivoted their traditional operating models to include e-commerce platforms and social media to meet the new

demands of the online consumer. Some are even bringing back the retail traditions of the past by providing personalized one-on-one assistance to customers and selling locally produced niche items found nowhere else in town.

Cottage businesses are starting in record numbers as people realize their dream of small business ownership can begin in their basement or garage.

The success of this year’s holiday shopping season will have a huge impact here in Colorado and across the nation. It starts on Small Business Saturday and ends once the final cork is popped on New Year’s Eve. Colorado’s 716,000 small businesses continue to generate two of every three net new jobs and deliver essential goods and services in both rural and urban communities. They employ more than 1.1 million Coloradans, give back to their local nonprofit organizations and just make this state a better place to live.

If you are leaning more toward creating memories versus traditional gift-giving, consider one of the state’s 37,000 small businesses that offer entertainment or recreational activities.

Small businesses are the backbone of our democracy, and the solution to our most challenging economic problems. If you’re an entrepreneur and need advice, please consider exploring the tools and resources of the SBA and its partners. SBA’s resource partners include the statewide Small Business Development Center (SBDC) network; a Procurement Technical Assistance Center (APEX

Accelerator) in Colorado Springs; two SCORE Chapters; a Women’s Business Center at Mi Casa Resource Center in Denver; and local strategic partners such as Manufacturer’s Edge, NEWSED and the Mountain Plains Minority Supplier Development Council. All our partners are key to helping identify strategies to become more competitive and viable in what will likely be an ever-shifting business landscape.

In addition to our formal partners, small business owners can get involved with local support organizations such as chambers of commerce, business districts and neighborhood associations. These entities are actively involved in coordinating events and promotions to attract foot traffic to their small business members including local bazaars and festivals that focus on shop small/dine small/entertain small activities.

This holiday season, please join us in making at least one purchase from a locally owned small business in your city or town. These business

owners are the true heroes of our communities, and they deserve our support and appreciation.

Aikta Marcoulier serves as the SBA’s Region VIII Administrator in Denver. She oversees the agency’s programs and services in Colorado, Montana, North Dakota, South Dakota, Utah and Wyoming.

Frances Padilla is the SBA’s Colorado District Director in Denver. She oversees the agency’s programs and services across the state.

Photo Credit: Downtown Colorado Springs

Recreational Cannabis in COS Still Faces Legal Hurdles Despite Voter Support

BY PAM BALES

Two years after 57% of voters opted against the sale of recreational cannabis in Colorado Springs, voters passed Ballot Issue 300 with a little more than 54% in favor of sales for the first time in the city.

Colorado Springs currently limits medical cannabis shops from operating within 1,000 feet of schools and childcare facilities. The newly approved ballot measure would function similarly by allowing only existing medical cannabis shops to sell recreational cannabis as well.

The measure limits the number of recreational licenses to the existing number of medical cannabis licenses, meaning no new cannabis businesses would open. If those existing businesses opt in to sell recreational marijuana, they will receive dual licenses allowing them to sell both medical and recreational cannabis. Tax revenue from recreational sales will go toward public safety, mental health and veteran PTSD programs.

Although the passage sounds straightforward, especially with the defeat of 2D which would have banned recreational cannabis sales

in the city charter, there are still questions. The Colorado Springs City Council passed a zoning ordinance a few weeks before the November elections.

In a 7-2 vote, the city council approved a zoning ordinance that would essentially ban any future recreational sales within city limits by requiring that recreational facilities not operate within a one-mile radius (compared to the current 1,000-foot radius) of schools, childcare or drug and alcohol treatment facilities. No current medical cannabis shop can meet that requirement.

“We are actively conducting research to understand what the election results mean for our community,” says City of Colorado Springs spokesperson Vanessa Zink. “This includes a close review of the existing medical dispensaries and the retail cannabis distance requirements currently in our zoning code, and what City Code changes are needed to apply the citizen-initiated ordinance (300). We are aiming to share this analysis by the first of the year.”

Pam Bales is a senior writer for the SoCo Business Forum & Digest.

People Professionals on the Rise Southern Colorado’s Workforce Achievements!

Chamber & EDC Adds Government Affairs VP

Jeff Thormodsgaard has joined the Colorado Springs Chamber & EDC staff as the vice president of government affairs, effective Dec. 2. Thormodsgaard has more than 15 years of experience in public policy, government relations and strategic advocacy. Thormodsgaard will lead strategic policy initiatives, advocate for a business-friendly regulatory environment, lead strategic policy initiatives and oversee the Chamber & EDC’s Government Affairs Council.

Volunteers Sworn in for CASA Duties

4th Judicial District Judge Catherine Mitchell Helton swore in 11 Court Appointed Special Advocates (CASA) as officers of the court at the El Paso County Courthouse on Dec. 3.

The new advocates underwent two weeks of training on topics including trauma, resiliency, poverty, mental health, substance abuse and domestic violence. They will be assigned to dependency and neglect cases and will advocate for the best interests of an abused or neglected child. Information: www.casappr.org.

National SBA Names Instructor of the Year

Longtime veteran advocate Eric Phillips received the Instructor of the Year honor, a national award from the U.S. Small Business Administration, on Nov. 21. Phillips is an instructor for the Colorado Veterans Business Outreach Center, which supports veterans and military spouses seeking to start their own businesses. The U.S. Army veteran served in the Quartermaster Corps. Phillips is an economic development specialist and veterans business development officer for the SBA Colorado District Office.

Local CommonSpirit Hospitals Earn High Grades

Ten CommonSpirit Health Mountain Region hospitals have earned an “A” Hospital Safety Grade from The Leapfrog Group, an independent national nonprofit watchdog focused on patient safety. Leapfrog assigns grades to general hospitals across the country based on more than 30 performance measures reflecting errors, accidents, injuries and infections, as well as the systems hospitals have in place to prevent them. CommonSpirit hospitals in Colorado receiving an “A” for fall 2024 include CommonSpirit Penrose Hospital and CommonSpirit St. Francis Hospital in Colorado Springs.

Nakamura, Hobbs join Sports Corp. Board

Dean Nakamura and Dirk Hobbs have joined the Colorado Springs Sports Corp. board of directors. Nakamura has spent more than 19 years on the U.S. Olympic & Paralympic Committee and, after years of supporting high-level athletics programs, currently serves as the USOPC’s senior vice president and chief of Training Centers & Games Operations. Hobbs has more than 30 years of experience as a marketing strategist/executive and serial media entrepreneur in multiple industries. He is the founder of Colorado Media Group LLC and executive publisher of The Southern Colorado Business Forum & Digest and NORTH magazine.

Manitou Urban Renewal Authority ED Retiring

Jim Rees, Manitou Springs Urban Renewal Authority executive director, will retire at the end of 2024. Rees has served the MSURA since 2018. The MSURA leads the redevelopment and improvement of Manitou’s urban renewal area, bounded by the Manitou welcome sign on the east through the intersection of Manitou Avenue and U.S. Highway on the west. During Rees’ tenure, the MSURA completed significant milestones including finishing the Manitou Avenue streetscape and partnering with the Creative Alliance of Manitou Springs to acquire and place multiple art installations.

Jeff Thormodsgaard

Eric Phillips

Dean Nakamura

Dirk Hobbs

Jim Rees

New CASA volunteers are, from left: Haelli Canon, Joan Silva, Amparo Rodriguez, Lisa Velasquez, Larissa Decola, Charles Jackson, Stephen Woodward, Karen Darilek, Maddox Cotter, Deborah Moses and Aaron Boerendonk

Sports Hall of Fame Welcomes New Athletes, Advocates

The Colorado Springs Sports Hall of Fame inducted new members on Oct. 22. They are: Henry Cejudo, Olympic gold medal-winning wrestler; Rick Swan, former volleyball coach at Colorado College; Lauren Howe, trail-blazing golfer; Chucky Jeffery, star basketball player; Lou Vairo, longtime hockey coach; Gen. Richard Clark, Air Force Academy athlete and former superintendent; the 1983 Coronado High School girls volleyball team; and the 1997 Sierra High School boys basketball team. Additionally, coach and educator Dave Shackelford won the Col. F. Don Miller Sports Service Award and orthopedic surgeon David Weinstein won the Thayer Tutt Sportsman Award. Photos courtesy of the Colorado Springs Sports Corp.

AdPro Wins Awards for State Fair Marketing

AdPro, a full-service marketing and advertising agency headquartered in Colorado Springs, won 11 awards from the International Association of Fairs and Expos for its marketing campaigns promoting state fairs in Colorado and New Mexico. AdPro has worked with the Colorado State Fair for four years and won Best Marketing Campaign in District Four for its 2024 work. The company won Best Marketing Campaign category in District Three for the New Mexico State Fair, the first year AdPro has partnered with that fair. The Colorado awards also include: first place, single-sided, flat promotional ad; first place, double-sided, multi-page or folded promotional ad; and third place, online advertisements.

Ent Adds Senior VP for Advocacy, Government Affairs

Ent Credit Union has appointed David Sprenger as senior vice president of government affairs and credit union advocacy. In this newly created role, Sprenger will lead Ent’s efforts to build and strengthen relationships with legislators and regulators, elevating the credit union’s voice at state and federal levels and advocating for policies that benefit Ent’s members and communities.

Volunteer Lauded for Supporting Community, Athletes

The Colorado Springs Sports Corp. has recognized Joseph Schwetz as the 2024 volunteer of the year. The retired VP of engineering and technical services has taken his passion for running and giving back to support local events including the Apex bike race and the Rocky Mountain State Games. His favorite part of volunteering: interacting with athletes.

Theatreworks Artistic Director Heading to Minneapolis

Caitlin Lowans, artistic director of Theatreworks Colorado Springs, is leaving that position to join Ten Thousand Things Theater in Minneapolis as artistic director in February 2025. Lowans, who succeeded Theatreworks founder Murray Ross in 2018, has led the Colorado Springs company through multiple outstanding productions, created the ACT OUT community tour and shepherded the move into the Ent Center for the Arts. Productions will continue as planned during the search for a new leader.

David Sprenger

Joseph Schwetz

Caitlin Lowans

Dave Shackelford Dr. David Weinstein

Henry Cejudo Rick Swan Lauren Howe

Chucky Jeffery Lou Vairo

Gen. Richard Clark

People Professionals on the Rise Southern Colorado’s Workforce Achievements!

CONTINUED FROM P. 19

Venu, a leading premium hospitality and live entertainment company, announced Terri Liebler as its new chief marketing officer. With 30 years of experience in the sports and entertainment industry, Liebler has a track record of strategic growth and profitability enhancement, and is a widely respected leader in the hospitality and entertainment industries. Before joining VENU, she held the role of senior vice president in the Media and Sponsorship Division at Live Nation Entertainment, where she pioneered work on U.S. and international venue and festival platforms, while also facilitating critical relationships with Live Nation’s external partner organizations. Liebler has held roles in the NBA with the Seattle SuperSonics and San Antonio Spurs.

Venu also announced Will Hodgson as its new president. With 25 years of experience in the entertainment industry, Hodgson is a highly regarded veteran in both the hospitality and entertainment industries. Before joining VENU in late October 2024, Hodgson spent 13 years at Live Nation Entertainment, most recently as head of House of Blues Entertainment.

Setting the pace and strategy for 20 venues, 17 restaurants and seven high-end cocktail lounges, he oversaw a workforce of 4,000 employees and produced 3,000 events annually. Early in his career, Hodgson spent several years in investment banking in Boston and San Francisco before joining then start-up Front Gate Tickets out of Austin, Texas, where he helped develop ticketing solutions for major festivals like Austin City Limits and Lollapalooza.

U.S. Olympic and Paralympic Committee

Chief Executive Officer Sarah Hirshland and Chairman Gene Sykes were cited in the Sports Business Journal’s list of Most Influential in the sports business. They were commended for having “cemented the United States’ place as a home for the Olympics and Paralympics for the next decade. After helping Salt Lake City secure the 2034 Winter Games, they extended the country’s reach with Sykes being named an International Olympic Committee member in July” by the SBJ. The article went on to say that “Sykes’ and Hirshland’s roles in cooling tensions around anti-doping have elevated them in the movement.”

Max Cupp assumed the executive director role with Exponential Impact late last summer. Cupp came to XI from the Pikes Peak Community Foundation. Vance Brown has resumed his role as an XI board member as well as board president for the Colorado Springs School of Technology. In April 2024, the Colorado State Board of Education unanimously approved the creation of a planned innovation zone for District 11. Colorado currently has 10 innovation zones in operation, including the Power Zone in El Paso County’s School District 49.

Nine Colorado Springs organizations came together to apply for the NSF Regional Innovation Engines Grant to fund the school, which plans to open in late 2025. Those organizations are: U.S. Air Force Academy, The University of Colorado at Colorado Springs (UCCS), Pikes Peak State College, The National Cybersecurity Center, The Space ISAC, The Space Foundation, Exponential Impact, Catalyst Campus and the Colorado Springs Chamber and EDC. All of the organizations are represented on the CSST board of directors. CSST won a Type 1 grant of $1 million. Critical to the goals of the NSF grant is cultivating regional talent and a skilled technical workforce. The NSF promotes the creation of quality STEM-based education for K-12.

In its first year, the school will provide students in the ninth and 10th grades curriculum focused on space leadership, applied cyberscience, ethics and entrepreneurship to prepare for careers in aerospace, defense, cybersecurity, information technology and space technology fields.

Professionals on the Rise is The Digest’s special feature to highlight those people in Southern Colorado who are doing big things. Promotions, new hires and outstanding accomplishments should be recognized. Do that here for the standouts in your organization. Email newsdesk@coloradomediagroup.com with details (up to 40 words) and a photo of the esteemed.

Terri Liebler

Max Cupp

Vance Brown

Will Hodgson

Sarah Hirshland

Gene Sykes

CEO Turnover as Organizational Response to Shock in Competition

BY JIN PENG, PH.D.

In today’s fast-paced business environment, companies must constantly adapt to remain competitive. One significant way organizations respond to increased competition is through CEO turnovers. Research conducted by UCCS Assistant Professor Dr. Jin Peng, along with her collaborators, Haofei Zhang from Ningbo University of Technology and Mingming Zhou from Pace University, provides valuable insights into how unexpected tariff cuts — which increase industry competitiveness — influence CEO turnover rates, particularly in nonexporting firms.

Dr. Jin Peng and her team found that the likelihood of CEO turnover rises with unexpected surges in industry competitiveness, driven mainly by non-exporting firms. These firms, especially those with weak governance, high leverage and financial distress, are more prone to replacing their CEOs.

The researchers used industrylevel tariff cuts as a quasi-natural experiment to capture increases in product market competition. The analysis covered 910 companies in 114 U.S. manufacturing industries from 1992 to 2012. Tariff cut shocks were measured as a dummy variable if they were at least three times larger than the industry average tariff change.

The findings indicate that tariff cuts positively affect firm CEO turnover decisions. Firms are more likely to replace their CEOs when the industry experiences a tariff reduction. This effect is confined to firms without export sales. Exporting firms, on the other hand, show increased exports and no significant

changes in CEO turnover.

The study also revealed that the impact of tariff cuts on CEO turnover is particularly pronounced in firms with weak governance structures. These firms are more likely to replace their CEOs in response to increased competition, as they may struggle to adapt to the new competitive environment. Additionally, firms with high leverage or those in financial distress are more susceptible to CEO turnover after tariff cuts. This suggests financial stability and strong governance are crucial factors in a firm’s ability to navigate competitive shocks.

Furthermore, the research highlights exporting firms benefit from tariff reductions through increased overseas sales, which helps them balance the negative effects of heightened competition from foreign entrants. This dual effect explains

why exporting firms do not exhibit significant changes in CEO turnover rates despite facing increased competition.

The level of product market competition directly affects firm CEO turnover decisions, depending on the firm’s ability to export and the strength of its corporate governance. These findings provide valuable guidelines for investors and governments:

1. For Investors: Understanding

the relationship between tariff cuts and CEO turnover can help investors anticipate changes in leadership and make informed decisions about their investments.

Firms with weak governance, high leverage or financial distress are more likely to experience CEO turnover in response to increased competition.

2. For Governments: When considering bilateral trade agreements and opening domestic markets to foreign competitors, governments should be aware of the potential impact on domestic firms. The research suggests that firms with strong corporate governance are better equipped to handle increased competition, while those with weaker governance may struggle and resort to CEO turnover as a coping mechanism.

Understanding how firms respond to competition shocks through CEO turnovers can help businesses and policymakers make informed decisions. Dr. Jin Peng’s research highlights the importance of strong corporate governance and the ability to adapt to changing competitive environments.

Jin Peng, Ph.D. is an assistant professor of finance at the University of Colorado Colorado Springs.

TO LEARN MORE

about Dr. Jin Peng’s work, please visit: BUSINESS.UCCS.EDU/ABOUT/ DIRECTORY/FACULTY/JIN-PENG-PHD

Workforce Colorado’s Workforce Centers Help Employers (and Employees)

BY JEANNE DAVANT

Business owners often think of the workforce centers in Southern Colorado as employment agencies primarily serving job seekers. But the centers’ No. 1 goal is to help businesses attract the talent they need, and they offer other free services to assist businesses in retaining employees and support their growth and prosperity. With six workforce center offices between Colorado Springs and Trinidad and two more in La Junta and Lamar, the centers reach employers throughout the region.

“We are congressionally mandated and [mostly] federally funded,” says Traci Marques, executive director and CEO of the Pikes Peak Workforce Center. “By law, every county in the United States has to be associated with a workforce center.”

Colorado is divided into 10 workforce regions, overseen by the Colorado Workforce Development Council and an advisory board in each region composed of at least 51% business owners.

The Pikes Peak center covers El Paso and Teller counties, and 53 of the state’s 64 counties, including those in Southern Colorado, are part of a single region served by the Colorado Rural Workforce Consortium. A map at cdle.colorado. gov/jobs-training/workforce-centers shows the location of workforce centers throughout the state.

The centers provide eight core services, including:

1. Labor market information: competitive wage analysis, trends and projections

2. Retention strategies

3. Skills-based and updated job descriptions

4. Job fairs and hiring events

5. A free statewide job database, Connecting Colorado, on which employers can list open job positions

6. Business education — forums, round tables and workshops

7. Training for new employees and

upskilling current workforce through technical and/or financial support

8. Connections to community resources including training opportunities and incentives.

“We meet people where they are, not where we think they should be,” Marques says. “We’re connectors, we’re conveners and we’re collaborators.”

The centers work with employers to attract staff through targeted and up-to-date job descriptions.

“Often, older job descriptions unintentionally have biased language,” says Becca Tonn, communications and public relations manager for the Pikes Peak Workforce Center.

“If they’re having trouble hiring, it could be because their job description is turning people away.”

Another important service is to help employers retain employees rather than having to lay them off.

“We’ll come in and consult with them, pull data and develop ideas: What skills does the staff have that are transferable to other open positions within the organization?” Marques says.

Some centers offer an incumbent worker a training program that allows employers to apply for funding to train workers in skills such as Excel, web design and certifications.

Businesses accepted for these programs are reimbursed for the training, Marques says.

“Starting in 2025, we are going to offer workshops for businesses on different trends that we’re seeing,” she says. These workshops will cover topics such as tax incentives, skillsbased hiring and job postings.

Pueblo is the flagship office of the Rural Workforce Consortium, the only one of the 10 districts that is staterun, says Director Suzie Miller. From offices there and in Cañon City and Trinidad, the consortium reaches out to smaller communities. It maintains partnerships with chambers of commerce, economic development sites and even service locations like a food bank in Rocky Ford to engage with businesses and job seekers.

“We also partner with our community colleges,” Miller says. The consortium has onsite locations at Morgan Community College in Fort Morgan, Lamar Community College, Adams State University in Alamosa and Trinidad State College, where it hosts hiring events and job fairs and brings in panels of employers to engage with students.

“That allows us to offer greater support through work-based learning models, where we might be able to address a gap in that skill and offset a

Colorado is divided into 10 workforce regions, with advisory boards in each region consisting of more than half business owners.

portion of their wages while employees are onboarding them,” she says.

The centers also work closely with the state’s small business development centers, connecting entrepreneurs with partners offering business education and counseling.

“We served over 3,800 businesses in the last year,” Miller says. “We’re very mobile, and we want to create as much accessibility as possible for business customers to engage with us and receive the support they need.”

Besides consulting on skills-based hiring and job descriptions, “we might work with a business on job quality,” Miller says. “When you think about job quality, it’s often wages, but there’s so much more to consider that would make a business competitive and help with recruiting and retention. First and foremost, we’re looking to customize our approaches to these small businesses, helping them figure out what they need and find solutions.

“Whether you’re in Springfield or Craig or anywhere across the 51 counties, we’re really looking to provide high-quality services to ensure that economic vitality is on the rise in these areas,” Miller says.

Jeanne Davant is a senior writer for the SoCo Business Forum & Digest.

The Importance of Planning for your Future

BY MEGHAN MCGUIRE

Having a plan is essential in achieving long-term financial security. It involves setting goals, managing income and expenses, and making informed decisions to ensure that current and future financial needs are met. Planning is the foundation to achieving lifelong goals and aspirations. Each plan is unique as no two people have the same set of goals, risk tolerance or investment objective. The goal of the plan is to meet each person where they are and then identify which financial tools are available to help them make better decisions. When a person and/or a family has a plan, they are more likely to achieve their goals, which significantly reduces financial stress. It is shown that when a plan is implemented, it creates more confidence in the decisions made. A bonus: those who do plan tend to have higher net worth than those who do not.

Planning is more than just contemplating retirement. It encompasses so much more: caring for family, welcoming a new family member, saving for college, changing careers, future home purchases, travel, weddings, and major purchases just to name a few. These are all milestones that can lead up to and throughout retirement. With a clear plan you can break down long-term dreams into manageable objectives that help keep you accountable in achieving your set goals. Effective planning allows you to understand where your money is going and how to allocate it efficiently.

Life is unpredictable and unexpected expenses and emergencies can strain your

finances. A well-thought-out plan, which includes an emergency fund, gives you a financial cushion during tough times. A comprehensive plan also includes insurance needs that can cover health, life, disability, and property insurance. Unexpected expenses can also lead to increased debt. Planning helps manage existing debt and prevents new debt from becoming overwhelming.

When it comes to making investment decisions, emotions tend to overcome rational thinking. Investors tend to sell in down markets to protect themselves from downside risk. Most of the time these investors do not get back in at

Traditional IRA distributions are taxed as ordinary income. Qualified Roth IRA distributions are federally tax-free provided it has been more than five years since the Roth IRA was funded AND the owner is at least age 59½ or disabled, or using the first-time homebuyer exception, or taken by their beneficiaries due to their death. Qualified Roth IRA distributions are not subject to state and local taxation in most states. Distributions from Traditional and Roth IRAs may be subject to an IRS 10% additional tax if distributions are taken before age 59½.

Distributions from an employee-sponsored retirement plan (QRP) are subject to ordinary income tax and may be subject to an IRS 10% additional tax for early pre-59½ distributions.

Asset allocation and diversification are investment methods used to help manage risk. They do not guarantee investment returns or eliminate risk of loss including in a declining market.

Wells Fargo Advisors is not a legal or tax advisor.

the right time and miss recovery and growth. With a plan in place, it helps to eliminate those fearful knee-jerk reactions by focusing on the longterm goal. Effective planning helps you build a roadmap that ensures your investments align with your financial goals, risk tolerance and timeline. For example, long term goals might call for stocks while short-term goals might require safer, more liquid assets, like bonds or savings. A plan encourages diversification across different asset classes (stocks, bonds, alternatives) to minimize risk. Most plans should include market variations in their projections which account for volatile markets.

A good plan will incorporate both asset location and asset allocation. By understanding tax-advantaged accounts like tax-deferred employeesponsored plans (QRP) such as a 401(k), 403(b) or a governmental 457(b), or an individual retirement account (IRA) and tax free (Roth QRP and Roth IRA), you can help maximize your investment returns while minimizing your tax burden. In the taxable accounts, planning can help you identify tax-efficient investments such as municipal bonds, or tax-loss harvesting such as Direct Indexing. Through consistent contributions and time, planning helps you take advantage of compounding interest, which can significantly enhance your growth potential.  With a plan in place, you are more likely to stick to a budget, avoid impulse purchases, save for those long-term goals and make informed investment decisions. This discipline can lead to long-term financial stability and success.

Meghan McGuire, CFP ®, ChFC ®, MS, RICP ® is the First Vice President –Investment Officer, for Virtuent Wealth Management Group of Wells Fargo Advisors. meghan.mcguire@wfa.com virtuentwmg.com

and Insurance Products are: • Not Insured by the FDIC or Any Federal Government Agency • Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate

• Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company PM-04302026-7245812.1.1

Economic Forum

What GDP Reveals About the Pikes Peak Region Economy

BY DR. BILL CRAIGHEAD

The total value of goods and services produced in the Colorado Springs metro area — El Paso and Teller Counties — in 2023 was $53.1 billion, according to newly released local gross domestic product (GDP) estimates from the U.S. Bureau of Economic Analysis. The region’s economy was larger than those of some small countries, such as Tajikistan and Guyana, as well as the states of Vermont and Wyoming.

The data not only tell us about the size of our economy, but also shed some light on how it has changed. In real (i.e., inflationadjusted) terms, the regional economy has grown rapidly in recent years. The table illustration (below, right, left) shows national GDP, in trillions of constant 2017 dollars, plotted on the right-hand scale, and the region’s GDP in billions of constant 2017 dollars on the left-hand scale.

Between 2003 and 2016, the Colorado Springs metro area’s compound annual growth rate of 1.8% was slightly lower than the national rate of 2.0%. After 2016, the region’s growth accelerated. The national economy’s growth rate picked up too, but not by as much. From 2016 to 2023 the region’s economy averaged a 3.8% growth rate, compared to 2.4% for the U.S. overall. Out of 384 metropolitan statistical areas (urban areas with more than 50,000 people), Colorado Springs had the 47th-highest growth rate during this period. Metro Denver was also a standout during this time, ranking 34th with a 4.2% average annual rate of increase. Pueblo’s growth was in the middle of the pack at 1.9%, which ranked 173rd.

The government also breaks the data down by sectoral value added (outputs less inputs). The table shows some of the changes in the composition of the region’s economy in the past 20 years as well as how it compares to United States overall.

The large share of government in the region’s economy stands out — this reflects the large military presence in the area. Construction, professional and business services, and arts, entertainment, recreation, accommodation and food services all account for a more significant share of the region’s economic activity than they do nationwide. Those sectors have all increased their share of the economy since 2003, as has healthcare and social assistance. The region’s information sector is a smaller share of our economy today than in 2003.

The fraction of economic activity attributed to government has also fallen slightly. In real terms, both the government and information sectors are larger than in 2003, but they have grown less than the overall economy, so they represent a smaller proportion of it today.

Dr. Bill Craighead is the director of the UCCS Economic Forum.

Defense Delta Subcontractor

Bowhead Steps Up

BY WAYNE HEILMAN

Acompany owned by about 3,000 native Alaskans has acquired a majority interest in Colorado Springs-based defense contractor Delta Solutions & Strategies, which employs 400 at locations in 27 states and three countries, and has 46 federal contracts.

Ukpeag . vik Iñupiat Corp. (UIC) acquired 70% of Delta on Nov. 29. Delta CEO and President Mark Stafford retained the remaining 30% of the company and will continue in those roles for five years, while three other top executives will stay for at least three years. Delta will become part of UIC’s Bowhead Family of Companies, which is part of UIC’s Government

Services Division, and will be renamed Delta Solutions & Strategies-Bowhead.

Delta Solutions began seeking a buyer about a year ago, hiring an investment banker to help with the process of sorting through dozens of offers, Stafford said. Bowhead had been a Delta subcontractor for 10 years before the selection.

Delta is a prime contractor for the U.S. Space Command in Colorado Springs, creating military training products, operations and maintenance, modeling and simulations and technical advisory services for the U.S. Department of Defense. Bowhead has more than 3,000 employees in 16 U.S. offices (including

Ukpeag vik Iñupiat Corp. (UIC) acquired 70% of Delta Solutions & Strategies on Nov. 29.

Photo Credit: Ukpeag vik

Iñupiat Corp.

Colorado Springs) and 300 federal contracts to provide systems and information technology, logistics, marine, engineering and program management.

The Delta acquisition provides Bowhead with new capabilities and service offerings that will position the company to win more contracts from the U.S. Air Force, U.S. Space Force and U.S. Space Command, UIC says in a news release. The deal is expected to provide Delta with “an expanded market reach with access to a wider range of Department of Defense and federal contracts,” as well as access to funding and other resources, the release says.

“Delta’s expertise and reputation in the space community, matched with Bowhead’s extensive service offerings and well-defined federal contracting practices, will allow us to unlock a new level of value for our organizations and customers,” Stafford says in the release.

“This acquisition strengthens our ability to deliver cutting-edge solutions to the Department of Defense and key government agencies. By leveraging Delta’s specialized expertise, we are positioned to offer an even broader range of services,” UIC President and CEO Pearl Brower says in the release.

Wayne Heilman is a senior writer for the SoCo Business Forum & Digest.

Arts Economy New Tools Support Local, Creative Shopping This Holiday Season

BY CULTURAL OFFICE OF THE PIKES PEAK REGION (COPPR)

The holiday season has arrived and the Cultural Office of the Pikes Peak Region is partnering with the Avenue Creative Circuit to encourage the community to “Buy Creative!” The Avenue Creative Circuit drives visitors to three of the region’s most creatively vital business districts: Manitou Springs, Old Colorado City and Downtown Colorado Springs. Each is full of diverse galleries, restaurants and unique boutiques offering a fun day out while accomplishing all of your holiday shopping locally.

PeakRadar.com now features two new guides to make buying creative in our community easy. The Gallery Guide lists more than 65 galleries easily found on an interactive map (many are along the Creative Circuit.) This incredible shopping guide will inspire you to revisit favorites

and discover new gallery and retail destinations to shop, appreciate and support the local creative economy.

The Market Guide showcases over 40 upcoming markets — including makers markets, craft fairs and popups — with festival atmospheres where shoppers can meet artists and find handmade gifts.

The Buy Creative campaign is making local creative shopping easier because when you shop small, you directly support the local economy.

For every $10 spent at a local business, $7 stays in the community. The diversity of our arts community in and beyond the Avenue Creative Circuit means that any gift you may be looking for can be purchased directly from your friends and neighbors.

Keep your eyes peeled for Buy Creative light pole banners in these shopping districts, fun stickers, a

social media giveaway (@peakradar on Instagram) and more!

The Cultural Office of the Pikes Peak Region is the nonprofit local arts agency that serves the City of Colorado Springs and El Paso & Teller counties. Explore our mission and programs at CulturalOffice.org.

LEARN MORE about the Avenue Creative Circuit’s offerings throughout the year here: WWW.PEAKRADAR.COM/BLOG/ BLOG/FIRST-FRIDAY

Graphic and photo courtesy of COPPR.

THERE FOR PRACTICALLY EVERY “EUREKA” MOMENT FOR THE PA ST 100 YEARS.

When you’ve been around for 100 years, you’ve been around for a lot of “eureka!” moments, countless “aha!” moments, and more revelations and realizations than you can remember. From the joyous celebrations to the quiet reflections, we’ve illuminated the path every step of the way. Our commitment extends beyond merely providing electricity; it’s about being there for the milestones, the challenges and the everyday triumphs that make up a century of shared experiences. That’s a Century of Service. And that’s worth celebrating.

Utilities Colorado Springs Utilities to Make Significant System Investments Beginning 2025

BY COLORADO SPRINGS UTILITIES

Colorado Springs Utilities will embark on a five-year plan beginning in 2025 to invest an estimated $3.9 billion in its system.

In November, Colorado Springs City Council voted unanimously to approve Springs Utilities’ 2025 budget and five-year rate case. It’s the first time in recent history the community-owned utility has presented a multi-year rate case for its base rates. Base rates are typically updated once a year.

Base rates support the pipes, wires and plants that make it possible to provide safe and reliable utility services. The rates are based on the costs of serving customers. As a community-owned utility, Springs Utilities does not profit from customer rates.

Approved Budget & Rates

Capital projects make up nearly 34% of Springs Utilities’ $1.8 billion budget for 2025. The planned infrastructure investments are necessary to meet regulations, support community growth and maintain system reliability. Examples of major projects are the expansion of Montgomery Reservoir; 1,700 megawatts of new natural gas and renewable generation plus battery storage to support carbon-reducing regulations, and the Eastern Wastewater System Expansion project.

Energy Wise rates mean customers pay different rates for electricity, based on the time of day used.

Photo credit: Colorado Springs Utilities

Downtown Colorado Springs Redevelopment Plans Continue Despite Tejon Street Delay

BY THERESA WOODS

Businesses along Tejon Street from Colorado Avenue to East Kiowa Street in Downtown Colorado Springs must wait for the long-planned revitalization of their area. Groundbreaking on the $6 million Tejon Street Revitalization Project was postponed to update the design with additional suggestions from businesses as well as the results of a new parking study. Construction is now delayed until 2025. This segment is Phase One of a project which will eventually reach Boulder Street, and a small piece of the massive revitalization plan transforming Downtown Colorado Springs.

History of the Plan

In the early 2000s, Colorado Springs’ Downtown population had declined by 8% and development lagged behind the rest of the city, as well as other Front Range city centers. Stakeholders and city government developed the 2009 Imagine Downtown Master Plan, envisioning an “economic engine of the city, a desirable place to live, work, learn and play, and a point of public and private investment.”

The Experience Downtown Plan, adopted in 2016, was a tactical update developed with public input, multiple city and county government departments, the Urban Renewal Authority, the Downtown Development Authority Board, Downtown Partnership of Colorado Springs and the Regional Business Alliance, among others. The update also integrated the findings of nine other community plans such as the Colorado Springs Comprehensive and Strategic Plans, the Bicycle Master Plan, the Regional Transportation Plan and the Park System Master Plan.

Goals and Action Items

The vision for Downtown Colorado Springs is a refresh: repurposing, remodeling, and redeveloping the

area. Key actions included in this revival are:

• Increase housing

• Develop strategic sites like the U.S. Olympic and Paralympic Museum* as catalysts to stimulate more surrounding development

• Generate new employment with industry-specific start-up space and support services, such as the artisan manufacturing node at Cottonwood Center for the Arts

• Add transportation options

• Improve parks, trails, signature streets, waterfronts and public spaces

• Introduce greenways

• Create attractive entrances and districts

• Emphasize greater density of residences and businesses, mixed-use buildings and walkability through revised building codes

Key to the overall plan was a housing renaissance with 2,000 new units built by 2025. “To truly thrive and support our over 200+ locally owned restaurants, bars, and retail businesses, our city center must have people living in it 24/7,” says Austin Wilson-Bradley, director of Economic Development at Downtown Partnership of Colorado Springs.

“Downtown has opened 1,006 brand new units in 2024 alone.” [Currently, there are 2,274 housing units downtown, up from 435 units in 2014.]

Art, Transportation and Taxes

One of the first in the state, “Downtown is a state-certified Creative District, boasting four times the national average of creative activity and employment,” says Wilson-Bradley about the Colorado Springs art node’s economic role. “About 1,056 people are employed

Downtown in creative occupations, and 2023 saw over $74 million in creative-industry earnings.”

The PikeRide e-bike share saw a 75% increase in miles ridden in 2023. Electric scooter rental increased 77% also, and The ZEB Downtown bus shuttle carried a staggering 88% more riders. These new options are direct consequences of Downtown Colorado Springs’ transportation revitalization.

“In 2023, Downtown [Colorado Springs] generated eight times more sales tax revenue per acre than citywide,” says Wilson-Bradley. With more than 25 new businesses opening annually and $700 million in investments currently under construction, revitalization is having the intended effect, according to Wilson-Bradley.

Photo by Phillip Jelks.

Revitalization

CONTINUED FROM P. 29

COS Redevelopment

Up Next

The Tejon Street Revitalization is the next renovation to occur in Downtown Colorado Springs. “The project’s elements come right out of the master plan, including expanded outdoor dining space, improved safety through the corridor, and increased sidewalk space to accommodate residents and visitors with mobility needs,” says Richard Mulledy, Public Works Director for the City of Colorado Springs. This new environment intends to foster a welcoming and safe public space rich with entrepreneurial opportunity.

Looking far ahead, the waterfront of America the Beautiful Park is the first of the proposed COS Creek Plan projects in motion. In addition to improving stormwater management, the recreation, leisure, and economic development needs of Downtown will be prominently addressed. Combined with the eventual development of the city-owned Martin Drake Power Plant site, these two projects, when they come, will represent a significant evolution of Downtown. While the work done to date has had measurable effect, future work on these sites has the potential to be even more significant.

Theresa Woods is a staff writer for the SoCo Business Forum & Digest.

Downtown Plan Projects Accomplished so Far:

• America the Beautiful Park – pictured above.

• Establish Form Based Code regulations for downtown

• Catalyst Campus

• U.S. Olympic and Paralympic Museum

• Olympic Museum Plaza

• Weidner Field

• New mixed-use buildings surrounding Weidner Field

• Redevelopment of the Santa Fe Railroad Depot

• Blue Dot Place, 333 ECO, Fiona, Mae on Cascade and Casa Mundi apartment complexes added

• Springs Rescue Mission multi-agency campus expansion to include medical, dental, library, laundry, human services and job search aids

• Art Spot project, addition of 21 art pieces by Pikes Peak Region artists

• Acacia Park playground

• Mountain Metropolitan Transit bus system route and hours expansion

• The ZEB circulator bus shuttle

• PikeRide e-bike share program

• Electric scooter share program

• AdAmAn Alley utility infrastructure and paving upgrade, new public art, safety improvements

• Antler’s Park off-leash dog park

• Revel: Urban Arts Party (annual event)

• Pedestrian Bridge from America the Beautiful Park

• I-25 and Cimarron Street interchange improvements

• Additional hotels: Hyatt Place, Kinship Landing, Springhill Suites, Garden Inn, Element

Continuing Downtown Plan Priorities:

• Add commercial real estate

• Add start-up space, coworking space

• Tools and supports for street level retailers, restaurants, pop-up markets, and service businesses, and creative and innovationbased industries

• Increase artisan manufacturing and maker spaces

• Improve infrastructure throughout, especially technology infrastructure

• Add water recreation along Monument and Fountain Creeks

• Improve public safety, cleanliness throughout

• Add parking

• Add additional public art by expanding existing programs and murals

• Add local food and beer/spirits events and live performances

• Intersection safety improvements

• Create safer environments for bicycles and pedestrians along streets wherever possible

• Increase permeable surfaces for stormwater management

• Create Pedestrian Priority Streets and areas

• Provide areas for outdoor dining, public art, street vendors, landscaping, and benches and other outdoor seating options, especially surrounding building entrances

• Increase trees and vegetation throughout

The public investment that built the U.S. Olympic and Paralympic Museum attracted large private investments which transformed the surrounding area. Planned since 2015, and open since 2020, the museum was projected to draw up to 350,000 visitors a year; 2023 saw 109,300 visitors.

• South Downtown Railroad Underpass Reconstruction at Nevada Avenue, Tejon Street and Shooks Run

• Demolition of Drake Power Plant

• Construction of additional 2,000 new housing units by 2025

• Add consistent aesthetic and branding considerations to signs, functional elements such as streetlights and paving, and public spaces

Photo by Mariana Wagner.

Revitalization

Visions of the Plan:

1. Economic and Cultural Heart of the Region

Downtown’s economic, civic and cultural energy expands throughout the region. Cultural assets and unique retail and restaurant offerings are attractive to new talent. New businesses, entrepreneurs and urban professionals integrate themselves into Downtown’s economic context. New technologies and innovative ideas transform Downtown while respecting its cultural heritage.

2. Diverse and Inclusive Place to Live, Integrated with Adjacent Neighborhoods

Downtown’s neighborhoods are thriving places providing housing and amenities for people and families of all cultures, ages and incomes. Efforts are made to preserve existing neighborhood character while encouraging residential growth, focusing on building a greater density of residents within the core and surrounding neighborhoods. New and modified residential development includes workforce and affordable housing. Public transit, employment opportunities, schools, shopping and parks are conveniently located within walking distance.

3. Celebrating and Connecting with Outdoor Recreation and Exceptional Natural Setting

Downtown Colorado Springs is unique and nationally known as a thriving urban area integrated with world-class outdoor and recreational opportunities. The Legacy Loop trail system is a beloved and cared for asset.

4. A Place for Healthy and Active Lifestyles

Downtown Colorado Springs recognizes the importance of promoting healthy living through its built form and established programs. An interconnected system of parks, trails, waterways, open space and recreational facilities supports healthy and active lifestyles throughout Downtown neighborhoods. Organized events and activities devoted to improving people’s health and wellness take root in the city center.

5. A Walkable and Bike-Friendly Center Connected through Safe and Accessible Multi-Modal Networks

Downtown leaders understand the importance of being a hub for city and regional transportation. Well designed and maintained streets, pathways, alleys, transit and facilities are concentrated at the heart of Colorado Springs, providing access and mobility to all destinations.

6. A Leader in Innovative Urban Design and Sustainability

Downtown is a place where people want to be because of its beauty, comfort and sustainable practices. The transition between private development and public space is seamless, providing ample outdoor space to take in the Colorado sunshine. The once vast amount of underutilized space, including vacant parcels, surface parking lots and wide right-of-ways, now consists of innovative building designs, construction materials and stormwater management. Environmental stewardship is garnered by public and private improvements.

7. Offering an Unforgettable Visitor Experience

Downtown offers a distinct experience for visitors unlike any other city of its size. Visitors as well as locals enjoy the U.S. Olympic Museum and other one-ofa-kind anchors as well as the shopping, dining, culture and authentic vibe of the city center.

8. A Place for Inspiration, Honoring History and Facing the Future

Incentives to discover Downtown are inspired by enriched relics of the past, including adaptively reusing celebrated architecture and repurposing historic streets to safely support multiple transportation modes. Arts, culture and a thriving culinary and craft brew scene thrive.

The five-year rate case includes base rate increases of 6.5% for electric and water, 4% for natural gas and 9% for wastewater for each year from 2025 to 2029. Changes take effect Jan. 1, 2025, for base rates and development fee changes.

This includes new and updated review and design fees, and electric and natural gas extension fees paid by developers to share the cost of growth.

Energy Wise Time-of-Day Rates

Also effective Oct. 1, 2025 are changes to the time-of-day Energy Wise rate. With Energy Wise rates, customers pay different rates for electricity based on the time of day it is used.

For businesses, this will include changes to demand charges and adjustments to the on-peak time (5 p.m. to 9 p.m. Monday through Friday, excluding holidays).

This rate option encourages customers to shift electric use which helps reduce high demand and the need for Springs Utilities to purchase power during periods when it is most expensive.

Capital projects make up almost 34% of Springs Utilities’ $1.8 billion budget for 2025.

Photo credit: Colorado Springs Utilities

Attention All Business Owner and Executives

Mandatory Beneficial Ownership Interest Reports (BOIR) Due December 31, 2024

BY DANETTE L. R. LILJA

Catchy title, right?

Nonetheless, the information below is important, because it outlines mandatory reporting requirements for an estimated 32 million U.S.-registered business entities, both domestic and foreign. And noncompliance carries heavy fines — $500 a day up to a $10,000 maximum for each offense. So, apologies if this attempt to summarize the “Beneficial Ownership Information Report” or “BOIR” requirements is a bit dense, but synthesizing and infusing intrigue and humor into an overview of any government act is akin to mating a unicorn and dodo bird. Impossible.

The Backstory

On September 22, 2022, the Financial Crimes Enforcement Network (FinCEN) issued a final rule implementing the bipartisan Corporate Transparency Act’s (CTA) beneficial ownership information reporting (BOIR) provisions. FinCEN touted the passing of the CTA as enhancing:

“the ability of FinCEN and other agencies to protect U.S. national security and the U.S. financial system from illicit use and provide essential information to national security, intelligence, and law enforcement agencies; state, local, and Tribal officials; and financial institutions to help prevent drug traffickers, fraudsters, corrupt actors such as oligarchs, and proliferators from laundering or hiding money and other assets in the United States.”1

Agreed that preventing bad actors from laundering or hiding money and other assets in the United States is a good thing. But the reality is that complying with the CTA does place a

burden on small- and medium-sized business. That is simply a fact. Large businesses, as defined in the CTA, are exempt.

Does the BOIR Requirement Apply to Me?

A valid question: read on to find out if you can click through to the next article and bypass the rest of this essay. Threshold Reporting Company Requirement: The requirement to file a BOIR only applies to a “Reporting Company.” As a general rule, an entity is a Reporting Company if the entity was created by filing a formation document with a State agency — e.g., Secretary of State, Division of Corporations, etc. A “State” is defined as any state of the U.S., District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of Northern Mariana Islands, American Samoa, Guam, the United States Virgin Islands and other U.S. commonwealths, territories or possessions, as well as tribal authorities. A Reporting Company also includes non-U.S. entities (entities formed outside the U.S. and its territories) who have authority to do business within the U.S.

Some examples of formation documents are Articles of Organization (limited liability companies, limited cooperative associations, etc.); Articles of Incorporation (corporations, public benefit corporations (B Corps), cooperatives, cooperative associations, etc.); and Certificates of Partnership (limited liability limited partnerships, limited liability partnerships, general partnerships, etc.). Foreign entities typically must file Certificates or Statements of Authority.

My Entity is a Reporting Company, But Is It Exempt? (Fingers crossed…)

Unfortunately, there are only 23 Reporting Company exceptions.

1. Securities reporting issuer

2. Governmental authority

3. Bank

4. Credit union

5. Depository institution holding company

6. Money services business

7. Broker or dealer in securities

8. Securities exchange or clearing agency

9. Other Exchange Act registered entity

10. Investment company or investment adviser

11. Venture capital fund adviser

12. Insurance company

13. State-licensed insurance producer

14. Commodity Exchange Act registered entity

15. Accounting firm

16. Public utility

17. Financial market utility

18. Pooled investment vehicle

19. Tax-exempt entity

20. Entity assisting a tax-exempt entity

21. Large operating company

22. Subsidiary of certain exempt entities

23. Inactive entity

DO NOT assume that your entity falls within one of the above exemptions by simply looking at the exemption category.

And keep in mind that the entity — not the owners — must fall within one of the above exemptions. For example, I have several financial representative clients who have established entities

to receive commissions, but although the individual advisors are registered with the Securities and Exchange Commission (SEC), their entities are not. Therefore, their entities are not exempt from the CTA. Similarly, I have insurance agent clients who hold individual state insurance licenses, but their entities do not, and therefore, their entities are not exempt and must file a BOIR. This is an important nuance that many professional advisors do not grasp when providing guidance to their clients.

Also do not assume that because you are not actively conducting business that your entity meets the “inactive entity” exemption. This exemption only applies if your company:

• was in existence on or before January 1, 2020; AND

• is not engaged in active business; AND

• is not owned by a foreign person, whether directly or indirectly, wholly or partially; AND

• has not experienced any change in ownership in the preceding twelve-month period; AND

• has not sent or received any funds in an amount greater than $1,000, either directly or through any financial account in which the entity or any affiliate of the entity had an interest, in the preceding twelve-month period; AND

• does not otherwise hold any kind or type of assets (money, investments, debt instruments, real property, tangible property, service contracts, etc.), whether in the United States or abroad, including any ownership interest in any corporation, limited liability company or other similar entity.

Small Business

If you have any questions about whether your entity is exempt, check out both FinCEN’s BOIR Small Business Resources webpage: www.fincen.gov/boi/small-businessresources. Both the “Small Entity Compliance Guide” and Frequently Asked Questions are very helpful. And, if you have any doubts whether an exemption applies, simply file the BOIR. Guessing wrong may be very costly.

My Entity is Not Exempt (Please keep reading…)

The good news is that filing an initial BOIR is a one-time deal. Although there is no annual filing requirement, once your initial BOI Report is filed, you are required to file an updated BOI Report within thirty (30) days of any change to the Reporting Company or Beneficial Ownership information. The relevant deadlines are as displayed in Figure A

What is a “Beneficial Owner?”

Arguably, determining who is a Beneficial Owner is the most complex issue relating to preparing and filing the BOI Report. It is also the most important reporting requirement.

The use of the term “Beneficial Owner” is both confusing and misleading, because it immediately implies actual ownership — e.g., stockholder, member or partner. But a “Beneficial Owner” does not necessarily mean ownership; it actually means “control.”

FinCEN is interested in who controls or has substantial influence within the entity. So, a “Beneficial Owner” is defined as any individual who directly or indirectly exercises substantial control over a Reporting Company OR owns or controls ≥ 25% of the Reporting Company’s ownership interests.

And because all reported Beneficial Owners must be individuals – even if your entity is owned by another entity or trust – you are required to disclose the individual Beneficial Owners who ultimately own and/or control the top-level entity and/or trust. You must keep working your way up the

structure until you reach one or more individual Beneficial Owners. It is not possible to conceal the Beneficial Owners by way of a multi-company/ trust structure.

Substantial Control Means What?

An individual who exercises substantial control over the Reporting Company’s affairs, even if that person is not a shareholder, member, partner, etc., is considered a Beneficial Owner. An individual exercises substantial control over a Reporting Company if the individual meets any of these four general criteria.

The individual:

1. is a senior officer; OR

[A senior officer is any individual holding the position of a president, chief financial officer, general counsel, chief executive officer, chief operating officer or any other position/title that has a similar function as these officers. A limited liability company manager and a general partner would be considered senior officers.]

2. has authority to appoint or remove certain officers (including managers) or a majority of directors of the Reporting Company; OR

3. is an important decision maker; OR

[An important decision maker is one who controls:

• The nature, scope and

attributes of the entity; the selection/termination of business lines or ventures, or geographic focus; or the entering into/termination of significant contracts.

• Sales, leases, mortgages or other principal asset transfers; major expenditures/investments, issuances of equity, incurrence of significant debt or operating budget approval.

• Reorganizations, dissolutions or mergers; amendments of any substantial governance documents, including articles, bylaws, operating agreements or significant policies and procedures.]

4. has any other form of substantial control over the reporting company. This is a very broad, catch-all category.

Trusts

If a trust owns a Reporting Company, then the following individuals are deemed to have an ownership interest in the Reporting Company:

• A settlor who has the right to revoke the trust or otherwise withdraw the trust’s assets; OR

• A beneficiary who is the sole permissible recipient of the trust’s income and principal: OR

• A beneficiary who has the right to demand a distribution of or withdraw substantially all the trust’s assets; OR

• A trustee of the trust; OR

• Any other individual who has the authority to dispose of trust assets.

In addition, depending on the Trust Agreement, trust protectors, trust distribution or investment advisors, and/or trust beneficiaries are also Beneficial Owners.

Beneficial Owner Exemptions

There are five (5) Beneficial Owner exemptions, so the following individuals do not need to be reported as Beneficial Owners even if they meet the Substantial Control or Ownership Interest definitions.

1. Minor children.

2. Beneficial owners’ nominee, intermediary, custodian OR agent. Individuals who perform ordinary advisory or other contractual services (such as tax professionals and attorneys) likely qualify for this exception. In scenarios where this exception applies, the actual Beneficial Owner(s) must still be reported.

3. Employees. An individual is considered an “employee” when all three of the following criteria apply.

• The individual is subject to the will and control of the employer in what and how to do work, and that the employer may discharge the individual from work; AND

• The individual’s substantial control over, or economic benefits from, the reporting company are derived solely from the employment status of the individual as an employee; AND

• The individual is not a senior officer of the Reporting Company.

4. Heirs. The individual’s only interest in the Reporting Company is a future interest through a right of inheritance, such as through a will providing a future interest in a Reporting Company.

5. Creditors.

Figure A.

Small Business

Company

Applicants

In addition to reporting Beneficial Owners, “Company Applicants” must be reported if your entity was formed on or after January 1, 2024.

A “Company Applicant” is either a:

• “direct filer” or the individual who physically filed the formation document with the State (e.g., founder, secretary, attorney, CPA, etc.); AND/ OR

• “indirect filer” or the individual who directed the filing of the formation document (e.g., founder, organizer, incorporator, etc.).

If your entity was formed on or after January 1, 2024, you must report at least one Company Applicant – the “direct filer” – and the “direct filer” and “indirect filer” may be the same person.

Filing a BOIR

If you have determined that you must file a BOIR, it is possible to prepare and submit

your own BOI Reports on the FinCEN website: www.boiefiling. fincen.gov/fileboir. You are under no requirement to use a third-party — e.g., attorney, CPA, reporting company, etc. However, the most important thing is that you file an accurate BOIR by the respective deadline.

If after reading this article, you are not comfortable determining if your entity is a Reporting Company, identifying the Beneficial Owners and Company Applicants, and filing the BOIR, please reach out to your trusted advisor – attorney or CPA – for help before the respective deadline.

The penalties for providing late, incomplete, inaccurate, false or fraudulent information include an up to a $500.00 per day fine ($10,000.00 max), as well as 2 years imprisonment.

Happy Filing!

Danette L. R. Lilja is an attorney at law with Northvale Legal. www.northvalelegal.com boir@northvalelegal.com

By The Numbers

Largest Hotels in the Colorado Springs Area*

The Broadmoor - 784 Rooms

1 Lake Ave. | (719) 634-7711 www.broadmoor.com

Hotel Polaris - 375 Rooms

8989 North Gate Blvd. | (719) 886-1100 www.thehotelpolaris.com

Cheyenne Mountain Resort - 316 Rooms 3225 Broadmoor Valley Road | (719) 538-4000 www.cheyennemountain.com

Great Wolf Lodge - 311 Rooms 9494 Federal Drive | (719) 599-9653 www.greatwolf.com/colorado-springs

Colorado Springs Marriott - 309 Rooms 5580 Tech Center Drive | (719) 260-1800 www.marriott.com/en-us/hotels/cosmccolorado-springs-marriott/overview

Chamonix Casino & Hotel - 300 Rooms

201 E. Bennett Ave., Cripple Creek, CO 80813 (719) 689-2142 www.chamonixco.com

DoubleTree by Hilton Hotel - 299 Rooms 1775 E. Cheyenne Mountain Blvd. (719) 576-8900

www.hilton.com/en/hotels/cosp-dtdoubletree-colorado-springs

The Antlers, A Wydham Hotel - 273 Rooms

4 S. Cascade Ave. | (719) 955-5600 www.antlers.com

Embassy Suites by Hilton Hotel - 205 Rooms

7290 Commerce Center Drive | (719) 599-9100

www.hilton.com/en/hotels/coscces-embassysuites-colorado-springs

The Academy Hotel - 200 Rooms

8110 N. Academy Blvd. | (719) 598-5770 www.theacademyhotel.com

Radisson Hotel Airport - 200 Rooms

1645 Newport Road | (719) 247-2041 www.choicehotels.com/colorado/coloradosprings/radisson-hotels/co511

Hilton Garden Inn Downtown - 189 Rooms

125 N. Cascade Ave. | (719) 632-1000

www.hilton.com/en/hotels/cosgigi-hiltongarden-inn-colorado-springs-downtown

Tru and Homewood Suites by HiltonAirport - 175 Rooms

2845 Zeppelin Road | (719) 418-0000

www.hilton.com/en/hotels/cosarru-trucolorado-springs-airport

SCP Hotel - 174 Rooms

2850 S. Circle Drive | (719) 623-2499

www.scphotel.com/colorado-springs

Drury Inn-Air Force Academy - 171 Rooms

1170 Interquest Parkway | (719) 598-2500

www.druryhotels.com/locations/coloradosprings-co/drury-inn-and-suites-coloradosprings-near-the-air-force-academy

Double Eagle Hotel & Casino - 158 Rooms

442 E. Bennett Ave., Cripple Creek, CO 80813 (719) 689-5000 www.decasino.com

InTown Suites - 147 Rooms

6210 Corporate Drive | (719) 593-8188 www.intownsuites.com/extended-stayhotels/colorado/colorado-springs/garden-ofthe-gods

SpringHill Suites - Downtown - 136 Rooms

402 S. Tejon St. | (719) 900-1801

www.marriott.com/en-us/hotels/cossdspringhill-suites-colorado-springs-downtown/ overview

LaQuinta Inn and Suites - South - 131 Rooms 750 Geyser Drive | (719) 527-4788

www.wyndhamhotels.com/laquinta colorado-springs-colorado/la-quintacolorado-springs-south-ap/overview

Popular family-friendly water attraction within the Great Wolf Lodge.

A charming dining experience at the Cheyenne Mountain Resort.

By

The Numbers

The Mining Exchange - 128 Rooms 8 S. Nevada Ave. | (719) 323-2000 www.miningexchangehotel.com

Homewood Suites by Hilton - North127 Rooms 9130 Explorer Drive | (719) 265-6600 www.hilton.com/en/hotels/cosnohwhomewood-suites-colorado-springs-north

Spark by Hilton - I-25 Central - 127 Rooms 7245 Commerce Center Drive | (719) 593-9700 www.hilton.com/en/hotels/cossppe-sparkcolorado-springs-i-25-central

Courtyard by Marriott - North/AFA126 Rooms

1130 Interquest Parkway | (719) 635-8131 www.marriott.com/en-us/hotels/cosnocourtyard-colorado-springs-north-air-forceacademy/overview

Element-Downtown - 125 Rooms 55 E. Costilla St. | (719) 900-1803 www.marriott.com/en-us/hotels/cosedelement-colorado-springs-downtown/ overview

Hyatt Place - Garden of the Gods124 Rooms

503 Garden of the Gods Road | (719) 265-9385 www.hyatt.com/hyatt-place/en-US/coszchyatt-place-colorado-springs-garden-of-thegods

Quality Inn & Suites - Garden of the Gods124 Rooms

555 W. Garden of Gods Road | (719) 355-1214

www.choicehotels.com/colorado/coloradosprings/quality-inn-hotels/co053

MCM Elegante Suites - Colorado Springs122 Rooms

6450 N Academy Blvd. | (719) 590-1111 www.mcmelegantecoloradosprings.com

WoodSpring Suites - North/Air Force Academy - 122 Rooms

1328 Republic Drive | (719) 452-8477

www.woodspring.com/extended-stayhotels/locations/colorado/colorado-springs/ woodspring-suites-colorado-springs-north

Extended Stay America Select SuitesAirport - 121 Rooms

555 Airport Creek Point | (719) 597-2138

www.extendedstayamerica.com/hotels/co/ colorado-springs/airport

Hyatt Place Downtown Colorado Springs120 Rooms

201 E. Kiowa St. | (719) 635-9963

www.hyatt.com/hyatt-place/en-US/denzphyatt-place-colorado-springs-downtown

Mainstay/Comfort Suites - East/Medical

Center Area - 120 Rooms

5940 Stetson Hills Blv. | (719) 300-6215

www.choicehotels.com/colorado/coloradosprings/mainstay-hotels/co331

Hilton Garden Inn Airport - 119 Rooms

2035 Aerotech Drive | (719) 622-0300

www.hilton.com/en/hotels/cosapgi-hiltongarden-inn-colorado-springs-airport

Home2 Suites by Hilton - South - 119 Rooms

1235 Tenderfoot Hill Road | (719) 226-3440

www.hilton.com/en/hotels/denssht-home2suites-colorado-springs-south

Home2 Suites by Hilton - Airport - 119 Rooms

1913 Aerotech Drive | (719) 622-1000

www.hilton.com/en/hotels/coscoht-home2suites-colorado-springs-airport

Extended Stay America - 117 Rooms

3350 N. Chestnut St. | (719) 634-5333 www.extendedstayamerica.com/hotels/co/ colorado-springs

Residence Inn-North/Air Force Academy113 Rooms

9805 Federal Dr. | (719) 388-9300 www.marriott.com/en-us/hotels/costwresidence-inn-colorado-springs-north-airforce-academy

Hyatt House - Airport - 112 Rooms

2875 Zeppelin Road | (719) 622-4600 www.hyatt.com/hyatt-house/en-US/cosxahyatt-house-colorado-springs-airport

Quality Inn South - 111 Rooms

1410 Harrison Road | (719) 579-6900 www.choicehotels.com/colorado/coloradosprings/quality-inn-hotels/co190

LaQuinta Inn Garden of the Gods105 Rooms

4385 Sinton Road | (719) 528-5060 www.wyndhamhotels.com/laquinta/ colorado-springs-colorado/la-quinta-inncolorado-springs-garden-of-the-gods

Source: Visit Colorado Springs

Left: A lobby view of The Mining Exchange. Right: The Mining Exchange building. Images courtesy of the individual resorts.

Pueblo Zoo Achieves Prestigious Accreditation, Strengthens Community Impact

BY TIFFANY UNDERWOOD

The Pueblo Zoo has once again achieved accreditation from the Association of Zoos and Aquariums (AZA), underscoring its commitment to excellence in animal care, education and community engagement. This milestone solidifies the zoo’s reputation as a vital cultural and economic asset in southern Colorado.

The Pueblo Zoo has evolved significantly since its founding as a city operation more than 100 years ago. The zoo transitioned to nonprofit management in the 1990s under the Pueblo Zoological Society, a group of dedicated volunteers who sought to ensure professional care and management for its animal residents.

“This accreditation reflects our unwavering commitment to providing top-tier care for our animals and exceptional experiences for our visitors,” says Abbie Krause, executive director. “It’s a testament to our staff’s hard work and dedication!”

The zoo first earned AZA accreditation in 1992, and has maintained it through rigorous evaluations every five years. The process assesses aspects including animal welfare, safety, financial stability and visitor engagement. “We’re always striving to exceed standards, ensuring that our animals thrive and our visitors leave with

a greater appreciation for wildlife,”

Krause says.

A recent economic impact study revealed that the zoo exceeds its role as a premier attraction, generating more than $20 million annually for the community through direct and indirect contributions. This includes creating jobs, attracting visitors and enhancing the quality of life in Pueblo.

The zoo is also deeply committed to education, offering programs that serve thousands of local students each year. From field trips to handson workshops, these initiatives aim to inspire the next generation of conservationists. “We’ve been a cornerstone of childhood education in Pueblo for decades,” says Krause. “It’s incredible to see the lasting impact we have on young minds.”

Operating as a nonprofit comes with challenges. The zoo relies on a diverse funding model that includes government support, admission revenue and fundraising efforts. Although the model has helped stabilize finances, budget constraints remain a constant concern, particularly as operational standards become increasingly stringent.

“The city’s recent budget cuts have posed challenges, but we’re committed to navigating these obstacles without compromising the care of our animals or the quality of our programs,” Krause says.

The zoo’s small team often wears

Abbie Krause, Executive Director

“Our members love visiting during the winter months because they get to see the animals in a whole new light.

We’re proud to be a part of this community, and we’re excited to see what the future holds as we continue to grow and evolve.”

multiple hats, balancing day-today operations with long-term planning. Despite these hurdles, the organization continues to innovate and expand its offerings.

Annual events, like Boo at the Zoo and Electricritters (winter wonderland light display), draw thousands of attendees and offer unique experiences that blend entertainment with education.

The zoo has also introduced Brew at the Zoo, which capitalizes on Colorado’s craft beer culture to attract new demographics. A wine-tasting event in the works will further diversify its programming target audience.

“We’re always exploring new ways to engage the community and provide unique experiences,” Krause says.

Winter presents unique challenges, as attendance drops in colder weather. However, the zoo has implemented strategies to maintain visitor interest year-round. Many exhibits feature species that thrive in cooler temperatures.

“Our members love visiting during the winter months because they get to see the animals in a whole new light,” Krause says. “From otters frolicking in the snow to cozy indoor exhibits, there’s always something special to experience.”

As part of its long-term vision, the zoo is planning a major renovation project called Wonder World. This aims to modernize exhibits and create

a multi-faceted space featuring a children’s play area, an ambassador animal zone and enhanced educational facilities.

“Wonder World represents the future of the zoo,” says Krause. “It’s about creating a space that not only meets modern zoological standards but also inspires curiosity and learning among visitors of all ages.”

The project is still in the planning stages, but preliminary focus groups and stakeholder meetings have generated interest. The zoo hopes to break ground on the project in the near future.

With its latest accreditation and a steadfast commitment to its mission, the Pueblo Zoo is poised for continued success.

“We’re proud to be a part of this community,” Krause says, “And we’re excited to see what the future holds as we continue to grow and evolve.”

Tiffany Underwood is a staff writer for the SoCo Business Forum & Digest.

Photos courtesy of Pueblo Zoo.

Education

Community Colleges Address Workforce Needs

BY JEANNE DAVANT

Southern Colorado’s community colleges are ramping up their offerings to fill workplace gaps and instituting new programs to make sure their graduates are jobready.

At Pikes Peak State College, a new four-year degree program will prepare students to work in behavioral health, a field with a statewide lack of care access, due in part to provider shortages.

Pueblo Community College is adding several programs for students to earn credentials in health care, which, along with technical jobs, is an area where vacancies exceed all other fields.

Trinidad State College, which celebrates its 100th anniversary in 2025, is gearing up for the next century with new degrees in computer information systems and business administration.

Pikes Peak State College will begin offering a bachelor of applied science degree in behavioral health in the fall of 2025, PPSC Chief of Staff Jim Mancall says. The college already offers an Associate of Applied Science degree in behavioral health, with emphasis in mental health and social work or addiction recovery, and several certificates that students can earn along the way.

A dental hygiene accreditation program will start next summer at the newly renovated Delta Dental Oral Health Career Center, Mancall says.

“It is challenging for students interested in dental hygiene in the Colorado Springs area to find a program,” he says. “This is a highdemand, high-wage employment opportunity, so we’re expecting students will have real opportunities once they graduate.”

Mancall says a two-year engineering technician degree now in development also will provide highwage job opportunities for graduates. Mancall expects the program to be online in fall 2025.

The college is partnering with Microchip Technology, InnovaFlex Foundry and Entegris to develop a three-semester semiconductor technician program, which will

launch in the spring to upskill, their employees.

“We welcome ideas and opportunities to partner with companies on upskilling current employees or providing credentials and certificate programs for their employees,” he says.

Pueblo Community College serves businesses and students in Pueblo County and from its satellite facilities in Cañon City and Mancos, President Chato Hazelbaker says. Although there is interplay between campuses, such as shared curriculum in nursing and law enforcement, programs can be tailored to local needs.

“In January, we are launching a new forestry program in the MancosDurango area,” Hazelbaker says. “That doesn’t exist in Pueblo or Cañon City.”

Across the system, PCC is developing “year to career” programs.

“These are essentially micropathways, and the first couple will be in medical coding and patient care technician,” he says. These programs allow students to earn industry-recognized credentials in a relatively short time, and numerous employers, particularly in mental health, are looking for employees who have them.

PCC has a strong automotive program and is Colorado’s first

Trinidad State College is looking to address current industry needs and expand to help create demand for industries, jobs and technologies of the future. Upgrades to the college’s Associate of Applied Science in computer information systems will address that mission.

community college to develop electric vehicle courses, Hazelbaker says.

“We’re adding two additional EV courses in the fall of 2025 to make sure those students are getting the latest certificates,” he says.

Next spring, PCC is launching bachelor of applied science degrees in cybersecurity and business administration, and the college is developing a four-year degree in behavioral health, Hazelbaker says.

The college works closely with local businesses and even with unions to develop apprenticeships.

“Many of the unions have existing apprenticeship programs. As we look to grow apprenticeships, that’s one of the things we’re really focusing on,” Hazelbaker says.

Entering its second century and developing a 10-year strategic plan, Trinidad State College is looking to address current industry needs and expand to help create demand for industries, jobs and technologies of the future, thus changing the region’s economic climate, says Jim Kynor, TSC’s vice president of operations and business development.

Upgrades to the college’s Associate of Applied Science in computer information systems and a Bachelor of Applied Science in business administration with a concentration in

management — deployed this year — will address that mission, he says.

Students pursuing the CIS degree can specialize in cybersecurity, database administration or cloud administration and secure CompTIA industry certifications to begin working while completing their degrees.

The BAS in business administration allows students to build upon certificates and associate degrees they have already earned. According to the Bureau of Labor Statistics, job openings and salaries for managers with degrees in business administration are expected to grow faster than the average for all occupations between now and 2033.

“We’re hearing from our industry partners that when we get these programs into place and educate a critical mass, we will see more businesses relocate and then employ these graduates,” Kynor says.

Although the college will continue to offer agriculture, welding, automotive, nursing and other programs on its Trinidad and Alamosa campuses, “we want to bring in new programs that will allow our youth to want to remain where they are,” he says.

Jeanne Davant is a senior writer for the SoCo Business Forum & Digest.

Must Read

Tribal

How

the Cultural

Instincts

That Divide Us Can Help Bring Us Together

by Michael Morris

336 pages • Published October 1, 2024 $27.90 on Amazon

Tribalism is our most misunderstood buzzword. We’ve all heard pundits bemoan its rise, and it’s been blamed for everything from political polarization to workplace discrimination. But as acclaimed cultural psychologist and Columbia University professor Michael Morris argues, our tribal instincts are humanity’s secret weapon.

Ours is the only species that lives in tribes: groups glued together by their distinctive cultures that can grow to a scale far beyond clans and bands. Morris argues that our psychology is wired by evolution in three distinctive ways. First, the peer instinct to conform to what most people do. Second, the hero instinct to give to the group and emulate the most respected. And third, the ancestor instinct to follow the ways of prior generations. These tribal instincts enable us to share knowledge and

goals and work as a team to transmit the accumulated pool of cultural knowledge onward to the next generation.

Countries, churches, political parties and companies are tribes, and tribal instincts explain our loyalties to them and the hidden ways that they affect our thoughts, actions and identities. Rather than deriding tribal impulses for their irrationality, we can recognize them as powerful levers that elevate performance, heal rifts and set off shockwaves of cultural change.

Weaving together deep research, current and historical events and stories from business and politics, Morris cuts across conventional wisdom to completely reframe how we think about our tribes. Bracing and hopeful, Tribal unlocks the deepest secrets of our psychology and gives us the tools to manage our misunderstood superpower.

Advertiser Index / In Alphabetical

Thank you to each and every advertiser listed.

Air Force Athletics

Alpine Bank

Altitude Hospitality Group

APG: Advanced Printing & Graphics

Bank of Colorado

Bryan Construction

Business Digest Weekly Radio

Colorado Springs Hispanic Chamber of Commerce

Colorado Springs Utilities

Dad’s Donuts

Garden of the Gods Resort & Club

Kaiser Permanente-Colorado

InBank

Marquesa Hobbs/Platinum Group

Minuteman Press

NORTH Magazine

Pikes Peak Small Business Development Center

Pikes Peak Workforce Center

Southern Colorado Women’s Chamber of Commerce

Underline Infrastructure/Colorado Springs

United States Golf Association

Hosted By Dirk R. Hobbs Media Entreprenuer & Founder of Colorado Media Group, Inc.

Whether you’re celebrating the biggest milestones in life with friends and family, or simply enjoying a night out with the one you love, we look for ways to over-deliver on every detail. With over 65,000 square feet of event space and everything from catering to floral design, Altitude Hospitality Group is here to account for every detail.

From intimate gatherings to full-scale parties, book your holiday party space now!

Learn more about our family of brands at altitudehg.com