Flood plain changes arouse interest of property owners

24 Pages·2016·8.21 MB·English

1A 1A
B C
OULDER OUNTY
TECHNOLOGY
BUSINESS Fuel-efficient
unmanned aircraft
jetting toward
commercialization
11A
REPORT
Serving Boulder and Broomfield Counties
$1 Volume 31 Issue 6 | March 2-15, 2012
Developer
adds to
holdings
at tech park
Etkin Johnson Group
ready for the rebound
BY MICHAEL DAVIDSON
[email protected]
LOUISVILLE — Sensing the
chance to get a jump-start on a warm-
ing market, Denver-based real estate
developer Etkin Johnson Group has
added to its holdings in Louisville.
Etkin Johnson has purchased 48.9
MICHAEL MYERS
Robert Harberg, utilities project management coordinator for the city of Boulder, explains proposed changes to the city of Boulder’s 100-year acres in the Colorado Technology Cen-
flood plain map reflecting changes to the flood plain boundaries created by work done by the city that has altered the flow of Boulder Creek. ter for $2.128 million, according to
public records. The company also plans
Flood plain changes arouse
to close on the purchase of another
parcel in the tech center where it is
expected to build a 59,000-square-
foot industrial building.
interest of property owners
The acquisition is a major expan-
sion of Etkin Johnson’s sizeable port-
folio in the U.S. 36 corridor. Etkin
Johnson already owns and manages
BY BETH POTTER cials to see if there’s an alternative more than 650,000 square feet in

[email protected] mapping strategy. the Colorado Technology Center
“We’re in a flood area one way and has approximately 1.5 million
They may survive a
BOULDER — David Rose wor- or another. (But) this would limit square feet of office and flex space in
ries that if the 100-year flood plain 100-year storm, but not our ability to do mitigation or any the corridor.
status changes for his company’s development there,” Rose said. The area is one of the best perform-
the breach of Barker Dam.
buildings at 5690 and 5700 Val- City workers and consultants cre- ing and most promising in the region,
mont Road, he might not get to ated the proposed new map to reflect said Aaron Johnson, Etkin Johnson’s
People want to be next to
redevelop them in the future. improvements the city has made to director of acquisitions and finance.
The buildings are located near Boulder Creek, but it’s a the potential flood plain boundary “It’s a leading submarket in the
Boulder Creek, South Boulder over the years, said Robert Harberg, Denver metro area,” Johnson said.
hazard.
Creek and Dry Creek just south- utilities project management coordi- “We’re doing the best we can to put
east of 55th Street and Valmont nator for the city of Boulder. ourselves in front of opportunities,”
Charles Hix
Road. The buildings are in the exist- Among other things, city workers he said.
ing 100-year flood plain, which is OWNER, replaced and enlarged the bridge on The land, formally purchased by EJ
mapped by both the city of Boulder HIX INSURANCE ASSOCIATES Broadway that runs over Boulder Louisville Land LLC, came available for
and the Federal Emergency Manage- Creek and enlarged the bridge at the right price and Etkin Johnson took
ment Agency, or FEMA. development restrictions for Rose 55th Street, according to city docu- advantage of the opportunity, Johnson
City workers have created a and his company Rosewood Con- ments posted on its website. said. It had previously been owned by
proposed new city 100-year flood struction, he said. Rose said he’s Workers also removed a large Colorado Tech Land Co. LLC.
plain map, which could create more working with city and county offi- ➤ See Flood, 7A The lots are in the north side of the
➤ See Developer, 17A
Visit bcbr.com for breaking news
CONTENTS
Awards .....................15A Medical File ..............16A LISTS
The Edge: BCBRdaily .................2A Leads ........................19A Bioscience
Securing financing ............10A Business Digest .......17A Nonprofit Network ...23A Companies....................12A
Technology: CEO Roundtable .......4A On the Job ...............18A Engineering Firms ........14A
Digital media ......................11A
Calendar ...................23A Product Update .........6A
Economic Indicators .8A Publisher’s Notebook ..22A
Editorial ....................22A Real Estate ...............20A
Eye ..............................3A
2A 2A
2A | March 2-15, 2012 Boulder County Business Report | www.bcbr.com
InDevR hiring to help create flu detector
Editor’s note: The following is a wrap-up of nology jobs at InDevR,” Rowlen said in and construction use taxes. approved a new, fixed-term tax and
breaking local business stories published daily a prepared statement. A subsidiary of a German renew- charter amendments to facilitate
on the Boulder County Business Report’s The hope is that faster, more accu- able energy company, juwi Wind is a the exploration of the possibility of
website. Sign up for our free BCBRdaily, an all rate diagnosis of the flu and other full-service wind energy developer acquiring Xcel Energy’s electric dis-
local e-news report sent to your e-mail each respiratory viruses upfront will lead with current projects in 16 states and tribution system and creating a city-
weekday. Just click on “Register for E-News- to improved patient treatment. three Canadian provinces. The com- owned utility.
letters” at www.BCBR.com. pany’s in-house capabilities include City Council has said it will not
BCBRdaily
site identification and evaluation, land make a decision about whether to
BY BUSINESS REPORT STAFF leasing, resource assessment, grid move forward with this approach until
[email protected] InDevR’s scientists are working to connection, permitting, finance, con- the costs are known. This process is
develop a device that is highly por- struction and operation. expected to take three to five years.
BOULDER - InDevR LLC in Boul- table, easy to use and requires little Juwi Wind moved its North Amer- The city team will begin charting
der plans to hire seven new scientists as training. This would allow a broader ican headquarters from Cleveland to out a timeline and strategies for legal
it begins a partnership with GE Global range of medical providers to operate Boulder in August 2010 with four and engineering work, including the
Research to develop a device that can the device and enable it to be used employees. By the end of 2011, juwi creation of an inventory of existing
diagnose the flu and other infectious in clinical settings that would reach Wind had 24 employees, with 17 in equipment and evaluating the electri-
diseases such as malaria, E. coli and more people in need of care. Boulder. In October 2011, the com- cal system to determine the potential
salmonella at the point of care. Another key goal for the device is pany moved into a renovated space at cost to the city.
The research will be funded by to make it readily adaptable for recog- Pearl East Business Park. Posted Feb. 17.
a $5.8 million grant through the nizing new strains of the flu and other Posted Feb. 20.
Defense Advanced Research Projects infectious diseases. Boulder Wind hires CEO
Agency, or DARPA, the companies GE Global Research is the central Boulder hires energy lawyers BOULDER — Boulder Wind
announced Thursday. technology development arm of the BOULDER - The city of Boulder Power Inc., a Boulder-based clean-
Kathy L. Rowlen, InDevR’s CEO General Electric Co. (NYSE: GE). has chosen a law firm based in Wash- tech startup developing a direct-drive
and chief scientist officer, said the Posted Feb. 23. ington, D.C., to advise and represent wind-turbine generator, has hired a
partnership offers a powerful combi- the city during anticipated proceed- veteran executive with years of expe-
nation of InDevR’s strengths in virus Juwi OKed for incentives ings in front of the Federal Energy rience running wind-energy compa-
identification and instrument devel- BOULDER — Wind-energy firm Regulatory Commission. nies as its new CEO.
opment with GE’s global leadership juwi Wind LLC will receive up to Duncan & Allen’s attorneys spe- Andris Cukurs has replaced compa-
in health-care products, technologies $15,000 in incentives through the city cialize in federal energy regulation. ny co-founder Sandy Butterfield, who
and services. of Boulder’s flexible rebate program. They will join the team of the city’s will become Boulder Wind Power’s
“The DARPA contract will not only The rebates were authorized for sales staff lawyers and other outside coun- chief technology officer and retain a
support innovative research to improve and use taxes, and permit-related fees. sel tasked with determining the costs seat on its board of directors. Cukurs
flu diagnosis, it will administer a healthy The flexible rebate program is one associated with the possible creation also will have a seat on the board.
shot in the arm for Boulder’s economy of the city’s business incentives, cov- of a municipal electric utility. Cukurs was CEO of Suzlon Wind
in the form of new, high-paying tech- ering a wide range of fees, equipment Boulder voters in November ➤ See BCBRdaily, 15A
3A 3A
Boulder County Business Report | www.bcbr.com March 2-15, 2012 | 3A
Xcel asks permission to exclude Boulder
BY MICHAEL DAVIDSON affect the SolarRewards, Windsource, to our customers, as well as other gations following municipalization.
[email protected] SolarRewards Community, which is renewable energy programs such Xcel Energy is asking that new
commonly known as the solar gardens as Solar Rewards and Windsource,” SolarRewards contracts with Boulder
DENVER — Xcel Energy Inc. program, and demand-side manage- regional vice-president Jerome Davis customers include a provision allow-
has filed a request with state utility ment energy efficiency programs. said in the release. “But the system- ing Xcel Energy to end its obligations
regulators asking it be allowed to No changes to the program can wide benefits of these programs if and when Boulder municipalizes.
exclude Boulder customers from cer- be made without the commission’s require a long-term commitment It also asks to be able to offer Boulder
tain renewable energy and demand approval. for any customer who takes part, residents pay-for-performance con-
side management programs unless Xcel Energy said it made the filing and Boulder city leaders have made tracts for solar systems that are part
Boulder guarantees it will assume to keep customers from subsidizing it clear they may not be long-term of the SolarRewards program, which
the programs’ costs if the city forms Boulder residents if the city con- customers.” would pay incentives over time and
a new municipal utility. demns the grid from Xcel Energy. Xcel Energy informed Boulder in not up front.
Xcel Energy’s request, which was “We have always been proud to December it would make the request Participation in solar gardens and
made to the Colorado Public Utilities offer energy efficiency programs if Boulder did not agree to guarantee the long-term Windsource program
Commission in late February, would through Demand Side Management it would assume the company’s obli- ➤ See Xcel, 18A
Crimp Chimps 16-passenger
bar-bike back
on the streets
The party bike is back.
Theresa Preston’s 16-passen-
ger bar-bike that carts people from
brewpubs to bars has come out of
hibernation and will take to the
streets in Boulder and Fort Collins
in March.
The company, MyHandleBar, pro-
vides the designated pedaler, but
passengers can provide pedal power
as well. The bike is equipped with a
few extra sets of pedals.
Preston started the company last
year. The routes focus on local brew-
THE EYE
eries and famous bars.
Preston said the service is an “awe-
some, eco-friendly option for birth-
day parties, bachelor/bachelorette
parties, brewery tours, company par-
JONATHAN CASTNER
Jaime Bogardy is the founder of and one-woman show at Crimp Chimps in Boulder, a company that makes stuffed animal chalk bags ties and just nights on the town.”
used by rock climbers. As demand for the bags increases, she’s exploring ways to ramp up production.
Bogardy adds warm, fuzzy touch to rock climbing On another eco-friendly note, 10
plug-in hybrid vehicles have been
added to a University of Colorado-
BY BETH POTTER in Boulder, a company she started plenty of exposure, Bogardy can Boulder study that has been exam-
[email protected] about a year and a half ago that hardly keep up with the orders she ining user experiences and system
makes stuffed animal chalk bags. receives for stuffed animal chalk bags. interactions since September 2010
BOULDER — Want a custom- Climbers usually tie chalk bags, She bankrolled the company with in the local smart-grid environment.
made chalk bag that looks like a which hold chalk and sometimes $170 from a jar of tips she saved from The increase in cars will allow
stuffed animal to use and show your snacks, around their waste for easy a job at a climbing gym in Maryland researchers from CU-Boulder’s
friends when you’re rock climbing? access as they climb rocks. and a credit card. Renewable and Sustainable Energy
Jaime Bogardy can set you up. With the motto “Climb Like an The company has sold about 500 Institute, or RASEI, a joint ven-
Bogardy is the founder of and Animal,” and sponsoring numerous chalk bags, and Bogardy sponsors a ture with the U.S. Department of
one-woman show at Crimp Chimps climbing events giving her product ➤ See Chimps, 17A Energy’s National Renewable Energy
Laboratory, to gather data from a
broader base of participants.
The loan of Prius cars from Toyota
Motor Sales U.S.A. Inc. will expand
the originally supplied fleet to a total
of 28.
Late last year, Boulder Country
Day School partnered with Crocs
Inc. to bring students real-world
business experience. The partner-
COURTESY CRIMP CHIMPS ship, which concluded with a stu-
Jaime Bogardy’s custom-made chalk bags for rock climbers feature a variety of stuffed animals.
➤ See Eye, 18A
4A 4A
4A | March 2-15, 2012 Boulder County Business Report | www.bcbr.com
Bankers see flickering light
When buying or selling luxury
real estate in Colorado, always
at end of recession’s tunnel
select a Coldwell Banker
Previews certified Realtor.
New federal regulations hobbling industry’s growth
No other company sells more luxury real
estate in Colorado than Coldwell Banker
BY BETH POTTER
Residential Brokerage.* CEO Roundtables
[email protected]
The Boulder County Business Report conducts
Visit us online at BOULDER — Technology and CEO Roundtable discussions monthly to address
key issues facing companies and industries in
entertainment industries are poised
PreviewsMembersOnly.com Boulder and Broomfield counties.
for growth in the region in the com-
The CEO Roundtable is conducted in collabora-
ing year, as are agriculture and energy
tion with Ehrhardt Keefe Steiner & Hottman
companies, according to area bankers.
©2011 Coldwell Banker Real Estate LLC. Coldwell Banker®, Previews® and Previews International® PC and Berg Hill Greenleaf & Ruscitti LLP. The
are registered trademarks licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company.
EInqfuoraml Hatoiounsi n&g R Oepapl oErstutantiet yS. eOrwvinceeds, aLnLdC O fpore rtahtee dp ebryio Nd R1T/1 L/L1C0. t h *roBuagshe d1 0on/3 i1n/f1o0rm. FatIiLoTnE fRro: mSa Mlees tProrliicset :a nd In addition, homeowners looking roundtables are closed to the public, but the
$500,000-$99,999,999 Prop. Types: SFH Condo TwnHm Areas: ALL Due to MLS reporting methods and
aClololdwwaebllle B raenpkoertri nRge spiodleicnyt,i atlh Bisr odkaetara igse o dnolye sin nfootr mguatairoannatle ea ntdh em daayt an oatc cbuer caocmy. pDleatteal ym aacinctuarianteed. Tbhye trheefo MreL, S’s to refinance jumbo loans are a source Business Report reports on each roundtable
may not reflect all real estate activity in the market.
of potential new bank income, as are in its print editions and posts video interviews
businesses looking to grow with Small with some participants on its website at www.
Business Administration loans. bcbr.com.
CGBG Green Building Education That was the word from area
bankers who spoke the morning of 2012 schedule
Jan. 24: Economy, published Feb. 3
Wednesday, Feb. 22, at the Boul-
TUESDAY, MARCH 13, 2012 Feb. 22: Banking, published March 2
der County Business Report’s CEO
NOON-1:30 PM March 20: Smart Grid/Alternative Transporta-
Roundtable on banking at the law
MARCH BROWN BAG FOCUSES ON tion, publishes March 30
offices of Berg Hill Greenleaf & Rus-
April 18: Bioscience, publishes April 27
FOUR MILE FIRE REBUILDS!
citti LLP in Boulder.
May 15: Clean Tech, publishes May 25
Rebuilding Green in the Canyon Case Studies:
June 12: Sports/Outdoors, publishes June 22
More than a year after the 6,000-acre Four-
July 10: Real Estate/Construction, publishes
mile Fire destroyed 169 homes west of
July 20
Boulder, some are beginning to rebuild. Join Aug. 7: Innovation, publishes Aug. 17
the Guild as we explore 3 unique building Sept. 13: Health Care, publishes Sept. 28
Making Green Building
processes all focused on sustainability as Oct. 16: Technology/Telecommunications, pub-
Common Practice well as fire mitigation. lishes Oct. 26
Boulder-area bankers are cau-
Location: REI Community Room, Nov. 13: Natural Products, publishes Nov. 23
tiously optimistic about the future,
Learn, Network, Get Connected! 1789 28th St. Boulder
although they’re worried about rising
bgbg.org competition and new federal regula-
For More Information, Please Visit
tions that are costing them money. Chase Bank locations in Longmont
The worst appears to be behind and Boulder. U.S. Bank plans to open
them in terms of writing off bad real a new bank branch in Louisville.
estate loans, several said. But a few “We have heard around the table
Elevate your office to new heights with OfficeAloft more Colorado banks may fail in the that this is a great place to do business
next year as well, some said. in,” said Gerry Agnes, president of
Boulder County has weathered Elevations Credit Union in Boulder.
Your office the real estate value “storm” better “It will be interesting to see how those
than most communities across the new entrant banks do. I can’t think of
anywhere, country, bankers said. The region’s a better place to work, live, play and
continued strong economy is a mag- bank than Boulder, Colorado.”
anytime on net for attracting new bank branches, Competition is fierce to attract
including a new branch of Centennial good customers, bankers said. And
Bank that was scheduled to open in new federal regulations continue
any device
Boulder in late February, and two new ➤ See Bankers, 5A
Participants
Gerry Agnes, president/CEO, Elevations Credit Union; Tom Chesney, president, AMG National Trust
Bank; Bill Farrell, market president, Wells Fargo Bank; Matt Gorr, president, First Western Trust Bank;
Kyle Heckman, president, Flatirons Bank; Nancy Stevens, chairman, First Western Trust Bank, Larry
Wood, executive vice president/chief lending officer, First National Bank of Colorado; Jacob Hymes,
vice president U.S. Bank, business banking. Moderator: Chris Wood, publisher, Boulder County Busi-
BERLING ness Report.
Is your office ready for the cloud?
Call us today for a free cloud-readiness assessment.
Volume 31 : Issue 6
March 2-15, 2012
Copyright 2011. BizWest Media LLC.
Reproduction or use of editorial or graphic content without written permission is prohibited.
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Is published biweekly, with an extra issue in December, by BizWest Media LLC, a Colorado
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5A 5A
Boulder County Business Report | www.bcbr.com March 2-15, 2012 | 5A
BANKERS from 4A
to cost banks money, said Bill Far-
rell, market president of Wells Fargo
Bank’s branches in Boulder and
Broomfield counties.
In Colorado, regulation compli-
ance with the banking industry-
focused Dodd-Frank Act signed into
law in July 2010 is expected to cost
banks about $200 million this year,
Farrell said, citing a Colorado Bankers
Association report.
Competition is also fierce among
banks in finding qualified compli-
ance officers who can efficiently and
accurately navigate all the new federal
regulations. Banks have had to add
staff to meet federal requirements.
“Faced with the prospects of what
it costs to be regulated and the penal-
ties for noncompliance, we have to be
more efficient on everything we’ve
done,” Farrell said. “There are a lot of
unintended consequences that have
DOUG STORUM
made it very tough for everyone.” Bill Farrell, left, market president of Wells Fargo Bank’s branches in Boulder and Broomfield counties, said banks, faced with the prospects of
Banks continue to search for ways what it costs to be regulated and the penalties for noncompliance, need to be more efficient on everything they do. Speaking about new fed-
to pay for the increased cost of regu- eral regulations, he said, “There are a lot of unintended consequences that have made it very tough for everyone.” At right, Nancy Stevens,
lation, Farrell said. As a result, the chairman, First Western Trust Bank; and Matt Gorr, president, First Western Trust Bank.
industry continues to shrink. Two-
thirds of all banking industry assets
are now concentrated in the hands of Chesney, president of the Boulder said Matt Gorr, president. “We’re optimistic as well. It’s
the six-largest national banks, he said. market office. First Western Trust Flatirons Bank’s president Kyle another year, and another opportu-
Regardless, on a local scale, AMG Bank, which now is in the loan busi- Heckman said if personal income nity,” Heckman said.
National Trust Bank plans to grow ness in addition to its traditional growth rises, the U.S. economy also Berg Hill Greenleaf & Ruscitti
its loan portfolio 25 percent to 30 wealth-management focus, is opti- will move forward. Solving Europe’s LLP and accounting firm Ehrhardt
percent in 2012 after seeing about mistic for a good growth year in 2012, economic woes also would help the Keefe Steiner & Hottman PC are co-
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6A 6A
6A | March 2-15, 2012 Boulder County Business Report | www.bcbr.com
Cech touts biotech collaboration at CU
Researchers, private firms “We’re doing this interdisciplinary
research, how can we not have a new
will benefit from university’s
opportunity for grad students to come
bioscience facility in Boulder in and learn about the mix of disci-
plines and their connectivity before
BY MICHAEL DAVIDSON they go into a discipline?” Cech said.
[email protected] “We’re sticking our neck out on
this and thinking maybe it’s time to
BOULDER - The future of biosci- train graduate students in a whole
ence research at the University of Col- new way,” he said.
orado will include more opportunities The institute formed in 2003 as
for collaboration between the biotech the Colorado Initiative in Molecular
industry and academic scientists now Biotechnology. It was renamed in
that innovative researchers are getting September 2011 to emphasize its goal
a new home, CU professor Tom Cech to become a fixture at CU and in the
said during a presentation Feb. 22. world of biological research.
PETER WAYNE
Cech, a, is the director of the Uni- Tom Cech, Nobel Prize-winning researcher at the University of Colorado-Boulder and direc- “It doesn’t change our ambition,”
versity of Colorado Biofrontiers Insti- tor of CU’s Biofrontiers Institute, said forging new relationships with established and startup Cech said. “Initiative had an implica-
tute. The Biofrontiers Institute will biotech companies will be a priority when CU’s Jennie Smoly Caruthers Biotechnology tion of a temporary sort of thing.”
be one of the cornerstones of research Building opens this spring. The name also has a fitting meta-
and teaching at the CU’s Jennie Smoly phorical resonance, give the institute’s
Caruthers Biotechnology Building, Sharing facilities with private com- across the country,” Cech said. “The scope and location. “This is science
which is scheduled to open this spring. panies will make the Biofrontiers Insti- best places around the country are try- at the frontiers of the Wild West,”
Cech laid out his plans for the tute unique in Colorado, as CU’s new ing to find new ways to tackle biomedi- Cech said.
institute’s future after it moves into Anschutz Medical Campus in Aurora cal problems in a new way that brings The institute will share the build-
its new home. lacks similar facilities, Cech said. people from disciplines together.” ing with the Department of Chemical
Forging new relationships with The institute also is working with The CU Biofrontiers Institute is and Biological Engineering and the
established and startup biotech com- the CU Leeds School of Business attempting to distinguish itself by Division of Biochemistry. The build-
panies will be a priority, he said. to help students going into business “hiring faculty who already are prov- ing will be one of the anchors of the
The institute will provide “core develop an understanding of biosci- en interdisciplinary scientists” who science campus CU is planning for its
facilities” with advanced instruments ence and how the industry works. have a record of success in multiple East Campus, Cech said.
that companies can use for a fee to “It is one of goals, and we’re try- areas, Cech said. The building will cost about $200
conduct research, Cech said. That ing to do better with this. We’ve got The institute also will admit and million to complete and equip, Cech
will make costly technology such as some relationships we want to build teach graduate students who are not said. Construction finished Feb. 9 and
genome sequencers available to start- on,” he said. narrowly focused on work in a single faculty and students should be moved
ups that otherwise could not afford it. “This is a new wave that’s happening department. in by June.
Six local firms receive research grants from DOE
product update
Boulder-based TeamSnap, a web service for manag-
ing sports teams and leagues, released its Android BY DOUG STORUM tance electron sources are required by the DOE. This work seeks to extend
app that allows users to perform tasks like checking
[email protected] for operation and major upgrades of the state of the art in magnet technol-
a team’s schedule, accessing team member contact
information, sending messages to the team or pull- existing and future DOE facilities. ogy to ensure the reliable operation of
ing up driving direction to games and practices. The BOULDER — Six companies Grant two: Free electron lasers are a these future machines.
company already offers an iPhone app with the same
in the Boulder Valley will receive key technology for scientific research, Droplet Measurement Technolo-
services.
grants of up to $150,000 each for with emerging applications in the gies, Boulder
Longmont-based Parascript LLC, an image analy- research under the U.S. Department industrial processing of materials, and An ultra-light, low power instru-
sis and pattern recognition technology provider,
of Energy’s Small Business Innovation with future applications in shipboard ment is being developed to make air-
launched the latest version of its computer-aided
detection technology for mammography. AccuDe- Research program. self defense and homeland security. borne measurements of the properties
tect 6.1 offers radiologists continued improvements Tech-X Corp. has won four grants, Grant three: Computer-aided of aerosol and cloud particles, in par-
in sensitivity and specificity in detecting suspicious
and Advanced Conductor Technolo- engineering is crucial to U.S. manu- ticular water droplets and ice crystals
lesions on mammograms.
gies LLC, Composite Technology facturer’s ability to maintain an inno- in Arctic clouds. This instrument is
Longmont-based DigitalGlobe Inc., (NYSE: DGI) a Development, Droplet Measurement vative edge over competitors. Tech-X highly sensitive to particle shape and
provider of high-resolution images of earth taken from
Technologies, Kapteyn-Murnane believes it can enable a DOE-funded has immediate applications on com-
orbiting satellites to governments and businesses,
launched an e-commerce store at www.store.digital- Laboratories and Light Foundry LLC software library to be more easily mercial aircraft for detecting volcanic
globe.com for the public. The store offers, one-of-a- have received one each. used by U.S. manufactures and soft- ash, dust and ice crystals, all particles
kind satellite and aerial imagery via jpeg download.
The companies will use the money ware vendors in order to strengthen that impact engine performance.
Poster-size images are available.
during the next nine months to their ability to innovate. Kapteyn-Murnane Laboratories
explore the feasibility of their inno- Grant four: Future generations Inc., Boulder
Still drinking vative concepts. They will then be of high-energy particle accelerators, Develop a high power ultrafast
eligible to compete for awards up to used to study the fundamental nature Ti:Sapphire amplifier system whose
bottled water $1 million under a two-year, second of matter, will likely be powered with performance is well beyond the capa-
phase of research and development. lasers. Tech-X is developing designs to bilities of current technologies. This
at the office? The DOE will payout about $26.4 create powerful, efficient laser-driven system will have very wide applicability
million for the 180 projects selected structures, which can reduce the cost in both science and industry, including
Go Bottle-less for $1 Day!
from among nearly 1,000 phase one and size of accelerator systems. for new science at the Advanced Photon
proposals submitted under its Small Advanced Conductor Technolo- Source at Argonne National Laboratory.
Business Innovation Research and Small gies LLC, Boulder Light Foundry LLC, Boulder
Business Technology Transfer programs. Develop high-performance magnet Proposes research effort to cre-
Here are summaries of the pro- cables made from high-temperature ate innovative, collaborative lighting
posed research projects submitted by superconductors for use in supercon- analysis and visualization tools based
companies in the Boulder Valley. ductivity research, materials science on the Radiance simulation software,
Tech-X Corp., Boulder and fusion research. which will help a variety of people
Purified water coolers
Grant one: High-fidelity software Composite Technology Develop- formulate, manage and solve complex
Cleaner Greener Responsible
is being developed to enable new ment, Lafayette environmental problems. These tools
capabilities to design advanced, dia- Develop high-performance magnets will help people design green build-
720-320-6630
mond amplifier cathodes. Novel high- that are a key component of the fusion ings that are beneficial to the environ-
clearH2Ocoolers.com
current, high-brightness, low-emit- energy programs under development ment and its occupants.
7A 7A
Boulder County Business Report | www.bcbr.com March 2-15, 2012 | 7A
Boulder’s changing 100-year flood plain
The city of Boulder’s alteration of the flow of Boulder Creek
has removed some structures from the 100-year flood plain
and has put others in harm’s way.
Valmont Road
F
o
Goose Creek oth
ills
P
a
r
k
w
ay Pearl Parkway So
u
Broadway WPeaalnrlu St tSretreetet Canyon Street 28th Street 30th Street 55th Stree th Boulder Creek
t
Arapahoe Avenue
Boulder Creek
B
e
a
Sk r C
u a
n n
k y
C on
re C
ek re
e
k
Proposed Boulder Creek 100-year flood plain Buildings removed from 100-year flood plain (107)
Creek
FEMA Effective Boulder Creek 100-year flood plain Buildings added to 100-year flood plain (72)
Buildings remaining in 100-year flood plain (574) Intermitent creek
Other FEMA Effective Boulder Creek 100-year flood plain
BRITTANY RAUCH/CHAD COLLINS
FLOOD from 1A
apartment building on the right bank Associates in Boulder.
of Boulder Creek at Eben G. Fine Park Flood insurance is sold at a flat rate
near 3rd Street and Arapahoe Avenue, based on the age of a building and
removed residential structures and other variables, because it’s under-
regraded the left overhanging bank of written by a federal government pro-
the creek to enhance flood conveyance gram, Hix said.
at the Boulder High School campus, But as an example, one owner Hix
and removed buildings that obstructed insures pays about $2,000 per year
flood flows on the left overhanging for about $500,000 worth of insur-
bank of Boulder Creek east of 17th ance replacement cost on a $9 million
Street. building in the flood plain, Hix said.
At least one key government build- “If the buildings are leased, (build-
ing — the Boulder County Justice ing owners) just push the costs back to
Center at 1777 6th St. — will not be in the tenants, who probably pay higher
the flood plain anymore if the new map rent,” Hix said. “But with a homeown-
MICHAEL MYERS
goes into effect, according to the map. David Rose, owner of Rosewood Construction in Boulder, worries that if the 100-year flood er policy, the separate flood insurance
In total, 107 buildings would be plain status changes for his company’s buildings at 5690 and 5700 Valmont Road, he might can be as expensive as the policy.”
removed from the 100-year flood plain not get to redevelop them in the future. W.W. Reynolds Cos., a commercial
boundaries in the new map and 72 real estate company in Boulder, sees
buildings would be added to the 100- all of Boulder’s central business district plain must have flood insurance if the positive changes in the proposed new
year flood plain map. The status of 574 is in the 100-year flood plain. building owners have a mortgage, said map. Several of the company’s owned
buildings would not change. Virtually Buildings in the 100-year flood Charles Hix, owner of Hix Insurance ➤ See Flood, 9A
Commitment to the Community for
100
Years
In this uncertain economy, businesses
need a stable energy supply.
Longmont Power & Communications is
commemorating 100 years of providing
reliable, low cost power to customers in
our service territory. We’d like to thank
our community for supporting us and look Longmont Power
& Communications
forward to serving Longmont through the
next century and beyond.
http://www.ci.longmont.co.us/lpc
8A 8A
8A | March 2-15, 2012 Boulder County Business Report | www.bcbr.com
BCBR ECONOMIC INDICATORS
Signs point toward economy’s
BOULDER VALLEY
Boulder Valley Economic Index
This forward-looking index is based on gross
slow recovery, but stay tuned
domestic product, retail sales, building permits,
and interest rates. The BVI continues to bounce
up and down as a reflection of uncertainty in the
economy. Heads, it’s a recession; tails it’s not. That’s
where the economy stood three months CONCERNS EXIST THAT
Q1/12 112.5 ago.
increased fourth-quarter 2011
At this point it appears we escaped
Q4/11 113.5
2011 without a recession, although some econo-
consumption was driven by
Q3/11 112.7 mists believe that the National Bureau of Economic
Research will announce that there actually was a consumers raiding their savings
Q4/11 114.7 recession in 2011. Stay tuned.
accounts rather than strong wage
Recession or not, the economy remains in positive
Q1/11 114.3
territory and is experiencing continued slow growth.
growth. On the other hand, decreased
Q4/10 113.2 The Boulder Valley Economic Index, a quarterly
indicator of local economic activity, dropped a point unemployment, momentum from the
0 30 60 90 120 150 to 112.5. A decline for one quarter does not foretell
holiday season and the extension of
Source: Broomfield-based Business and Economic Research another downturn.
The index has changed direction in each of the
the payroll tax holiday will support
past four quarters, mirroring
BOULDER COUNTY INDICATORS
the uncertainty in the overall personal consumption.
Unemployment (month-end) economy. This erratic move-
Boulder County rate remains well below the ment portends continued vola-
state and nation. tility resulting from concerns the past decade the number of gross jobs added in the
about debt, both abroad and at private sector has been on the decline. During both
Q4/11 5.8%
home, political gridlock associ- recessions the number of gross jobs lost increased
Q3/11 5.9% ated with the 2012 elections, significantly then dropped off during the recovery
rising gas prices, the weak labor periods.
Q4/11 7.0%
market and meager wage gains.
Q1/11 6.9% On a positive note, both ECONOMY Jobs picture
Q4/10 6.7% Broomfield and Boulder expe- Gary Horvath The current level of net job growth is a function of
rienced solid retail sales growth weak gains in the number of gross jobs added and a
Q3/10 6.7%
in 2011. The city of Boulder recently reported a 5 sharp decline in gross jobs lost. In other words, com-
Q2/10 7.3% percent increase in sales tax collections, Longmont panies are cautious about bringing on new workers.
0 2 4 6 8 10 reported an increase of 5.9 percent, while gains in A similar dilemma exists with startups. Data pro-
Percent Broomfield tapered off in the second half of the year. duced by the Bureau of Labor Statistics shows that
Colorado Office of Labor Market Information, Non-Seasonally Adjusted Concerns exist that increased fourth-quarter 2011 in 2007 Colorado had 16,056 startups, or firms less
consumption was driven by consumers raiding their than 1 year old. These firms employed about 72,000
savings accounts rather than strong wage growth. On workers. In 2011 there were just 11,918 startups with
Non-Farm Employment
the other hand, decreased unemployment, momen- 49,600 workers. The five-year survival rate for start-
Wage and Salary Employment has increased
tum from the holiday season and the extension of the ups is 45 percent.
slightly in Boulder County.
payroll tax holiday will support personal consump- Despite these concerns, there is a sustained down-
tion. Stay tuned. ward trend in unemployment, seasonally adjusted.
Q4/11 164,100
In mid-February the Trader Joe’s grocery chain The state rate dropped from 9.3 percent in February
Q3/11 160,000 announced it will open a Boulder store in 2013. 2011 to 7.9 percent in December 2011, the most
While locals are reveling about a future that includes recent data.
Q2/11 161,200
easy access to Two-Buck-Chuck, others view this as Two of the three lowest metro county unemploy-
Q1/11 158,100 a sign that outside investors recognize the economic ment rates December 2011 - non-seasonally adjusted-
potential of the region. are in the Boulder Valley. Boulder County is the
Q4/10 161,100 Overall, state job growth will be weak relative lowest at 5.8 percent followed by Larimer County,
to historical norms. It is likely to be in the range of 6.3 percent, and Broomfield, 6.9 percent.
Q3/10 158,000
27,500 to 37,500 jobs, which translates into limited These three counties are the hub of the state’s high-
120,000 137,500 165,000 growth for the Boulder Valley. tech cluster. Despite the high rates of overall unem-
Individuals employed Below potential employment growth has resulted ployment there is a gap in skills between the needs of
Source: Colorado Office of Labor Market Information, CES from a lack of job creation and startup activity. For ➤ See Economy, 9A
Single-family home Total Residential
Retail sales
permit valuations Valuations
Solid, but slower gains, occurred in the third
Total 2011 single family valuations (prelimi- Total 2011 valuation was slightly greater
quarter of 2011.
nary) were significantly greater than 2010. than 2010.
Q4/11
Not available Q4/11 $17,854,000
Q4/11 $14,454,000
Q3/11 $2,183,340,000
Q3/11 $20,441,000
Q3/11 $16,706,000
Q2/11 $2,149,887,000
Q4 2011 Not available Q2/11 $21,526,000
Q4 2011 $14,454,000Q4/11 $14,057,000
Q3 2011 $2,183,340,000Q1/11 $1,996,453,000
Q3 2011 $16,706,000 Q1/11 $13,934,000
Q2 2011 $2,149,887,000 Q1/11 $13,343,000
Q4/10 Q2 2011$2 ,648,160$,01040,057,000
Q1 2011 $1,996,453,000 Q1 2011 $13,343,000Q4/10 $17,967,000 Q4/10 $22,629,000
Q4 2010 $2,648,160,000Q3/10 $2,028,703,000
Q4 2010 $17,967,000 Q3/10 $22,052,000
Q3 2010 $2,028,703,000 Q3/10 $16,644,000
Q2 2010 $1,919,497,000Q2/10 $1,919,497,00QQ032 22001100 $$196,3,69474,0,00000Q2/10 $9,397,000 Q2/10 $13,291.000
1000 1500 2000 0 5 10 15 20 25 0 10 20 30 40 50 60
Dollars in thousands
Dollars in millions Dollars in millions
Source: Colorado Department of Revenue Source: U.S. Census Bureau Source: U.S. Census Bureau
9A 9A
Boulder County Business Report | www.bcbr.com March 2-15, 2012 | 9A
BCBR ECONOMIC INDICATORS
BROOMFIELD COUNTY INDICATORS
Unemployment Employment Retail sales
Broomfield County experiences remains lower Based on nonseasonally adjusted unemployment, Although sales for the year are up, they
than state, but slightly higher than Boulder Broomfield employment has fared better than other increased at a decreasing rate (%) in the
County. parts of the state during and after the recession. second half of the year.
Q3/11 $312,612,779
Q4/11 6.9% Q3/11 Not available
Q2/11 $259,549,276
Q2/11 30,332
Q3/11 7.1% Q1/11
Q1/11 Q4 2011 29$,636112,612,779 $245,506,418
Q4/10
Q2/11 8.0% Q4/10 Q3 2001 $25390,,350409,276 $244,662,777
Q2 2011 $245,506,418 Q3/10
Q1/11 8.1% Q3/10 30,441 $308,567,474
Q1 2011 $244,662,777 Q2/10
Q4/10 7.7% Q2/10 Q4 2010 $3300,180,5567,474 Q1/10 $257,143,050
Q1/10 Q3 20102 8,828 $257,143,050
$237,614,082
Q3/10 7.7% Q4/09 Q2 2010 29$,728327,614,082 Q4/09
0 2 4 6 8 10 25,000 30,000 35,000 0 4 8 12 16 20 24 28 32
Percent Dollars in millions
Individuals employed
Colorado Office of Labor Market Information, Non-seasonally adjusted. Source: Colorado Office of Labor Market Information, QCEW. Source: City and County of Broomfield
Valuations for single-family Valuations for all
ECONOMY from 8A home permits building permits
2011 valuations remain similar to 2010. Total valuations reflect no multi-family units.
companies and the skills of unemployed workers. As
a result, many of the high-tech occupations that are Q4/11 $12,473,207 Q4/11 $12,473,207
critical to the local economy have surprisingly low
unemployment rates. Q3/11 $17,028,771 Q3/11 $17,028,771
There are three high-tech Standard Occupational
Q2/11 $11,110,006 Q2/11 $11,110,006
Classification system codes: math and science occu-
pations have an unemployment rate of 3.8 percent, Q1/11 $12,558,840 Q1/11 $12,558,840
followed by life sciences at 4 percent, and architecture
Q4/10 $13,871,347 Q4/10 $13,871,347
and engineering at 5 percent.
As well, education and basic leadership occupa- $15,136,000 $15,136,000
Q3/10 Q3/10
tions have low unemployment rates: Education is 4
0 2 4 6 8 10 12 14 16 18 20 0 2 4 6 8 10 12 14 16 18 20
percent, management is 4.3 percent, and business and Dollars in millions Dollars in millions
finance is 4.9 percent. Health-care practitioners have Source: U.S. Census Bureau Source: U.S. Census Bureau
the lowest unemployment rate at 3 percent.
Many of these occupations require associate’s thinking has created the potential to transform the the northwest metro communities to the Front Range.
degrees, certification, bachelor’s degrees, or higher. economy with projects such as the Rocky Mountain These projects will unfold over time, they will have
Unfortunately, many of the unemployed have worked Center for Innovation and Technology, Spaceport, various degrees of success, and they will all have a
in occupations that require only on-the-job training, Fitzsimons, changes to the National Western Stock positive impact on the Boulder Valley economy.
i.e. they lack the education, skills and experience to Show, Denver beltway, Conoco-Phillips, Fastracks, Here’s to a stronger economy in the months ahead.
fill available high-tech positions. Niobrara shale formation, and the build-out of prop-
Throughout the economic challenges of the past erty surrounding Rocky Mountain Metropolitan Gary Horvath is the principal of Broomfield-based Busi-
decade, the Boulder Valley and surrounding coun- Airport. And we can’t forget the $306 million con- ness and Economic Research. Website is garyhorvath.com.
ties have had leaders who think big. Their visionary struction on U.S. Highway 36 that will better connect
FLOOD from 7A
buildings on the southeast side of Pearl Parkway and Arapahoe Avenue would tus of their individual structure, and Colorado, previous floods on the Front
Parkway and Foothills Parkway will be affected, too, he said. whether they need to purchase flood Range have been deadly. The Big
not have flood plain status anymore “They may survive a 100-year storm, insurance or will need to continue Thompson flood near Loveland in July
if the proposed new map is approved. but not the breach of Barker Dam,” Hix purchasing flood insurance,” Cole- 1976 killed more than 100 people and
Some buildings also are expected to said. “People want to be next to Boulder man said. destroyed more than 50 businesses. It
lose their flood plain designation in the Creek, but it’s a hazard.” While a 100-year flood may not started in the Big Thompson Canyon
Sunrise Center shopping center on the The new map received ini- sound like an imminent threat in west of the city.
northeast corner of 30th Street and tial approval from the city’s Water
Arapahoe Avenue, said Jeff Wingaert, Resources Advisory Board on Mon-
a commercial broker at W.W. Reynolds. day, Feb. 27. It now will go to the city’s
“Generally, it’s good when com- planning board and could be approved
mercial buildings come out of the by city council members in May or
flood plain,” Wingert said. “The key June, according to city documents.
thing, is if we don’t have to put insur- City workers then plan to work
ance on the buildings, then it saves our with the Federal Emergency Manage-
ownership group money.” ment Agency to get the map proposed
Prominent Boulder buildings such as the new flood insurance rate map,
as the Millennium Harvest House at according to city documents.
1345 28th St. might survive a flood, City workers received more than
but would not survive a breach of the 100 phone calls or emails about the
dam of Barker Reservoir in Nederland, proposed new map in response to a
Hix believes. Boulder Community recent postcard sent out to every prop-
Hospital’s new Foothills campus also erty owner located in the flood plain
could be affected by a catastrophic boundary, said Christie Coleman, the
flood event, he said. Buildings in the city’s flood utilities project manager.
Viewpoint On the Parkway office park “We have gotten a lot of public
on the southeast corner of Foothills interest. People want to know the sta-
10A 10A
10A | March 2-15, 2012 Boulder County Business Report | www.bcbr.com
THE EDGE |
BCBR.COM
FOCUS: SECURING FINANCING
Tips on how small businesses can obtain loans
BY BETH POTTER Reaching out for money Gomulinski, vice president of com-
[email protected] mercial banking at VectraBank Colora-
Area bankers and business coaches provide several insights and suggestions on how to improve a
do’s office in Boulder. Companies that
young business’ chance of securing financing:
BOULDER — Thanasi Foods LLC have successfully cut expenses should
expects $8 million in growth in 2012, highlight that information when they
• Put together a business plan
thanks, in part, to a business loan • Make financial statement easy to read meet with a banker, Gomulinski said.
from Great Western Bank’s branch • Show positive cash flow Show positive cash flow. Great
in Boulder. • Use SBDC resources Western Bank looks closely at accounts
If you’ve bought Duke’s all-natural • Check out SBA loan programs receivable and inventory for growing
beef jerky or Big Sunflower Seeds, • Create strong relationship with banker businesses, said Toby Leonard, the
you’re helping fuel the growth, said • Understand meaning of venture capital bank’s business banking vice president
Justin Havlick, founder and president at the banks office on Pearl Street in
of the Boulder-based company. Tha- convenience stores, grocery stores, at a business plan for a company is just Boulder. The bank also looks for other
nasi saw about $20 million in revenue sporting goods stores, and directly like looking at a resume for a prospec- means of cash collateral for a company
in 2011 and expects to see an addi- to U.S. military outposts around the tive employee. It helps them under- if cash flow is not as strong as expected.
tional 40 percent in revenue in 2012. world. stand at a glance what an unknown Companies that can’t pay their cur-
Havlick bought new manufactur- “We wanted to make sure the pro- company does and where it’s headed rent bills will have a hard time obtain-
ing equipment with the loan so that posals were ‘apples to apples,’ not just in the next 12 months. ing a loan, regardless of their collateral,
the company could make its own (loan) rate, but an understanding of “It helps us to understand if they’re Leonard said. Companies that want
jerky. The equipment has speeded our business for a long-term relation- organized around what they’re about 100 percent financing and don’t have
up production and helped improve ship,” Havlick said. to take on,” said Gretchen Fapore, busi- anything more to show than a hope and
margins – paving the way for more With Havlick’s success in mind, we ness banking manager and senior vice a prayer should have plenty of owner
growth. Thanasi was started in 2003 asked local financial institutions for president of Wells Fargo in Boulder. equity or a capital contribution to get
to combine established brand names tips on how other small companies Make your financial statement easy started, he said. Many new companies
such as Jim Beam and Frank’s RedHot should go about obtaining approval to read. Havlick worked with accoun- borrow that money from friends and
to products in the snack food category for new business loans. tants at Ehrhardt Keefe Steiner & family to get started, he said.
such as the jerky and sunflower seeds. Put together a business plan. Com- Hottman PC in Boulder. Debt service coverage ratios —
It took Havlick about five months pany owners often complain that Banks usually require two or three cash flow divided by debt service —
to find a good bank partner to work their business plans don’t get looked years of tax returns to indicate how should be more than 1.15. Companies
with, he said. The snacks are sold at at. But local bankers say that looking a new company is doing, said Gary ➤ See Loans, 23A
This monthly pull-out
special section in the
Boulder County
Business Report
allows the area’s
top real estate
DDistinctive professionals to
feature their most
O M E S distinctive local listings
before a readership that
OF THE BOULDER VALLEY
includes the region’s
most affluent business
2012 March - September leaders.
Distribution –
BCBR inserts 6,500 copies into one issue of BCBR each month, and an additional 3,500 are distributed to
participating brokers and at local coffee shops, restaurants, and other public locations.
Online – A digital version of this special section is also posted on BCBR.com and marketed through our home page,
daily e-newsletter, and industry-specific e-newsletters throughout the month.
To reserve your space, contact Kevin Loewen at 303-630-1945 or e-mail [email protected].