Intrawest gets help from Vancouver
VANCOUVER, B.C. -- It was almost certain that at some point prior to the 2010 Winter Olympics, life for the hosts, Vancouver and Whistler/Blackcomb, would get tense. Adding to that tenseness now are uncertainties about the financial stability of Fortress Investment Group, the parent of Whistler-Blackcomb operator Intrawest.
Fortress was also chosen to finance development of the $1 billion athletes' village being constructed in downtown Vancouver for the Olympics. The company was chosen, at least in part, based on its perceived strength.
Instead, Fortress has been shaky. In October, it got last-minute refinancing of $1.668 billion in debt related to its 2006 purchase of Intrawest. More recently, news has been leaked that the Vancouver City Council agreed to advance up to $100 million (Cdn.) to cover cost overruns at the athletes' village. This was in addition to $193 million (Cdn.), in loan guarantees to Fortress.
The New York Times says this news of the council's highlighted insecurities in Vancouver about the advisability of seeking the Olympics. It recalls that Montreal, in agreeing to host the 1976 Olympics, had been promised that a deficit would be no more likely than of a man having a baby. But, in fact, Montreal incurred a debt of $1.5 billion that was not paid off until 2006.
Canmore hosts second wellness festival
CANMORE, B.C. -- Canmore has hosted an event called Lifefest for the second time. It brings together chiropractors, reiki therapists and other health-care professionals from both the traditional and alternative realms.
The event, says Teresa Mullen, executive director of the Canmore Economic Development Association, is part of the community's effort to diversify its economy. "If it's just tourism, we can't just rely on that," she told the Rocky Mountain Outlook.
But then, it hasn't been just tourism for a long time in Canmore. As has been noted in the newspaper, an amenity-based real-estate development has become the major driver of the former mining town's economy.
Not much work in the pipeline for architects
VAIL, Colo. -- While the construction cranes remain busy in Vail, the pipeline of work for future years seems to be empty. All around are mutters about real estate companies closing their outlying offices and of architectural and engineering firms preparing to pink-slip their employees.
Jim Morter, one of the town's most tenured architects, says so many projects are on hold he has been forced to put all employees, except for his receptionist, on contract basis. "I've been talking to clients," Morter told the Vail Daily. "They're optimistic, but there's nothing brewing right now."
He expects that will change, as he's been through several ups and downs since he arrived in Vail in 1972.
More of a glass half-full report was delivered by a rival newspaper, the Vail Mountaineer, which has several architectural firms saying they're staying plenty busy, thank you..
Scientists to study fires in dead lodgepole
ESTES PARK, Colo. -- With up to 90 percent of lodgepole pine in Colorado already dead or soon to be dead, thanks to the epidemic of bark beetles, worries continue about the potential for giant forest fires. Lodgepole pine, because of their shallow root systems, typically fall down within three years after they have died. However, in that time, particularly when they still have red needles on their branches, what could a fire like that be?
To help answer that and other questions, a fire is being set in Rocky Mountain National Park after there is enough snow or rain to prevent a fire from advancing very far. The project is a joint venture between the national park service and researchers from Colorado State University.
The Park Service says that researchers also hope to learn more about the mechanisms of pine seed dispersal following a beetle attack, and also survival of beetle larvae following burning.
Bus fares on the rise in Carbondale
CARBONDALE, Colo. -- Bus riders between Aspen and its outlying communities in the 80-mile-long commutershed will be paying more this winter. A 40-punch pass will increase 5 percent, to $29.40. As well, voters earlier this month approved a 0.4 percent increase in sales tax. The money, explains The Aspen Times, is to be used to buy new buses and build better bus stops, part of an effort to make bus service faster and more comfortable.
Sabbath to remain hush hush in Telluride
TELLURIDE, Colo. -- It seems like an odd time to ban construction on Sundays. The stories coming from Telluride have been of too much quiet in the economy, including the real estate sector. Nonetheless, Telluride city officials in late October began enforcing a law that prohibits use of heavy equipment such as backhoes, nail guns and other noisy construction equipment.
"We all need it for our sanity. Otherwise, it's almost like living in a city," said Bob Saunders, a council member. Construction by homeowners is exempted.
Town officials say building is continuing, despite the slowed economy. Ground was recently broken on a 1,600-square-foot house, and work is also beginning on the biggest lodging property Telluride has seen in several years, the 40-unit Element 5200, according to Chris Dawkins, the town planner.
He said that few contractors work on Sundays but, like everybody else, they will do so during crunch time. A few of those crunches are what provoked complaints from homeowners.
