So. Colorado Business Forum & Digest || MAY/JUN || 2024

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

Dirk R. Hobbs

dhobbs@coloradomediagroup.com

MANAGING EDITOR

Lee Harper lharper@coloradomediagroup.com

CREATIVE DIRECTOR

Christopher Tombaugh ctombaugh@coloradomediagroup.com

SENIOR GRAPHIC DESIGNER

Geraldine Villanueva

DIRECTOR OF MEDIA SALES & PARTNERSHIPS Holley Johnson hjohnson@coloradomediagroup.com

STUDIO NARRATOR/ BUSINESS DIGEST WEEKLY Rachael Plath

SENIOR WRITERS

Pam Bales, Jeanne Davant, Warren Epstein & Wayne Heilman

STAFF WRITERS

Olivia Bond, Kim Daly, Emilie Hagopian Keri Kahn, Kay Rowe & Tiffany Underwood

SOCODIGEST.COM WEB TEAM

Sterling McMannis & Angelina Pecoraro

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Don Jones - Studio 9 Commercial Photography

STRATEGIC MEDIA & PRODUCTION PARTNERS KKTV 11 NEWS & Salem Media AM1460/101.1FM

Publisher’s Letter

This fall, the Southern Colorado Business Forum & Digest will endeavor to recognize many of the region’s top 40 business professionals under the age of 40. The 40 Under 40 campaign will feature professionals throughout southern Colorado in a myriad of industries and professions, as well as community leadership and service.

It is incumbent upon us to celebrate those who make exemplary efforts and contributions to the development of our communities and the employers they serve.

When we pause to highlight young leaders and professionals — their hard work, sacrifice, intelligence, character and leadership qualities — it builds generational rapport. It also demonstrates that we see and value their perseverance, smart work, and commitment to making our communities better and stronger.

The formal nomination process for The Digest’s 40 Under 40 campaign will begin in August. A culminating event and celebration of the best and brightest leaders will follow in early November. More information to follow soon.

Turn to page 26 of this issue for a good example of passing on values and integrity from one generation to the next. Packaging Express is a family-owned business where hard work and dedication have paid off over the years.

The sports economy of our region is full of young leader-athletes who are part of a half billion dollar economic impact locally. Read about the Colorado Springs Sports Corporation’s litany of sporting events

and their ramifications here on page 31 — the numbers tell the story.

Throughout the history of Trinidad, that little town near the southern border, residents have been (not are) dedicated to keeping their economy alive. On page 11, read the stories of transformation, from the days of the Wild West to the current stage of reinvention.

And the 2024 legislative session ended in May with a bit of a whimper for the business economy. See the highlights on page 13, with an educational graphic on how to understand our state’s political process, simple and clear — unlike so much in the political arena!

Remember to sign up for The Digest at socodigest. com/subscribe to receive issues after June 30, and to keep up with our announcements about The Digest’s 40 Under 40.

Until next month,

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

Contents / May/June 2024

Corrections to Jessie Kimber article in April's Digest: Kimber retired as the deputy for Intelligence Analysis at NORAD & USNORTHCOM, not deputy of NORAD. The 500% increase in Economic Development in COS was over the prior 10 years, leading up to 2024. She worked with the PPBEA (Pikes Peak Business Education Alliance) not the HBA. The Digest apologizes to Ms. Kimber and sincerely regrets the errors.

EDUCATION

9 Farewell Song for Richardson

Colorado College bids farewell to the president who set her sights high, and then exceeded them.

BY PAM BALES

19 Launching Leaders of the Future

More than 240 graduates of USAFA will report to programs in graduate studies this fall. Nearly 100 of those students achieved fully funded scholarships for their studies.

BY KIM DALY

MUNICIPAL PROFILE

11 Examining the Evolution of Trinidad

Once the home of western legends Bat Masterson and Kit Carson to cannabis capital of the plains, Trinidad keeps reinventing itself. With the economic topography changing once more, how will the little-town-that-could transform next?

BY WARREN EPSTEIN

ECONOMIC DEVELOPMENT

9 New COS Lounge for VIPs

The lounge is being renovated as part of Phase 2 of the airport’s eight-phase remodeling plan, currently underway. The airport recently completed Phase 1, which included remodeling of gates and upgrades to restrooms at the south end of the concourse.

BY JEANNE DAVANT

15 Omni Federal Announces Expansion

The defense contractor is the latest to announce plans for major expansion, extending a two-year series of similar announcements that will generate nearly 3,000 jobs. The selection was made after a thorough review of several cities.

BY WAYNE HELLMAN

23 Avanzar Aims to Support Small Business

Colorado Springs Hispanic Chamber of Commerce promotes benefits of Avanzar including business plans, marketing strategies, tech tools and growth incentives.

BY TIFFANY UNDERWOOD

25 Economic Forum: Region Sees Industrial Policy Revival

A revival in government efforts to encourage the growth of particular industries and sectors and directing the development of the economy gets mixed reviews from audiences.

BY DR. BILL CRAIGHEAD

GOVERNMENT

13 2024 Legislative Session a Wash for Business

Construction defect litigation didn’t get the changes hoped for, according to Dave Dazlich of the Colorado Springs Chamber of Commerce & EDC. However, other bills were signed (or should be) to help housing construction, child care, health insurance and military families.

BY JEANNE DAVANT

SMALL BUSINESS SPOTLIGHT

26 Thinking Outside the Corrugated Box

Packaging Express is a family-owned business that has built a following for their display and packaging products. Not everyone wants a million boxes, or wants to buy from Amazon.

BY KERI KAHN

33 MIRASOL: Film Explores Threat to Region’s Water

The Palmer Land Conservancy has produced a documentary on the families who hang on to the few small farms that remain in Pueblo County. And how development and other rivals eliminate 2,000 acres of open land each day in the U.S.

BY KRISTIE NACKORD

SPORTS ECONOMY

31 Faster, Stronger, Higher

29 2C Ghostbuster Vehicle Seeks

to Capture Road

Data

What used to take a team of six people three years is now completed in 30 days by a vehicle that looks like something straight out of the movies. Read more details on the 2C ballot issue for infrastructure improvements, which won’t raise taxes.

BY KAY ROWE

HOUSING

22 Apartment Market Reflects Demand and Supply Tension

A record high number of apartments — under construction or development — in metro COS in Q4 of 2023 has not resulted in a significant drop in rent prices. Dr. Tatiana Bailey talks about who can and can’t afford the units coming online.

BY JEANNE DAVANT

27 Plant Plans Pushed to 2025

Citing losses to government-subsidized competition from China, Meyer Burger says financing should be in place for a 2025 opening of its solar cell production plant.

BY WAYNE HEILMAN

ADVANCED MANUFACTURING ENVIRONMENT

30 Colorado Springs Utilities Pushes Back on PFAS Contamination

After being categorized as unregulated contaminants by the EPA for years, some of these human-made chemicals — found in millions of products including lipstick, clothing and cookware — are finally being monitored.

BY COLORADO SPRINGS UTILITIES

Last year alone, Colorado Springs Sports Corporation’s 11 signature and partner events brought in over $100 million in economic impact to the city, with over 52,000 room nights, more than 25,000 athletes, and nearly 300,000 spectators. Where will the CSSC go from here?

BY KERI KAHN

The famous Trinidad sign perched on top of Simpson’s Rest. P. 11

The remarkable U.S. Olympic & Paralympic Museum.

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Updates From Around the Region

El Paso County Colorado Springs Needs More Housing

The Common Sense Institute (CSI) released a study May 22 on housing affordability in Colorado Springs. It found that increased demand and lagging development have created a significant housing shortage and a major decline in affordability. According to the report, the city has a shortage of up to 27,360 housing units.

Colorado Springs was recently named the No. 3 Best Place to Live in the United States by U.S. News and World Report. The city was also ranked No. 35 in the U.S. News housing affordability index.

Mayor Yemi says, “Colorado Springs is predicted to keep growing as we create and attract more jobs and remain an attractive place for college grads, families looking to settle down, and retirees and veterans looking for a safe and beautiful community. We must make the right policy choices to ensure we are planning for that growth, continue fostering community partnerships, and secure sustainable funding instead of letting this situation worsen. Bottom line, we must increase the amount and variety of housing options so that residents can find and choose housing that is right for them.”

Highlights from the Common Sense Institute’s Colorado Springs Housing Affordability Study

• In 2023, the Colorado Springs housing deficit is in the range of 16,554 to 27,360 units.

• To meet population growth by 2028, between 32,000 and 43,000 housing units need to be built.

• The affordability of purchasing a home in Colorado Springs is at an all-time low.

• Mortgage and interest rates have risen 82.6% in the last decade, vastly outpacing income growth.

• Household incomes have not kept pace with rising housing costs. Between 2015 and 2024, the hours of work needed to cover the median mortgage payment doubled from 43 to 86 hours.

• Current housing permit levels are significantly below what’s needed to address the unit deficit.

The full CSI report is available at: CommonSenseInstituteCo.org/ colorado-springs-housing-affordability-report-2024

Pueblo & Chaffee Counties

Governor Announces Geothermal Energy Grants

On May 24 at Fire Station #8 in Pueblo, Governor Jared Polis and the Colorado Energy Office (CEO) announced $7.7 million in grant awards through the Geothermal Energy Grant Program to advance the use of geothermal technology in the state. Efforts to develop the state’s geothermal energy resources is essential to achieve net-zero greenhouse gas emissions by 2050, while creating good-paying jobs and ensuring affordable and reliable access to clean energy for all Coloradans, according to the state’s release.

This investment will support 35 projects to install geothermal heat pumps in buildings; study and develop interconnected geothermal systems between buildings (thermal energy networks); and test and confirm geothermal resources for zeroemissions electricity generation. Awardees are expected to invest more than $100 million into the awarded projects to leverage the state investment.

Geothermal energy has applications across sectors, providing extremely efficient, zero-emissions building heating and cooling and reliable clean electricity, regardless of weather conditions. Both thermal energy networks and geothermal electricity generation require the same workforce skills as jobs in the oil and gas industry, the release says.

The awarded projects reflect a broad diversity of geographies and technologies. The City of Pueblo, for example, will use $270,000 in grant funding to install ground-source heat pumps for heating and cooling at three new, net-zero emissions fire stations. This project is anticipated to save taxpayer dollars, resulting in more than $28,000 in energy cost savings annually.

Mt. Princeton Geothermal, LLC was awarded $500,000 in support of drilling a confirmation well to better understand the subsurface geology of the Mt. Princeton area and open geothermal energy opportunities across the region, including the potential for up to 10 MW of developed electricity capacity, green hydrogen production, and cogeneration of heat through distributed thermal energy networks to nearby facilities and communities. The project aims to reduce dependence on fossil-fuel energy, improve electricity quality, create jobs, provide long-term employment, reduce electricity costs and offer tax benefits for the community.

For a full list and descriptions of awarded projects, see: drive.google.com/file/

Rendering of Fire Station 11 in Pueblo.

Regional Professional Business Organization Links & Events

BBB of Southern Colorado bbb.org/local-bbb/bbb-of-southern-colorado

Castle Rock Chamber castlerock.org

Colorado Springs Chamber & EDC coloradospringschamberedc.com

The Colorado Springs Black Chamber cosblackchamber.com

Colorado Springs Hispanic Chamber cshispanicchamber.com

Downtown Colorado Springs Partnership downtowncs.com

The Greater Pueblo Chamber pueblochamber.org

Greater Woodland Park Chamber of Commerce woodlandparkchamber.com

Latino Chamber of Commerce of Pueblo, Inc. pueblolatinochamber.com

Pueblo Economic Development Corp. pedco.org

Royal Gorge Chamber Alliance royalgorgechamberalliance.org

Colorado SBDC - Pikes Peak Small Business Development Center pikespeaksbdc.org

Southern Colorado Women’s Chamber scwcc.com

Tri-Lakes Chamber of Commerce Economic Development Visitor Center trilakeschamber.com

Trinidad & Las Animas County Chamber of Commerce tlacchamber.org

Education

President Richardson’s Farewell Song

BY PAM BALES

L.Song Richardson assumed the presidency of Colorado College in July of 2021. Now, Colorado Springs is saying goodbye after just three years — but what a three years it’s been.

“We have achieved many of the ambitious goals we set for ourselves during my tenure, thanks to an amazing community in Colorado Springs and our remarkable staff, faculty and student body,” expresses President Richardson.

She is heading back to the University of California - Irvine School of Law, where she was previously the Dean and Chancellor’s Professor of Law. “I’m excited to teach again, and to take everything I’ve learned as a leader at different institutions to launch an institute focused on leadership and educational access.”

During Richardson’s presidency, Colorado College invested in curricular innovations; prioritized civic preparedness and courageous conversations; broke fundraising records; received the most student applications in its history; increased access and affordability; developed its

first partnership with a community college; launched a groundbreaking mental health and wellness partnership with Children’s Hospital; received national recognition for its commitment to diversity, equity and inclusion and more.

President Richardson also launched Project 2024, an initiative that engaged the entire CC community — students, staff, faculty and alumni — to ask the question, “How can we do what we do better?” Among other takeaways, Project 2024 reinforced liberal learning as central to a CC education, as the college explored new opportunities for interdisciplinary inquiry and experiential learning made

possible through CC’s unique block plan pedagogy.

Throughout Richardson’s presidency, CC prioritized increasing access for students regardless of their ability to pay — including programming specifically tailored to local students and families. “We want our Springs families to know that CC is a viable option for them,” says Richardson. “That’s why we expanded our Colorado Pledge, which promises Colorado families that they will pay no more in tuition at CC than they would at any of Colorado’s public institutions.

“We have also expanded our visibility on the national stage. We

are playing an important role in shaping the conversation around the challenges facing higher education and offering solutions,” Richardson notes.

She is confident that CC will not lose momentum in achieving the ambitious goals it has set for itself after her departure. The transfer of leadership will be seamless, according to Richardson. Her executive vice president and chief of staff, Manya Whitaker, will serve as interim president for the next two years.

“While I’m excited about my next chapter, I will miss this welcoming community — and most of all, our CC students, staff and faculty. CC and the Springs have left an indelible impact on me, and I hope that I have made a difference during my time here. I look forward to returning as President Emeritus to experience all the ways that this remarkable place will continue to evolve and thrive,” ends Richardson.

New COS VIP Lounge to Pamper Business Travelers Economic Development

BY JEANNE DAVANT

Business travelers holding a Priority Pass® will soon have a finer place to wait for their flights at the Colorado Springs Airport.As part of the airport’s $36 million modernization project, the Premier Lounge will be renovated and service will be upgraded.

“We have contracted with a professional lounge operator, Global

Pam Bales is a senior writer for the SoCo Business Forum & Digest. A rendering of the COS concourse after renovations. Photo courtesy of COS Airport.

Eva Lempert Photography

COS Airport

Lounge Network, that will take over operation of the lounge,” says Greg Phillips, COS director of aviation.

The lounge, which closed in February, offered a limited menu of snacks, soft drinks and water. When the new lounge opens this fall, travelers can order a variety of food and drinks, including alcoholic beverages, Phillips says.

The lounge is being renovated as part of Phase 2 of the airport’s eight-phase remodeling plan, currently is underway. The airport recently completed Phase 1, which included remodeling of gates 2 and 4 and upgrades to the nearby restrooms at the south end of the concourse. The agent and boarding podiums at the two gates have been fully updated with new technology, Phillips says.

“We have gone to what we call a common use passenger processing system,” he says. “That allows us to shift airlines to and from different gates and is one way to maximize the utility of the gates.”

Previously, individual airlines had proprietary software at their own gates, Phillips says, which can result in longer wait times for landing flights, unused gates and difficulties for departing flights scheduling. With the new technology, airlines will be able to use any of the airport’s 12 gates by logging on to its own system.

Other upgrades include a hearing loop system that

ties into the airport’s PA and transmits to people with connected hearing aids; accessibility improvements to the bathrooms including wider stalls and entryways; and sustainability improvements including LED lighting and energy-efficient windows.

“We think it’s important to be a leader in accessibility,” Phillips says. “We’ve looked to not just meet ADA requirements but to exceed them.”

The new technology and upgrades will next be installed at gates 6, 8 and 10 and the bathrooms at the north end of the concourse. Along with renovation of the lounge, that list will constitute Phase 2 of the overall project. All eight phases are expected to be completed by May 2026.

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

TRAVELERS can follow the progress of the renovation at: ELEVATECOSAIRPORT.COM.

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Lounge for COS designed by Global Lounge Network architectural partner ARQUITECTURA & ESTILO. Rendering courtesy of Global Lounge Network

Cover Story

Examining the Evolution of Trinidad

BY WARREN EPSTEIN

This beautiful and quirky town tends to change identities much the way Queen Elizabeth II changed hats. Soon after its founding in 1862, it became an icon of the American West — the gateway to New Mexico from the north, and to Colorado, the Historic Santa Fe Trail and the Highway of Legends Scenic Byway from the south — home to such Western legends as lawman Bat Masterson, town marshal, and Damon Runyon, writer and semipro baseball coach.

But through the early part of the 20th century, Trinidad traded cowboy hats for miner’s helmets as it turned into a coal-mining boom town and a birthplace for America’s labor movement. The Ludlow Massacre, an infamous slaughter of striking miners, happened just 18 miles to the north. By the ’60s, the miner’s helmets had been traded for headbands, as Trinidad became an unlikely center for the hippy movement and home to Drop City, an experimental counterculture commune.

A few years later, a different kind of counterculture took hold as country doctor Stanley Biber became a pioneer

in gender-affirming surgery — soon Trinidad gained the reputation as “the sex-change capital of the world.”

Next came weed. Seeking new revenues to lift its lackluster economy, Trinidad embraced Colorado’s legalization of cannabis like no other town in the Centennial State. By 2015, it had about two dozen retail shops, generating $44 million in sales. High Times called Trinidad “Weed Town, USA.” Eventually, the town boasted over 30 shops. However, the 2021 legalization of recreational pot just over the border in New Mexico eroded the Trinidad pot market and about a third of the Trinidad shops have since closed.

Now? You might say Trinidad is between hats.

“You’re catching us at a time when we’re creating who we are going forward,” says Pat Howlett, president of the Trinidad Las Animas County Chamber of Commerce and a longtime resident. “We get to redefine who we are.”

Howlett says this moment of indecision grants Trinidad the rare opportunity to evolve smartly, learning not only from its past, but from the mistakes made by other mountain towns. For instance, he worries that leaning too hard into growth and tourism could leave many

residents behind. Some residents want Trinidad to be Mayberry; others want to go full-on Breckenridge.

“That tension is a good thing,” says Howlett. “It forces tough conversations.”

Despite all the booms, busts and changes of identity, the town of just over 8,000 residents has reason for optimism. For starters, the amazing assets — unrivaled Colorado turn-ofthe-century architecture, spectacular natural features, an interstate highway and rail travel.

Nature on the Rocks

From miles away, like a stone shovel blade sticking up from the mountain, you can see Fishers Peak. For centuries, Fishers Peak was private land but, in 2020, Colorado Parks and Wildlife bought it and developed nearly 20,000 acres, making it the second largest state park in Colorado.

Four miles west of town is another state park, this one centered on Trinidad Lake. The lake provides a popular tranquil spot for boating, kayaking, paddle boarding, biking, hiking, camping and, oddly enough, diving. A small mining community lies at the bottom of the ’70s-era reservoir,

similar to the one at the bottom of Lake Dillon.

The natural landscape around Trinidad certainly ranks among the most spectacular in Colorado. From Simpson’s Rest, a bluff on the north end of town, you can gaze at Fishers Peak to the southeast, the Sangre de Cristos and Spanish Peaks to the northwest and the Purgatoire River snaking through town. Those views no doubt help drive a huge boon in Las Animas County’s gravel cycling community. A network of more than 1,600 miles of rural gravel roads attracts more bicyclists than cars.

Walk Back in Time

The region’s breathtaking outdoor landscape is matched by the spectacular historic architecture throughout the town. You can spend a weekend here taking in the brickpaved streets lined with lovingly restored stone and brick buildings, as well as neighborhoods filled with colorful, elaborate Victorian homes. You can learn more about those buildings and homes, as well as the rest of the town’s fascinating past, at the Trinidad History Museum. The museum is located on the historic

Main Street, home to dozens of other historic buildings now filled with cafes, bars, coffee shops, antique shops, art galleries and pot shops.

On the first Friday of each month, Main Street bustles with residents and visitors participating in the monthly art walk as musicians play on the street. At the center of the event is the A.R. Mitchell Museum of Western Art, a two-story restored department store with pressed tin ceilings and a horseshoe-shaped mezzanine that creates awesome interior views.

On a recent First Friday, folks milled about the food table, enjoying snacks and wine, and taking in the traditional cowboy art and impressive landscapes by some of the finest Colorado artists.

Five years ago, Cyenda Stormant and her family moved from Anchorage to Trinidad. Stormant, who works part time at a nearby coffee shop, studied art at Trinidad State College and recently displayed some of her pieces at the Corazon Gallery, an artist coop.

“My grandma moved here to grow weed,” she says with a laugh. “I like it here a lot,” she continues. “At first, I wasn’t sure. I was used to bigger towns. But it’s really grown on me. Everything is within walking distance.

And the art scene is very strong for such a small place. I have high hopes for Trinidad.”

Big Money Comes to Town

Stormont has plenty of company joining in her high hopes. Over the past decade, more than $150 million in public and private investment has poured into Trinidad, some of it from Springs car dealer Jay Cimino, who recently passed away; there’s a park here named after him.

That investment was meant to spark a cultural renaissance in the town. Much of it went to outdoor recreation assets, such as Fishers Peak. Some went to the regional hospital or infrastructure improvements, and a lot of it went to boosting the arts.

Infrastructure improvements included the renovation of a historic theater, upgrading galleries and creating an affordable live-work apartment complex in the middle of Main Street. Those investments certainly have put luster and energy into the cultural landscape, but in many ways, the town also seems to be losing momentum.

Two major arts events recently

shuttered. High-paying jobs are hard to find. Even town boosters like Howard Lackey, co-owner of Moose’s Social Club & Martini Bar, who love Trinidad and see so much promise here, get frustrated by the city’s lack of progress.

“We’re a town with the most potential that’s done the least with it,” Howard says.

Potential is certainly a doubleedged sword. Even with all the tremendous assets in outdoor recreation, architecture and some fine shops, galleries and restaurants, Trinidad is facing economic stagnation as cannabis revenues fall.

Howlett sees some hope in the new post-pandemic remote workforce, as workers in other places throughout the country look for more beautiful and affordable places to call home. He also looks to small manufacturing as a way to strengthen and diversify the workforce.

One example is Colorado Sun Tofu, formerly of Northglenn. The owners, who also co-own two of Denver’s most popular vegan restaurants — City O’City and WaterCourse — saw Trinidad as a nice place for the family to live, and a way to lower the overhead on their tofu.

Simpson’s Local Market, a small

independent gourmet grocery is here, stocked with produce from local farms as well as killer breakfast burritos in the ready-to-eat section. Erica Gonzalez, one of the four partners who own the shop, moved from Denver two years ago and finds the slow pace and outdoor lifestyle the perfect combo.

“It’s got a mountain park and a lake park,” she says. “It has a sense of community, it’s accessible — it’s been a culture shock in all the right ways.”

So, maybe Trinidad hasn’t yet found that big next identity, it’s new hat; but for some visitors and locals, the current hat, stylish if a bit frayed, is the perfect fit.

Warren Epstein is a senior writer for the SoCo Business Forum & Digest.

Museum director Allyson Sheumaker.

Jay Cimino Downtown Park is located on Modica Drive.

Government

2024 Legislative Session a Wash for Business, Better for Citizens

BY JEANNE DAVANT

One of the biggest disappointments of the 2024 Colorado legislative session for Dave Dazlich was the failure of a bill that would have changed the rules on construction defect litigation.

Senate Bill 106 “would have been a good, proactive step in the construction litigation reform space,” says Dazlich, vice president of government affairs with the Colorado Springs Chamber & EDC.

The bill contained several provisions to lessen the likelihood of litigation over construction defects in condominium developments. The current regulations have spurred multiple lawsuits, the withdrawal of insurers from the market and a virtual halt to new condo construction. Housing advocates saw the bill as opening the door to more housing for the “missing middle” home buyer.

“We spent the better part of the session working on this,” Dazlich says. But, despite several compromises, opposition from the Trial Lawyers Association was such that, “when the bill got to the House, we didn’t see a path forward with it remaining intact and meaningful,” he says.

Overall, “I wouldn’t call this a business-friendly session,” he says, “but I think our efforts to mitigate the effects of bad policy were largely successful. I would say the session ended on a much softer note than it started. It was largely a wash for businesses.”

Win for Military Dependents

House Bill 24-1008, which would have made a general contractor liable for wage claims against subcontractors, would require general contractors to carry additional insurance, a cost that would be passed along to consumers, he says. (The bill, which passed, was vetoed May 17 by Gov. Jared Polis.) The legislature also imposed additional scrutiny

on landlords and extended eviction timelines.

Those were the major negative takeaways from the session, Dazlich says. On the positive side, he notes that HB24-1097 expands coverage of military dependents to allow their occupational licenses or certifications from other states to be recognized in Colorado.

HB 24-1237 was a bipartisan effort that funds programs to develop additional child care facilities, he says — a victory in one of the Chamber’s business priority areas.

Senate Bill 24-233 continued the work of last year’s special session to mitigate the large increases in valuations residential property owners have seen, he says.

“After a lot of compromises, we see some caps in both the commercial and residential spheres,” Dazlich says. “We see about $1.3 billion annually in property tax relief.”

That doesn’t mean property owners will see a big reduction in their property tax bill, but “they can probably expect to not see the kind of massive increases we saw from 2021 to 2023,” he says.

Health Insurance, Child Care

The Small Business Majority, a

national organization that works to empower entrepreneurs, focused its advocacy on top policy issues including healthcare, workforce and child care, says Lindsey Vigoda, Colorado director and national quality jobs policy director.

“We were successful even despite a very fiscally hard year at the legislature, with budget constraints and the midsession realization that we don’t have as much money as we thought we were going to have,” she says.

Good Business Colorado, an organization of businesses working toward prosperity while supporting social equity and a sustainable environment, supported HB24-1223 —  to strengthen and streamline the state’s Child Care Assistance Program, making it easier for families to qualify for benefits. The organization also favored HB24-1004, which removes barriers to occupational licensing or starting a business for some individuals with criminal backgrounds. The legislature held strong to ensure that people with violent or sexual offenses would be barred from child care licensing, but the bill could impact the state’s worker shortage, Vigoda says.

The organization initially opposed SB24-73, which aimed to limit the small group healthcare market to

employers with 1-50 employees, because of concerns that shrinking the insurance pool would raise premiums. After a lot of conversation, Vigoda says, the legislature passed a measure that creates separate rate pools for businesses with 1-100 and 1-50 employees, and allows the Division of Insurance to keep the market expanded if rates go up for the latter group.

Affordable Housing

Good Business Colorado ran its own bill for the first time, Director of Policy Angelique Espinoza says. Senate Bill 24-152 would have incentivized Colorado food and beverage businesses to purchase products from suppliers that practice regenerative agriculture with a 25% income tax credit, Espinoza says. The bill gained support early in the session but was a casualty of the midseason budget shortfalls.

Two bills cleared the hurdle were HB24-1152, which requires municipalities to allow single-family homeowners to build accessory dwelling units on their property, and HB24-1313, which encourages communities to build affordable housing near transit lines. Both bills encountered opposition since they

Colorado State House in Denver

HOW A BILL BECOMES LAW IN COLORADO

may supersede local regulations, but “we supported this because housing is one of the primary pain points that we hear from employers in terms of being able to find employees who can afford to work in their communities,” Espinoza says.

Dazlich encourages business people to follow the debates and negotiations that shape the state’s legislation and to participate if they can.

“We saw a very active and engaged segment of the business community managing to make significant differences” this year, he says.

“When folks engage, through their local representatives or advocacy organizations or the state government as a whole, there are real results.”

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

And By the Way...

The state of Colorado mandates teaching the legislative process of the State's General Assembly during fourth grade. For those who missed that lesson, or simply forgot, the above graphic is an overview, adapted from the state’s website (colorado.gov).

Every year the Colorado General Assembly meets from January through May to engage in the process of public decision making with an objective of reaching consensus on a wide range of issues affecting every citizen.

Elected state senators and representatives carry out the difficult task of determining which laws and policies will best serve these interests. Legislators rely heavily on input from many different sources and receive a great deal of technical information from legislative staff, state agency personnel, and professional lobbyists. Yet, much of what they decide actually depends on the views, interests and preferences of the citizens who elect them. The legislative process was designed to work as a close, open and positive relationship between elected officials and the citizens whom they represent.

Fails

Aerospace & Defense

Omni Federal Announces COS Expansion Plans

BY WAYNE HEILMAN

Adefense contractor that aims to bring commercial software development to the military became the latest to unveil plans for a major expansion in Colorado Springs, extending a two-year series of similar announcements that will generate nearly 3,000 jobs.

Omni Federal, which builds software and digital services for the U.S. Space Force and other military and intelligence customers, plans to hire 500 ground station, systems, software and network engineers as well as data scientists and security analysts during the next two to four years to complete the $550 million in government contracts it expects to land. The jobs will pay an average annual wage of $150,000, or more than triple the average wage in El Paso County.

Aerospace and defense contractors have fueled the biggest round of economic development projects since the early 1990s, making up two-thirds of 15 companies that have announced expansion plans since early 2022 and two-thirds of the nearly 4,700 people those companies plan to hire during the next several years. Those 15 companies plan to make more than $2 billion in capital investments on buildings, equipment and other purchases.

Omni Federal selected Colorado Springs over Huntsville, Ala.; Los Angeles; Orlando, Fla.; and Washington, D.C. for the expansion and has not requested financial incentives from local or state governments, according to a news release from the Colorado Springs Chamber & EDC. The company spent $400,000 opening an 8,300-square-foot office in the Interquest area and expects to spend up to $1.6 million more in the coming months.

“We build software that users want to use instead of having to use,” says Parag Thakker, Omni Federal’s cofounder and CEO, during a news conference in late April. “Young military operators need better software. They use the best software from Amazon and other top technology companies at home, so we need to modernize the software they use at work. We bring a fresh perspective on how software should be done.”

The company now employs about 20 people in its Colorado Springs office and could double that total by the end of the year, says Brad Kettner, Omni Federal’s vice president of space growth in Colorado Springs. Hiring is expected to expand significantly early next year, when the company hopes to win a $500 million Space Force contract for the second phase of the next generation of ground systems for command and control.

“With Omni Federal’s outstanding talent already in this area, doubling down on our investment was a logical decision,” Thakker says in the chamber release. “After a thorough evaluation of several cities, Colorado Springs emerged as the perfect location for expansion. The city provides a dynamic business environment, innovative technology and top-tier talent committed to tackling the complex national security challenges within the space and intelligence sectors.”

Omni Federal and defense giants Ball Aerospace, General Dynamics and Parsons each won $9.7 million contracts in November

to develop designs for ground systems that control spacecraft and process data from current and future missile-warning satellites. Kettner says the company demonstrated its latest design for Space Force in late April, which he says was well received and fueled confidence that Omni Federal will win the next phase contract.

Thakker and Kevin Coyle, now chief operating officer of the company, started Omni Federal in 2017 after both owned information technology consulting companies for customers in the finance, health care, communications and media industries. Omni Federal operated entirely remotely until opening offices in northern Virginia, San Antonio, St. Louis and Montgomery, Ala., that now employ 300 people. Employment numbers grew steadily once it began winning classified work.

Omni Federal joins 250 other aerospace and defense contractors operating in the Colorado Springs area, demonstrating “the Pikes Peak region’s strength in the space and defense domain,” chamber CEO Johnna Reeder Kleymeyer says in the release.

Colorado Springs Mayor Yemi Mobolade’s comments during the press conference confirm that Colorado Springs “continues to attract the top companies in the defense and technology industries. We are the proud home to five military installations and the U.S. Space Command. Colorado Springs plays a critical role in our nation’s security, at home and abroad.”

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

Over 20 years of award-winning, 5-star event catering in Colorado Springs

BIG CITY FLAVORS, ELEVATED FAMILY EXPERIENCES, UNMATCHED SERVICE Events are meant to be unique and focused on the experience–your catering should be too. For two decades, our unmatched service and an all-inclusive offering has made Garden of the Gods Catering & Events synonymous with excellence in event planning and execution. Our team takes pride in crafting the perfect day for you and your guests. If you can dream it, we can create it.

Now Offering Texas-Style BBQ I Check Out Our New Seasonal Menus Online

Anyone Can Cook for You...But We Turn The Ordinary Into Extraordinary

For over twenty years, Garden of the Gods Catering has been a pillar of culinary innovation and unparalleled service in the Colorado Springs community. From humble beginnings, this catering company has evolved into a one-stop shop for all event needs, offering numerous services under one roof, including catering, floral arrangements, and event spaces.

What sets Garden of the Gods Catering apart is our unwavering commitment to crafting new experiences daily. By focusing on continual innovation, we bring a fresh perspective to every event we touch. Our dedication to providing a personalized experience ensures that each client’s vision is brought to life with meticulous attention to detail.

One of Garden of the Gods Catering’s hallmarks is our all-inclusive offering. Clients can enjoy the convenience of having everything they need for their event sourced from a single vendor, from stunning floral arrangements to delectable menus crafted from real, fresh ingredients. This unique approach transforms event planning from a stressful endeavor into a seamless and enjoyable process.

Recently, Garden of the Gods Catering has introduced Texas-style BBQ to our menu, adding a bold and flavorful option that reflects our commitment to innovation and diversity. Drawing inspiration from the vibrant culinary scenes of big cities, we infuse their dishes with tantalizing flavors that leave guests craving more.

However, Garden of the Gods Catering is not just about the food and decor; it’s about the personalized service that sets it apart. Our team goes above and beyond to ensure that each client feels valued and heard, creating an atmosphere of trust and collaboration that is unmatched in the industry.

As Garden of the Gods Catering celebrates over two decades of excellence, we remain dedicated to pushing boundaries and exceeding expectations. Our commitment to providing a unique and unforgettable experience for every client underscores our status as a leader in the catering industry. For those seeking a partner to elevate their events to new heights, Garden of the Gods Catering stands ready to deliver an exceptional experience.

Now featuring new Texas-style BBQ

Launching the Leaders of the Future

BY KIM DALY

The United States Air Force Academy (USAFA) is sending more than 240 graduates, a new record, to top-tier graduate schools this year; nearly 100 of whom are on fully-funded scholarships.

According to Dr. Helen Meisenhelder, director of the Graduate Studies Program, “This says a lot about the students in terms of their determination to go above and beyond ... these students are balancing a lot of requirements, expectations and responsibilities.”

She also credits the Academy for providing cadets with comprehensive support across academics, athletics and military commitments. “I always like to say, it takes a village or a city to get any one student to graduate school,” says Meisenhelder.

From philosophy, political science and business management to engineering, chemistry and medicine, this next generation of grad school students provides the Air Force with a pipeline of qualified personnel. “The knowledge and skills they will develop will bolster the nations’ ability to prevail in Great Power Competition,” says Brigadier General Linell A. Letendre, dean of the faculty.

Kim Daly is a staff writer for the SoCo Business Forum & Digest.

Hometown: Wheatland, WY

Area of Study: Business Management; minor in Logistics Management

Next Step: Stanford University

One of only 90 Knight-Hennessy Scholars selected from 8,272 global applicants, Anderson will pursue a master’s degree in international policy followed by ENJJPT.

The Academy’s airfield has been especially

Hometown: Maypearl, TX

Area of Study: Legal Studies; minor in Philosophy

Next Step: Texas Tech School of Law Collins received entry into the USAFA Excess Leave Program, allowing her to attend law school, enter The Judge Advocate General’s Corps upon graduation, and receive admission

Hometown: San Jose, CA

Area of Study: Bio-Chemistry; minor in Chinese

Next Step: Geisel School of Medicine at Dartmouth College

A 2022 Stamps Scholarship recipient for undergrad research projects in both optical genetics and international relations, Cosmo hopes to be a physician in the military, bringing with him a wealth of research and

Hometown: St. Louis, MO

Area of Study: Double major in Political Science and Foreign Area Studies; Russian and Spanish minors

Next Step: University of Oxford

Named among 62 Truman Scholars selected from 705 applicants nationwide, Dernlan hopes to serve as an Air Force intelligence officer and eventually as a foreign area officer. She was also accepted to the languageenabled airmen program, through which the

meaningful to him. “I think that was the place where I got some of the most valuable leadership experience and character development,” says Anderson. “The highpressure situations, the incredible teammates that I surround myself with and being around active duty, enlisted and officers has taught me so many different lessons about how to handle yourself under pressure and how to be a good team member.”

to any state bar.

From traveling to cycling, “The people around the academy that you’ve met within your own major or on athletic teams have probably made the biggest impact on me,” says Collins. “One of my best friends I’ve met here. We go cycling all the time and are traveling together this summer.”

travel experience.

“My semesters abroad with different labs and research programs in different countries have really helped me gain a better understanding of the role in the U.S. military in a modern, global world,” says Cosmo. As a physician, he hopes to “support the airmen and fellow service members that I serve with, wherever they may be, whatever they may need and to play an active role in our military.”

Air Force will continue supporting her Russian language learning.

“International travel opportunities were the highlight of my experience here,” says Dernlan. “I had never even been on a commercial airliner, even domestically, before coming to the Air Force Academy, and I’ve traveled now to over ten different countries. Getting to dive into cultural immersion and doing some research abroad was really a wonderful experience.”

CADET 1 ST CLASS LUKE ANDERSON

CADET 1 ST CLASS ISOBEL DERNLAN

CADET 1 ST CLASS FAITH COLLINS

CADET 1 ST CLASS CAO COSMO

CADET 1 ST CLASS MIHIRI FERNANDO

Hometown: Cheshire, CT

Area of Study: Engineering

Next Step: Georgia Tech followed by Undergraduate Pilot Training at Vance Air Force Base

The recipient of a Nationally Competitive Scholarship Program (NCSP), Fernando will study computational science and engineering next and hopes to be a pilot with the Air Force someday while incorporating her aviation safety research.

She says getting to work in the airfield has allowed her to learn how to lead in a different way. “You’re not in a classroom setting,” says Fernando, “and I think that really helps transition into my future.”

CADET 1 ST CLASS TIM SMITH

Hometown: Houston, TX

Area of Study: Astronautical Engineering

Next Step: MIT AeroAstro

Smith will obtain a two-year master’s degree in autonomous guidance, navigation and control for spacecraft. A recipient of the National Science Foundation (NSF) Graduate Research Fellowship Program (GFRP), this scholar will work in the Draper Laboratory.

Ultimately, Smith will go to Euro-NATO Joint Jet Pilot Training (ENJJPT), where he will “hopefully, drop fighters, and then after serving my time doing combat operations, I’m hoping to apply for test pilot school and merge engineering and flying,” says Collins.

CADET 1 ST CLASS EILEEN ZHAO

Hometown: Whittier, CA

Area of Study: Chemistry

Next Step: Uniformed Services University of the Health Sciences (USUHS) Medical School

A 2022 Stamps Scholarship awardee, Zhao reflects on her time at the Academy with gratitude for the relationships and individuals who have helped and supported her. “There’s an instant connection when you meet someone in the military, in the Air Force, that has been to the Academy and gone through what you’ve gone through. You just feel so relatable on so many levels.”

Zhao has her sights set on being a flight surgeon. “Hopefully, I’ll get to take care of my friends from the Academy and people that I know in the Air Force and be contributing to whatever’s going on in the military at that time.”

COS WE CARE. JOIN THE CREW.

Housing

Apartment Market Reflects Demand and Supply Tension

BY JEANNE DAVANT

Aproposal for a 420-unit apartment development on Garden of the Gods Road in northwest Colorado Springs was vigorously opposed by neighbors, who cited traffic, environmental and fire evacuation safety concerns, and ultimately was voted down by City Council.

A plan to build a 36-story apartment building in Downtown Colorado Springs that would add almost 500 units has also drawn controversy.

Yet additional apartment units are needed, particularly in areas like the Westside, says Laura Nelson, executive director of the Apartment Association of Southern Colorado.

“The forecast is that Colorado Springs specifically is going to continue to see net migration,” Nelson says, as the defense, tech and space industries expand and add highpaying jobs.

But to many outside the housing industry, the apartment market is confusing. Nelson says. She often hears from people who don’t understand why they can’t find apartments they can afford, despite historically high vacancy rates. While rents remain high, many more apartments are under construction or in the planning stages, leading some to wonder whether overbuilding is underway.

The answers aren’t simple, Nelson says. And while apartment markets everywhere are feeling pressure, the situation in fast-growing Colorado Springs is unique.

What the Numbers Say

In the fourth quarter of 2023, there were 10,688 apartments under construction in the Colorado Springs metro area, Nelson says, and another 10,540 units in the planning stages, for a total of 21,228 units — a record high for the area. Nelson says

Rendering of Downtown COS apartment complex Fiona which is slated to open this summer.

those figures come from Apartment Trends®, a quarterly report prepared for multifamily industry subscribers by Phoenix, Arizona-based research and consulting company Apartment Insights and authored by Cary Bruteig and Doug Carter.

However, the number of apartments under construction dropped during the past two quarters, according to the report. And the number of multifamily units for which permits have been pulled has decreased from a record high of 2,077 in Q1 2022 to 588 in the first quarter of this year, according to data from the Pikes Peak Regional Building Department.

Despite all these apartments in the pipeline, rents have not dropped significantly, Nelson says. Although the overall average rent for an apartment has been trending downward, it fell only $9 from Q3 2023 to $1,460 in Q4, according to the Apartment Insights report. The Colorado Statewide Apartment Survey for Q4, produced by 1876 Analytics, puts that figure at $1,456, and provides comparable average rent data for

Pueblo ($1,167) and Trinidad ($979). Rent in the seven-county Denver metro area, which includes Boulder, averaged $1,870, per the Apartment Association of Metro Denver.

The large number of properties in the pipeline may have a greater effect on vacancy rates. According to the Apartment Insights report, the overall vacancy rate in Colorado Springs hit a new record high of 14.5% in Q4 2023, Nelson says. In part, the rate reflects that, even when construction is complete, units may not be move-in ready, and when they are, each unit must then go through the leasing process.

Overbuilding, or Not?

Dr. Tatiana Bailey, executive director of Data-Driven Economic Strategies, closely watches the housing industry in her monthly economic progress reports. Bailey notes that vacancy rates are up sharply from a couple of years ago, before new product started to come online.

“We have population growth in all age groups justifying the notion that all the new and upcoming apartments

should eventually be absorbed,” Bailey writes in her March 2024 report. “But this is going to take time, especially with rents holding steady.”

Even though vacancy rates have risen, “I’m not necessarily convinced that we’ve overbuilt, but it has happened quickly,” Bailey tells The Digest. “I think it’s potentially true that we’ve not necessarily built the right product. A lot of the units that are being built are super high-end. The average 25-year-old, middleand lower-income renters who are early in their careers, or they’re transient, can’t typically go into those $2,500-a-month units.”

These same individuals can’t afford to purchase a home, and the supply of middle-market housing units such as condos and townhomes is extremely limited. The Colorado Legislature this year failed to address the state’s construction defects regulations that have brought construction and conversion of those types of housing to a halt, Nelson says, putting even more pressure on the apartment market.

Nelson finds it interesting that, even though many people can’t find an apartment they want for a price they want to pay, vacancy rates are higher in more affordable units.

“The Westside has less apartments than anywhere else,” Nelson says. “There is a huge market for workforce housing, but even those projects are being challenged by neighborhoods.

“There are going to be more and more people needing to find units,” she says. “We’re hoping that we get enough housing built that people have some choices. It makes for a much healthier community.”

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

Avanzar Business Accelerator Aims to Assist Small Business

BY TIFFANY UNDERWOOD

The Colorado Springs Hispanic Chamber of Commerce (CSHCC) received the esteemed Avanzar Business Accelerator Program in April 2023, supported by the State of Colorado’s Minority Business Office (MBO) and the United States Hispanic Chamber of Commerce (USHCC) in collaboration with USAA. This initiative reflects a commitment to empower Hispanic-, minority-, veteran- and woman-owned small business enterprises.

Avanzar is tailored to encourage entrepreneurs to realize their business aspirations. Through a structured program, participants undergo a design process aimed at fostering confidence in themselves

Must Read

and their ventures. They craft a customized blueprint — recognizing strengths and articulating desired outcomes — under the guidance of Zachary Barker, a certified economic developer with extensive experience in entrepreneurial incubator and accelerator programming.

The accelerator program addresses the unfortunate reality of startup failure rates, offering participants a roadmap to mitigate common pitfalls. By aligning business models with individual skills, strengths and interests, entrepreneurs are better positioned to navigate challenges such as limited sales proficiency, inadequate support networks and capital constraints. According to the CSHCC website, “Every year, thousands launch businesses and take ownership of their professional futures. Yet, research concludes 21.5%

of startups fail in the first year, 30% in the second, 50% in the fifth, and 70% in their tenth year of operation.”

Throughout the program, participants engage in a comprehensive curriculum covering essential topics like crafting actionable business plans, designing scalable sales and marketing strategies, accessing economic development incentives and leveraging technology tools crucial for business growth.

To qualify for the Avanzar program, businesses must be based in the Pikes Peak region and demonstrate a commitment to growth in size and revenue over the next three years. Applicants are required to be members of the CSHCC and commit to attending a minimum of eight accelerator training sessions over the span of three months. Preference is given to Hispanic-owned businesses,

although minority-, veteran-, womenowned and tech businesses are encouraged to apply.

Ultimately, the Avanzar Business Accelerator Program strives to equip entrepreneurs with the knowledge, tools and networks necessary to effectively launch and sustain their ventures, fostering economic empowerment and community development in the region.

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

Be The Unicorn 12 Data-Driven Habits That Separate the Best Leaders from the Rest

by Willian Vanderbloemen

272 pages, hardcover | Published November 14, 2023

“This book is one of the most worthwhile and immediately usable reads I have come across in a long time.” –Kiplinger How do I stand out from the crowd? How do I become irreplaceable? With an unstable job landscape, a crowded workforce and the rise of AI, these questions are the ones that everyone either is, or should be, asking.

William Vanderbloemen has asked these questions over the past 15 years while running one of the world’s top executive search firms. Through extensive research of over 30,000 top leaders and

proprietary data, Vanderbloemen has identified the 12 habits that the best of the best have in common. Traits such as authenticity, responsiveness, agility and the ability to problem solve, among others. Learn these habits to help you be as rare as a unicorn and one of the best at whatever you do!

Each habit includes information on What We Know (the hard data behind why the habit is so transformative), What We’ve Seen (firsthand accounts by high-achieving professionals on how they live the habit), and What We Do (simple ways to build this habit into your daily routine). Be the Unicorn will help you:

• Discover the top 12 soft skills the top 1% of successful leaders have.

• Understand how to develop these soft skills in your own life for better job success.

• Learn how to apply soft skills to interpersonal relationships outside of work.

• Understand how these soft skills can be applied in different work environments and job fields.

Professionals on the Rise

Celebrating Achievement of So. Colorado’s Workforce!

Governor Polis celebrated legendary “Orange Crush” linebacker Randy Gradishar’s induction into the Pro Football Hall of Fame on the west steps of the State Capitol in May. Wearing a Broncos’ jersey, Governor Polis proclaimed May 3 — in honor of Gradishar’s Denver Broncos jersey number 53 — as Randy Gradishar Day, for accomplishments on and off the football field. Elected into this year’s Pro Football Hall of Fame class on February 8, Gradishar will be the 14th Bronco to receive the honor at celebrations later this summer.

President Joe Biden has nominated Lt. Gen. Tony D. Bauernfeind to become the Superintendent of the U.S. Air Force Academy. Bauernfeind is currently the Commander of Air Force Special Operations Command, and has served at the squadron, group, wing, coalition and combatant command level. He graduated from the Academy in 1991.

Bauernfeind says, “I look forward to building on the legacy of Lt. Gen. Clark and all prior Superintendents as we ready our future officers to lead and win in uncertain, complex and contested environments.”

Bauernfeind will take command pending confirmation by the Senate. Clark, who has committed 38 years of service to the nation and the Air Force, is scheduled to retire June 1, 2024.

Maj. Syed Saad Javaid, Ph.D. earned a bachelor’s degree in systems engineering and aeronautical engineering in 2008 as a distinguished graduate. That year, he also won an Outstanding Engineer Award of Merit from Colorado Engineering Council.

As a newly commissioned second lieutenant, Javaid deployed as an engineering officer, managing flight lines during the Global War on Terror. He served as a liaison between the U.S. and Pakistan Air Forces during the first participation of PAF in Exercise Red Flag. Javaid contributed to Pakistan’s F-16 fleet midlife upgrades, including ferry of aircraft to Turkey, and helped set up an aircraft failure analysis center to investigate aging aircraft issues.

Javaid earned the Fulbright scholarship for Ph.D.-level education in the U.S. and completed four graduate degrees in five years, including a Ph.D., an MBA and two master’s degrees from Georgia Institute of Technology. He was also a Sam Nunn Policy Fellow and leadership coach for undergraduate students.

Professionals on the Rise is The Digest’s newest 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. Shout it from the rooftops (or at least the laptops). Email newsdesk@coloradomediagroup.com with details (up to 40 words) and a photo of the esteemed.

Cadet 1st Class Luke Anderson, a member of the Air Force Academy’s Class of 2024, has been named a Knight-Hennessy Scholar, one of 90 students selected from 8,272 global applicants. Following his commission as a second lieutenant in the U.S. Air Force on May 30, Anderson’s scholarship allows him to attend Stanford University, Calif., in pursuit of a master’s degree in international policy. Anderson begins Euro-NATO Joint Jet Pilot Training following this program.

The Knight-Hennessy Scholarship is a multidisciplinary, multicultural graduate scholarship program which provides scholars up to three years of financial support to pursue graduate studies at Stanford while engaging in experiences that prepare them to be visionary, courageous, and collaborative leaders who address complex challenges facing the world.

The Galleries of Contemporary Art at UCCS (GOCA) are proud to present DOG & PONY, a solo exhibition featuring drawings, paintings, prints, and sculptures by Paul Kenneth DOG & PONY will open in the GOCA Project Space on Thursday, June 27th from 5-7 pm, with a short artist talk at 6pm. The community is invited to experience this exciting exhibition and engage with the artist during the opening reception.

Kenneth is a Colorado-based artist whose material explorations combine drawing, painting, and sculpture. Paul’s artwork has been featured in solo exhibitions at Jackson Junge Gallery and 26Twenty Gallery, along with recent group exhibitions at Emmanuel Gallery, Arvada Center for the Arts, Bell Projects, DATELINE, Lakewood Cultural Center, and Philip J. Steele Gallery.

Emma Przybyslawski began her career as a USAF special operations intelligence officer, where she excelled in intelligence, surveillance and reconnaissance. She was involved in the kinetic drone program in Iraq in 2015, earning a Bronze Star. Przybyslawski collaborated with U.S., Canadian and Australian special operations forces and demonstrated expertise in one of the world’s most challenging combat environments.

Przybyslawski later transitioned from active duty to leadership roles in the civilian technology sector. She supported the U.S. Air Force and Space Force at Gartner Inc. beginning in 2018 and achieved the highest sales across all verticals.

As a CEO and co-founder, Przybyslawski has established and developed businesses such as Strike Solutions and Dare Venture Group. Dare Venture Group has secured two lifelong Department of Defense contracts to support the U.S. Space Force’s digital transformation efforts and the U.S. Navy’s endeavors for fuel efficiency to increase aircraft loiter time, range and payload capabilities.

Parker Seibold, The Gazette

Region Sees Impact of Industrial Policy Revival

BY DR. BILL CRAIGHEAD

That role should the government play in directing the development of the economy? This has long been a contentious question for economists and policymakers.

Economists generally agree that it is appropriate for the government to support beneficial activities that would be inadequately provided by the private sector. Basic scientific research falls into this category. Private firms would underinvest in it because they would not be able to fully realize the gains from doing otherwise; partly because knowledge can spread easily and its benefits may only be realized over very long-time horizons.

More controversial are government efforts to encourage the growth of particular industries and sectors, sometimes known as “industrial policy.” In the U.S., this debate goes back to the founding of the republic, when Alexander Hamilton argued in his 1791 “Report on Manufactures” that the federal government should use tariffs to support the development of domestic manufacturing against Great Britain’s more advanced competition.

Many economists have argued that competition for financing in private markets can more effectively direct investment flows than the government. Moreover, programs to encourage specific industries are vulnerable to “capture” by special interests – that is, government support may end up being allocated according to political connections and influence, rather than in the best

interests of the country as a whole.

However, others have pointed out that the U.S. has long actively engaged in industrial policy with some success. Much of this has been under the guise of national defense, including Pentagon contracts and funding from the Defense Advance Research Project Agency (DARPA).

DARPA played a central role in creating the internet, for instance. The GPS technology in our cars and smartphones was developed for the military. Many earlystage technologies have received support from the government’s Small Business Innovation Research (SBIR) program. Tesla was a notable beneficiary of U.S. industrial policy, receiving a loan from the Department of Energy in 2010.

Under the Biden administration, the U.S. has seen a revival in industrial policy. The Inflation Reduction Act (IRA) of 2022 included significant funding to encourage development of domestic clean energy and electric vehicle manufacturing. This includes tax credits for the Meyer Berger solar cell facility in Colorado Springs as well as expansion of CS Wind’s manufacturing capacity in Pueblo. The CHIPS and Science Act, also enacted in 2022, is supporting an expansion by semiconductor producer Microchip in Colorado Springs.

Nationally, the impact of the IRA and CHIPS acts is evident in the dramatic increase in spending on manufacturing construction, driven by growth in the electronics category.

Will the U.S. ultimately succeed in developing internationally competitive clean energy, electric vehicle and advanced semiconductor manufacturing industries? It will be many years before the ultimate success or failure of this new era of U.S. industrial policy can be judged.

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

Save the date: The 28th Annual UCCS Economic Forum will take place on Thursday, September 26, from 1 – 4 pm, at the Ent Center for the Arts. More details to follow.

Small Business Spotlight

Thinking Outside the Corrugated Box

BY KERI KAHN

Packaging Express offers solutions to businesses in and around Colorado who are looking to meet practical requirements and effectively deliver their brand’s image.

One of the last independent custom corrugated box plants in Colorado, the family-owned company operates out of a 94,000-square-foot facility off Garden of the Gods Road. The staff of 25 has an average tenure of over ten years and takes pride in their ability to print up to 500 boxes per minute on a machine called the Emba 175 — the most modern in European box-making technology.

Unlimited Branding Possibilities

Minimum orders for corrugated boxes are as low as 1,000 cartons, but Packaging Express makes more than corrugated boxes and industrial packaging. Think promotional packaging, counter or floor displays,

food and beverage packaging, subscription boxes and more.

“If you tell someone at a cocktail party you’re in the box business, they casually find another conversation pretty quick,” says Packaging Express President Matt Davis. “But you’d be pleasantly surprised by all the brands and all the machinery, and just the spirit when you walk in here.”

With a die-cutting process to create any size or shape and three high-quality color printing options, the look of a brand’s packaging is limited only by one’s imagination.

Competitive Business Model

Davis is a third-generation box manufacturer and the Chairman of AICC, The Independent Packaging Association. He and his father followed in the footsteps of his grandfather when they launched Packaging Express in 1998. His brother is general manager of a paper company in Denver which is one of Davis’s main suppliers.

“It’s hard to be all things to all people, and the beauty of us is when you put the plants together, we can do anything,” says Davis.

He says there are only about 330 independent box plants in the country, and his main competitors are the large companies who serve clients like Amazon. He says that Packaging Express is here for everybody else who needs packaging for items ranging from whiskey to bikes to household products, and anything in between.

“The big guys want to sell you a truckload at a time but not everyone needs a truckload, so we’ve run quantities as small as a couple hundred but we can also run 100,000, if that’s what you need,” says Davis.

Carbon footprint considerations? The corrugated material Packaging Express uses is 100% post-consumer content. Last year, company sustainability efforts resulted in 2.4 million gallons of water and roughly 1,000 cubic yards of landfill saved through the nearly 690,000 pounds of

material recycled.

Sustainability is just another reason for Colorado business owners to consider a local manufacturer whose pricing is on par with the big guys, and whose customer service is what you’d expect from a decades-old, family-run business.

Keri Kahn is a staff writer for the SoCo Business Forum & Digest.

EXPLORE

Explore the possibilities for your brand at: PACKAGINGEXPRESS.NET

Three Generations of box makers — (L-R) Jim Davis, Matt Davis and Andrew Bell.

Swiss Solar Plant Plans Pushed to 2025 Advanced Manufacturing

BY WAYNE HEILMAN

Swiss solar manufacturer Meyer Burger is delaying plans to open a Colorado Springs plant as the company raises financing to convert a former semiconductor factory to produce solar cells, part of a plan to shift its focus to the United States from Europe.

In a March 18 news release, the company spelled out its plans to open the manufacturing facility in 2025 instead of the end of this year. They will ramp up solar cell production here “only after receipt of sufficient financing.” The company announced last July it planned to spend about $400 million over five years to transform the former Intel chip plant on Garden of the Gods Road into a plant to make solar cells and employ 350 people.

The Swiss-based company launched a strategy in January to shift production from Germany to the U.S., after closing a 500-employee plant in the wake of a $330 million loss last year. The company expects to qualify for up to $1.4 billion in federal tax credits in the U.S., and has applied for up to $250 million in loans from the U.S. Department of Energy. The company attributed its 2023 losses to government-subsidized competition from China.

Since announcing the loss and closing the German plant, Meyer Burger has sold nearly $230 million in stock to existing investors and its largest U.S. customer, New York-based D. E. Shaw Renewable Investments. The company also has reached preliminary agreement with lenders for financing backed by up to $300 million in U.S. advanced manufacturing production credits and up to $95 million in credit

guarantees from a German government export agency.

Meyer Burger said the financing should be completed by June 30, allowing it to begin working on converting the Colorado Springs plant for cell production. The company says the stock sale, and financing backed by the export agency guarantee — plus either the Department of Energy loan, which cleared the first part of the approval process, or the financing backed by the production credits — would generate the funding needed for work to begin on the local plant.

The Colorado Springs facility will supply solar cells to the company’s solar module manufacturing plant in Arizona that is scheduled to begin production by the end of June. It will use solar cells produced at a plant in Germany until the local plant opens. Meyer Burger estimated in the release it will generate nearly $230 million a

year in revenue in the U.S. once both plants are in full production, though the release didn’t specify when that would be.

Meyer Burger is leasing about 700,000 square feet in a plant Intel closed in 2007, when the chip giant moved production overseas. The Colorado Springs plant, which is expected to receive nearly $100 million in local and state financial incentives, will make solar cells, a semiconductor that helps convert sunlight into electricity and is a component of rooftop solar modules.

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

Image: Meyer Burger

Government

Ghostbuster Vehicle Seeks to Capture Road Data

Program also Used by Fountain and Pueblo

BY KAY ROWE

This November, voters will be asked to consider a 10-year renewal of the 2C sales tax, which will not raise taxes. The 2C Road Improvement Program was initially approved by voters in 2015 at a sales tax rate of 0.62%. In 2019, it was reduced to a sales tax rate of 0.57%, or 5.7 pennies on a $10 purchase. These funds have been used solely to repair Colorado Springs roads, curbs, gutters and sidewalks since 2016.

This year’s upcoming 2C activities kicked off May 9 in Colorado Springs. Mayor Yemi Mobolade was there to explain how, prior to 2015, an operations crew of four to six people would spend three years or more driving around the city to walk all the streets. Their efforts to record conditions were arduous, dangerous, and less accurate than the data collected by the truck every three years, in about 30 days total.

A “ghostbuster truck,” which cost $366,000, has been commissioned to help prioritize 2C projects and provide data for future repairs needed. By using a variety of sensors, cameras and screens, this vehicle uses technology to gather data on pavement and concrete of every street in the city to provide a report on the quality of the roads. Every pothole, crevice, crack and bump can be recorded with its exact location.

Colorado Springs partners with Woodland Park and the Pikes Peak Area Council of Government to share the truck.

The program website offers an interactive map to provide residents basic information including progress made and predictions on when a certain neighborhood will be addressed. The website states, “Since the 2C program started, the number of our roads in ‘good’ condition has nearly doubled and the number of citizen pothole complaints have gone

An operations crew of four to six people used to spend three years or more evaluating road conditions by driving the city to walk all the streets. Since 2015, the Ghostbuster Truck has helped cut the work to 30 days.

down by more than 50%.”

When the program commenced, approximately $50 million dollars were raised per year. Despite the 0.05% decrease in 2019, approximately $70 million dollars has been raised yearly since.

Over the lifetime of the funding, the City has repaved more than 1,600 lane miles (with about 5,000 miles to go), installed more than 9,400 new and retrofitted pedestrian ramps, replaced over 300 miles of curb and gutter and 3.6 million square feet of sidewalk. The website goes on to say that all paving and maintenance projects are prioritized based on the pavement rating and available resources, with projects planned around weather considerations.

Kay Rowe is a staff writer for the SoCo Business Forum & Digest.

LEARN MORE on their website, with details on plans and spending and an interactive story map that highlights specifics for the current year: COLORADOSPRINGS.GOV/STREETS/ NEWS

Colorado Springs Utilities Pushes Back Against PFAS Contamination in Drinking Water

BY COLORADO SPRINGS UTILITIES

As PFAS concerns increase, Colorado Springs Utilities complies with regulations to ensure that the region’s water is safe to drink..

PFAS compounds, or per- and polyfluoroalkyl substances, are human-made chemicals used by manufacturers in multiple products from lipstick, clothing and fastfood wrappers to cookware, ski wax and firefighting foam. These substances can resist stains and they’re waterproof. For these reasons, manufacturers have been using them since the 1940s. They also do not

break down easily, meaning they can exist long past a product’s lifetime.

In large concentrations and with long-term exposure, PFAS compounds can build up and pose health issues. They’ve been categorized as unregulated contaminants by the Environmental Protection Agency (EPA) for years, but that is beginning to change as more is learned about them. Unfortunately, they are expected to be found in many drinking waters moving forward.

Drinking water providers have been at the forefront of sampling and testing for PFAS for several years.

Drinking water is one of the most regulated products in the country, so the EPA is relying on drinking water providers to help them monitor

PFAS contaminations in the U.S. and determine what regulations and health advisories are needed.

The EPA recently announced drinking water regulations for six PFAS. That means there are now legally enforceable levels, or “maximum contaminant levels (MCLs) for these compounds, ranging from 4 parts per trillion to 10 parts per trillion.

Springs Utilities provides drinking water to hundreds of thousands of customers in southern Colorado. They’ve been voluntarily testing for many PFAS compounds, including these six, since 2020, and their data meets the new regulations. In addition to voluntary testing for PFAS, they conduct thousands of tests annually on a range of substances that can present themselves in water, and provide those results in an annual water quality report. This year’s report will publish in June.

Colorado Springs Utilities provides more information about PFAS compounds, including links to trusted resources. Visit csu.org to learn more and to view their water quality report.

Sports Economy

Faster, Higher, Stronger Where the Local Half Billion Dollar COS Sports Industry is Headed

BY KERI KAHN

Earlier this year, the Sports Business Journal ranked its “Best Sports Business Cities,” and Colorado Springs came in at number eight for event hosting amongst cities without a Big 5 professional sports team.

Fueled by “City for Champions” projects, the United States Olympic & Paralympic Committee (USOPC) and Colorado Springs Sports Corporation (CSSC), the local sports industry is cemented in place as a substantial player in the Colorado Springs economy.

“During pre-COVID times, the sports industry in Colorado Springs was valued at a remarkable half a billion dollars, a testament to our city’s vibrant athletic culture,” says Megan Leatham, CEO of CSSC. “‘Faster, stronger and higher’ could not ring more true as we look to the future with the City for Champions venues and other infrastructure developments. Colorado Springs has no place to go but up.”

Since that $500 million milestone was reached, the city has continued to grow as a sports hub with 17

Olympic-related events held in Colorado Springs just last year, as well as events like the World Jump Rope Championships and Colorado Juniors Sparkler Softball Tournament which poured an estimated $9 million and $12 million, respectively, into the local economy.

Create Jobs, Draw Tourists and Patronize Local Businesses

More than 40 events like these are endorsed each year by CSSC, the 501(c)3 nonprofit which was founded in 1979 to assist with the relocation of the USOPC from New York to Colorado Springs. Over the past four decades, the group has continued to build the Colorado Springs sports economy.

Last year alone, CSSC’s 11 signature and partner events brought in over $100 million in economic impact to the city with over 52,000 room nights, more than 25,000 athletes, and nearly 300,000 spectators. In addition, the group’s efforts generated an estimated $2.5 million in El Paso County sales tax and created just under 700 full- or part-time jobs in 2022, which generated $22.4 million in labor income.

It’s not only CSSC or USOPC calling the plays, though. The sports ecosystem that those organizations created has been joined over time by 26 of the nation’s 50 National Governing Bodies (NGBs), the U.S. Antidoping Agency, four international governing bodies, multiple nonOlympic groups and three collegiate athletic programs. All of these entities create jobs, host gatherings and spend dollars locally.

Now 10 years in, the City for Champions projects further harness the power of sports tourism and augment the local sports economy through the U.S. Olympic & Paralympic Museum, Weidner Field, Ed Robson Arena, William Hybl Sports Medicine & Performance Center and the soon-to-be-completed USAFA Gateway Visitor Center.

Diverse Options Minimize Spending Leakage

The diverse options for sportsrelated entertainment in Colorado Springs means more than room nights and dollars spent at local eateries; it means retaining the dollars of locals on the weekends. For instance, The

Colorado Springs Labor Day Lift Off reports that 21% of local attendees would leave Colorado Springs over Labor Day weekend if not for the event, meaning the event reduces spending leakage in the region by over $3 million.

What’s Next for Sports Here

In addition to working with the city to possibly relocate other sporting entities to Colorado Springs, CSSC enhances the local sports economy through comprehensive community sports programming that focuses on fostering youth talent and improving the quality of life for underprivileged communities.

CSSC awarded $6,000 in sports scholarship money in 2023. Through access to scholarships, youth sports programming like the Rocky Mountain State Games and Y.E.S., young athletes are able to pursue their dreams despite financial constraints. These efforts create more productive citizens who contribute to the workforce and local economy.

Keri Kahn is a staff writer for the SoCo Business Forum & Digest.

Birds eye view of The Colorado Springs Labor Day Lift Off.

Sporting Organizations in Southern Colorado

The Sport Entertainment & Events, Governing Bodies & Sports Management, Sports Equipment, and Facilities and other sports-related entities continue to emerge throughout the region. Here's just a sampling of area organizations headquartered in El Paso County.

Recognized National Governing Bodies & *Paralympic Sport Organizations

USA Archery

USA Artistic Swimming

USA Badminton

USA Basketball

USA Bobsled & Skeleton

USA Boxing

USA Cycling

USA Fencing

USA Field Hockey

US Figure Skating

USA Hockey

USA Judo

USA Karate

USA Modern Pentathlon

USA Racquetball

USA Shooting

USA Swimming

USA Table Tennis

USA Taekwondo

USA Team Handball

USA Triathlon

USA Volleyball

USA Weightlifting

USA Wrestling

US Association of Blind Athletes (Goalball and Blind Soccer 5-a-side)*

National Wheelchair Basketball Association*

Bringing great companies and top talent together

Environment Film Explores Threat to Water, Land and Livelihood In Colorado and Beyond

IRASOL, Looking at the Sun, a documentary produced by Palmer Land Conservancy, is making its debut across Colorado this summer.  It highlights water as a finite resource — and an essential one. For farmers, it’s everything.

Palmer Land Conservancy is a Colorado land and water conservation champion that enlisted award-winning director Ben Knight to explore a national issue, magnified in the American West, around water scarcity. MIRASOL features a multigenerational Italian and Hispanic farming community living on “The Mesa” in Pueblo, Colorado. Shedding light on their history and heritage, each family shares

their agricultural lineage, one that transcends every aspect of their lives, shaping their culture and livelihood.

Realizing an uncertain future due to the West’s diminishing water supply, Williams Family Farm and Seed Store, Musso Farms, Professor Mike Bartolo, and Martellaro Family Farms reflect on their passion to grow and nourish their families, communities and pastime. Through these voices, the film offers a story about the deep connection and love of the land, family, and the famed Pueblo Chile.

“This land should be like our only child,” states film subject Mike Bartolo. “We should be protecting it with everything we have. We must make a decision – we can grow crops, or we can grow houses.”

Nationally, the U.S. loses

Pueblo County.

2,000 acres of land each day to development or other rivals. The film explores how rural agricultural communities, and the food they put on families’ tables, are threatened by rapid development, population growth, climate change and competing economies.

One of the most pressing issues of our time in the American West is the dwindling water supply from the Colorado River, which is a lifeline for 40 million people and the $15-million-a-year agriculture industry that depends on it. Analysts say the river is in peril and climate change — resulting in rising temperatures, low snowpack and drought — has put us in crisis.

The impact extends far beyond the Colorado River Basin as 70% of water supplies, from southern Colorado’s largest urban areas in the Arkansas River Basin, Colorado Springs and Pueblo, rely on the Colorado River.

Palmer Land Conservancy’s Bessemer Farmland

Conservation Project in Pueblo is an example of solutions that are being developed to balance the competing needs of water between growing cities, agriculture and the environment.

MIRASOL had its world

What’s that smell?

premiere at the renowned Big Sky Documentary Film Festival in Missoula, Montana, in February 2024 and was a finalist in the prestigious competition for the Big Sky Award. In April 2024, MIRASOL screened at Carbondale’s 5Point Film Festival as part of the Changemakers Program. The film is set to screen at other festivals across the American West.

MIRASOL is a catalyst for meaningful change — one where citizens can mobilize to protect land and water for the well-being of nature and people. Visit MirasolFilm.com to find a screening near you.

Kristie Nackord is the Vice President ofExternal Affairs of Palmer Land Conservancy.

Bessemer Irrigation Ditch in

Direct Indexing: The Most Tax-Efficient Strategy You’ve Probably Never Heard Of

BY T.H. WILLIAMS, PHD, CFP®

In today’s rapidly evolving investment landscape, high-networth households increasingly seek personalized strategies to optimize their portfolios. Direct indexing, an innovative financial strategy, offers investors tailored solutions for tax efficiency and portfolio customization. According to Cerulli Associates, direct indexing is expected to surpass $1 trillion in assets within the next few years. Here’s an overview of how direct indexing and tax-loss harvesting are transforming the investment landscape.

Understanding Direct Indexing

Direct indexing empowers investors to own a selection of securities through a separately managed account (SMA) replicating a market index, such as the S&P 500, rather than buying into an index fund or ETF. Asset managers strive to replicate the index’s performance while enabling investors to fully customize the strategy according to their preferences, like dividend yield or growth, or exclude undesirable stocks.

The Power of Tax-Loss Harvesting

The most compelling feature of direct indexing is tax-loss harvesting, a powerful technique where portfolio managers strategically sell securities at a loss to offset gains and significantly minimize tax liability. This differs from traditional index investing through an ETF or index mutual fund, where profitable years bring aggregate returns but also unrealized taxable gains. For instance, an investor who chooses an index fund or ETF in a taxable, non-retirement account at the beginning of the year may be pleased with their year’s end growth in value but would also accept the corresponding unrealized taxable gains. However, whereas a direct

indexing strategy would result in a similar overall year-end value, it would be coupled with the benefit of realized losses that could be used to offset other portfolio gains or gains from the sale of other assets.

Asset managers leverage deep technological resources to apply tax-loss harvesting efficiently across hundreds of stocks, potentially yielding higher after-tax returns than traditional index funds. The amount of tax losses harvested is not guaranteed, and performance may deviate from the target index. Yet, by separating the losses and gains through a representative sample of index stocks, direct indexing seeks to provide greater after-tax results than holding an index strategy alone. These higher after-tax returns are often called “Tax Alpha.” Again, it’s not what you make; it’s what you keep.

Items for Consideration:

• Tracking Error: Tracking error measures how closely a direct indexing portfolio’s returns follow those of a chosen index. A smaller tracking error means the portfolio closely matches the index, while a larger tracking error indicates a greater difference. Tracking error can be adjusted. Allowing for higher tracking error may

enable investors to realize more losses earlier in the strategy, albeit with a broader disparity in performance.

• Lifespan: Direct indexing strategies typically start by selecting a representative sample of stocks to replicate the target index. Over time, as more stocks move into a gain state, the opportunity to harvest losses diminishes. While five years is a common rule of thumb for the strategy’s lifespan, reinvesting dividends, adding cash or investing in a new index can extend longevity.

• Experience Matters: When selecting a manager, experience is crucial. Few asset managers have more than five years of experience in direct indexing, and only a handful exceed ten years. Investors should carefully evaluate a manager’s track record, as newer entrants may struggle to deliver.

• Platform & Technology: Scaling direct indexing across thousands of accounts requires significant computing power and sophisticated algorithms. Choosing a skilled portfolio manager with deep technological resources and efficient platforms is essential.

• Concentrated & Appreciated

Stock: Some managers offer tools to help investors gradually sell appreciated and concentrated stocks by iteratively offsetting gains with losses from other securities within the direct indexing portfolio.

• Potential Regulatory Changes: Changes to tax laws, like modifications to the “wash-sale rule,” could impact the tax benefits of direct indexing strategies.

Conclusion

Direct indexing offers investors an opportunity to personalize their portfolios while optimizing for tax efficiency and aligning with their investment values. As the industry expands and competition increases, careful evaluation of providers is crucial. Direct indexing can be a powerful tool for achieving financial goals with the right strategy and provider. Should you have any further questions about this strategy, please reach out to T.H. Williams by e-mail at th.williams@wfa.com.

T.H. Williams, PhD, CFP ®, is a Private Wealth Financial Advisor, Managing Director

– Investments and VIRTUENT Wealth Management Group of Wells Fargo Advisors.

Inspirational IQ

He who is not courageous enough to take risks will accomplish nothing in life.

Finding Solutions to Protect Your Investments & Your Family’s Future.

I am building a fire, and every day I train, I add more fuel. At just the right moment, I light the match.

Never put an age limit on your dream.

— Dara Torres

Each of us has a fire in our hearts for something. It’s our goal in life to find it and keep it lit.

— Mary Lou Retton Gold medalist at the 1984 Los Angeles Games, gymnastics

You have to believe in yourself when no one else does — that makes you a winner right there.

— Venus Williams Four-time Olympic gold medalist, tennis

— Muhammad Ali Olympic light heavyweight champion, Rome 1960

— Mia Hamm Double Olympic champion, soccer

Four time Olympic champion, swimming

Advertiser Index / In Alphabetical Order

Thank you to each and every advertiser listed herein.

Advanced Printing & Graphics

Alpine Bank

Altitude Hospitality

Amy Newland Agency LLC - American Family Insurance

Bank of Colorado

Boot Barn by Bourbon Brothers

Business Digest Weekly Radio

Colorado Springs Hispanic Chamber of Commerce

Colorado Springs Utilities

Dad’s Donuts

Financial Talent Group

Flying Horse Realty

Garden of the Gods Catering and Events

Garden of the Gods Resort and Club

Marquesa Hobbs/Platinum Group

Minuteman Press

Notes Bar

Notes Live

North Magazine

Pikes Peak Regional Airshow

Southern Colorado Women's Chamber of Commerce

Underline Infrastructure/Colorado Springs