$50M Economic Development Initiative Announced

Gov. Bill Owens, Bob Lee, director of the Colorado Office of Economic Development and International Trade, and Jay Davidson, board chair of the Colorado Housing and Finance Authority, have announced a new $50 million economic development initiative that will increase the supply of long-term, fixed-rate capital available to small businesses statewide, encouraging business growth through investment in real estate, machinery and equipment.

"The Housing and Finance Authority, based on its past experience, expects this new initiative to result in the creation or retention of over 1,800 jobs in Colorado," said Lee. "These funds are targeted to help small businesses, the backbone of our economy. We will be helping small manufacturers, women and minority-owned businesses, farmers and ranchers, and non-profit organizations throughout the state."

The Colorado Office of Economic Development will assist CHFA by highlighting the program to Colorado's small businesses and by providing referrals to CHFA.

The initiative will leverage funds from CHFA's economic development programs with resources available from existing financial networks - including banks, local economic development groups, and other small business partners.

"The small business sector is responsible for the greatest number of jobs in Colorado," said Davidson. "Strengthening employment opportunities here is essential to Colorado's economic stability and growth. The objective is to encourage capital investment that will result in more competitive businesses in the marketplace and ultimately lead to job creation and retention."

The funds for this $50 million initiative are in addition to funds CHFA has already budgeted for its economic development programs in 2003 and represent the largest allocation of funds it has dedicated to its business finance programs since inception.

Initiative plans include $20 million for manufacturing facilities; $10 million for more flexible lending structures; $10 million for rural Colorado businesses, ranchers and farmers; $5 million to help nonprofit organizations acquire new or existing facilities; and $5 million in private sector loans of up to $150,000 to small businesses primarily targeted to assisting women- and minority-owned businesses.

Small businesses benefit by taking advantage of CHFA's business lending rates, which are fixed for the full term of the loan, currently at historically low levels. In addition, businesses preserve capital through lower down payment requirements than traditional commercial lending sources.

Commission Announces Bond-Funded Projects

• The Colorado Transportation Commission has approved plans to issue nearly $225 million in TRANs bonds over the next two years, accelerating a number of high-priority projects within the 28 Strategic Transportation Corridors.
  
  In the upcoming weeks, the Colorado Department of Transportation expects to issue approximately $100 million in bonds to fund the following projects:
  
  The second to the last phase of work to untangle and improve the I-25/US 36/I-270/I-76 junction in the north Denver metro area. This project will build a new flyover ramp from southbound I-25 to eastbound I-270. Cost: $26.4 million. Start date: late 2003.
  
  
• The final phase of widening US 50 between Grand Junction and Delta. This project will widen US 50 to four lanes from Escalante Road to G-50 Road in north Delta. Cost: $12.3 million. Start date: early 2004.
  
  
• The continued reconstruction and concrete white topping of US 287 from Wiley Junction north 9.2 miles. Cost: $12.7 million. Start date: October 2003.
  
  
• The next phase of work on US 160, between Wolf Creek and South Fork. This safety project includes a 1.5 mile stretch of US 160 from west of Lonesome Dove east. It will include the construction of climbing lanes, acceleration/deceleration lanes, shoulders and other improvements to bring the highway up to current design standards. Cost: $26 million. Start date: late 2003.
  
  
• The last phase of improvements to Berthoud Pass. This project will reconstruct and widen the final two miles of US 40 over Berthoud Pass from Berthoud Falls west. Cost: $24 million. Start date: spring 2004.
  
  
• Continued work on Powers Boulevard in Colorado Springs. This project will complete the Powers Boulevard extension to connect north to State Highway 83. Cost: $15 million. Start date: early 2004.
  
  
• I-70 west upgrades. This project will complete lighting improvements through the Eisenhower Tunnel and also install additional variable message boards for improved traffic management. Cost: $14.5 million Start date: early 2004.
  
  
• Continued work on I-25 south. Work will reconstruct the Castle Pines interchange, build a park-n-ride lot and replace the railroad bridge on I-25 in Castle Rock. Cost: $22.4 million. Start date: early 2004.
  
  
• Preconstruction requirements for I-25 north. This funding will allow for right-of-way acquisition, continued design and utility work in anticipation of future improvements to the north I-25 corridor between Denver and Fort Collins. Cost: $10.5 million.

ABC Western Announces Apprenticeship Opportunities

Associated Builders and Contractors Western Colorado Chapter, sponsor of a U.S. Department of Labor registered apprenticeship training program, is currently accepting applications for apprenticeship opportunities in the following trades: