BANKING ON THE FUTURE: LEADERS IN ACTION ECONOMIC UPDATE: NORTHERN COLORADO’S FISCAL FUTURE Q&A with the mayors: an outlook on your community ABOUT TOWN: OPERA FORT COLLINS
Lydia’s
four DOLLARS
FUTURE
Bank presidents of northern colorado explain what it takes to be a leader in business
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n o b rt u he si rn ne c ss o o lo F ra d o
BANKING ON THE
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How will your finances shape up in 1 year? 5 years? 16 years? By constantly looking for the right investment options, we do everything we can to help our clients reach their short and long-term financial goals.
For more information, contact The Hartman Group at Smith Barney
Clayton E. Hartman
Wayne C. Jamerson
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Senior Vice President- Wealth Management Senior Investment Management Consultant
Financial Advisor Financial Planning Specialist
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400 E. Horsetooth Road, 1st floor, Fort Collins, CO 80525
(970) 223-0414 or (800) 627-4888 www.fa .smithbarney.com/hartman_groupsb ~
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SMITH BARNEY Š2006 Citigroup Global Markets Inc., Member SIPC. Smith Barney is a division and service mark of Citigroup Global Markets Inc. and its affiliates and is used and registered throughout the world . CITIGROUP and the Umbrella Device are trademarks and service marks of Citicorp or its affiliates and are used and registered throughout the world.
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Lydia's STYLE Magazine
4/20/06 11:54:36 am
Business of Northern Colorado 2006
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Welcome to the "getting more of what you want" stage
The Next Stage'"
No matter what stage you're in, Wells Fargo is here for your day-to-day banking needs and your long-range goals. When it's time to buy your first home or when your kids are ready for college, we have the financial products and the people you need. Maybe it's time to start planning for retirement or you are ready to start a new career. We're banking for every stage of your life. Visit wellsfargo.com or stop by today and let Wells Fargo take you to The Next Stage. Fort Collins 401 South College Avenue • 970-482-1100 2827 East Harmony Road • 970-266-4420 3500 JFK Parkway • 970-223-3600 3600 South College Avenue • 970-226-4545 loveland 371 0 North Grant • 970-203-2540 wellsfargo.com
© 2006 Wells Fargo Bank, N.A. All rights reserved. Member FDIC.
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Lydia's STYLE Magazine
4/20/06 11:55:08 am
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style media and design, inc. | 970.226.6400 | w w w. s t y l e m a g a z i n e c o l o r a d o . c o m
Publisher/President Lydia Dody EXECUTIVE Editor Austin J. Lamb ASSISTANT Editor Jennifer Johnson PHOTO Editor Diane M. Specht Art Director Anne Marie Martinez SENIOR Graphic Designer Lisa Gould Sales Manager Saundra Skrove (970) 217-9932 Advertising Sales EXECUTIVES Jon Ainslie (970) 481-1459 Karen Christensen (970) 679-7593 Lydia Dody (970) 227-6400 Court Klinck (303) 941-2273 Office Manager Ina Szwec Accounting Manager Karla Vigil Data Entry Betty Frye Contributing Writers Alice Ashmore, Jason Clarke, Lydia Dody, Philip Fox, Court Klinck, Austin J. Lamb, Diane M. Specht, Ina Szwec STAFF Photographer Diane M. Specht Contributing Photographers Ali Dody-Hettler Affiliations Fort Collins Area Chamber of Commerce Loveland Chamber of Commerce Greeley Chamber of Commerce Estes Park Chamber of Commerce Windsor Chamber of Commerce Johnstown Milliken Chamber Of Commerce 2006 Style Magazines January-Loveland/Greeley Medical & Wellness Magazine and Directory February-Building & Remodeling March-Family, Community & Nonprofit April-Business of Northern Colorado May-Home & Garden June-Men & Business July-Fort Collins Medical & Wellness Magazine August-Women & Business September-Home Interiors & Entertainment October-Lifestyle, Health & Beauty November-Holiday December-Winter/Wedding Style Media and Design, Inc. magazines are free monthly publications direct-mailed to homes and businesses in Northern Colorado. Elsewhere, subscriptions for twelve issues cost $24 annually (53% off newstand price). Free magazines are available off stands at 75 locations throughout Northern Colorado. For ad rates, subscription information, change of address, or correspondence, contact: Style Media and Design Inc., 2627 Redwing Rd., Suite 220, Fort Collins, Colorado 80526. Phone (970)226-6400, Fax (970)226-6427. E-Mail: Editor@StyleMedia.com or LydiasStyle@aol.com Š2006 Style Media and Design Inc. All rights reserved. The entire contents of Style Magazine is copyrighted and may not be reproduced without the expressed written consent of the publisher. Style Media and Design Inc. is not responsible for unsolicited material. All manuscripts, artwork, and photography must be accompanied by a SASE. The views and opinions of any contributing writers are not necessarily those of Style Media & Design Inc.
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First National Bank You're Always First With Us
"There's no business like my business. That's why I'm First."
lstnationalbank.com 4.2006 Business.indb 7
1
4/20/06 11:55:40 am
PUBLISHER’S LETTER Preserving Our Quality of Life Our Front Range is experiencing growing pains as each of our communities tries to retain its identity and improve its economic health. We can’t however deny the importance of inner connection to our neighbors and that cooperation is imperative, for the stronger we are as a region, the better our overall health will be. Competing with one another won’t give us the best outcomes; it is time our decisions and direction focuses on the overall good of the Colorado Front Range region. By profiling our area mayors, we found a common theme of preserving and enhancing our quality of life for future generations and planning for economic vitality. “Today, more than ever, we must work together on regional problems like transportation, economic health and planning,” were the issues Doug Hutchinson, Mayor of Fort Collins spoke about in regard to the Colorado Front Range. Read our Q&A for more insight into our city leader’s views. A Business issue of Style wouldn’t be complete without a focus on banking. Congratulations to Mark Driscoll who is once again President of First National Bank. He is a positive and people-oriented leader who generously gives back to his community. Enjoy reading the personal profiles of seven area banking executives, all of whom are seasoned leaders in their field: experienced, qualified and genuinely interested in the success of their customers and the well-being of our communities. It continues to be an honor and a privilege to bring our magazine into your homes and offices. Style magazine is now in its 22nd year of publishing and, we too, are experiencing growing pains. I read somewhere that one doesn’t discover new lands without consenting to lose sight of the shore, and recently I have personally felt occasional pangs of anxiety over looking for “new lands.” In my case, this refers to purchasing the building that Style Magazine will occupy. I am very excited about our upcoming move this summer and am especially excited about community partnerships we are forming to transform and remodel 211 Myrtle. Follow along with us as we walk through the process of buying, remodeling and occupying our new office space. In this issue we feature some of the people who made the purchase and closing possible. We were fortunate to work with a realtor who not only has experience and integrity but whose focus has been commercial real estate and property management. Ross Milliken, Realtor with ReMax Alliance quickly assessed our needs and found just the right building. Home State Bank’s Suzanne Pullen, Vice President of Private Banking, Joe Scherger, Senior Vice President of Business Banking and their team of Cindy Lopez, Executive Loan Assistant and Laura Benson, Private Banking Assistant took excellent care of every financing detail so that closing day was a breeze. The renowned real estate attorney Tim Hasler of Hasler, Fonfara and Maxwell LLP made sure that all legal matters were handled correctly, timely and within tax requirements for a 1031 exchange. My sincere thanks to each person who was involved in this process; all true professionals who took pride in providing us with excellent advice and customer service! I hope you find this Business issue an interesting update on matters of business, economy and our quality of life. Blessings to each of you,
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FROM OUR
READERS ADVERTISING IN STYLE HAS BEEN MOST PROFITABLE I thought you might enjoy knowing that we recently hired an internationally known consultant from the Las Vegas Institute for Advanced Dental Arts, who advises upscale dental practices. He came to our offices and worked with us for several days and during that time, reviewed in depth all of our past marketing and advertising in all medias. You will be happy to know that he was impressed most with our ads in Style Magazine. He thought the design of our ads was clean and effective and liked the fact that Style reached our target market by mailing the magazines to their readership at no charge. In fact, his recommendation was to increase the size of our ads in Style and to appear in every single issue. —Tom Overton Overton Center For Dental Arts, P.C.
THE RIGHT CHOICE IN ADVERTISING John and I want to thank you for such a beautiful, very professional and “stylish” coupon we placed in your wonderful magazine. You were so helpful and it was so wonderful to work with Sondy, our sales executive. I certainly appreciate all of your efforts. Advertising with Style magazine was truly the right choice for us. —Patricia Stephenson Genoa Coffee & Wine
PLEASURE TO MODEL IN YOUR MAGAZINE It was a real pleasure to be in your Family & Community magazine as a model. I think the issue turned out beautifully, and I have received so many nice comments about it. I enjoyed meeting all of you and will treasure the experience. —Phyllis Eaton
PLEASED WITH THE OUTSTANDING ARTICLE I cannot tell you how pleased we are with the article in the Family & Community issue. The quality is outstanding and certainly the best article I have ever seen about our work. What you have done is captured our story in a way that makes it open for all to enjoy. Too often stories come across slanted from only the “faith” side. Maryjo, you obviously understood what I was trying to get at in terms of how good camp can be for all kids so that all elements of growth can take place—emotional, social, physical and spiritual. And honestly, the quality of the layout and use of photos is incredible in our opinion. Thank you Style and to Kent from Colorado Iron & Metal, Inc., for sponsoring us. —Pastor Ralph Yernberg Lutheran Ranches of the Rockies
Business of Northern Colorado 2006
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contents Table of
on the cover
Mark Driscoll, President, First National Bank, takes charge wearing a wool blue executive stripe charcoal suit from Tallia, cotton twill soft French blue shirt from Ike Behar of New York, and silk hand-sewn contemporary paisley Best of Class tie from Robert Talbott. Embossed polished Cortina leather belt by Trafalgar and soft gold pocket square complete his handsome appearance. Courtesy of The Regiment Shops of Colorado, Fort Collins.
Business of Northern Colorado 2006
On location at First National Bank, Fort Collins. Photography by Diane M. Specht
13
features
departments
page 13
page 40
Banking on the Future
recreation: Fore the Love of the Game
page 25
page 48
Economic Update of Northern Colorado
agriculture: Where is the Beef?
page 34
page 52 energy: Oil & Gas in
Q&A With Mayors of Northern Colorado
34
page 36 Been to Greeley Lately?
Northern Colorado
page 56
transformation: The Joy of Closing
columns page 8
48
Publisher’s Letter
page 9
From Our Readers
page 60
40 52
About Town Stone Soup Dinner of Champions The Sound of Color Voyage to Vanuatu Opera Fort Collins
56 10 4.2006 Business.indb 10
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2005 Employees of the Year: Sandy, RN, Operating Room Louis, Facilities Services Susan, RN, SNICU
For the third consecutive year, Poudre Valley Hospital has been named a Top 100 Hospital out of 3,091 hospitals across the United States. We're the only hospital in Northern Colorado to receive this honor.
Top 100 Hospital recognition is given by
Solucien~,
an
independent company that monitors hospital performance.
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Solucient analyzed patient outcomes, patient safety, financial performance and other metrics in its ranking.
At PVH, we're thrilled to be a Top 100 Hospital because it's our mission to provide world-class care to you and your family right here in Northern Colorado.
For more information on Solucient Top 100 Hospitals, visit pvhs.org or 1OOtophospitals.com.
POUDRE VALLEY HOSPITAL POUDRE VALLEY HEALTH SYSTEM
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Lydia's STYLE Magazine
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It is a good idea to know who is in charge of our finances. That’s why Style has decided to take a closer look into the lives of some of the top banking presidents in Northern Colorado. As each one of the bank presidents we profiled has more than one great trait, they all seem to have one major characteristic in common – the ability to be a good leader. With years of experience, excellent intuition regarding financial affairs and qualified skills within their field, the communities of northerncolorado can be assured that their money and business are in the right hands.
BANKING on the
FUTURE By Alice Ashmore Alice Ashmore is a regular contributing writer living in Loveland.
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MARK DRISCOLL President of First National Bank of Fort Collins
M
ark Driscoll is a familiar name to Colorado State University sports fans and athletes alike. Driscoll was CSU’s Director of Athletics from August of 2003 until earlier this year. Driscoll had also been Assistant Football Coach for CSU from 1976 to 1979 before pursuing a successful banking career. He is now president of First National Bank of Fort Collins. Driscoll compares leadership to the wind. “You can’t see it, but you can feel the effects.” He sees a successful leader as “influential and inspiring.” They provide a vision, motivation and direction for an organization. “I’m particularly fond of Jim Collin’s “Good to Great” leadership books,” he said. He also sees good things for Fort Collins. “I’m very bullish about our economy. It‘s an attractive place to live with positive natural resources and a highly educated work force. Because we have some great positives, we have the ability to weather some of the problems,” Driscoll said. “The economy is growing without excessive real estate appreciation.” He believes one of the major challenges is trying to attract, create and keep primary jobs. “We have a wonderful quality of life here and we are rapidly shifting from a manufacturing economy to a knowledge-based economy.” Driscoll has been honored with the CSU Outstanding Alumni Award. He holds a Bachelor’s degree and a Master’s of Science in Business Administration from the university. He is a recipient of the Fort Collins Chamber of Commerce “Collins Award,” and a graduate of Leadership Fort Collins. Driscoll has served on the board of the United Way, the Rotary Club, Junior Achievement, the Salvation Army, PVH Foundation and Partners of Larimer County. He cites his marriage of 31 years to wife Neyla, as his proudest accomplishment. They have three grown children.
Business of Northern Colorado 2006
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Dary Southwick President and CEO, Centennial Bank of the West
Daryll (Dary) Southwick, has his roots firmly planted in Fort Collins. A third generation Fort Collins native, Southwick says his family came to the area in 1901. He also has strong ties to Colorado State University. Both of Southwick’s parents were CSU employees and Southwick himself attended CSU on a baseball scholarship, graduating with a business degree in 1972. He is also a graduate of the Colorado School of Banking at the University of Colorado. “I’m as Fort Collins as you can get,” he said. His wife Shauna is a graduate of Poudre High School and CSU and they are the parents of two grown children. Southwick believes it is important for leaders to demonstrate a consistent track record that is believable with the people you lead. “People have to respect your ability to make the hard decisions,” he said. When asked about the Northern Colorado economy, Southwick says, “I don’t see any cause for concern. What’s happening now is part of the normal economic cycle.” He adds, “Fort Collins is a long-term investment.” Quality of life is a main factor in this equation. He believes Fort Collins has all the factors to attract businesses to Northern Colorado, including a concentrated, stable employment base. “There are reasons that people want to live here. They’re the same reasons I moved back.” After graduation Southwick worked for a year in Hoofddrop, the Netherlands, before moving to Center, Colorado to begin his banking career. His career led him to Strasburg, Colorado then to Denver before returning to Fort Collins in January 2005. He enjoys an unusual hobby, one that connects him with his love for animals and the outdoors. “I grew up learning how to pack horses and mules from a local man named Fum McGraw, who is known for this expertise in the outdoors. I still pack my own horses and mules.”
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Don Churchwell President and CEO, Home State Bank. Loveland Colorado native Don Churchwell believes in mentoring people. “Coaching and developing individuals is the most important role for a leader.” He attributes much of his own success to great mentors. As President and CEO of Home State Bank, Churchwell was named “Business Leader of the Year” in The Coloradoan’s “Best in Business” edition. Home State Bank also received “Corporate Citizen of the Year” in the same issue. “I work to foster open communication,” he said. Trust is another part to Churchwell’s leadership equation. “Inspire trust in people. People will work hard if they have trust in you,” he said. “Also, having good sound judgment and the ability to make on-the-spot decisions are important.” Churchwell was born in Johnstown and raised in Loveland. He graduated from Loveland High School, and then completed study at the University of Northern Colorado and the University of Colorado’s Graduate School of Banking. Churchwell began his banking career in Fort Collins in 1964. In 1994, Churchwell retired as President and CEO for Bank One in Fort Collins and Loveland, but found it difficult to stay retired. He decided to complete a four year stint as Executive Director of the Loveland Economic Development Council in 1999 and then decided to retire again. But in 2001, he was lured out of retirement to merge American Bank and Home State Bank under the ownership of the Devereaux family, making Home State Bank the largest locally-owned bank in Larimer County. He believes that customers are looking for confidence and trust in their bankers. Churchwell is a strong believer in what he calls “the fairness test.” “Fairness in any business is one of the foundations of trust and confidence. Stability is another thing customers look for,” he said. Churchwell describes the economic picture in Northern Colorado as stable. “The communities have done a good job of planning for growth.” He adds that change is inevitable in Northern Colorado and notes that for the most part it has been for the good. Churchwell, who describes himself as “social and outgoing,” plays golf and travels in his free time.
Business of Northern Colorado 2006
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LEADERS IN REAL ESTATE
Kim Barbour Greeley • 396-5036
Harleen Alexander Harmony • 377-4933
Georgena Arnett Sheila Benshoof Brian Bogaard Judy Bogaard Loveland • 481-9801 Horsetooth • 377-6053 Harmony • 377-4954 Harmony • 377-4931
Jason Billings Mulberry • 581-6444
Cindy Blach Mulberry • 481-5821
Jim Chance Harmony • 377-4942
Kelli Couch Centerra • 310-8804
Lane Everitt Mulberry • 310-5312
Corinne Govan Rita Gordon Harmony • 217-7522 Horsetooth • 377-6078
Kathy Goza Greeley • 381-9141
Matt Haskell Mulberry • 419-2346
Robert Hau Harmony • 377-4947
Paula Hawe Windsor • 229-5404
Shelly Hill Mulberry • 310-3457
Keith Huntsman Harmony • 377-4941
Kim Irwin Mulberry • 391-5050
David “DJ” Johnson Mulberry • 213-0648
Janan “JJ” Jones Randy Joseph Prue Kaley Mulberry • 419-2305 Horsetooth • 222-1713 Horsetooth • 377-6023
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JoAnne DeLeon Tim DeLeon Mulberry • 419-2310 Horsetooth • 215-5579
Brian Grauberger Tracie Gunn Horsetooth • 690-9746 Greeley • 396-5678
Jim Havan Mulberry • 481-9280
Russ Hunter Harmony • 377-4908
4/20/06 11:58:46 am
Harmony Office • (970) 229-0700 Horsetooth Office • (970) 223-0700
Mulberry Office • (970) 221-0700 Centerra Office in Loveland • (970) 613-0700
Greeley Office • (970) 392-0700 Loveland Office • (970) 663-0700
Windsor Office • (970) 226-0700 www.thegroupinc.com
Shelley Kerr Horsetooth • 566-3298
Holly King Greeley • 396-0678
Stephanie Kirkland Centerra • 679-8084
Cindy Kurtz Linda Koentopp Centerra • 962-6832 Harmony • 222-4847
Cindy Kutin Centerra • 679-1573
Deanna McCrery Harmony • 377-4901
Ron McCrimmon Centerra • 679-1566
Norma McMillen Greeley • 381-4340
Terry McNeal Harmony • 691-1550
Doug Miller Mulberry •481-9444
Robbie Miner Greeley • 978-0222
Rob Mygatt Carl Nelson Anne Pielstick Joey Porter Elaine C. Minor Horsetooth • 215-9236 Windsor • 229-5411 Horsetooth • 377-6009 Horsetooth • 377-6028 Harmony • 377-4905
Judy Rummery Centerra • 679-1565
Stacy Sledge Todd Sledge Felipe Sorzano Tami Spaulding Linda Sioux Stenson Horsetooth • 308-9000 Horsetooth • 222-9120 Windsor • 222-4423 Horsetooth • 377-6003 Loveland • 461-7131
Janet Stewart Horsetooth • 377-6054
Jack Taylor Windsor •420-9302
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Elaine Tool Paul Versteeg Harmony • 377-4923 Harmony • 690-8888
Robert Walkowicz Bill West Harmony • 377-4945 Horsetooth • 690-0505
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Byron Bateman Chairman, President, CEO and Chief Operations Officer, Cache Bank and Trust, Greeley
Byron Bateman literally has banking in his blood. “I’ve been in the banking business all of my life because my family owned a bank.” With 30 years of banking experience, Bateman took control of the Cache Bank and Trust in 2002. He earned his BBA from Texas Tech, graduated from the Texas Tech School of Banking, the National Commercial Lending School at University of Oklahoma and the Southwestern Graduate School of Banking at Southern Methodist University in Dallas. His leading efforts include his past position as chairman of the Northern Colorado Cystic Fibrosis Foundation, and recipient of the Whitman Humanitarian award for his work on behalf of cystic fibrosis. Bateman also serves on the Board of Directors for the Weld County United Way, the advisory board for the UNC Foundation, is a former Scout leader and has served on the board of directors for the Alzheimer’s Association of Colorado. Bateman believes in leadership by example. He has seen how the explosive growth in the banking business in Northern Colorado has led people with little or no experience to receive great job offers. “A leader is a great communicator of the facts - the candid, tough facts,” he said. The ability to lead consistently is another skill Bateman believes defines a good leader. He is “cautiously optimistic” about the economy in Northern Colorado. “I think the economy is over-banked.” He points to the plethora of industry players, from independents, super-regionals and international banks. “We even have internationals competing locally.” Bank of the West is now owned by a French bank, Banc Nationale de Paris. “It’s also a challenge with the big hedge funds looking at banking,” he says. “They are all built on high-growth models.” Bateman is also uneasy with the real estate market. Bateman sees that when combined with the trend of people cashing-out equity in their homes, a problem could be created. “Nationally, $440 billion has been pulled out of the market.” He is concerned about the aggressive retail and service growth in the area. “Everything is still open but there may not be enough to support all of it,” he said. “This could cause a domino effect in the local economy, but we are definitely in this for the long haul.” Bateman is an avid golfer and musician. “I like all kinds of music and I have a studio in my basement,” he said. Bateman spends a lot of time outdoors and is happily married with two children.
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Dianna Vasa President, Capital West Bank, Fort Collins
At the age of 39, Dianna Vasa is not only the youngest bank president of these profiles, but also the only woman. Although new to the bank, Vasa has brought more than 15 years of experience in banking to the position. Capital West Bank is new to Fort Collins as of June 2005 and is a locally owned division of the National Bank of Wyoming. “We are chartered in Colorado and the local Board of Directors owns the bank.” With the banking world becoming leaner and meaner, Capital West Bank is looking towards service to attract customers. “Customer service in the banking world has diminished,” Vasa said. “Charges have increased and service has decreased. Some banks want to charge you even for a visit with a teller in the lobby.” Although Capital West has the same services as other banks, Vasa prides her bank on offering the experience of a customer-friendly environment. The lobby features a coffee shop that offers beer and wine after 4 p.m. Soon to come is the addition of a 230 gallon fish tank to entertain customers and their children. Vasa notes Capital West is also known as a “dog friendly” workplace. “We have employees that bring their dogs to the office upon occasion.” Vasa believes in leadership in both the banking world and in the community. “You have to be a leader to your employees as well as the community.” She is a graduate of Leadership Fort Collins and Leadership Weld County. “Leaders let their employees have a stake in their company, and a sense of ownership.” Vasa also believes that being a leader means making it a group effort. Vasa calls herself an “Iowa farm girl.” She attended Morningside College in Sioux City earning a Bachelor’s degree in Accounting. She worked as a licensed Certified Public Accountant before making the jump to banking. A wife and mother of two sons, Vasa enjoys scuba diving, traveling and skiing.
Business of Northern Colorado 2006
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Larry Wood President and Director, Union Colony Bank, Greeley When Larry Wood accepted the president position at Union Colony Bank in May 2002, the bank was suffering due to “poor community identification” and a rapid succession of leadership changes. Now with seven branches and over $480 million in total assets, Union Colony was recently recognized as “Best Bank in Weld County.” Wood received his BA in Business from Colorado College and an MBA from the University of Michigan and has 28 years of experience in community banking. “If you look at the number of branches per capita, we’re a population that is very wellserved,” he said. “We should have the happiest consumers in Colorado.” For a comparison, Windsor has one bank per 1,000 people, where the state average is one bank per 4,500. However, when it comes to success, Wood has a few tips. “You should surround yourself with good people.” He is also a strong believer in getting to know his people. “You need to magnify their positives and organize around their deficiencies. Any person can be managed to be successful.” Having a good time is one of Woods’ main ingredients for success. “We maintain a fun environment. Fun is part of our strategic plan,” he says. “If an employee is not having fun at their job, they need to come see me.” Although only three years old, Union Colony Bank was ranked as the number two “best family-oriented employer” in Colorado for the past two years. The momentum for this corporate culture comes straight from the top. Wood believes in offering his employees a strong benefit package, including child care incentives and allowing time for employees to attend family affairs. “Family is number one here,” he said. Woods’ outlook for the Northern Colorado economy this year is mixed. “I’ve seen an increase in the number of foreclosures, and we’ve lost a number of large employers in the area,” he said. “There needs to be an increase in the number of primary jobs, and agriculture is also going to be hit hard this year by the high price of fuels.” He expects all sectors to be flat for 2006. “We have an inverted yield curve right now, which can be the precursor to a recession.” Wood believes the area needs to continue to grow, but at a slightly slower rate. “There’s been a tremendous increase in the retail sector.” In his spare time, Wood likes to play golf, but says his real hobby is his family, wife Karen and his daughter.
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John Meyer Branch President, Advantage Bank of Fort Collins
John Meyer has enjoyed his position as branch president for the Fort Collins location since September of 2000. Meyers embraces many of the leadership theories in the book, “From Good to Great” by Jim Collins. “The best leaders are not the most visible,” Meyer said. “Confidence and humility are a combination found in good leaders and the ability to make confident decisions is the key to good leadership.” Meyer is optimistic about the future of banking in Colorado. “I don’t think we are overbanked. There is still an opportunity for all of us to make money, but it is at a point where we have to be more efficient.” He feels the continuing rise in interest rates has tightened money and required banks to become “lean and mean” in their operating strategies. During his time away from Advantage Bank, he plays golf, poker, snow skis, and enjoys hiking and biking with his family.
Business of Northern Colorado 2006
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21 4/20/06 12:00:08 Pm
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In 1952, a joint resolution by C~mgress, signed by President Truman, declared an annual, national day of prayer. The law was amended in 1988 and signed by President Reagan declaring that the first Thursday of every May would permanently be known as the National Day of Prayer. You are invited to recognize this important day by gathering together with our leaders for breakfast and prayer in the Marriott Ballroom, 6:30am, Thursday, May 4. The honorable Bob Schaffer will give the keynote address. For tickets call Dottie at 970.223.6676 or available at Vivians or Signs First for $14 per person.
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4/20/06 12:00:24 Pm
•
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4/20/06 12:00:32 Pm
When Maurice and "Tillie" Jessup bought a handful of cabins on 125 acres near the Big Thompson River in 1946, they could hardly have imagined what Sylvan Dale Guest Ranch would become. Today it's an authentic, 3,200-acre dude ranch. It's also an inspiring location for weddings, retreats and family vacations alongside the river. "Business people have discovered Sylvan Dale, too," says Susan Jessup, who manages the ranch with her brother; David. "Our conference facilities Tanya Workman Merchant Services are perfect for small business groups with high-speed technology in a slow-speed setting that really promotes creative thin king." When Sylvan Dale needed a source for merchant services to handle credit card transactions, they turned to their bank, Home State Bank. "Home State's rates were great," says David. "But most important, they're local! Fast, onsite service is always just a phone call away." If you're looking for a creative way to host your next business retreat, call Sylvan Dale Ranch. But if you're looking for a hometown banker who will be there when you need fast service, call Home State Bank. 203-6100.
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4.2006 Business.indb 24
4/20/06 12:00:57 Pm
As the rest of the nation slowly recovers from the dismal economic conditions we experienced in the first few years of the new millennium, many people are starting to wonder about the local economy.
By Jason Clarke
D
uring the boom times of the 1990s, we heard a few very vocal people saying that growth was out of control in Northern Colorado and that if we did anything, we needed to take steps to discourage development and slow our economy down. Well, it didn’t take too many years of stagnant growth and bleak economic news to convince many voters that in the new global economy we are going to have to work hard to maintain a strong economic base and to protect the high quality of life that we have long enjoyed here along the northern Front Range. “Colorado State University, Loveland, Fort Collins, and Larimer County are all in the midst of launching economic development initiatives,” says Andrew Smith, the workforce development liaison for the Larimer County Workforce Center. “The Larimer County region has been challenged to proactively address the economic and workforce trends we’ve seen in recent years. As recent as eight years ago, unemployment was so low in the region that employers found themselves offering premium wages to under qualified employees and they struggled just to keep themselves staffed,” according to Smith. “The tables turned dramatically over the next few years
Business of Northern Colorado 2006
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“
“
“SEVERAL YEARS I COINED
the I-25 corridor AS THE NEXT MAIN STREET; DEVELOPMENT IS PROVING THIS TO BE TRUE.” —Larry Kendall, Chairman of The Group Real Estate Inc.
Colorado Unemployment Rate 2004 5.5% 2003 6.0% 2002 5.9% 2001 3.9% 2000 2.6% 1999 3.0% Larimer County Unemployment Rate 2004 4.6% 2003 5.7% 2002 5.3% 2001 3.5% 2000 2.4% 1999 3.2% Fort Collins Unemployment Rate 2004 5.3% 2003 6.1% 2002 5.5% 4.0% 2001 2000 3.2% 1999 3.4% Loveland Unemployment Rate 2004 4.0% 2003 5.6% 2002 4.9% 2001 3.5% 2000 2.1% 1999 3.1%
Labor Force 2,522,225 2,479,753 2,443,321 2,394,885 2,359,323 2,340,938
# Employed 2,382,873 2,325,210 2,300,065 2,301,155 2,296,805 2,269,668
# Unemployed 139,352 154,543 143,256 93,730 62,518 71,270
Labor Force 162,927 155,403 153,887 151,961 146,350 145,515
# Employed 155,416 146,276 145,664 146,330 142,800 140,834
# Unemployed 7,511 9,127 8,223 5,631 3,550 4681
Labor Force 77,732 74,956 74,197 73183 69,585 70,054
# Employed 73,613 70,259 69,965 70,285 67,638 67,645
# Unemployed 4,119 4,697 4,232 2,898 1,947 2,409
Labor Force 31,361 29,472 29,192 28,849 28,257 27,632
# Employed 30,109 27,820 27,704 27,830 27,665 26,785
# Unemployed 1,252 1,652 1,488 1,019 592 847
though, as the unemployment rate nearly doubled in 2003. This created a downward pressure on wages and left many skilled applicants applying for low-wage jobs that they are overqualified for.” The numbers seem to support this theory. In 1999, for example, Larimer County was enjoying a low, 3.2% unemployment rate which rapidly mushroomed to a 2003 peak of 5.7%, according to Lew Wymisner, Assistant Director of the Larimer County Workforce Center. This rapid decline led to a noticeable shift in the priorities of local community leaders as Fort Collins, Loveland, and Larimer County governments began taking steps to protect the job base and create new, high-quality jobs in the region. Although there are indications that unemployment will continue its slow, but steady improvement in 2006, the need to cultivate new jobs remain strong. David May, President and CEO of the Fort Collins Area Chamber of Commerce, looks at things from a larger, global perspective. “The world is changing very rapidly. Communication technologies, improved education levels in developing countries, and globalization have and will continue to change the competitive landscape for Americans.” The high tech manufacturing jobs which flooded the region during the economic boom are disappearing, many of them victims of outsourcing as jobs move to other regions, states, and countries around the world. “We compete for these primary jobs with other regions and other states,” agrees JJ Johnston, President and CEO of the Northern Colorado Economic Development Corporation. He views initiatives to help streamline the development review process for businesses as an essential part of the effort to revitalize the region’s economy.
26 4.2006 Business.indb 26
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“
“
“Our goal is to help businesses create 9,175 new jobs in larimer county within the next 5 years.” —JJ Johnston, President and CEO of the Northern Colorado Economic Development Corporation
“Even for a local business owner it can take months for a project to get through public review even though the project would be a great addition to the community. In other regions they have greatly streamlined the process,” says Johnston. It’s no surprise, then, that many businesses looking to expand and/or relocate in the region find themselves unable to do so despite the numerous benefits of locating in a beautiful and vibrant region, full of highly skilled and educated workers. “Fort Collins and Northern Colorado are competing globally,” adds May. “Anything that makes it unreasonably difficult to make capital investments here gives others a competitive advantage. We need to run faster and smarter than we did yesterday.” According to Johnston, recent proposals to improve interchanges along I-25 in rapidly developing areas are also a high priority for the region. As the population continues to grow, the pressure on our local transportation systems will increase as well. “Businesses are dependent on a very efficient transportation system, not just for the delivery of their goods but for their people; if we don’t address this issue we are going to have real problems,” he says. “The businesses that we survey are very concerned about the transportation infrastructure and the lack of public transportation, particularly intercommunity. This is one of our top priorities regarding our ability to have a world class economy here.” May also feels that we are headed towards a regional gridlock over the next 20 years if we don’t give more attention to better road and transit solutions that move people between the communities in Northern Colorado. “In general, the lack of state transportation dollars is damnable,” she says. Another big surprise for many people living here in Northern Colorado has been the sluggish
Business of Northern Colorado 2006
4.2006 Business.indb 27
pace of home appreciation in recent years. Many homeowners who grew accustomed to the massive gains they saw in the 1990s have been surprised as the value of their home has remained fairly steady throughout the early years of this decade. Larry Kendall, chairman of The Group Real Estate Inc., sees a connection between this slow increase and the high unemployment we’ve seen in recent years. “Starting in 2002, Colorado went through a period of job losses related to technology and telecommunications companies. Within 18 months, Colorado went from being the number one state for home appreciation to number forty-nine,” says Kendall. Rumors of a “real estate bubble” similar to the stock market bubble that “popped” in the late 90s,
27 4/20/06 12:01:56 Pm
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28 4.2006 Business.indb 28
Lydia's STYLE Magazine
4/20/06 12:02:12 Pm
United States unemployment rate 2004
5.5%
2003
6.0%
2002
5.8%
2001
4.7%
2000
4.0%
1999
4.2%
sending stock prices plummeting, has further fueled worries that home values in the area may decline. These fears are unfounded and based on a misunderstanding of the price cycles, according to Kendall. “You could say the ‘bubble’ burst about 3 years ago in Colorado. We have now climbed back to forty-four in home appreciation as of the end of 2005, although Colorado is still lagging the U.S. average for appreciation.” The dramatic home appreciation in East and West Coast states over the past few years may lead to a price correction similar to the one we’ve already experienced in this region. According to Gene Vaughan, Broker and Owner of RE/MAX Alliance in Northern Colorado, fears of a sudden dramatic reduction in price don’t reflect the reality of the situation and as employment numbers continue to improve, housing prices will continue to rise as well. “We definitely feel an improvement in employment and that is the bottom line which drives all things in the real estate market. There are some jobs that are coming into town and there is more optimism there.” There is also little reason to worry about the type of out-of-control appreciation which has plagued California, among other regions, making buying a home an impossibility for much of the middle class.
Business of Northern Colorado 2006
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THE LARGEST PATIO STORE IN COLORADO
G}Jatio •~inintj •~eather ~i'bestytes
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forecast l a r i m e r c o u n t y â&#x20AC;&#x2122;s population growth
2006
Population...........274,397 Births.......................3,411 Deaths.....................1,910 Net Migration...........1,339 Total Change............2,841
2007
Population...........278,710 Births.......................3,443 Deaths.....................1,937 Net Migration...........2,815 Total Change............4,322
2008
Population...........284,011 Births.......................3,450 Deaths.....................1,973 Net Migration...........3,819 Total Change............5,297
2009
Population...........289,827 Births.......................3,476 Deaths.....................2,020 Net Migration...........4,355 Total Change............5,811
2010
Population...........296,198 Births.......................3,529 Deaths.....................2,065 Net Migration...........4,906 Total Change............6,370
Information according to the Colorado State Demographerâ&#x20AC;&#x2122;s Office http://dola.colorado.gov/demog/demog.cfm
Business of Northern Colorado 2006
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According to Vaughan, prices in Colorado tend to not experience the dramatic swings which might be seen on the coasts. “As the hot markets of Las Vegas, Southern California, and the East Coast get red hot, we tend to get cooler which varies inversely. It may be time for us to enjoy an improving market and those regions may soon see a dramatic decrease in home prices. Those areas may need to watch out for the bubble, but we are steady and our swings are generally not as robust one way or the other.” It seems that new developments are springing up at an incredible pace, which may be confusing for some people, particularly when one considers the fact that we have been in a buyer’s real estate market in this region for at least 3 years. However, Larry Kendall believes that there are several factors which continue to fuel the building boom in Northern Colorado. Ironically, one of them may be the efforts of the anti-growth lobby. “Much of this development is related to the proposed Amendment 24 which was designed to limit or even eliminate property owner’s abilities to develop their land unless they submitted a development proposal by a certain deadline,” says Kendall. “While Amendment 24 was intended to limit growth, it actually stimulated a massive submittal of development proposals, many of which are being built today.” Another factor influencing public perception is the location of the new developments. More and more people are commuting to work in another community, making access to I-25 more important. “As a result we are seeing a very large percentage of the new subdivisions being built within 1 to 2 miles of I-25,” says Kendall. “These are very visible and give the impression that more is being built than really is.” Finally, there is a growing preference of home buyers to purchase a new home. “Several years ago, 1 out of every 5 home sales was a new home. Last year in Larimer County 1 out of every 3 was a new home and in Weld County, it was 1 out of every 2,” he says. ‘This has made it tough on homeowners who have found that existing home sales are slow while overall home sales re-
“While Amendment 24 was intended to limit growth, it actually stimulated a massive submittal of develoopment proposals, many of which are being built today.” —Larry Kendall
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“I feel with all my heart that this region is destined for greatness, but we’re not there yet. We have a lot more work to do in order to get there.” —JJ Johnston main strong which has given builders continued incentive to build new homes.” One element of the regional economy which seems to enjoy a perpetual boom is retail development. While the large number of new retail developments will undoubtedly be a benefit to the regions economy, Johnston warns that focusing solely on retail development, as local governments have done in the past, is not the best way to provide for long-term primary job growth. “In the past we’ve seen communities engage in fierce competition for retail development, but that is not a good way to fund local government,” he says. “We need to target primary job growth, not just retail. Instead of someone having a retail job for $15 to $20 thousand a year, we can diversify the economy and move some of those people up the ladder and give them better job opportunities.” Johnston and the Northern Colorado Economic Development Corporation aims to provide jobs for everyone who lives in this area, loves Northern Colorado and continues to depend upon the availability of high paying jobs in the region. “We are thinking about the people who live in the region and what their occupational needs will be, not just now but 20 years from now,” says Johnston. “I feel with all my heart that this region is destined for greatness, but we’re not there yet. We have a lot more work to do in order to get there.” May agrees that there is still work to be done. “The City of Fort Collins has reengaged with the economy after years of neglect by previous nogrowth city council majorities. A key for the Fort Collins community will be the council elections in April 2007. It’s important that we not fall back into the disengaged patterns of the past.” As the national economy continues to improve, Northern Colorado’s economy will improve as well and with a little bit of work we’ll be able to provide quality jobs and comfortable homes for every one of our skilled and educated citizens.
Jason Clarke is a freelance writer and English Teacher at Thompson Valley High School in Loveland.
Business of Northern Colorado 2006
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Q: How long have you been mayor; do you enjoy it - is it what you expected? A: A wise City leader once told me that the most important qualification for mayor is “Love of the city.” I grew up in Fort Collins and truly meet that standard. Having been a Coloradoan political community columnist since 2001, I had watched Council closely and fully understood the challenges I would face. My years in the Air Force and Department of Defense provided invaluable experience in leadership, planning, and budget policy. Q: What was the biggest challenge you faced when taking office and how is that issue being resolved? What was your number one pet project/issue going into office and how has that been manifested over time? A: My biggest challenge and my overarching goal is good governance. My primary task, as mayor, is to set the tone and provide the leadership to ensure that the City Council works together for the good of the city. Q: What do you think is the largest and most impacting issue your city is facing today and what strategy is in place to deal with it? A: The biggest issue is preserving and enhancing our quality of life, which ultimately depends on a successful, healthy economy. My vision for Fort Collins is a vibrant, world-class community striving for a healthy environment and a healthy economy—and for superb social character and infrastructure. This vision is the focus for creating the first-ever City Economic Action Plan, which has been underway for several months. Completing and implementing the plan is the priority task of the city’s newly-hired economic advisor, with support from a newly-formed Economic Lead Team staff. continued on page 63
Q: How long have you been mayor; do you enjoy it - is it what you expected? A: I was first elected Mayor in Nov 2003 and re-elected in Nov 2005. It has truly been an honor and a privilege to serve our community and it all started with the love I have for the community. In 1997, I was recognized in “People Who Make a Difference” for my community service and contributions to the community in the area of government. Q: What was the biggest challenge you faced when taking office and how is that issue being resolved? What was your number one pet project/issue going into office and how has that been manifested over time? A: When I was first elected to the City Council in 1997 the City Council and the community was clearly divided on the issue of growth and development. I believed I could provide leadership and help bring the community together to recognize that growth and development, while bringing forth challenges, can also bring about quality and opportunities. Q: What do you think is the largest and most impacting issue your city is facing today and what strategy is in place to deal with it? A: We’re striving to maintain the delicate balance between the quality of life our citizens embrace and a community with economic vitality. One of our most successful strategies is found in our Comprehensive Master Plan for the community. The document is a vision created by our community members and serves to guide our city planners and the development community. continued on page 65
34 4.2006 Business.indb 34
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STYle magazine interviewed the mayors of fort collins, greeley, Loveland, and windsor to get their prespective on what it takes run a city in the front
Q: How long have you been mayor; do you enjoy it - is it what you expected? A: I have been mayor of Greeley since November 2003. I was a member of the Greeley City Council 1993-2001. Being mayor is what I expected, because of my previous experience as a council member and mayor pro-tem. I feel that I have made a difference in Greeley because of several positive changes that have been made. Q: What was the biggest challenge you faced when taking office and how is that issue being resolved? What was your number one pet project/issue going into office and how has that been manifested over time? A: Resolving naming and contract issues with the Greeley Independence Stampede and also the establishment of better communications between builders/ developers and city staff, were the first big challenges that I faced. Both were resolved in very satisfactory manners. Also, continuing the building of â&#x20AC;&#x153;Quality of Lifeâ&#x20AC;? projects has been very important. Q: What do you think is the largest and most impacting issue your city is facing today and what strategy is in place to deal with it? A: Public safety; our new police chief, Jerry Garner, along with very capable and experienced captains and all the police staff have excellent new plans of action in place. Q: How is the economic well being of your city? A: We are intent on raising the per capita income and creating new job opportunities. Economic development efforts and our new community branding program will make a difference. continued on page 63
Q: How long have you been mayor; do you enjoy it - is it what you expected? A: I have been serving Windsor for two years of a four year term. As Mayor, I receive the most satisfaction from being a decision-maker in how Windsor is growing and developing for future citizens. The reality of being Mayor is different than what my expectations were. The time commitment is considerably more than what I had expected. I also have found that people today often think in terms of their neighborhood rather than the big picture of the entire town. Windsor has been a quality community for decades and is continuing in that type of growth. It is personally rewarding to be a part of that growth. Q: What was the biggest challenge you faced when taking office and how is that issue being resolved? What was your number one pet project/issue going into office and how has that been manifested over time? A: Determining Windsorâ&#x20AC;&#x2122;s identity and how it is to grow and develop continues to be the biggest challenge. Many local issues are still evolving in the areas of transportation, industrial and commercial development, housing, historic preservation, lifestyle amenities and others. A general view or snapshot of what Windsor wants to become is reflected in our recently-completed visionary process called Vision 2025. Q: What do you think is the largest and most impacting issue your city is facing today and what strategy is in place to deal with it? A: The most important and largest issue before Windsor today is the accelerated growth we are experiencing. Currently our board has engaged a consultant to review our planning policies and procedures in an attempt to identify and resolve any deficiencies. continued on page 65
4.2006 Business.indb 35
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greeley lately? been to
by Court Klink
EconomicS & Education Business Activities and Conditions
The Greeley/Weld County Metropolitan Statistical Area (MSA) has been identified by the United States Census Department as the fastest growing MSA in the United States. As a result, there are significantly expanded opportunities for existing and new businesses in the area. In recognition of this positive, expanding business environment, Weld County’s economic development corporation has changed its name to Upstate Colorado Economic Development (formerly Greeley/Weld Economic Development Action Partnership). Larry Burkhardt, President/CEO of Upstate, explains the name change: “In taking this somewhat bold step, the Board felt that the new name would provide us with more interesting, flexible and effective marketing options in positioning our area to prospective employers. The new corporate name, while embracing our county-wide mandate and inclusionary intent, uses a new term – “Upstate Colorado” - to describe our geographic area. This new descriptor allows us the
ensus
fastest
Greeley’s Largest Family-Owned Businesses Company
2005 Revenues (Millions)
# of Employees
Year Founded
Managing Executive
Roche Constructors Inc. $152 110 1971 Thomas J. Roche (CEO & President) (General Contracting/ Construction) Ehrlich Dealerships $85 150 1946 Scott Ehrlich (President) (Auto Dealerships) Weld County Garage $73 136 1908 Warren Yoder (Buick, Pontiac, (General Manager) GMC Dealers) Garnsey & Wheeler Ford $64 101 1922 Tim Brynteson (Ford Automotive Retail & (General Manager) Services) Source: The Northern Colorado Business Report Survey
Greeley’s Largest private sector employers
Company
# of Local Annual Revenues Employees (Millions)
Banner Health Western Region – Northern Colorado
3,650
$381 (2005)
Swift & Company
2,612
$9,669 (2005)
State Farm Insurance Company
1,500
$1,073 (2004)
Startek Inc.
906
$258 (2004)
Hensel Phelps Construction Company 550 $1,784 (2005) Source: The Northern Colorado Business Report, February 13-16, 2006
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The Greeley/ Weld County Metropolitan Statistical Area (MSA) has been identified by the United States Census Department as the fastest growing MSA in the United States.
A expansion of the Northern Colorado Medical Center opened in the fall of 2005.
The Universities of Greeley bring energy, creativity, culture and innovative thought associated with college life.
United Agri Products headquartered in Greeley is the largest independent distributor of agricultural and noncrop chemicals, fertilizers and other products products.
Furniture Today magazine projects the Greeley metropolitan area to be the fastest growing market in the United States for furniture sales.
latitude to create a broad, positive image that better defines the area’s current conditions and economic potential. The change of name represents only one of several changes to be implemented by the Upstate office. A new logo is being developed and all collateral materials redesigned. The new graphics will be reflected in Upstate’s newly designed and expanded Web site. Finally, the new changes will be made part of our trade show booth.” For more information about Upstate Colorado Economic Development, call (970) 356-4565. Greeley’s current population is 87,971 (preliminary as of 2005). According to a recent article in the Northern Colorado Business Report, the Greeley metropolitan area ranked first in the nation in population growth over the period April 1, 2000 to July 1, 2003 – a growth of 16.8%. The article further indicated a population increase of 21.2% for the period April 1, 2000 to July 1, 2004. As another measurement of future growth in the Greeley area, the article quoted a recent report in Furniture Today magazine projecting the Greeley metropolitan area to be the fastest growing market in the United States for furniture sales over the period 2005 to 2010 – a 41% sales growth (as compared to 26% in Fort Collins/Loveland, 25% in Denver and a national average of 18%). An important factor
Business of Northern Colorado 2006
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in Greeley’s dramatic population growth is the relatively affordable housing in the area. In addition to the family-owned businesses, private sector employers and public sector employers listed above, Greeley has a number of other large and successful businesses including United Agri Products headquartered in Greeley (a $2.5 billion company with almost 3000 employees corporate wide - the largest independent distributor of agricultural and non-crop chemicals, fertilizers and other products in the United States and Canada), Champion Dodge (Chrysler/Jeep/Dodge and Dodge dealerships), Honda of Greeley, and a number of others. Commercial development of medical facilities and office buildings in Greeley is very active. A $120 million expansion of the Northern Colorado Medical Center opened in the fall of 2005. Development of multiple office buildings totaling approximately 200,000 square feet is planned over the next year for the Promontory site located near the western boundary of Greeley near the junction of U.S. Highway 34 and U.S. 34 Bypass. (The State Farm Insurance Regional Headquarters and Swift & Company - together representing 600,000 square feet of space and an investment of $54 million - are currently located at that site.) In addition, the Greeley Medical Clinic and North Colorado Cardiology plan to build facilities west of State Farm and Swift near Greeley’s western boundary of Road 17. Closer to the center of Greeley, in 2004, the voters approved $24 million for a new police headquarters located at 10th Street and 30th
Over the past eight years, the voters have passed two bond issues totalLing $120 million for schools.
Greeley’s Largest public sector employers # of Local Company Employees Weld County School District RE-6
2,037
University of Northern Colorado
1,656
Weld County
1,316
City of Greeley
907
Aims Community College 468 Source: The Northern Colorado Business Report, February 13-16, 2006
Avenue. The current police facility and firing range is being remodeled. In the past few years, the Greeley Mall has spent $15 million in remodeling and added the Cinemark movie complex. Also, within the past five years, over one million square feet of new retail space has been added in Greeley including projects such as CenterPlace (47th Avenue and Highway 34 Bypass), Greeley Commons (downtown), Wal-Mart and Lowes.
The Educational Scene
In addition to its many other diverse attractions, Greeley is a college town. Students attending the University of Northern Colorado (UNC) - along with the university’s faculty and administration - bring the energy, creativity, culture and innovative thought associated with college life. As a testament to the universities educational excellence, UNC’s Monfort School of Business has received the Malcolm Baldridge Award as the best undergraduate business school in Colorado. College and adult education courses are also offered through Aims Community College, located in Greeley. In addition to Greeley’s K-12 public school system, there are a number of private and charter school options. Over the past eight years, the voters have passed two bond issues totaling $120 million for schools. Specific projects have included: Northridge High School, the remodeling of Greeley West and Greeley Central High Schools, and three new elementary schools.
An excellent example of Greeley’s support for education is The Tointon Institute for Educational Change, founded in 1995 as the result of a gift to UNC from Bob Tointon and his wife, Betty. The Institute’s mission is to create better K-12 schools, and resulting improved student performance, by fostering effective leadership among school principals and teachers. The very successful program involves “leadership academies” held at various appropriate off-site venues with 5-day courses for principals and 3-day courses for teachers. Court Klinck is a freelance writer living in Eaton.
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Business of Northern Colorado 2006
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RECreaTION :: GOLF The game of golf is more than just a sport – for many it’s a passion, a reason to get away from the stressors of every day life and a time to relax. With its beautiful weather and enchanting scenery there is no better place to enjoy the game than right here in Northern Colorado.
Fore
the love of the game Golfers never seem to hesitate at the opportunity to spend a day on the green, especially if it’s at one of the local courses here in Northern Colorado. As one of the only states with four seasons, golfers are able to play in one of the most pleasant and serene environments offered. With sunshine year round, a challenging terrain complete with forests, luscious greenery and several ponds and lakes, each course has been created to satisfy every type of golfer. Aside from the amazing scenery, golf courses in Northern Colorado are also dedicated to customer service, excellence in dining and providing golfers with an overall great experience. The enjoyment of golf in Northern Colorado brings millions to the area and it’s no wonder with all the great golf courses offered. In 2005 there were more than 123,000 rounds played at only three of the Fort Collins’ municipal courses and close to a million when counting the 40-plus courses in the area. There are numerous public and private courses in the community, allowing for golfers to experience the joys of several different courses. The popularity of the sport can not only be attributed to recreation purposes. Golf is also seen as a real estate, business and more importantly, a lifestyle. As the number of golfers continue to rise in Northern Colorado, the number of courses have also been increasing, creating more places for golfers to enjoy a perfect day on the green. For those who have played on the courses in Northern Colorado, there is no denying the peaceful experience they have to offer.
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COURSE NAME
TYPE
HOLES
PAR
RATING
GREEN
CART
DINING
7309 4th St.Greeley
970.351.8934
Public
18
72
73
$23
$14
Restaurant
Cattail Creek
2116 W. 29th St., Loveland
970.663.5310
Public
9
27
N/A
$10
$10
Snacks
City Park Nine
411 S. Bryant Ave., Fort Collins
970.221.6650
Public
9
72
69.9
$14
$16
No
1441 E. Horsetooth Rd. Fort Collins
970.221.6651
Public
18
71
72.3
$16
$8
Restaurant
37661 County Rd. 39, Eaton
970.454.2479
semiprivate
18
71
71.7
$34
$12
Restaurant
Boomerang Golf Links
Collindale Eaton Country Club Estes Park
ADDRESS
PHONE
1080 S. St. Vrain Ave., Estes Park
970.586.8146
Public
18
71
69
$41
$12
Restaurant
Fort Collins Country Club
1920 Country Club Road Fort Collins
970.482.9988
Private
18
71
71.2
$45
$15
Restaurant
Fox Acres Country Club
3350 Fox Acres Drive East, Red Feather Lakes
970.881.2191
Private
18
71
70.5
N/A
N/A
Restaurant
Greeley Country Club
4500 W. 10th St., Greeley
970.353.2431
Private
18
70
70.8
$60
$14
Restaurant
2200 Clubhouse Dr., Greeley
970.330.7327
Public
18
71
73.1
$23
$14
Restaurant
Highland Meadows
6300 Highland Meadows Pkwy., Windsor
970.204.4653
Public
18
71
69.4
$40
$15
Restaurant
Lake Estes Executive
690 Big Thompson Ave., Estes Park
970.586.8176
Public
9
31
60.2
$22
$8
No
777 E. Lincoln Ave., Fort Collins
970.221.4818
Public
18
64
61.6
$25
$15
Snacks
2100 Country Club Pkwy., Milliken
970.587.5157
Public
18
70
66.4
$34
$21
Concessions
701 Clubhouse Dr., Loveland
970.667.8308
Public
18
72
70.8
$36
$15
Snacks/Grill
2808 N.E. Frontage Rd. Fort Collins
970.482.4847
Public
9
72
70
$14
$8
Snacks
1620 Pelican Lakes Point, Windsor
970.674.0930
semiprivate
18
72
70.2
$40
$15
Restaurant
5416 Vardon Way, Fort Collins
970.226.6600
Private
18
72
73
$60
$12
Restaurant
Highland Hills
Link-N-Greens Mad Russian Golf Course Mariana Butte Mountain Vista Greens Pelican Lakes at Water Valley Ptarmigan Golf Course Southridge Golf Club The Olde Course at Loveland
4.2006 Business.indb 41
5750 S. Lemay Ave., Fort Collins
970.416.2828
Public
18
71
70.2
$28
$24
Restaurant
2155 W. 29th St., Loveland
970.667.5256
Public
18
72
71.6
$28
$15
Snacks/Grill
4/20/06 12:06:47 Pm
the
golfer
3.8 Ultra Light Golf Bag Walk 36 holes if you want with this lightweight (3.8 pounds), easy-tocarry bag. Features a 6-way, full-length divider system and 6 pockets including a hidden valuables pocket. 8-inch oval top with a 6-way, full-length divider system. Durable 3-Stay frame construction.
Pro Golf of Fort Collins shows us the latest in golf equipment from Callaway®. Just the thing fore the golfer in your life.
I-TRAX PUTTER Our new breakthrough putter technology is CNC-milled, has two interchangeable vision-strip options and is weighted for forgiveness. X-SERISE CHEV - MENS Made of waterproof leather that keeps the elements out while its EVA and rubber outsole provide long lasting athletic performance. DrySport™ technology is built into every shoe, making it breathable and keeps your feet dry.
To ensure great fit and lasting comfort, Callaway has added a full length cushioned footbed and spikes that provide excellent all-around traction.
HX Tour 56 Golf Ball The tour-proven golf ball that takes performance to an all-new level is manufactured with our RIM (Reaction Injection Molding) Technology, creating a thinner, more consistent cover and a precisely centered core. Callaway Golf engineers made the HX Tour 56 more durable while still offering the same great feel and spin around the greens.
Fusion Irons Fusion Technology — the innovative weight distribution technology created by Callaway Golf and their revolutionary design delivers everything you expect from Callaway Golf. Three distinct materials — a dense alloy, Tunite™, forms the cradle, a lightweight 6-4 titanium face and special vibration-dampening TPU SenSert™ insert — are joined together to help move an amazing 77 percent of the clubhead weight to the perimeter. This is an iron no one else has made, because no one else can make it.
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FUSION FT-3 DRIVER The new science of distance with accuracy. Optimized for you.
ERC Checker Saddle - Womens The Checker Saddle is made with World Class Pittards Leathers to ensure comfort and long lasting performance. Comfort is assured with eVENT® Dry Inside™ waterproof technology and Comfortemp® temperature balancing materials that work together to create a dry and dynamic “climate control” system.
Women’s Collection Country Club Cart Bag
X460 Driver and X460 Tour Driver - Womens The uniquely designed sole provides consistent alignment and at the same time helps us create a larger, more stable clubhead (460cc, right at the USGA maximum) and a larger face – more than 10 percent larger than the face of the Big Bertha® Titanium 454 Driver. The X460 Tour Driver features a slightly modified Center of Gravity position to produce trajectories generally preferred by more accomplished players.
7-way divider system with new 9-inch top design. 7 pockets, including 2 velourlined valuables pockets offering superb protection. Also includes a matching accessory purse and 4 matching head covers.
Callaway Womens Big Bertha Irons The Big Bertha Irons are the ultimate in forgiveness in an all-steel design with the addition of Notch Weighting Technology. And thanks to the Callaway Golf patented technology built into the Big Bertha Irons, even your fat shots and off-center hits have a chance to become great shots.
4.2006 Business.indb 43
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dynamic / drives Golf Dynamics club repair facility is fully stocked with professional quality club performance fitting and repair equipment from Mitchell Golf Equipment Company, the leader in the golf industry. Our in-house repair technician is a Certified “Class A” Clubmaker from PCS (Professional Clubmakers’ Society) as well as a Certified Club Repair Technician and Performance Fitting Specialist from Mitchell Golf.
1
Golf Dynamics can offer its customers the following services: Customer driver fillings using an Accusport Vector Launch Monitor The launch monitor uses two high speed cameras and advanced software to measure the players launch angle, ball speed, back spin, side spin, side angle, club head speed and carry distance. Through proper analysis of the data, we are able to fit the player with the correct driver loft and shaft to optimize distance and accuracy. Frequency Matching using a Digiflex Frequency Meter The frequency meter measures a clubs shaft frequency or stiffness, in cycles per minute; the stiffer the shaft, the higher the frequency. The Digiflex makes building a set of clubs to an exact frequency possible. The result is that all clubs have the same relative stiffness and play or feel the same. Custom loft and lie adjustments for irons and putters By using two separate bending machines, the loft and lie of the players’ irons and putters are altered which helps to improve accuracy and consistency. This includes the hard to bend short hosel design found in Callaway irons.
2
3
4
1) Derek Cordova, Owner of Golf Dynamics and PGA Director of Instruction helps Russ Sprague with his swing using the Digital Video Swing Analysis on Golf Dynamic’s state of the art hitting surface. 2) Derek Cordova, Owner of Golf Dynamics and PGA Director of Instruction instructs Russ Sprague’s putting on Golf Dynamic’s indoor putting green with state of the art in-filled surface. 3) Bob Herzog, PCS Class A Clubmaker, in Golf Dynamic’s Custom Fitting Center, demonstrates Golf Dynamic’s loft and lie machine, which allows adjustment of the lie angle and the loft of the golf club to best suit the player. 4) Russ Sprague practices his swing at Golf Dynamic’s Holiday Golf Course Simulator.
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Mature Par 70 Course Golf Associations for Men and Ladies Olympic-Size Pool Banquet/Meeting Facilities 5 Tennis Courts Family & Formal Dining Rooms Newly Remodeled Men's Grill Veranda for Tournament BBQs
The
Greeley Country Club 4500 West Tenth Street ~ Greeley, Colorado 80634
~ ~
Visit us online today at www.greeleycc.org or call 970.353.0528 Business of Northern Colorado 2006
4.2006 Business.indb 45
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An Intimate Setting T h e
p r i v a t e
g o l f
c o u r s e
Fort Collins Country Club
Being a member of a golf course has many perks. When choosing a type of club, it’s important to decide whether you’re looking for a family oriented social club or a club more tuned to a business atmosphere.
greeley Country Club
Featuring several small greens and around 2000 large trees to help alter and aid your shots, the Greeley Country Club (GCC) golf course is guaranteed to offer its members both a pleasant and enjoyable experience. As a private golf course with an 18-hole regulation, the course is open all year round and offers both water hazards and numerous sand bunkers to help protect the fairways and greens, which helps to put shot accuracy at a premium. In 1962, Press Maxwell designed the back nine and redesigned the existing holes in order to create the best golfing experience the GCC can offer. If looking to join the GCC golf club, information on membership and fees can be attained by calling the club’s main phone number at (970) 353-2431.
eaton Country Club
The Fort Collins Country Club (FCCC) is the only member owned golf and country club in Fort Collins and offers one of the most challenging greens in the Northern Colorado area. The private and peaceful course offers more than just 18 holes to play all year round. The beautiful scenery that surrounds the course adds to the pleasure of playing at the Fort Collins Country Club. Recently renovated and updated with designs from the clubs Pete Dye Master Plan, the course is currently 7,150 yards and par is at 71. Golf memberships at the FCCC are transferable from retiring members to new members, allowing members to rest assure that their golf membership will retain some value in the future. Prospective members are encouraged to obtain an application and a current estimate of initiation fees by contacting the General Manager Norm Nuwash at (970) 482-1336 or by email at gmgr@fcgolf.org.
With panoramic views of the plains and Rocky Mountains, the Eaton Country Club sits in the midst of the colorful state of Colorado. The 18-hole, 6,740 yard golf course is meticulously maintained and cared for and always in great condition any time of the year. A driving range and practice area are also offered to members as well as a golf shop fully stocked with the latest golf fashions and equipment. If you are just starting out or you are an avid golfer, the club has something to offer every caliber of golfer. From special events serving both the competitive and casual side of golf, to Club Championships for the more tournament-inclined, there is something for everyone. The Eaton Country Club was built on the basis of its members and dedicates itself to excellent customer service and care making it one of the most extraordinary golf courses and experiences in Colorado. For membership information call (970) 454-2106.
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co e
g
It’s a great sport for those who wish to challenge their competitive side, while enjoying some quality time with the great outdoors.
FORT COLLINS COUNTRY CLUB
• V l HIG H SPEED DIGITA L VIDEO • VECTOR PRO LAUNC H MONITOR
eg
• HOLIDAY GOLF SIMULATOR • NEW INDOOR SAND BASED PUTTI NG GREE N
TgJing ~tudio 6 P~ac~c.~ cEt ~
• NEW CLUB FITTING/REPAIR CENTE R
520 W. 69th Street • Longview Business Center • 970.613.WOOD (9663)
Business of Northern Colorado 2006
4.2006 Business.indb 47
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AGRICULTURE :: BEEF PRODUCTION COWBOYS, BEEF CATTLE, ROPING, BRANDING, CATTLE DRIVES, RUSTLERS, STAMPEDES, RANGE WARS, RODEOS — COUNTLESS IMAGES OF THESE AND OTHER WESTERN SCENES ARE FIRMLY IMBEDDED IN OUR MINDS. After the morning delivery, Herefords, Black and Red Angus, begin to fill the holding pens at Swift & Co.
where
is the
Beef C By Court Klinck
M ar k et D emand and S ize of I ndustry Based on USDA data, the market for beef products in the United States has been growing in a generally steady way over the past twenty-five years. In 1980, U.S. beef consumption was over 23 billion pounds. By 2004, consumption of beef was approximately 27 billion pounds. While consumption has been rising, USDA figures show U.S. cattle inventory dropping from a 32-year high of around 132 million head in 1975 to just over 97 million head in 2006. The number of cattle being processed in U.S. meat packing facilities since 1970 has, according to the USDA,
“
“The vision of the new Swift, under
“
owboys, beef cattle, roping, branding, cattle drives, rustlers, stampedes, range wars, rodeos – countless images of these and other western scenes are firmly imbedded in our minds. In spite of today’s increasingly urbanized Northeastern Colorado landscape, the essential elements of this time-honored cattle ranching and beef production industry (absent range wars and, for the most part, rustlers) are evident all around us. You can’t miss the grazing cattle, barns, corals, and feedlots along our Northern Colorado roads and highways. You can clearly view the headquarters of Swift & Company, the nation’s third leading supplier of beef products, located off Highway 34 at the Promontory site in west Greeley. As a celebration of the cattle ranching industry and its importance to our region, the Greeley Stampede is held each year, attracting hundreds of thousands of people from the United States and around the world. The cattle ranching and beef production industry is very complex and employs a number of different steps to move beef through the industry’s “value chain” — from the rancher to the consumer — from cattle to steaks and hamburger. The information presented here describes the most “typical” conditions and approaches but the reader should understand that there are many variations on the theme.
Sam Rovit, is to
become the best
red meat provider in the world,”
Sean McHugh, Vice President — of Investor Relations and Communication at Swift & Co.
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Cattle and Calves Number of Head and Dollar Value as of January 1, 2004 and 2005 Area
2004
2005
2004
2005
Total U.S.
94,888
95,438
$818
$916
State of Colorado % Colorado of U.S.
2,400 2.5%
2,500 2.6%
$920 —
$1,000 —
Northeatersn Colorado % N.E. CO of Total State
1,352 56.3%
1,338 53.5%
followed a cyclical pattern with peaks in 1976/1977 (over 31 million head), 1983-1988 (over 28 million head), and 1999/2000 (around 30 million head). Low points in processing volume have occurred in 1973 (under 27 million head), 1980 (also under 27 million head), 1991-1993 (approximately 26.5 million head), and 2004/2005 (27 million head). Swift & Company is projecting the number of cattle being processed to increase significantly in the 2006-2010 period to a high in 2010 of 29.75 million head. According to USDA data, the total dollar value of U.S. cattle and calves in the United States as of January 1, 2005 was almost $88 billion — $2.5 billion in the state of Colorado alone (2.8% of the U.S. total). The total number of cattle and calves in the U.S. was almost 96 million head. Of that total, Colorado had 2.5 million head (2.6 % of the U.S. total), ranking the state 10th highest among the fifty states. (Texas ranked first with 13.8 million head or 14.4% of the U.S. total.) The nine counties identified here as comprising “Northeastern Colorado” had 1.34 million head (53.5% of the Colorado state total). Leading Northeastern Colorado counties were Weld (505,000 head), Yuma (250,000 head), Morgan (242,000 head) and Logan (185,000 head). Although the detailed county-by-county breakdowns are not yet available for January 1, 2006, USDA data shows the total herd figures for the U.S. and Colorado increasing to 97,102,000 and 2,650,000 respectively. The increase in the Colorado cattle inventory can be attributed to a lessening of drought conditions (creating better pastures for feeding and lower feed grain costs) and higher prices for cattle (allowing ranchers to retain more cattle for breeding rather than selling them off).
2004
2005
$77,594,700 $87,820,795 $2,208,000 2.8%
$2,500,000 2.8%
Source: United States Department of Agriculture Statistics Service
are sent to a feedlot for about 5 months before being sold to a packer for processing. Breeding generally occurs in May or June, calving in February or March of the following year, castration for most of the male or “bull” calves soon thereafter (in April or May), and weaning of all calves in October. The United States Department of Agriculture (USDA) conducts a full census every five years. Based on the most recent census in 2002, the number of ranches/cattle farms, feeders and packers in the U.S., along with their average capacities, are presented in the table above.
Prices and Profitability Prices, costs and overall profitability through the value chain of Rancher – Feeder – Packer have varied significantly over the years. According to Bill Hammerich, CEO of the Colorado Livestock Association, the last four years have been the most profitable consecutive period for ranchers in the history of the industry. For example, the average price paid to ranchers by feeders, for steers and heifers, has increased from $.78/lb. in 2002 to $.97/lb. in October and November 2005. It should be noted, however, that this rosy picture excludes those ranchers that did not survive the lengthy period of drought — especially the devastating year of 2002 — and were forced to sell off their herds. A number of ranchers went out of business or had their herds depleted to the point that they have not been able to build them back to a profitable level. Feedlots have had some ups ad downs (profit-wise) during this same period,
Industry Participants and Breeding-toMarket Process The beef production industry consists of three primary groups – ranchers/cattle farmers, feeders (feed lot operators), and packers (beef processing facility operators). The ranchers and cattle farmers breed, calve (give birth) and wean (discontinue nourishment from the mother) calves, and put the weaned cattle out to pasture (“backgrounding”) until they reach a desired weight (e.g. 800 lbs. each) ready for sale. When the desired weight is reached, the rancher sells the cattle to a feeder. The job of the feeder is to significantly fatten the cattle (e.g. add 500 lbs. each) prior to selling them to a packer. The packer converts the animals into a variety of beef products and sells these products to a diverse customer base which includes foodservice distributors, restaurant and hotel chains, supermarkets and clubs, national and regional retail outlets, “further processors” (e.g. companies that create prepared meals, hamburger and nonfood byproducts), and international markets. The total elapsed time from breeding until final processing into meat products, is typically a little less than three years. The gestation period, as with humans, is 9 months. Weaning occurs around 12 months after calving. For the next 6 months or so, the cattle are put out to pasture, after which they
Business of Northern Colorado 2006
4.2006 Business.indb 49
Early each morning, 2700 cattle are trucked from the feedlots to Swift & Co.
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Cattle and Calves Number of Head and Dollar Value as of January 1, 2004 and 2005
Ranches/Cattle Farms
Total Number Average Capacity
800,000 40 head
having to contend with higher prices of cattle from the ranchers, higher prices of feed, and pressure from packers to keep prices of cattle sold to them down in order to mitigate the temporary loss of their product sales to foreign markets.
C attle T ypes and B reeds The total number of cattle and calves in Northeastern Colorado can be broken down very roughly 50% male and 50% female as follows: At the time of calving (birth) male cattle are referred to as bull calves and female cattle as heifer calves. At the time of weaning, the great majority of male cattle, castrated before sexual maturity to achieve a calmer, more manageable herd, are called steer yearlings; male cattle, selected for breeding, are called bull yearlings at the time of weaning; female cattle at weaning are called heifer yearlings. Among the female cattle, heifers (cows not currently being used for breeding) account for about 60% of the female herd, with beef cows (cows having calved and currently used for breeding) representing 27.5 %, and milk cows 12.5%. Eventually, almost all of the cattle - male and female - end up being processed to provide one type of beef product or another. There are many different breeds of cattle as well as a wide variety of crossbreeds. Hereford and Angus are among the most familiar pure breeds. Ranchers wishing to have a pure bred (“seedstock”) herd keep all males as bulls and use the bulls for breeding within their own herds as well as for crossbreeding with other herds. Ranchers who do not choose to develop a seedstock herd, are involved in “commercial” ranching in which most bull calves are made steers for eventual sale. Many ranchers crossbreed because no single breed is able to offer all the advantages desired. It has been found that crossbred cattle are generally healthier and gain weight better than pure bred cattle. When crossbreeding, ranchers will select the breeds that are best suited to their region and to the desired characteristics of the cattle that result from the breeding process.
A dvancements in T echnology and I mproved P rocesses In the last several years, ranchers, feeders and packers have worked together, along with the FDA and various interested groups, to create leaner, healthier cattle and related beef products, improve cattle testing and meat packing techniques, and develop “value-added” beef alternatives (e.g. packaged meat already marinated, packaged hamburger pre-seasoned, etc.) that offer consumers a variety of new beef options. Through the use of modern scientific techniques such as embryo transplants, cloning and artificial insemination, ranchers have significantly improved the breeding process so the most desirable traits may be broadly replicated throughout the herd. As an example of the packers’ emphasis on safety, Swift & Company employs a comprehensive pasteurization process developed to fight pathogens. In addition to this pasteurization process, the company has implemented a number of processing plant safety systems and procedures. To further ensure optimum product safety, Swift has developed an advanced system that electronically traces individual boxes of beef through the entire production process – from the time the animal enters the processing facility to the time the finished boxed product is completed.
B ovine S pongiform E ncephalopathy ( B S E or M ad C ow D isease ) The United States cattle industry has taken a number of steps over the past 15 years that have resulted in a beef supply free from BSE. U.S. beef producers, working with the USDA and FDA, have established “firewalls” that keep all material that might carry the BSE agent from meat products. As
Feeders
Packers
700 27,500 head
60 3,150 head (daily processing capacity)
a result, from all the scientific evidence, BSE is not present in common meat products such as steaks, roasts and ground beef. In spite of this exemplary safety record, there have been two BSE-related incidents since 2003 that have had a serious impact on the U.S. beef industry. In December of 2003, one cow in Washington state – born in Canada – was found to have BSE. This situation, although caught before entering the food supply, caused Japan, the largest importer of U.S. beef, to suspend beef imports for two years. A number of other Asian countries also banned U.S. beef imports. The cost to the U.S. beef industry in lost revenue over this two-year period was $3 billion, perhaps even more. Japan lifted its ban on beef imports from the United States in December of 2005, but reinstated it in January 2006 due to a second incident involving a single shipment of three boxes of veal from an eastern U.S. supplier. The shipment, while not exhibiting any sign of BSE, had content which technically violated terms of the trade agreement. In late March of 2006, a USDA technical team met with Japanese government officials to answer questions and push for reopening the Japanese market. It is hoped that Japan will again be open to U.S. beef imports by the summer of 2006 or, at the latest, by the end of the year.
swift & company Swift & Company, with total net sales in 2005 of $9.7 billion, U.S. beef product sales of $5.6 billion, a total company-wide workforce of 20,700 employees and corporate headquarters located in Greeley, provides Northeastern Colorado with an impressive industry leadership presence. The company processes approximately 17,000 head of cattle per day in its six processing facilities located in Greeley, Omaha and Grand Island, Nebraska, Hyrum, Utah, Cactus, Texas, and Santa Fe Springs, California. In addition to the processing locations, the company has six U.S. distribution centers and three sales offices. Swift also has extensive beef production and processing operations in Australia, and several foreign sales offices. The company serves over 2000 customers in 20 countries. Prior to Japan’s ban of U.S. beef in 2003, Swift realized approximately 16% of its revenue from sales to foreign markets. As a result of the ban, fiscal year 2005 sales to foreign markets dropped to 8%. This substantial drop in the company’s profitable international business not only hurt the company, but also affected others in the industry. According to Sean McHugh, Swift’s Vice President of Investor Relations, Public Relations and Communications,
In the final staging process at Swift & Co., cattle remain for only a short time in the holding pens prior to processing.
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once the Japanese and other key Asian markets are reopened (expected to occur this year), demand for meat items previously sold into export markets will improve. Other positive developments for Swift and the industry in general, according to McHugh, include growth in the U.S. cattle herd from an historical cyclical low, and an increase in cattle-for-processing availability beginning mid-to-late 2006 with stronger recovery from 2007-2010. In summary, Swift believes that the “restoration of a more normal balance of trade and growing cattle inventories will improve industry margins over time.”
industry associations The Colorado Livestock Association, headquartered in Greeley, is one of a number of organizations focused on the cattle industry. Bill Hammerich, CEO, describes the mission of the association as “To represent, inform and advance Colorado’s Livestock Industry.” Specific activities include: representing livestock people in the legislature, regulatory agencies and the media; keeping members informed; and advancing Colorado’s livestock industry through educational opportunities for members. The association maintains a Web site and produces a weekly newsletter as well as other publications. Educational programs include employee safety, beef quality assurance, proper animal handling, and issues involving hiring of foreign workers.
in conclusion It’s difficult to quantify the total impact of the cattle ranching and beef industry on Northeastern Colorado’s economy but one thing is certain – it’s huge – in the billions of dollars and thousands of jobs it creates. As Northeastern Colorado becomes increasingly urbanized, the land once used for farms and ranches is being developed for residential and commercial purposes. Bottom line, says Bill Hammerich, “There’s a resiliant spirit that pervades this industry. People are going to stay in the business. Maybe they’ll have to move a little further east, but because of their commitment to, and love of cattle ranching, they’re going to be here, they’re not going away.” Court Klinck is a freelance writer living in Eaton.
Business of Northern Colorado 2006
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ENERGY :: Oil & Gas Development Driving I-25 I keep noticing all the oil and gas wells. There seem to be more each month. There is also the occasional drilling rig in a plowed field. Are they drilling for oil? For gas? Or maybe just water? How can you tell?
OIL &
Gas
Dirk Olsen, owner of Raptor Industries at an oil pump site near Centerra.
In Northern Colorado by Phillip Fox
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A
s it turns out, I don’t know my oil and gas from a hole in the ground. So, I set out to find what all this drilling activity is about in Northern Colorado. As it turns out, the vast majority of oil and gas production in Northern Colorado is centered in Weld County. In 2005, Weld County produced over 10 million barrels of oil and almost 170 million MCF (milli-cubic feet – or 1000 cubic feet) (imagine a container 10 x 10 x 10). The Rocky Mountain region accounts for over 30% of all the oil and gas reserves on the North American continent. The “Wattenberg field” located primarily in Weld and Adams Counties is the 8th largest field of oil and gas reserves in North America. As of this writing, there are over 12,000 oil and gas wells in Weld county alone and it is estimated that in the next several years, there may be as many as 18,000. What’s prompting this production “boom” in Weld County? Through a mutual friend, I caught up with Gordon Allot, Executive Vice President with Kaufman Energy. If that name rings a distant bell, Gordon is the son of former three-term Colorado U.S. Senator Gordon Allot. Allot tells us that the worldwide cost of energy has prompted a new generation of oil and gas extraction in the Wattenberg field. “Several years ago, the entire world saw a jump in consumer prices of oil and gas. This was caused by two factors; 1) insecurity of supply, namely political turmoil in Indonesia, Nigeria, Venezuela, and the Middle East; and 2) increase in worldwide demand. In particular, India and China. Did you know China now consumes over 9 million barrels of oil a day?” So, the annual production in Weld County is equivalent to one day’s consumption in China. That puts things into perspective. Allot tells us that the majority of the 12,000 wells in Weld County are “stripper wells.” That is, they produce less than 10 BBLS of 10 MCF a day. Most of the “easy pickings” or “low hanging fruit” were harvested 25-30 years ago, shortly after the Wattenberg field was discovered. Many of the wells in Weld County involve “refracting.” That is a mixture of sand and gel that is pumped into the old well and
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“
er ries te
“
The “Wattenberg field” located primarily in Weld and Adams Counties is the 8th largest field of oil and gas reserves in North America.
“fractures” the underground formation to free up the oil and gas. Energy production in Weld County is expected to last several more decades. “The Wattenberg field has been very prolific. The risk factor is less and the wells are fairly shallow (7500 feet or less). But, the downside is that none of these wells produce a lot,” said Allot. Since Weld County is one of the fastest growing counties in North America, it is inevitable that there are occasional conflicts between the real state and the petroleum industry. That is, a homebuilder or developer usually doesn’t want an oil field in their backyard or next to their proposed shopping center. The crux of these disputes is the so-called “split estate” - when one party owns the surface and another owns the minerals below. Companies that own or lease the “mineral rights” have a legal right to remove or extract them, but they’re not necessarily required to first negotiate with the surface owners. Sometimes these disputes can be long and bitter, but compromise is usually found. Style also interviewed Dirk Olsen, an owner of Raptor Industries located in Weld County. Olsen
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Active oil well pump, also known as a horse or a “praying donkey” in Weld County.
Active gas pump in Active gas pump in Weld County. Larimer County.
Energy production in Weld County is expected to last several more decades.
A Weld County drilling rig used for both oil and gas. Courtesy of K.P Kauffman, Co., Inc.
knows the Wattenberg field like the back of his hand having worked there as a roust-about in the early 70’s and having been involved in the drilling of over 600 wells in Wattenberg. Olsen tells us that the worldwide price of oil and new technology is keeping Wattenberg alive and thriving. “We’re refracting wells with new technology that were fracted several times 15 years ago.” The energy production industry in Northern Colorado creates over 15,000 direct jobs and about another 5,000 indirect jobs. In Weld county alone, the energy industry pays over one-third ($76M in 2005) of all local taxes which support schools, county roads, and municipal services. The fact that oil and gas wells are taxed at a significantly higher rate means that homeowner property taxes are significantly lower than if Weld County had no oil and gas at all. However when it comes to America’s “addiction to petroleum” (as described by President Bush) it seems clear the “addiction” and its production industry will be present for the foreseeable future. The industry certainly helps fuel the Northern Colorado economic engine and pays for many government services. While no one likes the increased cost at the gas pump and home heating costs, there is a positive side to it” Phillip Fox is a freelance writer living in Denver.
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transformation :: closing Let’s follow the process of how a great team of people brought the real estate property at 211 W. Myrtle to closing on March 31, 2006.
The Joy of Closing By Diane M. Specht
Lydia Dody accompanied by Ross Milliken, signs the documents prepared by Tim Hasler for the closing of the property at 211 W. Myrtle.
S 211
W. MYRTLE
everal months ago, Ross Milliken, a seasoned Realtor with ReMax Alliance, showed Lydia Dody several properties to relocate Style Magazine and the new full-service advertising agency, Style Design. When she looked at 211 W. Myrtle, Dody said, “I immediately knew that this was the right one! Not only is it conveniently located downtown, easily accessible to employees and clients with lots of parking, but its building layout and design feels like it would be a great place for Style Media & Design Inc.’s creative team.” Although it wasn’t quite the case with this transaction, “Less emotion is a defining factor when clients make a business decision to purchase commercial property,” says Milliken, who sells eighty percent commercial and twenty percent residential property. Milliken explains that the considerations of the commercial buyer reflects a business driven goal to assess the best location, visibility, parking, its income earning potential,or how well it will work as an owner occupied building. Should the goal be income producing, the capitalization rate, or ratio of net rentals to the market value of the property as expressed in a percentage, is usually the criteria because it is an indicator of an investor’s return on their investment. In the case of Style Media & Design, Inc., three offices on the main level are available to be leased and the second floor offices will be occupied by Style Magazine and Style Design. Once the decision was made to purchase 211 West Myrtle, Milliken explains that an offer was presented to the seller and then three “chunks” bring the contract to a closing: the inspection, the title search and financing. If the reader has been following the “Transformation of Style,” he will recall that a property inspection, along with an energy inspection, initiated the first steps in the acquisition process. The building passed inspection, and with some recommended improvements, it can be brought to a higher energy efficient standard. A title search confirmed that the title, (a legal document conferring ownership of a piece of property, and the owner’s ability to transfer property free of liens), was clear. Financing the project was the next critical piece that had to be put into place to purchase this property. Dody contacted Suzanne Pullen, Vice President, Home State Private Banking in Fort Collins, who brings a unique perspective and years of experience to the needs of her professional clients. Pullen says, “Banking is really a people business; it just happens to be about financial services. I want my client to tell me his story and share his ideas and goals. Within the framework of a timeline, I can present options to clearly offer my clients the choices best suited for their needs.”
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Ross Milliken, ReMax Alliance Agent
“
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After an offer is presented to the seller, there are three “chunks” that bring the contract to a closing: the inspection, the TITLE search AND THE FINANCING.
Suzanne Pullen, VP, Home State Private Banking in Fort Collins
“
“
Banking is really a people business; it just happens to be about financial services. I want my client to tell me his story and share his ideas and goals.
Pullen continues to explain that the ‘one banker, one relationship’ system is exactly what Home State Private Banking is providing for Dody. Pullen says, “After Dody explained the plans for Style Media & Design, Inc.’s growth and development, the loan requirements could be determined, and I began the process of originating a Home State loan for Dody to purchase 211 W. Myrtle.” In order to facilitate the many parts necessary to bring a “loan package” to closing, a team of experienced bankers was assembled to support the contact banker and the client. Pullen emphasizes, “With this type of approach to teamwork, I stay connected to both the resources and the customer.” In structuring the loan, Pullen takes into account that Dody will be buying 211 W. Myrtle using the proceeds of the sale of a rental property. Dody will sell that property to partially fund the purchase in a transaction, known as a 1031 tax deferred exchange, authorized by Section 1031 of the Internal Revenue Code. Therefore, the closing proceeds of the rental sale fund a portion and the Home State Bank loan funds the remainder.
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Tim Hasler, Attorney Hasler, Fonfara and Maxwell LLP
“
“
A tax deferred exchange is simply a method by which a property owner trades one property for another without having to pay any federal income taxes on the transaction.
Lydia Dody at Home State Bank, with Laura Benson, Private Banking Assitant, Cindy Lopez, Executive Loan Assitant and Joe Scherger, Senior Vice President of Home State Business Banking.
Attorney Tim Hasler, of Hasler, Fonfara and Maxwell LLP, who specializes in 1031 exchanges, will conduct this transaction on closing day. Hasler explains, “A tax deferred exchange is simply a method by which a property owner trades one property for another without having to pay any federal income taxes on the transaction.” He emphasizes that the requirements of section 1031 must be carefully met and structured properly. The typical exchange is not a swap with two parties exchanging properties. According to, Tax Deferred Exchanges In A Nutshell, A Guide To The Best Tax Strategy For Real Estate Investment, “The taxpayer who disposes of the relinquished property must also acquire the replacement property to make the exchange work. The replacement property must have a fair market value greater than the relinquished property and all of the taxpayer’s equity or more must be used in acquiring replacement property. This is known as trading up in value and up in equity, and it is essential for a totally tax deferred exchange.” For closing deadlines to be met, Dody must find a buyer for the rental property for 211 W. Myrtle to become Dody’s replacement property. Within Dody’s time constraints, the rental property is sold, the requirements for the 1031 exchange are met, and Hasler will bring the parties together at his office for the title transfers of properties on closing day. On March 31, 2006, at Home State Bank, Cindy Lopez, Executive Loan Assistant, and Laura Benson, Private Banking Assistant met with Dody to sign the papers to effectuate the loan. Pullen’s team, Lopez and Benson, coordinated the preparation of all the documents required for closing. Lopez explains, “Laura and I assemble all the paperwork, including the appraisal, flood certification, and title insurance required to complete the loan agreement. Both financial and legal documents comprise the paperwork prepared for the borrower to
sign. Benson says, “We always find a way to get it done.” When asked what defines the work of Home State’s banking professionals who successfully brought this commercial loan for Dody’s acquisition of 211 W. Myrtle to closing? Joe Scherger, Senior Vice President of Home State Business Banking, replies, “Timeliness with exactness is the model for our success.” Scherger points out that there is no single way to structure a loan. “Listening to a client, drawing upon a banker’s experience, and providing creative options for financing help us meet the objectives for that client.” Scherger continues, “As Pullen, Dody’s personal banker, researched different ways to structure the loan for Style Media & Design, Inc., we involved Dody in the process so that she could clearly choose the financing option that would meet her business goal.” By the end of the day, Dody is at the offices of Hasler, Fonfara and Maxwell with the loan from Home State Bank, to complete the funding from the sale of Dody’s relinquished property in the 1031 exchange, to purchase 211 W. Myrtle. The documents are signed, the titles are transferred, the property is purchased, and it is official that Style Media & Design, Inc. will be moving into its own building. Dody is thrilled and a post closing celebration is held at 211 W. Myrtle to thank everyone involved and to kick off the upcoming renovations before moving this summer. Follow along with us in the next issue as the remodel begins. Diane M. Specht is Photo Editor and a contributing writer for Style Magazine.
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4th Annual Stone Soup March 4, 2006 Weld Food Bank :: Greeley The children of the Windsor Community playhouse performed the poignant play, Stone Soup, before a crowd of over 170 guests. Based on the popular European folklore, Stone Soup teaches that when each person makes a contribution, the collective impact is enormous. Over $37,000 was raised for the Weld Food Bank and their mission to alleviate hunger and reduce food waste. Each month over 10,000 individuals and 115 nonprofit agencies are served throughout Weld County.
Ron & Jodie Redfern (Board Member of
Food Bank)
Weld
Dinner of Champions March 21, 2006 Hilton Hotel :: Fort Collins Nearly 500 guests joined the National MS Society Colorado Chapter to honor and pay tribute to, Rulon & Linda Stacey and Lee Anne Peck. The â&#x20AC;&#x2DC;Hope Awardâ&#x20AC;&#x2122;, was bestowed to Rulon & Linda Stacey for their extraordinary commitment to our community and Lee Anne Peck was announced the 2006 MS Champion for her great spirit and courage in the face of MS. Over $110,000 was raised to support those living with MS in Colorado.
Leona Martens (Executive Director of Weld Food Bank) & Dathel Nimmons (Board Member of Weld Food Bank)
Linda & Rulon Stacey (2006 Hope Award Recipients)
Amy & John Lee
Norm & Bonnie Dean
Carol Wood & Sherry Bartmann
Harold & Carol Evans
Windsor Community Playhouse Children
Kent & Sandy Watson, Yvonne Myers
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Sharon & David Neenan
Allison Hines, Donn Hopkins & Cindy Bean
(Chapter Fund Development Vice President National MS Society)
Lee Anne Peck (2006 MS Champion) & Joe Coca
Roger Sample, Rulon Stacey, William Neff & David May Business of Northern Colorado 2006
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The Sound of Color Gala Dinner & Auction March 31, 2006 Hilton Hotel :: Fort Collins
The 3rd annual signature event had over 180 excited guests ready to bid on 17 musical instrument masterpieces created by 17 local artists in this unique partnership of music and paint. Guests also enjoyed the tantalizing sounds of flamenco guitar, the sultry moves of impassioned tango dancers and a sumptuous Argentine-inspired dinner. Nearly $37,000 was raised for the Fort Collins Symphony Orchestra and their mission to be the premiere regional orchestra acknowledged for excellence in performance, education and outreach.
Paula Edwards, Mike Powers, Dave Edwards & Anne Wilmsen
Katie Zwetzig, Jackie O’Hara & Kit Sutherland
Linn Versteeg & Jan Jorgensen
Shelley Kerr, Barbara Leyendecker, Dawn Putney & Deb Hayman-Polk Dary Southwick, Shauna Sargent Southwick, Cindy Haraway, Kim & Steve Joyce
Voyage To Vanuatu April 1, 2006 Marriott :: Fort Collins
Michaela Vogel & Ann Yanagi
Over 280 guests were transported to the exotic South Seas at this 3rd annual Hard Hat, Black Tie gala. Guests enjoyed a tantalizing tropical dinner, live music, and a Halau Hula dance performance. Over $60,000 was raised including a $10,000 matching grant from Home State Bank for Fort Collins Habitat for Humanity and their mission to build simple, sturdy and affordable homes. The evening proceeds will buy “bricks and sticks” for one Habitat home in Fort Collins and one in Vanuatu.
Harry Devereaux & Dave Nadeau
Jim Drop (2004 Dream Builder of the Year), Mike Nelson & Pastor Scott Herr (2005 Dream Builder of the Year)
Ken Crumb (Gold Hammer Award Recipient) & Candace Mayo (Executive Director of Habitat for Humanity)
Kristin Candella, Darlene Schuster (Gold Mayo
Hammer Award Recipient), Candace (Photo courtesy Lightworks Photography)
Kelli Blehm & Andrea Bean
Bob Hand & Marie Nelson
Diana & Chris Hutchinson
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DOUG HUTCHinson (continued from page 34) Q: How is the economic well being of your city? A: I am very optimistic about improving our economy, but realistic about the challenges we face and the need to act. Iâ&#x20AC;&#x2122;m optimistic because our city has several strengths that are unique in our region and because the city is now being proactive about our economy. The city is doing its part through a totally new budget process that focuses on serving our citizens while reducing expenditures by some $5 million and cutting city staff by 107 positions. Q: What is the growth philosophy for your city? A: Over the past few decades, Fort Collins has seen tight management of growth, embodied by previous Councils adopting and updating City Plan and setting a fixed urban growth boundary. These changes are so profound that we are literally re-writing some of our development plans and code. The goal is to ensure that infill and redevelopment can happen with a minimum of restrictions while maintaining our high standards. Q: In your opinion, what is the best way to work with, rather than compete with, other cities in the Colorado Front Range to work for the common good of all? A: Today, more than ever, we must work together on regional problems like transportation, economic health, and planning. I believe the best way to work together as a region is to focus on those things we have in common versus our differences. Q: What is your most important goal for the next year? A: Next yearâ&#x20AC;&#x2122;s goal expands on this yearâ&#x20AC;&#x2122;s: improving the economic health of our city while maintaining the environmental and social elements of our quality of life. TOM SELDERS (continued from page 35) Q: What is the growth philosophy for your city? A: Growth is important but it needs to be properly managed. We have an excellent comprehensive plan and will be studying it carefully for possible updates. Q: In your opinion, what is the best way to work with, rather than compete with, other cities in the Colorado Front Range to work for the common good of all? A: Working through existing economic development groups and chambers of commerce we need to communicate continually and coordinate efforts to make northern Colorado an even better place to live. Q: What is your most important goal for the next year? A: Develop our community brand while maintaining our very high quality of life.
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“Bella Notte” Opera Fort Collins Auction/Gala April 7, 2006 Hilton Hotel :: Fort Collins Celebrating 26 years of Opera Fort Collins, this annual fundraiser Gala opened with a silent auction tantalizing guests with selections from local restaurants and artists. While guests dined, they were serenaded by members of the Opera Fort Collins Company with arias, from Mozart to Gershwin, chosen with the theme of “Bella Notte,” Beautiful Night. Auctioneer Bryson Miller presided over the live auction, which brought in over $21,000, to educate, enlighten, inform and entertain the community with Opera through presentation of operas and in-school programs and lectures.
Elizabeth Elliott, Todd & Kelin Queen
Barbara Mitchell, Wes Kenney (Board Member of Opera FC), Donna Visocki (Executive Director of Arts Alive)
Pam Pettigrew (Board Member of Opera FC), Dave Pettigrew & Suzanne Smith
Gail Bratz, Elizabeth Elliott, Donna Stroh, Pam Simons
Shauna Southwick (Board Member of & Jim Weitz
Tresa Waggoner
Nikki Boxer
Michelle Diggs
Gail Egbert & Betty Brown
Tresa Waggoner & Karen Lauer-Anderson
Bradley Thompson
Opera FC)
Gail Bratz
Tina Lovejoy
Bryson Miller
John Hill
Arlene & Jim Heaton
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LARRY WALSH (continued from page 34) Q: How is the economic well being of your city? A: Today our community has a very promising economic outlook. Today there are more employment opportunities in our community than ever before in addition to shopping and entertainment. Q: What is the growth philosophy for your city? A: One of the keys to our quality of development has been in embracing the natural beauty of our region by preserving those natural areas in harmony with development. Q: In your opinion, what is the best way to work with, rather than compete with, other cities in the Colorado Front Range to work for the common good of all? A: In the interest of our citizens, the communities in the Front Range need to have an underlying philosophy that we are a region and all of our goals can be achieved by working together rather than competing. Q: What is your most important goal for the next year? A: Two of our top goals to insure this are found in our quest for providing those primary employment opportunities in Northern Colorado and addressing our transportation congestion that has come with the economic growth. ED STARK (continued from page 35) Q: How is the economic well being of your city? A: We have numerous large industrial companies which provide a good property tax base and well-paying primary sector jobs. Although our sales tax revenues are strong and stable, I anticipate they will accelerate with the future arrival of some large retail establishments. Q: What is the growth philosophy for your city? A: Quality, well-planned growth is a constant goal of Windsor. At times we are often criticized for having too slow of a process, but we must maintain high standards for the long-term implications. Q: In your opinion, what is the best way to work with, rather than compete with, other cities in the Colorado Front Range to work for the common good of all? A: Together municipalities must work in collaborative manners to ensure quality growth into the inner connected regions which we are becoming. Q: What is your most important goal for the next year? A: For our board and staff to establish and improve better methods of communication with our citizens.
Business of Northern Colorado 2006
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