The Foreclosure Squeeze - BizWest

By Tom [email protected]

More Northern Coloradohomeowners are losing their prop-erty to loan foreclosure now thanat any time in the past 20 years.

That being the bad news, thegood news is that 20 years ago thestate’s foreclosure rate was nearly

twice what it is today. Nonetheless,the personal hardships and regionaleconomic drain that foreclosuresbring on are as real now as then. Theeffects that abandoned and decayinghomes have on neighborhood psy-ches hit as hard today as in 1987,when the region reeled through itslast foreclosure epidemic.

Hospitalssee rise inadmissions

$ 1June 22-July 5, 2007Vol. 12, No. 20www.ncbr.com

NEWS

New inventiontalks for plantsSensor technologycould conservemoney and waterPage 3

New Texas ownerfor XY Inc.Question remainsif XY headquarterswill relocatePage 3

THE EDGE

Azari family feelsFroodles successGrowth promptsthe question of‘where to next?’5

SPECIALREPORT

Health careNon-invasive vein careamong region’s growingmedical subspecialtiesPage 9

LISTSRegion’s largest

Medical clinicsPage 6

Bioscience companiesPage 7

Home health-careagenciesPage 11

SBA lendersPage 18

By Steve [email protected]

LOVELAND — Chalk it up to asteadily growing population, moreaging baby boomers, increasinghealth awarenessor just moredemand for hospi-tal services forwhatever reason.

But whateverthe case, PoudreValley Hospital inFort Collins, itssister institution,Medical Center ofthe Rockies in Loveland, and Bannercompetitor McKee Medical Centerin Loveland all report they are busierthan ever. Neither PVH nor McKeeseem to be feeling a patient drainfrom MCR, which just marked itsfirst four months of operations.

“Through the end of May we’vebeen able to stay ahead of projec-tions,” said George Hayes, MCR’spresident and CEO. “We’re veryhappy with the volume we’ve beengetting.”

Hayes said patient numbers atMCR since it opened Feb. 14 arerunning 2 percent to 3 percent aheadof projections made for the new136-bed, $250 million hospital builtby Poudre Valley Health System. Forthe three-month period of Feb. 14through May 14, MCR had an aver-age daily census of 38.5, meaningjust over 38 beds were occupied eachday.

Hayes said MCR is now project-ing an average daily census of 65 forthe month of June and had reachedan ADC of 63 by mid-June. “It’s safeto say we’re doing pretty well on our

Northern Colorado’s foreclosurepicture tells tale of two counties

Health carewhite paper

EconomistMartin Shieldsgives hisprognosis

Page 5

MCR’s numberslook good afterfirst four months

Illustration by David Badders

The Foreclosure Squeeze

Index of foreclosuresn Map of foreclosures, pages 28-29n Industries feel the squeeze, page 32n New lending regulations, page 33n Public budgets await fallout, page 34n Misunderstanding loans, page 35n Profiting on foreclosures, page 36

See MCR, 47

HAYES

See FORECLOSURE, 27

2 The Northern Colorado Business Report June 22-July 5, 2007

REGIONAL LOCATIONS ATSoutheast corner of I-25 & US 34

R E TA I L • O F F I C E • L I G H T I N D U S T R I A L

Nicholas M Christensen, J.D.970-663-3150 x 3

Ryan J. Schaefer970-663-3150 x 4

w w w . c h r i s l a n d i n c . c o m

LONGMONT — Jim Schott originallyenvisioned a herd in the range of 50 to 75goats.

He hoped his company, Haystack Moun-tain Goat Dairy Inc., would make cheesescomparable to those produced in France.Ideally, Alfalfa’s stores in Denver and Boul-der would carry the dairy’s products.

Despite a lack of business experience,Schott exceeded those goals. Exhibiting at asmany as 11 farmers’ markets weekly,Haystack Mountain introduced its cheesesto consumers, and they bought it. So didrestaurants and retailers from San Franciscoto New York City.

By 2001, cheeses from Haystack Moun-tain were winning national awards.

Under Schott’s leadership, the family-owned enterprise has increased its revenuesevery year since its founding.

When mass producers entered the goatcheese market, Schott focused his companyon limited-production specialty cheesesthat emphasize natural flavors, andHaystack Mountain flourished.

Recently, the company acquired a 32-acre Boulder County property and leasedan additional 48 acres of pasture. It willbuild a new nursery and creamery, intro-duce sustainable farming and cheese-making practices and grow the herd from

200 to about 800 by 2011. It plans to dou-ble the size of its creamery in Longmontand has opened a production facility in

Oklahoma.Haystack Mountain employs 25 people,

and it expects to double its staff by 2011.

Business grown beyond founderSchott, who projected that Haystack

Haystack Mountain goat dairy gears for growthExpannsion calls forquadrupling size ofherd to 800 by 2011

Jonathan Castner, Boulder County Business Report

GOT HIS GOAT — Jim Schott, founder of Haystack Mountain Goat Dairy in Longmont, tends to some of his 200 goats whose milk is the basis of national award-winningcheese.

See HAYSTACK, 47

June 22-July 5, 2007 The Northern Colorado Business Report 3

Foreclosureoverflow:Stolen art,indoor pot

F O C U S

INSIDEBriefcase . . . . . . . . . . . . . .22Calendar . . . . . . . . . . . . . .23Classifieds . . . . . . . . . . . . .49Commentary . . . . . . . . . . .50Daily Review . . . . . . . . . . . .16Economic Indicators . . . .55Health . . . . . . . . . . . . . . . . . . .8Leads . . . . . . . . . . . . . . . . .52On The Job . . . . . . . . . . . . .24Real Estate . . . . . . . . . . . . . .4Technology . . . . . . . . . . . . .25

THE

EYEBy Kristen [email protected]

One of Northern Colorado’s best-knownbioscience companies, Fort Collins-based XYInc., has a new majority owner after Presidentand CEO Mervyn Jacobson sold off all of hisshares in the company.

The sale comes amid a regulatory inquiryinto share trading for one of Jacobson’s othercompanies — Australia-based Genetic Tech-nologies Ltd.

On May 14, Jacobson sold all of his shares in

XY, a bioscience company that licenses sex cell-sorting technology, to XY licensee GeneticResources International, a company based inNavasota, Texas, that does business as SexingTechnologies.

The sale of XY’s shares came a few monthsafter Genetic Technologies came under scrutinyfrom the Australian Securities and InvestmentsCommission — the regulatory equivalent of theU.S. Securities and Exchange Commission. Aus-tralian media reported in February a raid inwhich police seized computers from GeneticTechnologies headquarters. In response to thecoverage, the company issued a press releaseexplaining that ASIC was seeking informationfrom the company regarding past trading in itsshares.

“The company cooperated fully with ASICand has been assured that its inquiries do notinvolve any activities of the company itself nor

any executives acting in their executive capaci-ties,” the March 8 statement read.

The company issued a follow-up statementthe next day “to clarify the position.”

“The company was informed late yesterdayby regulatory authorities that their inquiriesalso relate to activities of the company’s execu-tives,” it read.

On March 29, Genetic Technologies issued astatement announcing that Jacobson requestedthat the company execute its succession plan “ashe has now reached the age of 64.” At that time,it was announced that Jacobson would remainin the CEO role until a successor is found.

Less than two months later, Jacobson sold allof his shares in XY. The transaction was report-ed to ASIC because XY, over the course of sev-eral months, had accumulated more than 3.6million shares of Genetic Technologies stock.

Majority owner basedin Texas, could moveF.C. corporate offices

Jacobson sells off XY stake, faces inquiry


GREELEY — A Weld County landowner issuing a West Virginia-based oil and gas drillingcompany for allegedly failing to pay full royal-ties on gas wells on his property.

Glen Droegemueller filed the lawsuitagainst Petroleum Development Corp. ofBridgeport, W.Va., in Weld County DistrictCourt on May 29. The suit alleges that PDChas underpaid royalties owed to him from gasextracted from wells on his family’s farmnortheast of Kersey.

“The fundamental contention of the lawsuitis that Petroleum Development Corp. has notbeen paying appropriate royalties for the gasthey’ve taken,” said Stow Witwer, whose Gree-ley law firm, Witwer, Oldenburg, Barry andJohnson LLP, is representing Droegemueller.

Witwer said the case is based on a ColoradoSupreme Court case, Rogers v. WestermanFarms, in which the court found that oil andgas companies have the obligation to pay 100percent of the costs to put the oil or gas into amarketable condition and not deduct a por-tion of those costs before paying royalties tolandowners.

“Defendant is solely responsible for all ofthe costs incurred to make the gas producedfrom the subject wells marketable and cannotapportion such costs to royalty owners such asplaintiff and class members,” Droegemueller’ssuit states. “Notwithstanding, defendant hasimproperly charged plaintiff and the royaltyowners with the costs of gathering, treatment,compression, dehydration, processing, trans-porting and/or handling that were necessary tomake the gas marketable.”

Class action possibleWitwer said Droegemueller is not the only

New leaf sensor technologycould extend water resources


BERTHOUD — It may be a few years away,but a University of Colorado researcher and aBerthoud-based agri-biology developmentcompany could help provide an answer to thestate’s growing water shortage.

AgriHouse Inc. and Hans-Dieter Seelig, aCU aerospace engineering researcher, are col-laborating on bringing Seelig’s invention —which precisely measures water stress in plantleaves — to the commercial marketplace.

The device, called the Sg-1000, attaches to

plant leaves and detects when they begin towilt. Through a computer connection, a fieldirrigation system is signaled to bring the plantsback to their ideal level of hydration.

The real-world benefits ultimately could beenormous, with farmers using just enoughwater to keep crops healthy without overwater-ing and wasting water and money.

Richard Stoner, founder and president ofAgriHouse, said existing precision wateringtechnology “keeps crops alive but is not conserv-ing any water” when compared to the Sg-1000.

“People are saying we could save two tothree waterings every couple of weeks, and thatcan be translated into significant savings,” saidStoner, who’s collaborated with the NationalAeronautics and Space Administration on avariety of technologies, some of which havebeen taken aboard the space shuttle and inter-national space station.

Weld landowner sues driller forunderpayment

Berthoud companyworking to marketinvention from CU

Michael D. Wailes, Northern Colorado Business Report

TALK TO ME — Richard Stoner, president of Berthoud-based AgriHouse Inc., attaches the Sg-1000 to a potato plant. Thedevice sends a signal from leaves when plants need water and when they have had enough, potentially improving cropyields while saving water and money.

In the course ofputting together a pack-age of news stories on theregion’s foreclosure prob-lem, the Business Reportstaff followed all sorts ofinformation threadsweaving through publicrecords, databases andother useful sources.

One of the most fasci-nating of the searches ledto Randall “Randy”Zandstra.

His story is an Eye-popping account of stolenart, high-stakes poker,attempted murder, mailfraud, allegations ofbigamy, indoor pot plan-tations, a high-speedpolice chase through WeldCounty and other tanta-lizing tidbits.

All are linked to ahouse at 1621 Fire RockCourt in west Loveland’sNamaqua Hills neighbor-hood, one that has beenin the foreclosure processsince mid-May.

Zandstra was listed onLarimer property recordsas the seller of the house,a 1970s-style, flat-roofedbunker of a place perchedon a cliff with sweepingviews of the Front Rangefrom wraparound decks.That transaction, throughZandstra’s lawyer, was inMay 2006, when he wason the lam as a federalfugitive facing numeroustheft and fraud charges.

All the Eye’s efforts to

See THE EYE, 14

See LEAF, 48

PDC claims all gaswell royalties havealready been paid

See OIL, 48

See XY, 45

P O U D R E VA L L E Y H E A L T H S Y S T E M

P O U D R E V A L L E Y H O S P I TA L

M E D I C A L C E N T E R O F T H E R O C K I E S

We’re here for you.When you need medical care, the professionals

at Poudre Valley Health System are here for you.

Whether you need inpatient care at Poudre

Valley Hospital or Medical Center of the Rockies,

or you need outpatient services at one of our

many clinics and diagnostic or surgery centers, our

exceptional physicians and staff are standing by.

Compassionate care is what you deserve and what

we take pride in delivering. We’re here for you.

The journal of the American Hospital Association

has named Poudre Valley Health System one of the

nation’s top 101 hospitals and health systems making

use of electronic technology to improve patient

care and safety.

Solucient, an independent evaluator, has ranked

PVH a Top 100 Hospital for four years in a row out

of more than 3,000 hospitals across the United States.

www.pvhs.org

PVHS is Most Wired

Top 100 Hospital


Volume 12, Number 20 Copyright 2007.The Northern Colorado Business Report Inc.

Reproduction or use of editorial or graphic content without written permission is prohibited.

The Northern Colorado Business Report (ISSN 1094-8198) is published biweekly, with an extra issue inDecember, by The Northern Colorado Business Report Inc., a Colorado corporation,

141 S. College Ave., Fort Collins, CO 80524. Periodical postage paid at Longmont.Subscriptions are $49.97. International subscriptions are $175.00.

POSTMASTER: Send change-of-address notices to:The Northern Colorado Business Report,

Post Office Box 1399, Fort Collins, CO 80522.(970) 221-5400 • (800) 440-3506 • Fax: (970) 221-5432

E-mail: [email protected] • www.ncbr.com

TO SUBSCRIBE OR ADVERTISE, CALL (800) 440-3506

C O R R E C T I O N S

Lynn Beedle, proprietor of Transitions Life Consulting, was incorrectly identified in a storyappearing in the Baby Boomers Retirement Guide, a supplement to the May 25 Business Report.

As reported in the June 8-21 issue of the Business Report, Greeley Quick Care has pre-viously provided occupational health care services to Kodak employees in Windsor but nolonger does so. General Care Medical Clinic, which has offices in Fort Collins and Wind-sor, now provides those services.

The Business Report will correct any errors that appear in its pages. To suggest a correc-tion or clarification, please contact editor Tom Hacker at (970) 221-5400, ext. 223, or e-mail him at [email protected].

The Business Report got a phone call inJanuary from an Atlanta-based reporterfor the Cable News Network seeking infor-mation about Northern Colorado general-ly, and Greeley in particular, as the realestate foreclosurecapital of the nation.

“What companyclosed to throw thatmany people out ofwork?” he asked, pur-suing a line of logicthat any reporterwould. Of course, asanyone who lives hereknows, neither thequestion nor itsanswer is as simple asthat.

Our interest in the region’s growingforeclosure rolls had been established longbefore that call, but the CNN inquirycaused us to refocus more of our attentionon the issue. In this edition of the BusinessReport, we commit our full-time editorialstaff and most of our part-time correspon-dents to a deeper look at the foreclosureproblem in Northern Colorado.

We decided early that a main compo-nent of this package would be a map ofLarimer and Weld counties depictingwhere the residential real estate foreclo-sures were located, and the values of thedelinquent home loans. (See pages 28-29.)

Our assumption was that we wouldwork with five months of foreclosure data,from Jan. 1 through May. But we soonlearned that the number of initial foreclo-sure filings during that period exceeded1,200, making the task of mapping themall nearly unmanageable.

Instead, we took just a two-month sliceof data in the two counties, about 475records covering April and May, to displayon the map. The result is even more illu-minating: In just two months, the numberof Northern Colorado homeowners’ loandelinquencies was high enough to obscuremost of the urban areas on the map.

Our broad foreclosure inquiry had apurpose beyond identifying the “who” and

“why” — questions central to a spate ofsimilar stories in other media.

We sought to measure the economiceffects of the foreclosure epidemic beyondthe debtors and lenders, extending into moreremote sectors of our regional economy.

We sought to find out how county,municipal and school budgets might beaffected in coming years, once the financialfallout from foreclosures begins to settle.

We wanted to learn whether retail andservice businesses were suffering as home-owners lost their property in the foreclo-sure process.

We learned that the foreclosure crisis, astroubling as it is for so many homeownersand lenders, also spawns opportunities forprofiteering among some investors andhome buyers, parties that Colorado’s tophousing official called the “bottom feed-ers” in the foreclosure process.

We encourage your feedback on ourefforts to bring all the facets of NorthernColorado’s foreclosure epidemic intofocus. Feel free to e-mail or call me at thenumber below.

Editor Tom Hacker covers real estate forthe Northern Colorado Business Report.He can be reached at (970) 221-5400, ext.223 or at [email protected].

Swelling foreclosure rollsspur NCBR news package

TROUBLED CLUSTER — The city of Greeley is includ-ed on a map showing locations of Northern Coloradohomes in the foreclosure process, and the values ofdelinquent loans, appearing on pages 28-29 of thisedition of the Business Report.

REAL ESTATETom Hacker


HEALTH CARE

Editor’s note: Martin Shields will be pre-senting the complete white paper from whichthis excerpt was taken at the NCBR Health-Care Summit luncheon on June 26. Go towww.ncbr.com for more details.

Mirroring national trends, health care isplaying an increasingly important role inthe Northern Colorado economy.

Since 2001, the health services andsocial assistance sector has added morethan 2,900 jobs (24.6 percent), positioningit as Larimer County’s fourth largestemploying sector. Strong growth is antici-pated for the foreseeable future — over thenext four years we expect the sector to addjobs at a robust 3.6 percent annual rate.

With financial support from the North-ern Colorado Economic DevelopmentCorp. and Colorado State University’sOffice of Economic Development, we havetaken a closer look at Larimer County’shealth-care sector, documenting the cur-rent employment picture and recent trends

for a variety of thesector’s componentgroups. Overall, thisinformation isdesigned to help citi-zens, policymakersand economic devel-opment practitionersbetter understand theindustry’s role in theregional economy.

Although healthcare makes importantcontributions to theregional economy, it isimportant to recognizeupfront the sector’simportance to quality of life. People getsick and injured. They age. They need well-ness and preventive care and education.They may have mental illness or substanceabuse problems. Consequently, access toquality health care and services is one ofthe most important factors in livability of ageographic area.

Reflecting this, Money Magazine con-siders the quality of local health care adetermining factor in its annual “BestPlaces to Live” issue, which has ranked FortCollins in the top spot.

Yet it is not only individuals who bene-

fit from excellent health care. A recentcommentary in Expansion Manage-ment notes that rising health-carecosts are a consideration when busi-nesses decide where to locate. Formany employers, increases in the costsof providing health insurance to workersare far outstripping wage growth. Further,businesses are increasingly encouragingtheir employees to live a healthy lifestyle, asa fit work force is more productive andplays an important role in helping busi-nesses succeed. Simply put, a stronghealth-care sector and healthy workforce can have important effects inimproving individual well-being inLarimer County.

HighlightsA few highlights about the Larimer

County health-care sector:n The health-care and social assistance

category has grown to be more dominantin the economy as a whole. The sectoraccounted for 8.3 percent of jobs in theeconomy in 2001; by 2005, that hadincreased to 10.1 percent.

n Health-care wages are the secondhighest out of the top five sectors at$37,098 — just above the county average.Manufacturing has the highest wages,

followed by health care, educational ser-vices, retail and accommodation and foodservices.

n Larimer County experienced greatergrowth rates in the health sector than Col-orado or the United States in all yearsexcept 2005.

n Ambulatory health care is the largestand fastest expanding sector, growing 28.2percent from 2001 to 2005. Hospitals andnursing care facilities grew 24.4 percentand 20.6 percent, respectively.

Health-care sector keeping local economy healthyIncreasing demand forservices creates needfor skilled workers

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See SHIELDS, 12


Largest Medical ClinicsRanked by number of employees

RANK

PRACTICE NAMEADDRESSPHONE/FAX

EMPLOYEES 2007NO. OF MD 2007

NO. OF P.A.NO. OF NURSES

NO. MISC LICENSED STAFF SPECIALTIESE-MAIL

WEB SITEPERSON IN CHARGE

TITLENO. OF LOCATIONS

YEAR FOUNDED

1GREELEY MEDICAL CLINIC1900 W. 16th St.Greeley, CO 80631(970) 350-2438/

35056

967

Multiple specialties. [email protected]

Barbara A. YossesCEO

81934

2HEART CENTER OF THE ROCKIES2121 E. Harmony Road, Suites 100 & 200Fort Collins, CO 80528(970) 221-1000/

18017

N/A7

N/AAdvanced cardiovascular care. [email protected]

www.heartcenteroftherockies.comDale RichardsonAdministrator

141996

3ORTHOPAEDIC CENTER OF THE ROCKIES - FORT COLLINS2500 E. Prospect RoadFort Collins, CO 80525(970) 493-0112/

17019 (1)

N/AN/AN/A

Diagnosis and treatment of bone,joint, tissue, and nerve disorders

of the back, extremities andneck.

[email protected]

Michael BergersonCEO

11969

4SALUD FAMILY HEALTH CENTERS1115 Second St.Fort Lupton, CO 80621(303) 892-6401/(303) 892-1511

10519

4N/AN/A

Radiology, obstetrics,gynecology, pediatrics and family

[email protected]

www.saludclinic.orgStanley (Jerry) J. Brasher

Executive director9

1970

5SALUD FAMILY HEALTH CENTERS1635 Blue Spruce DriveFort Collins, CO 80521(970) 494-4040/(970) 494-4076

559

N/AN/AN/A

Radiology, OB/GYN, pediatricsand family practice.

N/Awww.saludclinic.org

Douglas W. WhitmanM.D., Center director

92002

6FORT COLLINS YOUTH CLINIC - NORTH1200 E. Elizabeth St.Fort Collins, CO 80524(970) 267-9510/

4010

620N/A

Pediatrics. [email protected]

Larry MortensonExecutive director

3N/A

7FAMILY PHYSICIANS OF GREELEY - CENTRAL2520 W. 16th St.Greeley, CO 80634(970) 356-2520/

356

52

N/AFamily practice, OB and

endoscopy.N/AN/A

Kyle LynchAdministrator

31972

8ASSOCIATES IN FAMILY MEDICINE PC - HORSETOOTH3519 Richmond DriveFort Collins, CO 80526(970) 204-0300/(970) 226-9041

355

N/A11

Family practice, pediatrics,women's health, osteopathy,

OB/[email protected]

Nancy Kirchhoff and James A.Sprowell

Office manager and Executivedirector

71962

9FAMILY PHYSICIANS OF GREELEY - WEST6801 W. 20th St.Greeley, CO 80634(970) 378-8000/(970) 378-8088

2610

N/AN/AN/A

Family practice. N/AN/A

Kyle LynchAdministrator

31972

10SALUD FAMILY HEALTH CENTERS5995 Iris ParkwayFrederick, CO 80530(303) 833-2050/(303) 833-9183

242

N/AN/AN/A

Radiology, OB/GYN, pediatricsand family practice.

[email protected]

Jeremy KingD.O.

91974

11ASSOCIATES IN FAMILY MEDICINE PC - TIMBERLINE2025 Bighorn DriveFort Collins, CO 80525(970) 229-9800/(970) 229-1421

216

1N/AN/A

Family practice, pediatrics,OB/GYN, sports medicine.

[email protected]

Kris Jones and James A. SprowellOffice manager and Executive

director7

1962

12ASSOCIATES IN FAMILY MEDICINE PC - EAST1221 E. Elizabeth St., Suite 4Fort Collins, CO 80524(970) 484-1757/(970) 484-9924

214

1N/AN/A

Family practice, sports medicine,pediatrics, OB/GYN.

[email protected]

James A. Sprowell and Beth TindallExecutive director and Office

manager7

1962

Region surveyed is Larimer and Weld counties, Brighton and Longmont.N/A-Not available(1) Number reflects total number of M.D.s at both locations.

Based upon responses to Business Report survey researched by Kathleen ChaballaTo be considered for future lists, e-mail [email protected]

The TwistNo. 1 ranked by most locations:Salud Family Health Center with 9.

Customize lists at http://ncbr.datajoe.com

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Largest Bioscience CompaniesBased in region, ranked by number of local employees

RANKPREVRANK

COMPANYADDRESSPHONE/FAX

EMPLOYEES 2007EMPLOYEES 2006

REVENUES 2006REVENUES 2005 PRODUCTS AND SERVICES

E-MAILWEB SITE

PERSON IN CHARGE W/ TITLEYEAR FOUNDED

1 1

HACH CO.5600 Lindbergh DriveLoveland, CO 80539(970) 669-3050/(970) 669-2932

1,100833

N/AN/A Water-analysis systems and hydro lab instruments. [email protected]

www.hach.comThomas Joyce, President

1947

2 3

HESKA CORP.3760 Rocky Mountain Ave.Loveland, CO 80538(970) 493-7272/(970) 619-3003

180180

$75,000,000$69,400,000

Advanced veterinary diagnostic and other specialty veterinaryproducts; instruments, supplies, point-of-care tests, vaccines and

[email protected]

www.heska.comRobert Burton Grieve

1988

3 5

PR PHARMACEUTICALS INC.1716 Heath ParkwayFort Collins, CO 80524(970) 484-5560/(970) 484-0809

7058

$5,000,000$1,422,542

Improves human and animal health with innovative drug-deliverytechnology.

[email protected]

Patrick Bols, President1998

4 6

JORGENSEN LABORATORIES INC.1450 N. Van Buren Ave.Loveland, CO 80538(970) 669-2500/(970) 663-5042

6262

N/AN/A Veterinary specialty instruments and animal-health products. [email protected]

www.jorvet.comHans Jorgensen, President

1965

5 7

COLORADO HISTO-PREP319 Lincoln CourtFort Collins, CO 80524(970) 493-2660/

1616

N/A$827,280

Prepares microscopic histology slides, conducts hematology/clinicalchemistries and complete pathology services.

[email protected]

Rajan Bawa, President1983

6 13

BIOBUBBLE INC.3024 W. Prospect RoadFort Collins, CO 80526(970) 224-4262/(970) 224-2419

1512

N/AN/A

Softwall clean and containment enclosures, HEPA air systems, andconsulting services for biotechnology and life sciences facilities.

[email protected]

Chuck Spengler, Director of research &development and President

1985

7 8

AGRIPRO COKER806 N. Second St.Berthoud, CO 80513(970) 532-3721/(970) 532-2035

1515

N/AN/A Wheat seed, wheat seed genetics. N/A

www.agriprowheat.comRob Bruns, General manager and PaulMorano, National marketing manager

1973

8 11

OPTIBRAND LTD. LLC123 N. College Ave., Suite 240Fort Collins, CO 80524(970) 490-6022/(970) 490-6025

1512

N/AN/A

Biometric animal identification method and universal data collectiondevices.

[email protected]

Bruce Law Golden, CEO and Ph.D.1998

9 NR

IMU-TEK ANIMAL HEALTH INC.3541 E. Vine DriveFort Collins, CO 80524(970) 493-7033/(970) 493-6461

1410

N/AN/A

Developer and manufacturer of colostrum for veterinarysupplements.

[email protected]

Henry Dyjak, President1988

10 10

XY INC.1108 N. Lemay Ave.Fort Collins, CO 80524(970) 493-3113/(970) 493-3114

1313

N/AN/A Commercialization of sex selection in livestock industries. [email protected]

www.xyinc.comMervyn Jacobson, CEO and Executive

chairman and CEO1996

11 12

ROCKY MOUNTAIN INSTRUMENTAL LABORATORIES INC.108 Coronado CourtFort Collins, CO 80525-4910(970) 266-8108/

1212

$1,100,000$950,000 Contract pharmaceutical analysis, including HPLC/Mass spectrometry. [email protected]

www.rockylab.comRobert K. Lantz, Director, Ph.D.

1980

12 9

GLOBAL PEPTIDE SERVICES1601 Prospect Parkway, Suite IFort Collins, CO 80525(970) 494-4483/(970) 494-4485

1114

$1,200,000$1,200,000 Custom peptides, antibody services and mass spectrometry. [email protected]

www.globalpeptide.comJohn Phipps, Owner

2001

Region surveyed is Brighton, Larimer and Weld counties.N/A-Not Available

Based upon responses to Business Report survey researched by Kate HendricksonTo be considered for future lists, e-mail [email protected]

The TwistNo. 1 ranked by most recently founded:Global Peptide Services since 2001.



That nagging sore throat has you mak-ing a quick stop at the local Wal-Mart topick up a few items: throat lozenges,aspirin and tissues foryour runny nose.That’s when younotice the in-storehealth clinic offeringa quick check-up.

Hmmmmm —why not?

You’ve just joineda growing number ofpeople taking advan-tage of one of thenewest wrinkles inconsumer health care— retail, drug, grocery and other storesproviding fast and inexpensive walk-inmedical clinics for their shoppers.

Wal-Mart Stores Inc., the Arkansas-based retail giant, has been a leader inthe in-store health-care movement,opening its first in-store clinic in Sep-tember 2005. As of the end of April, therewere 76 clinics in Wal-Mart stores spreadacross 12 states, including two in North-ern Colorado.

In fact, the Wal-Mart Supercenters at1325 N. Denver Ave. in Loveland and at920 47th Ave. in Greeley were the first tooffer the clinics in Colorado when theyopened in September. There are now 15located along the Front Range.

Response from the public so far hasbeen enthusiastic, according to Wal-Martofficials. “We know that customers like andwant these clinics,” said Wal-Mart Presidentand CEO Lee Scott in a speech to the WorldHealth Care Congress in Washington, D.C.on April 24, noting that 90 percent ofpatients surveyed said they were satisfiedwith their treatment. “They appreciate thefast, easy and convenient experience.”

Thousands of clinicsDuring the conference, Scott said Wal-

Mart planned to open 400 in-store clinicsover the next three years and — if demandcontinues — up to 2,000 clinics over thenext five to seven years.

“We think the clinics will be a greatopportunity for our business,” Scott said.“But more importantly, they are going toprovide something our customers and com-munities desperately need — affordableaccess at the local level to quality health care.”

He’s not just blowing smoke: Wal-Martlast November began offering $4 genericdrug prescriptions that Scott says hassaved customers about $290 million, withnearly 30 percent of those prescriptionsfilled for people without insurance andwho account for about half of Wal-Mart’sclinic visitors.

Scott noted that within days of the $4prescriptions being offered, “countless”other drug, grocery and other stores acrossAmerica dropped their prices on genericprescriptions.

Other chains have followed Wal-Mart’slead, including Walgreen’s — which plansto open 400 in-store clinics by the end of

2008 — CVS/Caremark Corp. and Krogergrocery stores.

In Colorado, the Wal-Mart clinics arebeing staffed by SmartCare, a Texas-basedcompany specializing in operating retail-based health-care centers. Lawrence Hay,SmartCare CEO, said the collaborationwith Wal-Mart to operate 15 clinics inColorado has been a happy one.

“Wal-Mart is a fantastic partner for us,”he said. “This opportunity of bringingthese clinics into their stores is a tremen-dous thing.”

Fort Collins next?Hay said a 16th clinic is planned for the

Denver metro area in September and FortCollins — which has two Wal-Marts butso far no in-store clinic — may be gettingone in the future. “We have received a verywarm reception in all of our clinics,” hesaid. “About 80 percent of the people whocome to visit come back again, so we’regetting very high satisfaction rates.”

SmartCare clinics are staffed by a physi-cian’s assistant or nurse practitioner. Haynotes that SmartCare offers a wide rangeof minor acute care but also offers sportsphysicals, cholesterol testing, blood pres-sure checks and other services not relatedto illness or minor injury.

William Wertz, Wal-Mart’s divisionaldirector of corporate affairs in Colorado,said the response to the company’s Col-orado in-store health clinics has been verypositive. “We really see it as kind of anextension of what we do in other areas —to identify a need and bring it to the cus-tomer at affordable prices and at a conve-nient time.”

Wertz said the clinics are not big drawsto the store and weren’t meant to be shop-per magnets, noting that the average clinicsees between 40 to 50 people each day. “Itreally works out to the customer’s benefitwhether they shop there or not,” he said.

Wertz said Wal-Mart’s aim isn’t to cutinto the business of urgent care or otherestablished walk-in-type health-care clinics.

“It’s almost an open market for peoplewho don’t have a relationship with a prac-titioner or have a place to go,” he said. “Wethink we’re serving a niche that isn’t cur-rently being filled. We don’t want to be incompetition with a general practitioner orget in the way of that relationship.”

Steve Porter covers health care for theNorthern Colorado Business Report. Hecan be reached at (970) 221-5400, ext. 225,or at [email protected].

No appointment neededto see retail-based docsWal-Mart, storeshelping fill healthneeds of uninsured

HEALTH CARESteve Porter

“(These clinics) aregoing to provide something ourcustomers desperatelyneed.”Lee Scott, president, CEO Wal-Mart Stores Inc.

By Jessica [email protected]

These days, in Northern Colorado, youdon’t have to travel far to get the surgeriesand procedures that used to be just for therich and famous, or TV’s most extrememakeover shows.

In fact, as medical subspecialties like veinsurgery, laser eye surgery, bariatric surgery,and cosmetic dentistry grow around thecountry, local practitioners are growingwith them, implementing the newest, mostinnovative technology.

Even the sale of medical equipment isevolving to supply the market with thenewest advances.

Kim Taylor, director of practice develop-ment at Orthopaedic Center of the Rockies,said that, like in a lot of fields, subspecial-ization has become key to orthopedics.Board certification in general isn’t enoughany more. Patients want a doctor who alsohas fellowship training in the spine, theankle and knee, or whatever part of theirbody needs work.

Beyond orthopedics, the same holds trueas general surgeons opt to build whole prac-tices around subspecialities.

After 20 years in vascular surgery, StevenKaufman, M.D., decided a few years ago tocreate Total Vein Care in Fort Collins, a clin-ic exclusive to vein treatment.

“Virtually, all my practice is vein dis-ease,” he said. “Over the past two years, it’sforced out a lot of my general surgery prac-tice.”

Until 1999, venus reflux disease had tobe treated by the invasive and painful pro-cedure of stripping the vein out. Radiofre-quency treatment to close the vein insteadwas FDA approved in 1999, and laser treat-ments were created in 2002. While manypatients and doctors opted for the quicker,less expensive laser treatments, Kaufmanprefers radiofrequency because he says it’sless painful.

With recent technological break-throughs, specifically the VNUS Closure-FAST catheter he uses, Kaufman saysradiofrequency is now quicker than laserand virtually pain-free.

“I’ve seen 52 patients in the last 10weeks,” he said. “None of the patients havecome in complaining of pain (after thesurgery).”

Those patients have come from all overColorado, as well as surrounding states,usually with symptoms like pain, fatigue, orheaviness in the legs that impairs their qual-ity of life and may even prevent them fromperforming their jobs.

Bariatric surgeryWhile Colorado may be better off than

most states when it comes to the obesityepidemic, bariatric surgery is a growingspecialization in the region. Robert Quaid,M.D., at Poudre Valley Hospital’s bariatriccenter in Fort Collins, has performed 2,000gastric bypass and Lap-Band surgeries.

“It’s increasing,” he said. “Last year, I didabout 200 procedures. This year, about 300.Part of that increase is the popularity of the

Lap-Band procedure.”Weight loss surgery is reserved for those

morbidly obese or 100 pounds over theirideal body weight. Gastric bypass, whichhas been performed for 20 years, reroutesthe intestine to a small, lemon-size pouchon the top part of the stomach. The Lap-


HEALTH CARE

Medical practitioners filling more ‘special’ nichesSubspecialties bringlatest techniques toNorthern Colorado


NON-INVASIVE PROCEDURE — Steven Kaufman, M.D., demonstrates the newest VNUS ClosureFAST radiofrequen-cy treatment system for varicose veins on the office manager for Total Vein Care, Lynette Creech. Vein care isamong the fastest growing medical subspecialties in Northern Colorado.

See MEDICAL, 10


Band procedure, performed since 2001, cre-ates a similar size pouch by tightening anadjustable band at the top of the stomach.

Quaid hasn’t had a single patient whosaid they regretted having either surgery.Often, he said, the procedure is the only waythose patients are going to lose the weightand avoid attendant serious health prob-lems.

Bariatrics has already eaten up most ofhis practice, and — if the national numbersare any indication — he expects to seeexplosive growth. About 250,000 have theprocedure annually, of the estimated 10million who are eligible.

And bariatrics isn’t the only growingspecialty for Quaid. He works with the Veinand Laser Center of Northern Colorado aswell.

Cosmetic proceduresCosmetic dentistry, encompassing

everything from bleaching to orthodontics,is not a new field, but its flashier proceduresare new to Northern Colorado. The FortCollins practice of Steven Koehler, DDS,has had an emphasis in cosmetic dentistrysince the early 1990s, but it’s only in thepast couple of years he’s done the kind ofwork that the “Extreme Makeover” showmade famous.

Porcelain veneers called Lumineers,Koehler said, are the new, hot trend in cos-metic dentistry. “They are very, very thinveneers, which can be bonded to the teethto close spaces, correct crowding and over-lapping, change color, makeover some-body’s smile,” he said. “They don’t requireany anesthetic, don’t require temporaries,don’t require removal of tooth structure,and they can usually be placed in two visits

two weeks apart. They’re very durable andthey look very natural. It’s pretty cool.”

Koehler said that for people who justwant a cosmetic change and don’t havestructural problems, Lumineers are the wayto go. The only drawback is the cost. It’sabout $800 to $1,000 per tooth. He’s doneabout 175 teeth this year, in about two orthree mouths a month.

“The no shots and no drilling is a bigdeal for folks,” he said. “I’ve been stunned atthe amount of interest from people.”

He only knows of three other dentists inthe area who do the Lumineers.

Medical equipmentNot all growing specialties are so glam-

orous or dramatic. As people live longer, theneed for medical equipment — particularlymore convenient medical equipment —will boom. Good Day Pharmacy, based inLoveland, has been supplying customersaround the region with hospital beds,wheelchairs, walkers and canes for years,but those products are changing.

Canes have become adjustable, and fash-ionable. Wheelchairs have gotten lighterand more compact. Walkers have featureslike seats that fold out when you want torest.

New products, the Rollabout and Turn-ing Leg Caddy, are like walkers with apadded platform to put your knee on if youneed to keep the weight off of one legbecause of a broken foot or ankle.

“We rent them out and almost can’t keepthem in stock,” said marketing directorKaren Price. “People are living longer. A lotof new products give people more indepen-dence and mobility.”

There’s a line of bathroom products thatmake showering easier, so people don’t haveto rely on others to bathe them. Inconti-nence supplies have also become morecomfortable and less visible. “It gives peoplemore dignity,” Price said.

LASIK cools offOne specialty that seems to be growing

nationally — LASIK Eye Surgery — hasactually stalled some locally.

“We have had several doctors stop doingLASIK because there’s not high enough vol-ume to remain proficient,” said RandallSmith, M.D. “Some companies have gonebelly up. Some doctors who come up fromDenver to provide laser on a part-time basishave left.”

Still, there are doctors performing lasereye surgery in Northern Colorado andSmith, at the Eye Center of Northern Col-orado, is one of them. He says LASIKsurgery began in 1997 and was graduallyrefined until Custom LASIK came out in2000.

It was in 2000 that people started optingfor LASIK at a higher rate, but the numberof laser eye surgery centers that subse-quently emerged in Northern Coloradomay have been more than the marketdemanded.

At least his employee healthcare plans are under controlHe has Rocky Mountain Health Plans. We’re Colorado’s only healthcare provider with more than 33 years of strong and stable financialperformance and local customer service. When you choose RockyMountain, you’ll feel the connection. It’s like talking across thefence, not across the country. We’re flexible, responsive, competitiveand we tailor our health plans to meet the needs of your company…not the other way around. Plus, our mission as a not-for-profitorganization is to serve our Members, not stockholders.

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MEDICAL, from 9“We have had severaldoctors stop doingLASIK because there’snot high enough volume to remain proficient”Randall Smith, M.D.

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Largest Home Health Care AgenciesRanked by number of visits, locally based

RANKPREVRANK

COMPANYADDRESSPHONE/FAX

NO. OF VISITS 2006NO. OF VISITS 2005

PATIENT SERVICE 2006 $PATIENT SERVICE 2005 $

NO. OF NURSESNO. OF THERAPISTSNO. OF CAREGIVERS

EMPLOYEES TOTAL$ AVG. CHARGE

PER SKILLED VISIT SERVICES OFFEREDE-MAIL

WEB SITE

PERSON IN CHARGETITLE

YEAR FOUNDED

1 3

REHABILITATION & VISITING NURSEASSOCIATION/RVNA2105 Clubhouse DriveGreeley, CO 80634(970) 330-5655/

46,88319,455

$3,960,726$4,150,635

2620N/A

120N/A

Nursing, physical, occupationaland speech therapy, medical

social work, certified nurse aideand personal care provider.

[email protected]

Crystal G. DayR.N., MSN, President/CEO

1979

2 1

GOOD SAMARITAN CONNECTIONS HOME HEALTHAND WELLNESS OF NORTHERN COLORADO2101 S. Garfield Ave.Loveland, CO 80537(970) 669-2321/

40,35033,400

$2,600,000$2,500,000

17148

N/A$50

All services to maintainindependence.

[email protected]

Kathy DilgerAdministrator

1993

3 7

MOUNTAIN VALLEY HEALTH CARE801 Eighth St., Suite 230Greeley, CO 80631(970) 346-9700/(970) 346-9710

36,1504,000

N/AN/A

4033144

153$75

Skilled home care and hospiceservices for Weld, Larimer and

Boulder counties.info@mountainvalleyhealth.comwww.mountainvalleyhealth.com

James Contos; Teri Trujilloand Linda Berig

President; Director of homecare and Director of hospice

2004

4 2

BANNER HOME CARE320 N. Cleveland Ave.Loveland, CO 80537(970) 669-4435/(970) 669-2924

28,00027,000

$2,900,000$2,700,000

1515

N/A40

$125

Skilled nursing, physical,occupational and speech

therapy, medical social work,pediatrics and wound nursing.

N/Awww.bannerhealth.com

Rebecca ArthurRegional director

1984

5 4

BANNER HOME CARE2010 16th St., Suite CGreeley, CO 80631(970) 350-6222/(970) 350-6338

21,00018,000

$2,200,000$2,100,000

1012

N/A38

$125

Skilled nursing, physical,occupational and speech

therapy, medical social work,pediatrics and wound nursing.

N/Awww.bannerhealth.com

Rebecca ArthurRegional director

1986

6 NR

ICON HOME HEALTH INC.3131 S. College Ave.Fort Collins, CO 80525(970) 223-2702/(970) 223-2801

20,79322,842

$1,953,274$2,006,000

91712

50$120

Skilled nursing, physicaltherapy, occupational therapy,

speech therapy, certifiednursing assistance and medical

social workers.

[email protected]

Karen FrenchCEO1990

7 11

HOME INSTEAD SENIOR CARE375 E. Horsetooth Road, Bldg. 6, Suite 102Fort Collins, CO 80525(970) 494-0289/(970) 416-5365

14,17712,381

$923,678$729,222

N/AN/A149

153N/A

Non-medical source ofcompanionship and home care

for [email protected]

www.homeinstead.comMike P. Maguire

Owner2001

8 5

COLUMBINE POUDRE HOME CARE LLC915 Centre Ave., Suite 2Fort Collins, CO 80526(970) 482-5096/(970) 224-2518

12,56813,532

N/AN/A

14177

42N/A

Nursing, physical, occupationaland speech therapy, medical

social workers, certified nursingassistants and personal care

providers.

[email protected]

Barbara MartinDirector

2000

9 6

COMFORT KEEPERS1218 W. Ash St., Suite LWindsor, CO 80550(970) 674-0800/(970) 674-9892

9,7249,532

$604,000$592,000

N/AN/AN/A

58N/A

Non-medical in-home care,companionship, housekeeping,

grocery shopping, mealpreparation, social activies,

laundry, medication reminders,personal care and incidental

transportation.

[email protected]

Karrol SteevesOwner and President

2001

10 12

INTERIM HEALTHCARE1635 Blue Spruce Drive, Suite 200Fort Collins, CO 80524(970) 472-4180/(970) 472-4183

7,4206,540

N/AN/A

1510166

180$75

Physical, occupational andspeech therapy. social work,

nursing care, certified nursingassistants, personal careprovider and homemaker

services.

N/Awww.interimhealthcare.com

Margy BlombergAdministrator

1996

11 10

POUDRE INFUSION THERAPY LLC915 Centre Ave., Suite 3Fort Collins, CO 80526(970) 494-2130/(970) 494-2131

950825

N/AN/A

3N/AN/A

N/AN/A Infusion therapy. [email protected]

www.columbinehealth.comSharon Durfee

Director2000

12 NR

PREFERRED HOME HEALTH INC.530 S. College Ave., Suite 1Fort Collins, CO 80524(970) 416-7662/(970) 416-8906

N/AN/A

N/AN/A

251870

200$125

RN, PT, OT, ST, MSW, CNA, PCP,homemaker.

[email protected]/A

Raye ConleyRN, Director of clinical

services1985

N/A — Not AvailableRegion surveyed is Brighton, Larimer and Weld counties.(1) Business opened January 2007


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From 2001 to 2005, all subcomponentsof Larimer County’s health-care industryadded jobs. In fact, nearly all of the sectorsoutpaced the overall county growth rate of4.9 percent. Hospitals and physicians’offices account for the largest share of totalhealth employment (32 percent and 21.7percent, respectively).

Over the past five years, both of thesesectors have experienced steady growth,although physicians’ offices slowed some-what from 2003 to 2004. The fastestgrowth has been in some of the smallersectors such as medical and diagnostic lab-oratories (127 jobs/78.4 percent growth),home health-care services (330 jobs/91.6percent growth), and community carefacilities for the elderly (683 jobs/45.3 per-cent growth).

The only sector to experience negativegrowth — other residential care facilities— pays yearly wages that are considerablyless than half of the Larimer County aver-age of $35,289.

The three fastest growing sectors alsopay annual wages less than average,although the largest two sectors pay wagesgreater than the Larimer average. Overall,the average wage in health care is $39,837,meaning that despite a few low-paying sec-tors, health-care employees earn salariesgreater than the county average. Even fac-toring in social assistance, the entire sectorstill earns above average wages.

Continued steady growthStable population growth, low poverty

rates and relatively high percentages ofinsured individuals in the Larimer Countypopulation contribute to continued steadygrowth of the health-care industry. Thecurrent relatively young population ofLarimer County does not spend as muchor rely as heavily on health care as olderpopulations, yet because Larimer has beentargeted by retirees of the outdoor-lovingbaby boom generation, the composition ofthe population is likely to shift somewhat.

From 2007 to 2010, annual growth inthe health-care sector should average about3.6 percent. Approximately 2,000 jobs are

expected to be created. This growth is fasterthan what is expected throughout theeconomy in Larimer County, yet slowerthan its average yearly growth of nearly 6percent throughout the 1990s.

Obstacles still exist that could potentiallyslow the growth of the health sector. First,the labor market remains tight, and futureexpansion might be limited by labor supply.Second, costs of health care — and subse-quently health insurance — continue to risefaster than inflation and wages, pushing thebounds of what employers are able to pay.For many individuals — both insured anduninsured — health care has become unaf-fordable. This is not a desirable situation foranyone, the health sector included.

These obstacles are not insurmount-able, and they have not gone unnoticed bythe public and policymakers. Health isimportant to most people, so despite theseproblems it is unlikely that growth inLarimer County will significantly deviatefrom its current course. This sector willcontinue to be a driving force in the econ-omy in the near future.

Associate Professor Martin Shields co-wrote this report with David Keyser, aresearch economist in the Economics depart-ment at Colorado State University. Shields canbe reached at [email protected] read the full report, go towww.oed.colostate.edu or www.ncedc.com.

SHIELDS, from 5

“Simply put, a stronghealth-care sector andhealthy work force canhave important effectsin improving individualwell-being in LarimerCounty.”

SOURCE: COLORADO DEPARTMENT OF LABOR AND EMPLOYMENT

Sector2001

Employment2005

Employment2001-2005

Number Change2001-2005% Change

2005 AverageWage

Accommodationand

Food Services14,830 17,101 2,271 14.2% $11,596

Retail 16,856 16,596 -260 -1.6% $23,146

EducationalServices

13,487 14,109 622 4.5% $35,872

Health Care and SocialAssistance

10,402 13,303 2,901 24.6% $37,098

Manufacturing 17,240 12,920 -4,320 -28.8% $60,220

Larimer CountyTotal

125,444 131,788 6,344 4.9% $35,289

Larimer County employment levels climbFive sectors are at the forefront of employment in Larimer County, accounting for half of the jobsin the region. This table gives a general view of the largest in the Larimer County economy in2005.


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2001 Employment 2005 Employment 01-05 Change 01-05 % ChangeOffices of Physicians 2,093 2,537 444 19.2%Offices of Dentists 709 861 152 19.4%Offices of Other Health Practitioners 393 581 188 39.1%Outpatient Care Centers 449 667 218 39.6%Medical and Diagnostic Laboratories 58 127 69 78.4%Home Health-Care Services 132 330 198 91.6%Other Ambulatory Health-Care Services 92 103 11 11.3%

AmbulatoryHealth CareServices

Nursing Care Facilities 1,216 1,502 286 21.1%Residential Mental Retardation, 344 386 42 11.5%Mental Health and Substance Abuse FacilitiesCommunity Care Facilities for the Elderly 434 683 249 45.3%Other Residential Care Facilities Not Disclosable

General Medical and Surgical Hospitals 2,936 3,727 791 23.9%Psychiatric and Substance Abuse Hospitals Not Disclosable

Nursing andResidential Care

Hospitals

Health Total 9,070 11,672 2,602 25.2%Social Assistance 1,332 1,631 299 20.3%Health and Social Assistance Total 10,402 13,303 2,901 24.6%

Employment in health-care industry increasingThis table shows employment and wage information for various sectors of the health-care industry in Larimer County.The fastest growth has been in some of the smaller sectors such as Medical Diagnostic Laboratories and Home Health-Care Services.

SOURCE: COLORADO DEPARTMENT OF LABOR AND EMPLOYMENT


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track down the current owner, listed onrecords as Carol Ann Dugasz, were notsuccessful.

But Zandstra? He’s all over the place.Start with the tabloid New York Post, the

newspaper that described him in a Sep-tember 2006 headline as the “Ace of conmen,” after he jumped bail in New Jerseyduring one of his several fraud trials.

A notorious card shark, Zandstra was afinalist in the World Series of Poker severalyears ago before being banned from casi-nos in Nevada and New Jersey, accordingto news accounts.

His criminal convictions includeattempted murder and mail fraud, and hisarrests in connection with pot-growingenterprises in Loveland, at the Fire Rockaddress, and Greeley in the 3300 block of66th Avenue Court, have landed him in thelocal press.

(By the way, the New York Postdescribed how in April federal and localpolice cornered Zandstra in the “Greenlee,Colo.” house.)

It was after the April pot bust in Gree-ley that Zandstra led federal and localpolice on a high-speed chase that endedwith Zandsta rolling his car three times offTwo Rivers Parkway. Thrown from hisSUV, he broke an arm, a leg and vertebraeand wound up in a Denver hospital wherehe was arrested.

Most of the other newspaper accountsof Zandstra’s capers, including thoseappearing in northern New Jersey publica-tions, mention his marriage to Lovelandresident Lisa Spain — he used the aliasSean Hoeksema at the time — and her

allegations in acriminal complaintthat he stole fromher $20,000 worth ofSalvador Dali prints,each signed by thesurrealist artist.

Neighbors of theFire Rock Courthouse told the Eye ofthe December raidby U.S. marshalsthat unearthed asophisticated indoormarijuana-growingoperation, similar tothat later discoveredin Greeley.

“We came homeand there were guysdressed in black, outon the deck withAK-47s,” said onewoman living near-by, who asked not tobe identified. “It’sunbelievable what’sgone on at thathouse over the years.”

Zandstra’s law enforcement pursuershave almost a grudging admiration forhim, according to what they’ve told EastCoast reporters about him. Even his ownNew Jersey lawyer, Vincent Sanzone, saidhe didn’t think he would ever be caught.Sanzone, like so many others who say theyknew Zandstra, described him as “charm-ing,” despite some decidedly rough edges.

“He’s got bad breath, he’s ugly, and hesmells, but for whatever reason, people aretaken with him,” Sanzone told the DenverPost.

THE EYE, from 3

www.columbinehealth.com

Columbine cares for seniors

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MOSTLY WANTED —Randall “Randy” Zand-stra, shown here in abooking photo that ranin the New York Post,has long-time connec-tions to a Lovelandhome that shows upamong the region’shighest-value foreclo-sures.

11771111 6611sstt AAvveennuuee,, SSuuiittee 110000,, FFooxx RRuunn BBuussiinneessss PPaarrkkGGrreeeelleeyy,, CCOO 8800663344

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Disintermediation is one of those geekyterms that few people recognize and fewerunderstand. Having been immersed in the Inter-net for over a decade — 14 years now, in fact,including a stint wrapped up in the dotcom-boom-lunacy — it’s a term I learned long ago,and one that I still consider now and then.That’s geek daydreams for you, I guess.

Disintermediation refers to the process of“cutting out the middleman;” in particular, in

the dotcom context, theway in which the Internethelps cut out the middle-man. Consider, forinstance, eBay. I’m not sureeBay is used as an exampleof disintermediation veryoften, but it’s one of themost important players inthis game.

Let’s say you own anantique widget, and need toget rid of it. It’s taking uptoo much room, and anyway,you’d like to sell it so you can take the moneyand buy a brand new watchamacallit.

Now, in the past — pre eBay — you’d probably

have had to take the widget to an antique store,and sell it directly or perhaps leave it on consign-ment. eBay, however, lets you contact thousands ofpotential buyers directly. eBay has “disintermediat-ed” the antique store, removing the middlemanand connecting buyer and seller directly.

In some cases disintermediation isn’t reallydisintermediation. The travel business is oftenused as an example — where have all the travelagents gone? The travel-agent middlemen havebeen disintermediated!

Well, actually, they’ve been replaced by a differ-ent class of middleman, the giant online travelagents such as Travelocity and Expedia. Sure, theairlines and hotel chains are selling far more ticketsand nights directly to the consumer than they used

Froodles ponders growing to next level

By Erin [email protected]

FORT COLLINS — Froodles fruit snacks,both the product and the name, were born of try-ing times.

Paul Azari had been making dehydrated fruitleather for his family since 1973. But it wasn’tuntil 2000, when his daughter Vicky Loran suf-fered a stress injury that might’ve ended hercareer as a professional violinist, that Froodlesbegan to come to life.

“That was a real crisis for me,” Loran said.“I’m a busy person and a creative person and Ithought, ‘What am I going to do?’”

At the same time, Azari was retiring from Col-orado State University after 40 years as a bio-chemistry professor. He suggested putting thefruit snacks on the market.

Loran and Azari spent three years researchingfood production, market conditions and com-mercial buildings. They finalized three recipes,

Don’t pay middleman, just disintermediate him

THE EDGE TIME OUT

Snapshots oflife outsidethe office

Page 20

COLUMNS

Adventures inmanagementThe company faceis that of everyemployee on staffPage 19

Getting startedUnderstand howGetting Started gets each startPage 21

ETC.Daily in ReviewA look back at top news storiesPage 16

BriefcaseRegionalbusinessdevelopmentsPage 22

CalendarEvents, seminarsand dates to lookforward to Page 23

On The JobPeoplein the news,on the movePage 24

LISTSRegion’s largest

SBA lendersPage 18

Success propels localsnackmaker into earlycompany adolescence

Erin Hottenstein, Northern Colorado Business Report

FROODLES CREW — Several members of the Azari family pitch in to produce and package Froodles fruit snacks in the Fort Collinsproduction kitchen. In the foreground is Ann Azari, with Katherine Azari (back left) and company founders Vicky Loran and PaulAzari.

Internet interactionscut steps involved indoing business deals

See FROODLES, 40

GEEK NEWSPeter Kent

See GEEK, 44

Advancing the success of women in commercial real estate

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Everyone is welcome!This is an educational opportunity not to be missed!


DAILY IN REVIEW

Editor’s note: Daily in Review is a partialdigest of stories reported in the BusinessReport Daily online service between June 4and 15. Follow Business Report Daily eachday at www.ncbr.com — click on “BreakingNews” on the home page — or subscribe tohave each day’s top items delivered to yourinbox.

WINDSOR — Gov. Bill Ritter joinedsenior executives of Vestas Wind SystemsA/S on June 14 to officially start construc-tion of the Danish company’s 200,000-square-foot wind-turbine blade factory 80-acre site east of Windsor.

Ritter thanked the Vestas managementteam for helping to provide additionalunderpinnings for Colorado’s claim tobeing a national and global renewable-ener-gy leader, an important theme of Ritter’scampaign for the governor’s office.

Ritter said Vestas’ commitment, measuredby its $62 million plant investment and plansto hire 462 people to work in fabrication andmanagement jobs, would serve as an exam-ple for other companies in the renewable-energy sector to choose Colorado.

Vestas Windsor project manager MichaelSkovgaard Jensen outlined the work thatwould be done at the plant to produce 1,200turbine blades annually. Each will be 40meters, or 120 feet, long and weigh 8.2 tons.

The heart of the factory will be a 500-foot-long mold facility, where four produc-

tion lines will operate simultaneouslyround the clock, each producing one bladedaily. The blades then will be fed into a fin-ish section for fine detailing then to a 180-foot paint chamber.

Swift offers to buy back debt GREELEY — Swift & Co. is offering to

buy back about $418 million in outstandingdebt notes prior to its proposed purchase bya Brazilian meat processor.

In a press release, Greeley-based Swiftproposes to buy notes due in 2009 and 2010from note holders with an offer deadline ofmidnight EDT on July 5. On May 29, Swiftand its ownership announced the intent ofJ&F Participacoes S.A. to buy Swift for $1.4billion, including the assumption of $1.2billion in Swift debt.

J&F Participacoes owns 77 percent ofJBS S.A., South America’s largest beefprocessor, and the combination wouldmake J&F the largest beef processor in theworld. The deal is under antitrust reviewand expected to close in mid-July.

Swift is offering to pay $1,048.54 per$1,000 on some notes and $1,057.50 per$1,000 on others. J.P. Morgan Securities Inc.has been retained to act as dealer managerand solicitation agent in connection withthe tender offers and consent solicitations,according to a press statement.

Questions can be directed to J.P. Morganat (800) 245-8812.

Bingham Hill prevails in cheese suitFORT COLLINS — A Larimer County

District Court judge on June 14 awardedBingham Hill Cheese Co. $550,000 in dam-ages in a lawsuit filed against MorningFresh Cheese Co. in Bellvue for stealingtrade secrets.

Judge John-David Sullivan heard the casebetween the two cheese companies in Marchand released his decision after two monthsof deliberation. Sullivan found that Morn-ing Fresh Cheese Co., a spinoff of MorningFresh Dairy, had hired Brad LaRocco, theformer cheese maker at Bingham Hill, withthe intention of making and selling Bing-ham Hill’s award-winning cheeses. LaRoccohad signed an agreement while at BinghamHill stating he would not disclose theirrecipes or make their cheeses elsewhere.

“The court finds that defendant BradLaRocco did violate this agreement by notonly disclosing trade secrets of BinghamHill, but using all of this to make duplicatecheeses at Morning Fresh Cheese Co. andMorning Fresh Dairy,” Sullivan said.

LaRocco left Bingham Hill in September2005 and shortly after began employment ascheese maker at the newly formed MorningFresh Cheese Co. at a salary $10,000 higherthan his former job. Sullivan found thatLaRocco was specifically hired to bring hisknowledge of Bingham Hill’s award-winningblue and washed-rind cheeses to MorningFresh. Meanwhile, Bingham Hill was in the

process of trying to sell its intellectual prop-erty to a buyer or investment partner.

Sullivan said the actions of LaRocco,Graves and Morning Fresh Cheese “causeddamage to plaintiff Bingham Hill in interfer-ing with Bingham Hill from marketing itsintellectual properties and interfering withthe negotiations for the sale of such property.”

Sullivan found the total loss suffered byBingham Hill was $400,000 and awarded anadditional $150,000 in exemplary damagesand attorney fees. He also granted a perma-nent injunction against Morning Fresh pro-hibiting the company from using any Bing-ham Hill recipes and to not make bluecheeses, washed-rind cheeses or brie-typecheeses for a period of three years.

Tom and Kristi Johnson, Bingham Hill’sfounders and owners, now live in Michigan.Tom Johnson said the ruling opens the doorto the possibility of restarting Bingham HillCheese Co. cheese production, perhapseven back in Colorado.

NCLA admits RTA poll used inaccurate dataFORT COLLINS — The Northern Col-

orado Legislative Alliance, the lobbyingorganization for business and economicinterests in Larimer and Weld counties,admitted June 11 that some questions in asurvey to gauge voter interest in funding aregional transportation authority werebased on inaccurate data.

“We do acknowledge that a mistake was

Ritter helps Vestas blade factory break ground

made and, as important as the numbers areon this issue, so is our credibility, and that iswhy we are being so transparent on this,”said Sandra Hagen Solin, NCLA issues man-ager, in a statement. “We are certain that anypoll of the RTA ballot language would havecome up with the same results, and that isthat voters are in favor of the plan.”

On June 7, the NCLA and other RTAsupporters held a press conference toutingthe results of a poll taken by Denver-basedVitale and Associates that showed 58 per-cent of voters surveyed in Larimer and Weldcounties indicating they would likely sup-port an increase in the region’s sales taxes tofund the RTA.

But pollsters inaccurately told some ofthose being surveyed that the proposalwould increase taxes “just over a half pennyon every $10 purchase of goods” when itwould actually increase taxes by 5.8 centson a $10 purchase, or just over a half pennyon every $1 purchase.

Solin said she hoped the flawed surveywould not be used to discount its basicfinding that the region’s voters want anopportunity to vote on the RTA proposal.

Four of the city’s seven council members— Lisa Poppaw, David Roy, Kelly Ohlsonand Ben Manvel — indicated at a work ses-sion on June 5 that they would not supportthe RTA plan as proposed. Fort Collins is oneof 13 city and county governments beingasked to help fund the RTA. Supporters ofthe RTA, designed to address needed region-al transportation improvements, hope to putthe measure on the November ballot.

Small business boomingDespite increasing labor costs, small

businesses in Colorado hired more peoplein May and saw an increase in averagewages, according to data from SurePayroll’sSmall Business Index.

Small business hiring in Colorado wasup for the fifth straight month in May.According to SurePayroll’s data small busi-nesses in Colorado employed an average of6.25 workers compared to 6.21 in April and6.02 in May 2006.

Additionally, the average salary increasedfollowing a slight downturn in April. InMay, the average salary was $37,569.55 com-pared to $37,291.95 in the previous monthand $36,407.36 in the previous year.

However, the data show that job growthis outpacing salary growth in Colorado,opposite the national trend. Year-to-date,Colorado’s small business hiring increased2.5 percent while salaries grew by 1.9 per-cent. Nationally, hiring increased 1.8 per-cent since the start of the year and salariesincreased 2.7 percent.

Local audiences big spendersFORT COLLINS — Fort Collins’ art

organizations lagged some of their peers inexpenditure growth, but saw a largeincrease in audience spending.

According to a comparative report bynonprofit group Americans for the Arts,communities that participated in two stud-ies conducted five years apart saw an aver-age increase of 58 percent in organizationexpenditures and 50 percent increase inaudience expenditures. Fort Collins saw a38 percent increase in arts organizations’expenditures from fiscal year 2002 to fiscalyear 2005, while audience spending —which includes indirect expenses such asdining, parking, etc. — increased 97 percentto $10.6 million.

Only 25 communities participated inboth studies.

The most recent data showed that the FortCollins’ arts community had an overall eco-nomic impact of 134 full-time jobs repre-senting almost $3 million in householdincome.

The Loveland arts community partici-pated in the most recent report using datafrom 2005. Overall, respondents reportedtotal arts spending of more than $9.8 mil-lion in 2005.

The median for other communitieswith a similar population was $8.1 mil-lion.

According to the report, the total eco-nomic impact of the arts community inLoveland is 150 full-time jobs representing$3.9 million in household income.

Hospice opens Windsor officeWINDSOR — The Windsor office of Hos-

pice of Larimer County opened June 11.The facility will act as an operation hub for

the organization as well as serve as a commu-nity resource and counseling center, and offergrief and loss support groups. Hospice ofLarimer County offers its services on an “in-home”basis, which includes care to patients atlong-term and inpatient care facilities.

Whole Foods, Wild Oats get day in courtWASHINGTON, D.C. — The Federal

Trade Commission will see Whole Foodsand Wild Oats in court July 31 when thecommission presents oral arguments in its

preliminary injunction hearing rejecting themerger of the two natural foods companies.

The commission has filed a complaint inU.S. District Court in Washington, D.C.challenging Whole Foods’ proposed acqui-sition of Wild Oats on the grounds that thetransaction would violate antitrust laws byeliminating competition in the “premiumnatural and organic supermarket” industry.The commission also received a temporaryrestraining order preventing Whole Foodsfrom buying any Wild Oats stock. Austin,Texas-based Whole Foods Market Inc. (Nas-daq: WFMI) and Boulder-based Wild OatsMarkets Inc. (Nasdaq: OATS) said theywould challenge any actions by the commis-sion to put a halt to their merger.


Wednesday & Thursday

September 19th & 20th, 20073rd Annual

The largest, most comprehensive Business & Industry Conference & Exposition in Northern Colorado!

Presenting SponsorFront Range EconomicUpdate at BixpoWednesday, Sept. 19 Free Admission

Three sessions featuring local and regionalpanelists will update you on the economicclimate of Northern Colorado.• Our Economic Future• Hits, Misses, and Prospects• Beyond County Lines

The Speaker Series at BixpoThursday, Sept. 20 Only $49Joe Pine, co-author of “ExperienceEconomy” and “Authenticity”. Reviews theprinciples and framework for your business.Mark Hoog, local author of “Growing Field”series of books and United Airlines pilot.Hoog will speak on conscious leadership.Susan Graham, local business coach withKeep It Simple Coaching, will present“Everything is Negotiable.”

at The Ranch, in Loveland

Go online at www.ncbr.com or

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DAILY IN REVIEW

Largest SBA LendersRanked by gross amount of SBA loans made in Northern Colorado

RANKPREVRANK

LENDERADDRESSPHONE/FAX

WELD/LARIMER/ADAMS DOLLARAMOUNT 2006

LARIMER LOANSWELD LOANS

ADAMS LOANSTOTAL NO. ADAMS/WELD/LARIMER

COUNTIES LOANS 2006

NATIONAL HEADQUARTERSE-MAIL

WEB SITEPERSON IN CHARGE W/ TITLE

YEAR FOUNDED

1 1

COLORADO LENDING SOURCE (1)518 17th St., Unit 1800Denver, CO 80202(303) 657-0010/(303) 657-0140

$29,954,000$8,997,000$8,295,000$12,662,000

63Denver

[email protected]

Mike O'Donnell, Executive director1990

2 7

U.S. BANK NATIONAL ASSOCIATION800 Nicollet MallMinneapolis, MN 55402(612) 659-2000/

$8,139,600$731,600$623,800

$6,784,20059

Minneapolis, Minn.N/A

www.usbank.comRichard K. Davis, CEO and President

N/A

3 NR

DENVER URBAN ECONOMIC DEVELOPMENT CORP.1905 Sherman St., Suite 200Denver, CO 80203(303) 861-4100/(303) 861-9456

$6,597,000$1,966,000$2,186,000$2,445,000

11Denver

[email protected]/A

Stephanie Gerringer, Executive director1985

4 2

WELLS FARGO BANK NATIONAL ASSOCIATION101 N. Phillips Ave.Sioux Falls, SD 57104(800) 956-4442/

$5,438,400$1,159,300$457,500

$3,821,60066

Sioux Falls, SDN/A

www.wellsfargo.comDick Kovacevich, CEO

1874

5 8

JP MORGAN CHASE BANK NATIONAL ASSOCIATION1111 Polaris ParkwayColumbus, OH 43240(312) 732-4000/

$5,047,500$1,785,000$1,035,300$2,227,200

73Chicago

N/Awww.chase.com

James Dimon, CEO1799

6 NR

WILSHIRE STATE BANK3200 Wilshire Blvd., 14th FloorLos Angeles, CA 90010(213) 387-3200/(213) 427-6562

$5,040,500N/A

$2,170,000$2,870,500

10Los Angeles

N/Awww.wilshirebank.com

Soo Bong Min, CEO and President1980

7 3

CIT SMALL BUSINESS LENDING CORP.1 CIT CenterLivingston, NJ 07039(800) 713-4984/

$4,343,000$1,825,000$518,000

$2,000,0005

Livingston, [email protected]

www.smallbizlending.comChris Reilly, President

1927

8 12

NARA BANK N.A.3731 Wilshire Blvd.Los Angeles, CA 90010(213) 639-1700/

$4,155,500N/A

$2,318,000$1,837,500

8Norcross, Ga.

N/Awww.narabank.com

Min Kim, CEO and President1989

9 NR

FIRSTIER BANK555 Eldorado Blvd.Broomfield, CO 80021(303) 625-2330/(303) 625-2340

$3,095,000N/A

$650,000$2,445,000

4Broomfield

[email protected]

Al Linton, Vice chairman/Chief creditofficer1974

10 15

BUSINESS LOAN CENTER LLC121 W. Dewey St., No. 210Witchita, KS 67202(316) 263-3232/(316) 263-4391

$2,589,300$1,626,300$665,000$298,000

6New York

[email protected]

Deryl K. Schuster, President1995

11 NR

BANCO POPULAR1812 S. Highway 77Lynn Haven, FL 32444(850) 271-9992/(850) 265-1511

$2,487,000$354,000

$2,000,000$133,000

6Lynn Haven, Fla.

N/Awww.bancopopular.com

Larry Hardee, SBA Lender1961

12 NR

HANMI BANK - SBA LOAN CENTER3327 Wilshire Blvd.Los Angeles, CO 90010(213) 427-5722/(213) 427-5774

$2,179,000N/AN/A

$2,179,0002

N/ALos Angeles, Calif.www.hanmi.com

James Kim, Manager1982

13 19

CENTER BANK253 N. Western Ave.Los Angeles, CA 90004(213) 381-2222/

$2,109,800$183,000

$1,776,800$150,000

4Los Angeles

N/Awww.centerbank.com

Jae Whan Yoo, CEO and President1986

14 6

FIRST NATIONAL BANK205 W. Oak St.Fort Collins, CO 80521(970) 495-9423/(970) 482-4738

$2,052,100$1,864,500

N/A$187,600

14Omaha, Neb.

N/Awww.1stnationalbank.com

Mark Driscoll, President and Chris Osborn1881

15 NR

COMMUNITY ECONOMIC DEVELOPMENT1111 Osage St., Suite 110Denver, CO 80204(303) 893-8989/(303) 893-8398

$1,691,000$633,000$373,000$685,000

4Denver

[email protected]

Bill Bacon, Executive directorN/A

16 14

COMERICA BANK500 Woodward Ave.Detroit, MI 48226(800) 292-1300/

$1,445,500$430,000

N/A$1,015,500

3Detroit

N/Awww.comerica.com

Ralph W. Babb Jr., CEO1871

17 4

KEYBANK NATIONAL ASSOCIATION127 Public SquareCleveland, OH 44114(216) 689-3000/

$1,298,000$225,000$577,000$496,000

16Cleveland, Ohio

N/Awww.key.com

Henry L. Meyer1849

18 11

CALIFORNIA BANK AND TRUST11622 El Camino Real, Suite 200San Diego, CA 92130(858) 793-7400/(858) 793-7438

$999,000$400,000

N/A$599,000

11La Mesa, Calif.

[email protected]

David Blackford1998

19 NR

AMERICAN ENTERPRISE BANK600 N. Buffalo Grove RoadBuffalo Grove, IL 60089(847) 465-9700/(847) 465-9701

$960,000$960,000

N/AN/A

1Buffalo Grove, Ill.

[email protected]

David G. Schroeder, President1995

20 NR

NEWTEK SMALL BUSINESS FINANCE INC.1440 Broadway, 17th FloorNew York City, NY 10018(212) 356-9500/(212) 643-1006

$950,000N/AN/A

$950,0001

New York CityN/A

www.newtekbusinessservices.comBarry Sloane, CEO

1999

21 16

CAPITAL ONE FEDERAL SAVINGS BANK1680 Capital One DriveMclean, VA 22102(800) 801-1164/

$925,000$475,000$90,000$360,000

26Mclean, Vir.

N/Awww.capitalone.com

Richard Fairbank, Chairman, President andCEO1995

22 NR

FORT COLLINS COMMERCE BANK3700 S. College Ave., Unit 102Fort Collins, CO 80525(970) 204-1010/(970) 204-1590

$828,100$596,000$88,100

$144,0004

Fort [email protected]

www.fortcollinscommercebank.com

Mark Allen Kross and Gerard Nalezny,President

2005

23 NR

COMPASS BANK15 S. 20th St.Birmingham, AL 35233(800) 239-1996/

$760,000$105,000$425,000$230,000

21Birmingham, Ala.

N/Awww.compassweb.com

D. Paul Jones, Jr1964

24 NR

UNITED WESTERN BANCORP INC.700 17th St., Suite 100Denver, CO 80202(720) 956-6500/

$696,000N/AN/A

$696,0001

[email protected]

www.uwbank.comScott Wetzel, CEO

N/A

25 23

UPS CAPITAL BUSINESS CREDIT280 Trumbull St.Hartford, CT 06103(860) 727-0700/

$650,000$650,000

N/AN/A

1Hartford, Conn.

N/Ahttp://capital.ups.com

N/AN/A

Source: Small Business Association(1) Colorado Lending Source Front Range Regional Economic Development Corp. (dba) Colorado Lending Source



The TwistNo. 1 ranked by no. of loans in Adams/Weld/Larimer:JP Morgan Chase Bank National Association with 73.



We’ve all heard the clichés. As businessowners, people are our greatest asset. Cus-tomer service is the front line of anybusiness. Personally, my favorite is thatpeople don’t buy from businesses they buyfrom people.

So what does this all mean? That thecustomer is king (there I go again) and webetter make them happy if we want to stayin business. And by “we” I mean everyoneinvolved in your business.

To your customers and prospects, yourbusiness has a personality. Every encounterthey have with your employees puts a faceon your business. What face is yourbusiness showing the world? Maybe a littlecosmetic surgery is in order. This is trueno matter the size of your business.

I took a trip recently and got bumpedoff my connecting flight. At first I thoughtmy delay was going to be four hours. Thekind gentleman behind the counter discov-ered seating on a flight leaving in 30 min-utes. It was with a different airline but thatdidn’t seem to matter. He gave me docu-mentation and told me to hurry becausethe departing gate was 25 minutes away. Imade it in 20 and was relieved to see twocustomers standing at the counter where Iwas headed.

Upon my arrival I thought we weregoing to have to perform CPR on the air-line agent. She was going off the deep end.Evidently she had not being given theproper electronic notice and we didn’teven have the right transfer papers.

There was someone with her behind thecounter so she wasn’t talking to us directlybut it felt like she was talking about us.How dare we cause her extra work justbecause an agent at another airline wantedto supply superb customer service?

She gave the couple in front of me theirboarding passes and turned to me with ascowl. She actually said, “Not you, too!?”She proceeded to repeat, virtually word forword, the barrage of complaints about theaudacity of the other agent. Her helper justwalked away, embarrassed at her actionsbut not doing anything about it. I smiledat her, watched the entire episode and did-n’t say a word. She didn’t seem to notice.

Finally she exclaimed in frustration, “Iam not going to take a delay because ofanother airline!” I leaned forward so shewould finally look at me and said softly,“But you’ll take one for me, won’t you?”She stopped with the verbal abuse, handedme my boarding pass and walked away.

What lesson can we take away from myexperience? Even the best systems onlywork 80 percent of the time. We rely onour greatest asset to handle the other 20percent. Do your team members knowwhat to do during these instances? How doyou find out?

Learn what’s really going onThere are several ways to find out how

others see your business. You can send asurvey to your database offering an incen-tive for its return. You can also ask yourcustomers and prospects to fill one outwhile they are in front of you. Sometimespeople are too nice to tell you the truth. Asa coach, I have randomly called customerswith a questionnaire promising anonymitywith some pretty good results.

The most effective form of feedback Ihave found is personal experience. I regu-larly mystery-shop the businesses of myclients. Since the team members know me,other coaches help me out. I highly suggestyou do this. It lets you know what is truly

happening in yourbusiness when you arenot there. When Isuggest this, mostpeople believe theirbusiness is so smallthat they know what’sgoing on.

I am working witha business that hasfour employees. With-out telling them, mycoach followed ourmystery shopper systemto evaluate their cus-tomer service level. Frankly, it was atro-

cious — with the family member at thefront counter being the worst. The words“rude, indifferent, and unaccommodating”were in the report. We were shocked.

After talking with some of their cus-tomers I discovered it was common knowl-edge that you just have to ignore the rude-ness. The poor owner had no idea. She wasashamed at the face her business was pre-senting and we started working on a cul-ture change in her business right away.

No matter the size of your company,please make sure everyone is aware thatthey are the face of your business. They arethe people your customers and prospectsare buying from, not the business itself. If

they don’t get the point, offer them theopportunity to be successful elsewhere —preferably with your competition.

But you won’t know whether they trulyget the point unless someone you know iswilling to give you honest feedback andyou do something with it.

Next time we’ll talk about having thosetough conversations with your team mem-bers.

Donna Beaman is an ActionCOACHBusiness Coach who helps successful businessowners build the business they require for thelifestyle they desire. Contact her at (970) 232-3069 or [email protected].

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TIME OUT

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RE-UNITED — 1. First Western Trust Bank’s Glory Burns, left, senior vice president/portfolio manager, and CindyBragdon, assistant vice president, pose for a picture between Carl and Karen Spina, owners of Conservation TaxCredit Transfer LLC, at the United Way State of the Community luncheon on June 14 at the First National Bank Exhi-bition Hall in Loveland. 2. Rebecca Morris, left, with A-Z Party Rental; Joe Kruse, vice president and a privatebanker for Wells Fargo Bank; and Amy O’Connell, with the Larimer County Department of Human Services, have abird’s-eye view on the rooftop patio at Noodles & Co. in Fort Collins during the June 6 Emerge Colorado event. 3.David Hiller, left, from Sen. Ken Salazar’s office; Larry Flowers, technical director at the National Renewable EnergyLab; and Sunil Cherian, president of Spirae Inc., listen as Kjaer Jakobsen, right, with Vestas Wind Systems A/S, pre-sents at a May 31 listening session on renewable energy hosted by Fourth Congressional District Rep. Marilyn Mus-grave at Colorado State University. 4. Perry Tuttle, the western region sales manager for U.S. Gypsum Corp., climbsinto a bunker to rescue his ball on June 13 during the kickoff for the Northern Colorado Business Report’s SecondAnnual Corporate Golf League at Highland Meadows Golf Course.

E-mail your event photos to Editor Tom Hacker, [email protected]. Include complete identification of individuals.


I’ve been writing this column for theNorthern Colorado Business Report for threeyears, and I still always get writer’s block.Sometimes I sit infront of my computerand have to wait untilblood seeps fromunder my fingernailsbefore I begin writing.

I have unrelentingmonthly deadlines tomeet and that alwayscauses me angst as thatinevitable dateapproaches. But, Ialways manage to slidein under the wire and getthe column turned in.Then I forget about ituntil I read it in print two weeks later. Ialways see many warts, but I’m usuallypleased with the results.

It’s been a struggle but overall, it’s beenworth it because I have received numerousnice e-mails, letters and even a few speak-ing invitations. I am very flattered by this.Fortunately, so far, I haven’t received anyhate mail. I thought maybe my last col-umn about intelligence and wealth mightgenerate some hostile responses, but thatwas not the case.

When I originally agreed to write thiscolumn, I made a clear vow to myself: Iwould not give readers bromides. You know,Step 1, Step 2 and Step 3 kind of stuff. Iwanted to write from my heart in a streamof consciousness format about the entrepre-neurial phenomena. I like subjects that areunconventional and not the accepted wis-dom. That makes writing about entrepre-neurs enjoyable because they are usuallyvery singular and counterintuitive people.

Every month I pick a new subject andspend three weeks thinking about it. I askmyself, “What is the real issue here?”Sometimes it is exactly what it seems atface value, but often it is not.

For example, I will go to my grave say-ing that entrepreneurs are not risk takers.They are risk avoiders. Now, that’s coun-terintuitive to the prevailing wisdom.

So, when I decide on a subject, it iscontinually in my head until I flush it outvia this column. Sometime I ask a fewtrusted entrepreneurs to share their “heartof hearts” with me regarding the subject athand. Oddly, I usually don’t get too manystrong opinions from them.

Conversely, I always seem to elicit themost opinionated responses from bankers,corporate executives and academicians.They seldom are at a loss for advice when Ifloat an idea for a column. They seem toclearly know all about entrepreneurs andhow to deal with them. I am usuallyamused by their great insight into the sub-ject. It encourages me to explore the oppo-site viewpoint of what they tell me.

That’s where I frequently discover thosecounterintuitive nuggets of wisdomregarding the subject of entrepreneurship.If some of my readers recognize them-selves in this process, I apologize. Actually,

I don’t apologize because it is further evi-dence that I am on to something.

Sense of dutyOriginally, my reason for writing this

column was a surprising sense of duty Ifelt to the academic segment of my life.After all, I am a Brahmin educator and it ismy sacred responsibility to enlighten theunwashed. But, as I mentioned, it is astruggle. So, why do I continue? I don’t geta dime from NCBR; a free subscription,maybe, but no cash changes hands.

I write this column for several reasons.One is that it is a very cathartic experience.It’s an opportunity for self-therapy, to let itall out and say what’s really been rollingaround in my head. I now have a grandson,Logan Brooks Mitchell, and I want him tosomeday know what his peculiar grandfa-ther was about. Perhaps it will provide himwith some meaningful insight into his ownentrepreneurial genetics and destiny.

To be honest, as I have pledged to myreaders, I have a lot of ego invested inthese columns. I like it when people tellme they can’t wait to read my next story.And, many prospective readers have askedme how they can read my columns.

While the paper is on the newsstands,they can pick it up there, or subscribe tohave it delivered to their home or office, orsee my smiling face on the home page atwww.ncbr.com and click on it there. Oth-erwise, they can search the free archives atthe same Web site for my name and down-load my entire oeuvre, if they’d like.

Another reason I write these columns isbecause they are good reading material formy classes at the University of Wyoming.Since I have never found an entrepreneur-ial textbook I thought described the sub-ject adequately, I now use my columns asrequired reading.

Finally, because of these columns, Ihave met a lot of nice people and madesome new friends. That alone makes itworth the time and struggle to meet themonthly submission deadlines.

I always feel cleansed when I finish a col-umn, as I have just done. It’s 5 a.m. and I’mgoing outside to play my flute and watchthe sunrise and think about next month’ssubject. I’ve got some interesting ideas. Ifyou have any, please send me an e-mail.

Brooks Mitchell, a Fort Collins resident,is a professor of management at the Univer-sity of Wyoming. Mitchell is also founderand owner of Snowfly Incentives Inc. Con-tact him at [email protected]. Read hisprevious columns, free of charge, in thearchives at www.ncbr.com.

Taking stock: Just whatGetting Started is aboutWriting from heartabout what makesentrepreneurs tick

GETTINGSTARTEDBrooks Mitchell

“Since I have neverfound an entrepre-neurial textbook Ithought described thesubject adequately, Inow use my columnsas required reading.”

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KUDOS

ABD Designs in Fort Collins was awarded first placein the Residential Single Space – Special Function cate-gory by the American Society of Interior Designersat its ninth annual Interior Design Awards ceremony.The winning project was a 12-seat home theater thatincluded fiber-optic lighting, backlit stained glass, sepa-rate media room and remote-controlled curtains.

Dream Theater Colorado in Loveland won its firstChrysalis Award in the Home Theater Under $50,000category. The project involved installing a DLP projectorand mirror assembly, replacing the previous 64-inchscreen with a 92-inch screen, and installing in-ceilingspeakers. Poehlman Construction in Loveland helpedwith the construction.

NEW PRODUCTS AND SERVICES

Kids’ Pages Family Media has a new entertain-ment resource for families in Northern Colorado atwww.KidsPages.org. Families in Fort Collins, Greeley,Loveland and Windsor can find a searchable communitycalendar, birthday party and summer camp guides,restaurant guide with “kids eat free” listings, contests,printable coupons and more. A copy of the Kids’ Pagesmagazine can be found at locations throughout North-ern Colorado including libraries and some businesses.

Fort Fun in Fort Collins has added batting cages toits list of attractions. Four cages will be dedicated eachto baseball and softball for team, group and individualuse. The funplex also offers miniature golf, Laser Tag,go-karts, miniature bowling, bumper cars, video andredemption arcades, paddle boats and B’loon Blast.

RLE Technologies in Fort Collins has released twonew leak-detection systems that join their SeaHawk line.The LD300 is a single-zone system with two outputrelays for leak and fault, and continuously monitors 300

feet of leak-detection cable. The LDRA6 monitors sixindividual zones, and detects and reports the presenceof conductive fluid that comes in contact with up to1,000 feet of leak-detection cable in each zone. Visitwww.rletech.com for more information.

Otter Products LLC in Fort Collins is incorporatingspecialized vents into its cases for speakers and micro-phones to act as a barrier to splash and heavy rain whilestill allowing for sound transmission. The vents helpreduce wind noise and minimize frequency transmissionloss as well. Visit www.otterbox.com for more information.

NEW LOCATION

Country Insurance & Financial Services has addeda location at the Foxtrail Office Park at Centerra. This isthe third Northern Colorado location for the Bloomington,Ill.-based insurance and financial services provider. Ser-vices include auto, home and life insurance; retirementplanning services; investment management and annuities.

Theater Xtreme Entertainment Group Inc. inNewark, Del., has approved a franchise territory toDream Team Entertainment Group LLC in Loveland.Theater Xtreme specializes in home theaters with frontprojection screens from 80 inches to 120 inches. DreamTeam is slated to open sometime in September.

DEALS

Webb PR in Centennial will handle media and commu-nity relations efforts for Powertech Uranium Corp. Pow-ertech has acquired the mineral rights to 5,760 acres northof Greeley to recover commercial quantities of uranium.Questions about Powertech and its plans, or inquiriesabout cross referencing information from the project’sopponents can be directed to Webb PR at (303) 796-8888.

iWatt Inc., a digital power conversion provider inFort Collins, and E&E Magnetic Products Ltd. will

work together to bring high-efficiency coupled inductorsolutions to high-performance applications such asservers. The two will collaborate on reference designsand provide design-in support to customers.

Da Vinci Sign Systems Inc. in Loveland has beenawarded the contract to provide identification and way-finding signage for the Chanpungu Sculpture Park atCenterra. The park’s theme is An African Perspective ofFamily, and will have 80 stone sculptures that depict val-ues that matter most in African families.

DEADLINES

Brentwood Middle School in Greeley will host theNational Junior Forensic League’s Idea Tournamentfrom June 29 to July 1 at Greeley Central High School.Volunteers are needed to serve as judges and registrars,as well as to provide concessions and security. Trainingwill be provided for judges prior to the event, but noexperience is necessary. Contact Mike Sovereign at(970) 690-8892 or e-mail at [email protected] formore information.


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NONPROFIT NOTES

The John G. Duncan Charitable Trust award-ed a grant of $3,500 to Turning Point in FortCollins to support its Community Training Center.The training center was developed to meet com-munity needs for professional and public trainingin the areas of substance abuse, residential treat-ment, mental and physical health and adolescentcare.

Turning Point also received a grant of $1,000from the Alliance for Children & Families andThe Annie E. Casey Foundation to support fami-ly-strengthening efforts throughout the year.

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BURNS, WY - 4850 I-80 Service RdFor years the Antelope Truck Stop has been a favorite fixture among travelers along the I-80 corridor. The entire facility – convenience store and fuel bays, restaurant, bar, shop building and developable acreage will be sold in two parcels on August 2nd.Parcel 1 is 6 acres +/- with a one-story convenience store, bar and restaurant. Includes 6 restrooms and 3 shower rooms. Fuel island includes 5 duel dispensers. Also located on this parcel is a 40’ x 76’ steel frame shop building with overhead doors and gas heater.Parcel 2 is 5.5 acres +/- of prime raw land along I-80.

Directions: East on I-80 to exit 386 from Cheyenne 25 miOpening Bids: $50,000 Buyer’s ChoiceInspections: Property will be available for inspection during normal business hours. Additional information will be available 1-4pm July 13th, 20th & 27thSells: 12pm, Thu., Aug. 2nd

The Antelope Truck StopLocated approximately 25 miles

east of Cheyenne, the auction also includes adjacent vacant land, plus all

restaurant, bar and convenience store equipment.

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• Foosball Table• Juke Box• Dump Truck • Bar Equipment• Much, Much, More

Personal Property Selling

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JUNE

June 25 — NoCoNet presents “Cover Letters andResumes,” from 8 to 10:30 a.m., Faith Evangelical FreeChurch, 3920 S. Shields in Fort Collins. Dorothy Hill will pre-sent. Contact: NoCoNet at [email protected].

June 26 — BNI Colorado Regular Lunch Meeting,starting at 11 a.m., The Egg & I, 2305 W. 27th St. in Greeley.The meetings are an opportunity to share ideas, contactsand make business referrals. The group meets everyTuesday at 11 a.m. Another group regularly meets Thurs-days at 8:00 a.m. for breakfast at the same location.

June 26 — Northern Colorado Business Report pre-sents Northern Colorado HealthCare Summit, from 7:30a.m. to 1:30 p.m., Fort Collins Hilton, 425 W. ProspectRoad in Fort Collins. The Northern Colorado HealthCareSummit delves into the critical issues facing health careand Northern Colorado’s economy. The summit movesthrough informative topic sessions featuring panels oflocal and regional business leaders who will highlightissues facing health care access and delivery, costs,regionalization, HMOs, PPOs and others in Northern Col-orado. Contact: Jim Rath at (970) 221-5400, ext. 202 [email protected].

June 27 — North Fort Collins Business Associationmeeting, starting at 7 a.m., Bingo Planet, 900 N. CollegeAve. in Fort Collins. NFCBA meets every fourth Wednes-day of the month.

June 27 — Right Start I - Business Registration andEntity, from 7 to 9 a.m., Key Bank Tower, 125 S. Howes St.,Suite 150 in Fort Collins. This workshop covers start-upbasics: Business registration and forms; business entity-type selection; and other timely tips every prospectiveentrepreneur needs before starting a new business ven-ture. Guest presenter is Geoffrey Goudy. Cost: $20 if pre-paid, $25 the day of the event. Contact: SBDC at (970)498-9295 or [email protected].

June 28 — Small Business Network, from 9 to 10:30a.m., Longmont Chamber Center, 528 Main St. in Long-mont. Cost: Members free with RSVP. Registration Dead-line: June 27. Contact: Longmont Area Chamber of Com-merce at (303) 776-5295 or [email protected].

June 28 — Fort Collins Area Chamber of CommerceBusiness After Hours, from 5:30 to 7:30 p.m., The RockGarden, 1932 Terry Lake Road in Fort Collins. Contact:Erin Collins at (970) 482-3746 or [email protected].

June 28 — Windsor Chamber of Commerce BusinessBefore Hours, from 7:30 to 9 a.m., Front Range AutoBody, 640 Innovation Circle in Windsor. Contact: WindsorChamber of Commerce at (970) 686-7189 or [email protected].

June 28 — Greeley Chamber of Commerce BusinessAfter Hours, from 5 to 7 p.m., Greeley Harley-Davidson,Honda, Yamaha, 3010 W. 29th St. in Greeley. Cost: $10.

JULYJuly 5 — Loveland Chamber of Commerce Business

After Hours, starting at 5:30 p.m., Orchards Athletic Club,289 29th St. in Loveland. Cost: $12 if pre-registered, $15at the door. Contact: (970) 667-6311.

July 10 — Windsor Chamber of Commerce BusinessAfter Hours, from 5 to 7 p.m., Sears Real Estate, 1601 Pel-ican Lakes Point, Suite 201 in Windsor.

July 10 — Front Range PC Users Group Meeting,starting at 7 p.m., Fort Collins Senior Center, 1200 Rain-tree Drive in Fort Collins. It’s time for the annual Hard-ware/Software Zoo. Show and tell, show and sell, orshow and swap.

July 11 — Greeley Chamber of Commerce BusinessBefore Hours, from 7:15 to 8:15 a.m., Creekstone Apart-ments, 3775 W. 25th St. in Greeley.

July 11 — Fort Collins Small Business DevelopmentCenter presents Business Planning for Success, from8:30 a.m. to noon, Key Bank Tower, 125 S. Howes St., Suite150 in Fort Collins. Participants will learn the basics ofdeveloping a comprehensive Business Plan for theirbusiness start-up, expansion or financing. They will alsoreceive information about how to access small businessassistance from the SBDC and other state and localresources. Cost: $40 if pre-paid, $45 the day of theevent. Contact: (970) 498-9295 or [email protected].

July 12 — Understanding Tax Deductions, from 8:30a.m. to noon, Key Bank Tower, 125 S. Howes St., Suite 150in Fort Collins. Deborah Wohl (CPA) will discuss tax issuesand the more common types of deductions (e.g. depre-ciation, Home office, auto, travel & expenses, etc). Cost:$40. Contact: (970) 498-9295 or [email protected].

July 13 — Knowledge Bites “A Crash Course in Finan-cial Literacy,” from 11:30 a.m. to 1 p.m., Fort Collins AreaChamber of Commerce, 225 S. Meldrum St. in FortCollins. Knowledge Bites is a Lunch N’ Learn series host-ed by the Chamber featuring topics and presenters thatare essential to your business’s success that come com-plete with a provided lunch. Cost: $20/members,$25/non-members. Contact: Erin Collins at (970) 482-3751 or [email protected].

July 17 — Owning a Franchise, Is It for You? from 3 to5 p.m., Key Bank Tower, 125 S. Howes St., Suite 150 in FortCollins. Guest presenter is Jim Mills, from The FranchiseCentre. If you want to own your own business, don’tknow where to look, don’t know your options, don’tknow the costs, this seminar will help you find theanswers. Cost: $20. Contact: (970) 498-9295 [email protected].

July 18 — Fort Collins Area Chamber of Commerce

Speed Networking, from 7:30 to 9 a.m., Fort Collins AreaChamber of Commerce, 225 S. Meldrum St. in FortCollins. Cost: $10/members, $20/non-members. Contact:Kimberly Kruse at (970) 482-3751 ext. 104 [email protected].

July 19 — Fort Collins Area Chamber of CommerceBusiness After Hours, from 5:30 to 7:30 p.m., Fort CollinsMortgage, in Fort Collins. Cost: $12.50/registered; $20 atthe door. Contact: Erin Collins at (970) 482-3746 [email protected].

July 19 — Downtown Loveland Association Network-ing Party, from 5:30 to 7 p.m., Clergy Financial Services,2093 E. 11th St., #200 in Loveland. The Downtown Love-land Association is a nonprofit community associationmade up of volunteers committed to revitalizing theheart of Loveland. Cost: $5/members, $10/non-members.Contact: Stephanie Stauder at [email protected].

July 20 — QuickBooks Overview, from 9 a.m. to 1

p.m., City of Loveland Lab, 500 E. Third St. in Loveland.Featured presenter is Sherry Sexton, CPA. This half-dayclass will cover what QuickBooks can do for you. Othertopics: Backing up your system, navigating through pro-grams, brief overview of setting up a sample company.This Class is for the person who has never used the pro-gram or is within their first year of use. Cost: $40 if pre-paid, $45 the day of the event. Contact: LCBD at (970)667-4106.

July 25 — Business Planning for Success, from 8:30a.m. to noon, Loveland Chamber of Commerce, 5400Stone Creek Circle in Loveland. Participants will learnthe basics of developing a comprehensive business planfor their business start-up, expansion or financing. Theywill also receive information about how to access smallbusiness assistance from the LCBD and other state andlocal resources. Cost: $40. Contact: LCBD at (970) 667-4106.


CALENDAR


One call, one place, one flip of the switch. It’s a bright idea.This year our firm turns 75. Over the years we’ve learned that better business requires a lot

of ideas, a lot of new skills. Not just one, nor even two. Lots. That’s why today we have more

than 200 energetic professionals who can illuminate nearly every driver of our clients’ businesses.

To find out how to brighten your business outlook, call Mike Kelley at 970-330-8860.

NOT YOUR AVERAGE ACCOUNTANTS.SM

www.kcoe.com

The Northern Colorado FirmSM

NONPROFIT

Stephanie Brown has beennamed executive director ofTurning Point in Fort Collins. Alicensed clinical social worker,Brown joined Turning Point as acounselor in 1993 and mostrecently served as chief operat-ing officer.

ACADEMICS

Entrepreneur and smallbusiness owner Dave Larsenhas been named the new pro-gram director of the DenverExecutive MBA program in theCollege of Business at ColoradoState University. Larsen recentlyobtained his MBA through CSU.

The Institute of Businessand Medical Careers has addedseveral new employees to itsstaff and announced a promo-tion. Pam Jenness and NatalieDalton Lamberton are the newadjunct business instructors.Roxanne Schroeder, TracyDougherty, Beth Feltis andNichole E. Kelly are the newmedical assisting adjunctinstructors. Melissa MarieVolk is the new career servicesadministrative assistant at theFort Collins Campus. TaraDubois has been promoted tothe assistant to the dean.Dubois will be responsible foracademic advising for all stu-

dents, assisting 40 to 50instructors, coaching students,and education purchasing.

FINANCE

Nick Campbell has joinedthe team at Accounting SystemsInc. in Fort Collins as a technicalassistant. Campbell is a studentat Colorado State University andwill be responsible for account-ing tasks at ASI.

Matt Philips, a financialprofessional with AXA AdvisorsLLC in Fort Collins, has earned aCertificate in Retirement Plan-ning from the Wharton School ofthe University of Pennsylvania.Philips is one of 400 profession-als nationwide to complete theretirement planning program.

ENGINEERING

Terracon Consultants Inc.has promoted Andrei Bedoyato office manager of the compa-ny’s Pueblo Office. Bedoyaserved as a geotechnical engi-neer in Terracon’s Greeley officefor transportation and industrialprojects as well as commercialand residential developments.

HEALTH CARE

Susan Hughes has joinedUnited Medical Alliance in FortCollins as a nurse case manager.Hughes will be responsible for

the oversight of case manage-ment, utilization review and dis-ease management initiatives.She has experience in patienteducation, discharge planning,hospital utilization and carecoordination.

Tim Brown has beenappointed to the Board of Direc-tors of the Home Care Associa-tion of Colorado. Brown is CFOfor the Rehabilitation and Visit-ing Nurse Association in Greeley.

MEDIA/MARKETING

AMG Creative Inc. in FortCollins has added AlexanderFairbanks, a copywriter, andBlais Hunter, a graphic design-er, to its staff. The advertising firm also has appointedTerry Fine as vice president of business development.

REAL ESTATE

Suzy McEwan and Joel Nugent have joined RE/MAXAlliance in Loveland. McEwan transferred from The GroupInc. Real Estate and is a certified residential specialistcandidate. Nugent transferred from Coldwell Banker andhas his Graduate Realtor Institute and Ecobroker desig-nations. Jeff Williams, with RE/MAX in Fort Collins, hasbeen awarded the Graduate Realtor Institute designa-tion. Candidates must complete 90 hours of classroominstruction and demonstrate mastery in such topics asprofessional standards and finance and technology.

Carol Story, a broker associate with ColdwellBanker Residential Brokerage in Fort Collins, has earnedColorado and national sales production recognitionfrom NRT Inc., parent company of Coldwell Banker. Story

was a Top 5 producer in the statefor the fourth quarter of 2006.

Scott Ellis and JasonPeifer, loan officers with TheGroup Guaranteed Mortgage inLoveland, have earned the Certi-fied Mortgage Lender designa-tion. The CML is earned throughyears of experience in the realestate finance industry, participation in mortgage lend-ing trade associations, and education. Less than 300Colorado lenders hold the designation.

Real estate agents Brian Trainor, Leslie Henchel,Venna Hillman, Matt Michel, Christi Smith and Bran-don Teeples have joined the Keller William Realty teamin Fort Collins. Angie Kratcha and Kate Cline havejoined the Keller Williams Greeley office. Cherie Gibout,of the Loveland office, has earned the Graduate RealtorInstitute designation.

CONSTRUCTION

Brenda Wood has assumed the position of businessdevelopment coordinator for Alliance ConstructionSolutions LLC in Loveland. Jim LeJeune has joinedAlliance as a superintendent. Matt Hunzinger andMatt Jardine, both May graduates of Colorado StateUniversity’s Construction Management program, havejoined the construction firm as engineers.

Aller Lingle Architects PC in Fort Collins has hiredarchitectural interns Emily Szilagyi-Mack, KatrinaHarrison and Rachael Johnson. Szilagyi-Mack recent-ly completed her master’s degree in architecture, Harri-son will assist with the company’s historic restorationand rehabilitation work, and Johnson just completedher first year at the University of Colorado studyingenvironmental design.

— Compiled by Noah Guillaume

ON THE JOB

JENNESS

LAMBERTON

SCHROEDER

DOUGHERTY

FELTIS

KELLY

VOLK

DUBOIS

CAMBELL

BROWN

STORY


Visualize a high value office environment...

Ron Kuehl ~ [email protected] www.mcwhinney.com

It’s here. Foxtrail Office Park offers Class A Office condominiums

for purchase or lease at the entrance to Centerra,Northern Colorado’s most successful business environment.

Small and medium-sized businesseslooking for phone and Internet accesshave yet another choice on an increasinglydiverse list of providers.

Minneapolis-based Eschelon Tele-com Inc. has openeda Fort Collins officefollowing a six-month engineeringproject to extend itsInternet and tele-phone networks fromDenver to NorthernColorado.

The company,which serves states inthe West, offerseverything from local voice service anddial-up Internet to Voice-over InternetProtocol telephony and T-1 services. Itplans to serve all of Northern Colorado.

“We bundle small to medium-sizedcustomers’ telecommunications services,”said Jon Secrest, Eschelon’s vice presidentof marketing. He added that the compa-ny’s goal is to simplify services forbusiness customers by pulling togethertelecommunication needs under oneumbrella.

Eschelon entered the Colorado marketwith its 1997 acquisition of Denver-basedtelephone equipment provider Electro-TelInc. Since then, Eschelon has been on thefast track to growth.

“We’ve been doing a lot of acquisitionsin the past few years,” he said.

The company is now ready to focus onorganic growth. Expansion into NorthernColorado is part of the second phase ofthat plan. Last year, the company workedto roll out the infrastructure necessary toopen up additional markets.

Thinking smallerAfter completing a study to decide how

to best grow, the company decided tobranch into smaller communities sur-rounding their existing markets. By doingthat, the company can just extend its exist-ing network rather than build a new one.

“Colorado Springs and Fort Collins aresatellite offices off of our Denver opera-tions,” Secrest said.

Eschelon expanded into ColoradoSprings this April. The Fort Collins officeis now open, with six employees. In July,the company will open an office in Tuc-son, Ariz., and then it’s back to Minnesotawhere the company will enter an addition-al three markets.

Aggressive growth, both geographicallyand technologically, is something that thetelecom industry has become accustomedto.

“I think the competition is ramping upwith alternative companies,” said Dave

Kavenaugh, state manager for US Cable.He explained that telecommunicationsused to be the realm of the major tele-phone companies, but that technology hasopened it up to other players.

For example, US Cable has beenrolling out fiber optic cable in NorthernColorado. The company has a fiber back-bone of more than 100 miles — connect-ing smaller Northern Colorado commu-nities such as Laporte, Johnstown, Mil-liken and Eaton. Last year, US Cablebegan offering direct fiber connections toarea businesses.

Fiber tentacles spreadFRII is also hitting the fiber trail hard.

The company is working to supply manyof the newer developments along the

Interstate 25 corridor with fiber connec-tions. FRII President and CEO Bill Wardagrees that competition for the telecomcustomer is increasing.

“I think the competition (in NorthernColorado) is pretty healthy,” he said. “ForInternet access, I think it’s a fairly compet-itive market, especially for DSL and someof the wireless things that are going onnow.”

FRII is in the process of implementinga wireless mesh network with the goal ofproviding a continuous wireless connec-tion throughout the region.

Eschelon is not currently offering awireless product. The company is nowworking to introduce its VoIP service inMinneapolis, with plans to expand it toColorado sometime in 2008. Furtheradvancements are likely to come as a resultof acquisition.

Eschelon is about to be on the otherside of the acquisition table. The company,which trades publicly on Nasdaq underESCH, announced in March that it hadentered into a definitive agreement to bepurchased by Integra Telecom Inc. Integraalso focuses on the Western states. Secrestsaid the acquisition will give Eschelon thebenefit of additional resources — such asa fiber network acquired by Integra in2006.

Kristen Tatti covers technology for theNorthern Colorado Business Report. Shecan be reached at (970) 221-5400, ext. 219or [email protected].

Eschelon offers NoCo businesses more choices Communication firmopens local office forsmall companies

TECHNOLOGYKristen Tatti

“We’ve been doing alot of acquisitions inthe past few years.”Jon Secrest, vice president of marketingEschelon Telecom Inc.


1980Federal deregulation of the savings and loan industry, the major

source of nation’s home loans, begins. Foreclosure rate for Larimer and Weld counties is 0.7 percent of all

owner-occupied homes.Population of Northern Colorado is 272,622.

Prime rate is 15.26 percent; national average 30-year fixed mortgagerate is 13.77 percent.

1981Tax Reform Act creates powerful incentives for real estate investment by

individuals, fueling nationwide boom and eventual over-building. Rate of foreclosures in Larimer and Weld counties climbs to 1 percent.

Prime rate is 18.87 percent; 30-year fixed mortgage rate is 16.63 percent.

1982Savings and loan industry assets increase by 56 percent, while the Federal HomeLoan Bank Board’s regulatory and supervisory staff shrinks. Changes in regula-tions allow single ownership of S&Ls, which can now be purchased using real

estate as collateral, rather than cash. Larimer County sees 451 foreclosures; Weld County 262.

Prime rate: 14.85 percent; 30-year fixed mortgage rate: 16.08 percent.

1983U.S. economy in recession. According to generallyaccepted accounting standards, 9 percent of all

S&Ls nationwide are insolvent.Prime rate: 10.79 percent; 30-year fixed mortgage

rate: 13.23 percent.

But as similar as the effects might be, thecauses are vastly different, according to peo-ple who have watched and weathered bothloan-failure crises.

“Every cycle has a cause, or causes,” saidLarry Kendall, founder of The Group Inc.Real Estate, the regional brokerage that hasdominated the residential market for mostof the past three decades.

“The last cycle, in the ’80s, was caused bymassive layoffs, and a global economicdownturn. This cycle of foreclosure activitythat we’re seeing today, it seems to me, ismostly related to changes in the rules oflending practices, and the availability ofeasy credit. Homeowners get caught withthe use of easy credit in all price ranges.”

Ironically, the region’s and state’s basiceconomic underpinnings remain sound,and are becoming even more solid, as theforeclosure rate grows and its ripples spreadthroughout the business community.

On solid groundColorado’s economic output, measured

by U.S. Commerce Department researchers,is rising at a rate that puts it in the No. 8spot among the nation’s fastest-growingstate economies. Likewise, employmentgrowth for the current year will outstrip thenational growth rate, with Colorado StateUniversity regional economist MartinShields predicting a 2.8 percent increase inemployment during the year.

But amid all that rosy economic newsstands the reality that the number of failedhome loans in Colorado is likely to soar to36,000 this year, a 25 percent increase overthe 2006 number that spawned so muchworry about the toll that foreclosures couldtake on the economy.

The foreclosure problem is shared dis-proportionately by residents of Larimer andWeld counties, the two vast counties thatcontain most of the north Front Rangepopulation, and that will be home to a mil-lion residents by the year 2050.

Weld County’s foreclosure rate duringthe first quarter of the year was one per 124households, the second highest in the stateafter Adams County’s one in 98.

On the other hand, Larimer County’srate was less than half that in Weld, withone foreclosure per 275 households.

While those rates tell part of the story,raw numbers tell as much. During the firstquarter of this year, the two Northern Col-

orado counties saw total foreclosures soarto 1,029. In Weld County, the number was647, or slightly more than 10 per eachbusiness day.

Those most connected to the real estateeconomies in each county, the brokers whohave watched the ebbing and flowing fordecades, have vastly different stories to tellabout their experiences.

‘Not one iota’Dave Pettigrew, a broker with Prudential

Rocky Mountain Realtors in Fort Collins,had a quick answer when asked how theforeclosure glut has affected his business.

“Not one iota,” he said. “I haven’t felt itone iota, and our office hasn’t felt it oneiota. Year to date, we’ve seen a reasonablyhealthy 3 percent to 4 percent increase inboth total sales and in selling price.”

But the dividing line is, in fact, the coun-ty line, Pettigrew said. “Greeley, Johnstown,those areas are much worse off than FortCollins.”

Veteran Greeley broker Fran Burnsknows that, and deals with it in practicalways, steering both buyers and sellersthrough the fragile landscape that Col-orado’s highest foreclosure rate, with 2,073default notice filings last year, has leftbehind.

“Foreclosures have an impact any wayyou look at it,” said Burns, a broker withPrudential’s Greeley office.

“First, it sets up unrealistic expectationsfor the buyer. They assume that anythingthey look at is going to be a bargain,”according to Burns. “Then, there are sellersthat have property surrounded by foreclo-sures. I’m telling sellers to hunker down andnot make a move right now. Competingright now will hurt them in the long run.”

Burns said if Greeley’s foreclosure crisishad a positive side, it is the role that mostlocal banks are playing in softening theeffects. Bank ownership of foreclosed prop-erties is never a desirable outcome, butGreeley’s bankers have stepped up to rescueabandoned properties, she said.

“These are the people who will go outand roll up their sleeves and get these places

in shape to sell,” Burns said.

Brighter horizons?While Colorado has been buffeted by the

foreclosure winds that have blown nation-wide during the past two years, with North-ern Colorado falling above the state averagein foreclosure rates, recent signals are pop-ping up that offer more encouraging newsabout the near and long-term future.

A mid-June Mortgage Bankers Associa-tion survey presented a gloomy nationalpicture of homeowners with below-parcredit and adjustable-rate mortgages — thesubprime sector of the mortgage market —who were falling behind on their payments.

The survey showed 16 percent of sub-prime borrowers delinquent in their pay-ment by more than 60 days. But, surprising-ly, Colorado fell near the bottom of themeasure, with a delinquency rate of 10 per-cent, the nation’s third lowest.

The Group’s Kendall said the mortgage

bankers’ report meant a huge turnaroundfor Colorado’s loan-failure rate.

“Colorado, a year or two ago, was thenation’s worst, and now we’re one of thehealthiest,” he said.

Better yet, Kendall and other observersof the region’s real estate industry saidthey’re seeing indicators the trends that fedthe foreclosure bubble are beginning to rollback.

“I think we’ll see in the next two yearsjust the reverse of what we’ve seen in thepast two. We’ve seen flat sales growth andslow appreciation while the rest of thecountry has just been ripping. We’re goingto be starting to surge again. The foreclo-sures are starting to be wrapped up now.Builders are starting to get back in balancewith demand. The National Association ofRealtors’ chief economist said Coloradowould be one of the brightest spots in thenext few years, and I think that will holdtrue.”

FORECLOSURE, from 1

Mississippi 23 percentLouisiana 22 percentWest Virginia 21 percentMichigan 20 percentAlabama 19 percentMissouri 19 percentTennessee 19 percentNew Hampshire 18 percentRhode Island 17 percentGeorgia 17 percentMassachusetts 17 percentPennsylvania 16 percentArkansas 16 percentMaine 16 percentOhio 16 percentTexas 16 percentKentucky 16 percentNebraska 16 percentIndiana 16 percentNorth Carolina 15 percentKansas 15 percentOklahoma 15 percentSouth Carolina 15 percentIowa 15 percentConnecticut 15 percentWisconsin 14 percent

South Dakota 14 percentVermont 14 percentMinnesota 14 percentNew Jersey 14 percentDelaware 14 percentIllinois 14 percentNew York 14 percentFlorida 13 percentMaryland 13 percentVirginia 13 percentDistrict of Columbia 13 percentNew Mexico 12 percentAlaska 12 percentCalifornia 12 percentMontana 11 percentIdaho 11 percentNorth Dakota 11 percentWyoming 10 percentNevada 10 percentHawaii 10 percentColorado 10 percentArizona 9 percentWashington 9 percentOregon 9 percentUtah 8 percent

Foreshadowing Foreclosure: A TimelineThe current high rate of foreclosures squeezing the Northern Colorado economy is not the first. Over the last three decades, fluctuating interest rates, changing regulations of the banking and finance

industries and shifting patterns of employment and population have caused the region’s economic picture to undulate between peaks and valleys as outlined across the next several pages.

Improving picture?The chart below ranks states according to the percentage of subprime mortgage borrowers who weremore than 30 days behind on payments during the first quarter of the year, a key measure of howforeclosure rates might grow. Colorado, for a change, is near the bottom of the list.

SOURCE: MORTGAGE BANKERS ASSOCIATION

Foreshadowing Foreclosure: A Timeline

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THE PATH TO FORECLOSURE

The most common foreclosure process in Colorado is managed by a public trustee, out of court, and takes about sixmonths. The public trustee for each county is either elected or appointed by the governor.

The path to foreclosure begins with delinquency. The day after a payment is due, an unpaid loan is considered delinquent. Aloan is considered in default assoon as any payment has been due and unpaid for more than 30days.

Conventional (non-FHA) loans can be put into foreclosure as soon asthe loan is in default, but most lenders wait until three paymentsare due and unpaid, when FHA loanscan be put into foreclosure.

Foreclosure begins when the lender files the Notice of Election andDemand with the public trustee.Once the public trustee officially records the foreclosure action, a foreclosure sale can be scheduled within 45-60 days. The notice ofsale is published in a local newspaper for five weeks. Thetrustee also mails a copy to the borrower.

The lender asks the court for a Rule 120 hearing,and all affected parties arenotified. If no one contests that the borrower is indefault, the court allows the sale without a hearing.

A borrower who plans to pay off the default andstop the foreclosure can submit an Intent toRedeem to the public trustee at least 15 days before the sale, and pay off the default up until noon the day before the sale.

Anyone may bid at the auction or sale, after the public trustee reads the written bid submitted by the lender. If anyone other than thelender is the winning bidder, that person must deliver the bid amount in cash or cashier's check. In return,the public trustee gives the winning bidder a certificate of purchase.

The borrower usually has 75 days after the sale to redeem the property by paying the total winning bid plus interest and costs. If neitherthe borrower nor junior lien holders redeems, the winning bidder receives a public trustee’s deed ofownership.

SOURCES: REALTYTRAC, BUSINESS REPORT RESEARCH


1984Adjustable rate mortgages are introduced, offering much lower initial interestrates that can rise or fall after a certain amount of time. Marketing of mort-

gages to “subprime” borrowers is now possible.Empire Savings in Mesquite, Texas, fails. Eventual cost to taxpayers is $300

million. Reregulation of S&Ls begins.Prime rate is 12.04 percent; 30-year fixed mortgage rate is 13.87 percent; 1-

year ARM, 11.51 percent.

1985S&Ls begin failing across the country. By August,only $4.6 billion remains in FSLIC insurance fund.

Prime rate is 9.93 percent; 30-year fixed mortgagerate is 12.42 percent, 1-year ARM, 10.05

1986Government Accounting Office estimates losses to

FSLIC to be $20 billion.Prime rate is 8.33 percent; 30-year fixed mortgage

rate is 10.18 percent; 1-year ARM, 8.43 percent

1987GAO declares FSLIC fund insolvent by at least $3.8 billion.Collapse of Charles Keating’s California-based Lincoln Sav-

ings and Loan costs taxpayers at least $2 billion.Weld County foreclosures hit a high of 571.

Prime rate is 8.21 percent; 30-year fixed mortgage rate is10.20 percent; 1-year ARM, 7.38 percent.

By Tom [email protected]

Blight that follows home-loan foreclo-sures usually takes the form of dead land-scapes, peeling paint and other sad signalsof dereliction.

In the past year or so, those signs areshowing up in some of Northern Col-orado’s highest-priced neighborhoods.Some of the properties that lie abandonedare in newer “prairie-palace” clusters. Oth-ers are in stately, older neighborhoods. Inmost cases, efforts to reach owners to talkabout what brought them there were fruit-less. Disconnected phones are the rule.

In the Soaring Eagle Ranch subdivision,between Windsor Reservoir and ColoradoHighway 257 in Weld County, utility shut-off notices, taped to the front door of ahome where they’ve been posted in the pasttwo months, flutter in the breeze.

“Of course, we’re worried about whatthis does to our values here,” said a closeneighbor of the home at 37151 DickersonRun in Windsor that, according to proper-ty records, is owned by Jeff Hammel. Anotice of default was entered with the WeldPublic Trustee April 5 in the amount of$528,042.

“One of the reasons we chose this placeis that we expected some appreciation,beyond what the rest of the market wasdoing,” said the neighbor, who asked not tobe identified. “This sort of gives a lot of uspause.”

The number of foreclosures in the upper5 percent of the residential market, a seg-ment that Prudential Rocky Mountain bro-ker Dave Pettigrew describes as “finehomes” valued at $400,000 or more, is notdisproportionate to the rest of the market.

And in many cases the reasons they fallinto failure are no different than for home-owners at the lowest tier of the market. Lostjobs and failed businesses are factors, butnot the dominant ones.

So-called “exotic” loans — adjustablerate mortgages that offer the attraction ofinitial low rates — are as attractive to someof the highest-end buyers as they are toborrowers who barely squeak into the mar-ket. Homeowners in both classes are willing

to bet the risk that the loans carry againstthe possibility rising home values will savethem.

It’s all a game“I attribute a lot of this to the gaming

mentality, the gaming culture,” said LarryKendall, founder and former chairman ofThe Group Inc. Real Estate, the regionalagency that covers Larimer and Weld coun-ties with almost 300 brokers.

“If you watch TV, everything is a game,”Kendall said. “The game in mortgage bor-rowing is to be able to announce that yougot a lower interest rate than anybody else.People say, ‘Hey, I got 1.9 percent.’”

Kendall described a couple he knew, liv-ing on the husband’s income as an engi-neer, whose payment jumped from $1,100monthly to $2,000 after an ARM readjust-ment.

“And, it’s headed higher,” Kendall said.“They had signed papers that included a$15,000 prepayment penalty. So, here theyare. They’re stuck. All they were interestedin was the interest rate. A lot of people getcaught up in that, not just the naïve first-time home buyer.”

Of the sampling of high-end foreclo-sures that the Business Report visited, pho-tographed and sought owner informationon, some might fall into a completely dif-ferent category. A Loveland broker who islisting a home for sale by a married couplewho are fighting to save their home fromforeclosure said he’s also aware of cases inwhich owners of second homes, or third,were cutting loose from their obligations bysimply walking away.

Loveland broker Mike Monat said hewas aware of foreclosure cases that had lit-tle to do with either financial hardship orill-advised loan decisions. For some, it’s asimple matter of biting off too muchinvestment in real estate, and trimmingback on that appetite in the easiest way pos-sible.

“There are a fair number of people outthere who have second homes, or eventhird homes, in Northern Colorado,”Monat said. “A lot of times, instead of mak-ing two payments, or three, they just let one

Foreclosure hits the upper-end home market, tooHighest reaches ofresidential marketfind no immunity

Address: 1829 Linden Lake Road, Fort CollinsOwners: George and Susanna SchildgeLoan amount: $460,000Date of default notice: April 25

Address: 37151 Dickerson Run, WindsorOwner: Jeff HammelLoan amount: $528,042Date of default notice: April 5

Address: 1254 Falcon Court, WindsorOwner: Nathan Rieser Loan amount: $679,534Date of default notice: May 21

Address: 642 Castle Ridge Court, Fort CollinsOwners: Kenneth and Sondra EastwoodLoan amount: $604,000Date of default notice: April 5

Address: 1621 Fire Rock CourtOwner: Carol Ann DugaszLoan amount: $439,660Date of default notice: April 24

Address: 1904 Crested Butte Court, LovelandOwners: Mark and Laura MontgomeryLoan amount: $498,493Date of default notice: April 24

See HIGH-END, 37


By Luanne [email protected]

Northern Colorado’s spiraling foreclo-sure rate is beginning to send ripplesthroughout the region’s economy, from thecorner store to the local door mill.

That’s especially true in Weld Countywhere, according to the Colorado Depart-ment of Housing, one of every 124 homes isin foreclosure.

Sure, homeowners feel the biggest falloutof homes snatched out from under them,but there are a host of retail and servicebusinesses that are feeling the effects, too.

Dan Stoos, president of Carpet Club indowntown Greeley, said it’s difficult for allbusinesses not to feel the brunt of so manyhomes in foreclosure.

“We have less walk-in traffic and lessbuilder traffic. It’s not a dramatic impact,but it is an impact,” he said. What he’s lostin residential sales, however, is being madeup with a slight increase in commercialsales.

Gayle Sanger, president of Mitchell’sWall and Floor Covering Inc. in Evans, saidshe, too, has seen a drop in residential traf-fic as a result in the drop in new construc-tion in the Greeley area. On the otherhand, another family business, TurnkeyBuilders, is swamped finishing bank-owned houses.

Dan Miskey, manager of 84 Lumber inGreeley, which specializes in contractorsales, said his company is making a concert-ed effort to welcome homeowners choosingto remodel their present homes rather thanbuild new. Decks and garages are populardo-it-yourself projects.

“We welcome everyone who walks in thedoor. If they need a piece of siding, we’llfind it for them. If we don’t have it in stock,we sure can order it,” he said.

A cold, snowy winter has had almost asbig an impact for Greeley-area businesses ashas foreclosures. “We had a very good

spring,” said Ed Holloway, manager of Mof-fat Paint & Glass.

Foreclosures have nonetheless had animpact on the store, which has been a Gree-ley fixture for generations. “The turn-around has slowed up on new construction.We’re still doing work on new construction,however,” Holloway said.

He added that he doesn’t see the currenteconomic picture as all doom and gloom.“From our standpoint, we feel sad for a lotof people who have lost their homes and forour city. We’re hoping we get over this quickand that things look better.”

Moffat Paint & Glass has not had to letemployees go, and is in fact in a hiringmode.

Only so many dollarsChris Ruth, manager of Greeley’s Offen

Ace Hardware, which is owned by her hus-band’s family, said they are definitely seeingthe results of a tight economy, in part due tothe building slowdown but also due toincreased competition.

“There’s only so many dollars that any-

one has to spend,” she said. “The effect offoreclosures on business is never good. Dol-lars and cents are not being circulated. Ifthey don’t have money, they don’t spend iton frills.”

A sudden lark to repaint the living room— after seeing one of the TV decoratingshows, for example — often is beat down byreality after homeowners discover a gallonof paint can cost $25 to $30 and that itwould take two or more to finish the job.“Disposable money is not there,” Ruth said.

She also has noticed that the majority ofcustomers now pay with credit cards. If onecard is rejected because the credit limit hasbeen met, most often the customer simplypulls out another card. “We’re living ontomorrow,” she said.

Emily Brown, sales representative atMerry Maids in Greeley, said late spring isthe time of year when people — both fami-lies and students — are moving in and outof homes. “We’re not seeing an increase ordecrease from years past,” she said of thenumber of cleaning jobs that such movesgenerate. And she hasn’t seen an increase in

requests to clean foreclosed homes, whichoften are left in a state of disarray.

On the other hand, Matt Gallegos, finan-cial officer of Gallegos Sanitation, based inFort Collins and serving much of NorthernColorado, is definitely feeling the effect ofhomeowners and businesses struggling.

Gallegos said the biggest impact is in thenumber of nonpaying customers. “We havehad to eat quite a bit,” Gallegos said ofunpaid accounts.

Trying to collect often proves to be anexercise in futility. “When it comes to get-ting paid, we’re the last guys on the totempole.” As a result, the company has tight-ened collection policies.

Illegal dumping has also increased, andmany commercial clients are discoveringtheir bins overflowing with residentialrefuse, which means increased costs to themto have it hauled away.

Decreased home building has also meanta decrease in construction trash that needsto be hauled off. “As building slows down,for haulers, that’s more business that will goaway,” said Gallegos.

From lumber yardsto trash haulers,all businesses feel it

Foreclosure pinch ripples through region’s economy


SPILLOVER — Jess Sommars, an employee of the Derby Grill in Berthoud, dumps trash into the restaurant’s overloaded dumpster. Patrons of the neighboring car wash usethe receptacle for household trash, while the owners of Derby Grill and attached office complex foot the bill.

1988Silverado Banking Savings & Loan in Denver finally collapses after theelection of President George H.W. Bush, costing taxpayers $1.6 billion.

Colorado records 13,736 personal and 4,336 business bankruptcies.Combined foreclosure rate in Larimer and Weld counties is 2 percent of

all owner-occupied homes; in Larimer County alone, the rate is at itshistoric high of 2.2 percent.

Prime rate is 9.32 percent; 30-year fixed mortgage rate is 10.34 per-cent; 1-year ARM, 7.90.

1989Office of Thrift Supervision replaces Bank Board and FSLIC; Resolu-

tion Trust Corp. created to liquidate assets of insolvent S&Ls. Over 3 percent of all mortgage loans in Colorado — 8,923 — are in

foreclosure.Prime rate is 10.87 percent; 30-year fixed mortgage rate is 10.32 per-

cent; 1-year ARM, 8.80 percent.

1990In Larimer County, 606 foreclosures are filed for the year, a number that will not be equaled until2002. Weld County foreclosures number 383, giving the region a combined foreclosure rate of 1.3

percent of owner-occupied homes.Population of Northern Colorado is 317,957.

Prime rate is 10.01 percent; 30-year fixed mortgage rate is 10.13 percent; 1-year ARM, 8.36 percent.

1991Nationally, homeowners free up $262 billion in cash by tapping the equity in

their homes, through sales, refinancing and home equity loans.Rate of per capita foreclosures for Weld County surpasses that of LarimerCounty for the first time. Weld issues 245 permits for single-family homes.

Prime rate is 8.46 percent; 30-year fixed mortgage rate is 9.25 percent; 1-yearARM, 7.09 percent.


By Kristen [email protected]

There might not be any industry moredirectly affected by increasing foreclosurerates than mortgage lending.

Nationally, a number of large subprimelenders have recent thrown in the towel —some ending their subprime lendingbusiness, others being sold. Few of the largenational lenders heavily vested in the sub-prime market have escaped the effects ofthe foreclosure squeeze.

Locally, mortgage lenders say they arefaring well but are facing a wave of new leg-islation aimed at curbing fraud and con-sumer-unfriendly lending practices.

On June 1, Gov. Bill Ritter signed intolaw five bills aimed at tackling the foreclo-sure problem. Of those, four were directedtoward the mortgage lending industry:

n House Bill 1322 — defines definitionsof fraud and disclosures of fees, costs andrates.

n Senate Bill 85 — prohibits mortgagebrokers from improperly influencing realestate appraisers

n SB-203 — requires registration ofmortgage brokers, to become licensing onJan. 1, 2008.

n SB-216 — creates a “duty of good faithand fair dealing” for mortgage brokers.

For some in the industry, the legislativesingling out of the mortgage lenders andbrokers is a step taken too soon.

“There are so many moving parts,” saidBill Kidwell, president of the ColoradoAssociation of Mortgage Brokers. “To passfive bills that single out an industry won’t(address the issues).”

Kidwell and Julie Piepho, senior vicepresident for Cornerstone Mortgage andsecretary and treasurer of the ColoradoMortgage Lenders Association, both feelthat a study should be commissioned tolook at what is causing the foreclosureproblem here in Colorado.

“We have asked the General Assemblyrepeatedly for a study to determine thecause and effect (of the rising foreclosurerates),” Kidwell said. “The big thing wewould like to see is an industry study thatwould allow the industry, the regulators andthe legislators to decide what needs to bedone.”

Legislators: Act nowErin Toll, director of the Colorado Divi-

sion of Real Estate, is tasked with enforcingmany of the new regulations on the mort-gage industry. She said that the mortgageindustry was advocating for a study, butthat legislators felt that action had to betaken sooner rather than later.

“To me, it was like, ‘Let’s analyze it untilit dies,’” she said of the industry stance.

Instead, the Colorado Legislature startedthe regulatory wheels in motion last yearwhen it passed a bill requiring mortgagebroker registration. Until then, Coloradowas one of two states that did not havesome type of mortgage broker registrationprogram. The deadline for registration wasJan. 1, and more than 5,000 brokers are nowregistered.

The second round of legislation that wassigned this year expands the registrationprogram, eliminating exemptions for Fed-eral Housing Authority mortgage brokersand others. Toll said the elimination of theexemptions could affect an additional14,000 brokers.

On Jan. 1, 2008, all registered brokerswill become licensed brokers — the onlydifference will be in name. However, goingforward with licensure will require pre-licensing education, continuing educationand carrying errors-and-omissions insur-ance coverage, according to Toll.

The undertaking of enforcement will behuge, but Toll said the division is poised tohandle it. In addition to the needed legalresources, the Division of Real Estate willreceive four to five additional full-timeemployees to assist with enforcement.

“We will be able to handle this system,”Toll asserted.

There are still some issues to iron out,however, the largest of which is how todefine what constitutes a “reasonable, tangi-ble net benefit” for the consumer. Under SB-216, lenders will be responsible for deter-mining if the product they are selling theircustomers is in the customers’ best interest.

Toll said she is currently putting togeth-er a task force to determine how this provi-sion should be interpreted. The industry isalready well represented on the task force,but she is still looking for consumer groupsto join the discussion as well.

Market forces at workLegislation aside, the mortgage lending

industry is also faced with the challenges ofa softening residential market.

“Certainly the mortgage industry hasfaced some challenges this year and evenlast year,” said Greg Osborne, regional vicepresident for Wells Fargo Home Mortgage.

Osborne points to the obvious issueswith performance of subprime andadjustable rate mortgages. Foreclosures arealways a possible outcome for borrowers.However, a larger than anticipated numberof borrowers have been unable to performon their mortgages — putting the squeezeon the home-buying market and mortgagelending activities.

“This has caused some shock wavesthroughout our industry,” Osborne said.

This spring, Wells Fargo Home Mortgageannounced it would eliminate around 500positions nationwide. Colorado operationswere unaffected as most of the cuts cameout of North Carolina, Arizona and Califor-nia. A company spokeswoman cited declin-ing loan volumes as the reason for the cuts.

While volumes are down, data from theMortgage Brokers Association suggests thatbusiness might be rebounding. The industrytrade group’s Weekly Mortgage ApplicationsSurvey shows that mortgage loan applica-tion volume for the week ending May 25 wasup from the same period last year.

Up in ARMsHowever, it appears that either borrow-

ers or lenders are shying away fromadjustable-rate mortgages. The percentageof mortgage activity related to ARMs isdown. For the week ended May 25, ARMsrepresented 17.7 percent of the activity,while it made up 30.7 percent of the activi-ty during the same period last year.

Osborne said that the biggest change forWells Fargo and for the industry has been atightening of underwriting standards,specifically in certain market segments. Theunderwriting changes are being driven bythe secondary market — investors who buythe mortgages from the lenders are lookingcloser at risk versus return.

“The industry is very cautious right nowand that’s probably a good thing,” he said.

Piepho agrees that industry self-regula-tion is occurring. She said that thereappears to be less demand now, but that themortgage industry is cyclical so fluctuationsare expected. For his part, Osborne is opti-mistic about the future.

“I think we’ve seen the worst of it,” hesaid. “It’s still a great time to buy a house.Historically, the rates are still low.”

Industry between softer market, harder rulesColorado enacts newmortgage regulationsfor brokers, lenders

Regulation RoundupGov. Bill Ritter signed a number of bills intolaw on June 1 aimed at kicking Colorado’sforeclosure problem. Four of the measuresare geared toward regulating the state’smortgage lenders and brokers.

House Bill 1322 — Effective June 1n Repeals the FHA exemption.n Requires mortgage brokers to act for thebenefit of the borrower by taking actionsthat include a reasonable inquiry concerningthe borrower’s current and prospectivefinancial status.n Defines prohibited conduct regardingfraud, misrepresentation, and conflict ofinterest.n Defines disclosures specific to fees, costs,and lock-in agreement terms.

Senate Bill 85 — Effective July 1n Prohibits a mortgage broker from improp-erly influencing a real estate appraisal andmakes such improper influencing a decep-tive trade practice.n Specifies criminal penalties for improper-ly influencing a real estate appraisal.n Authorizes the director of the Division ofReal Estate to revoke a mortgage broker’sregistration when the broker has improperlyinfluenced a real estate appraisal.

SB-216 – Effective July 1n Creates a duty of good faith and fair deal-ing for mortgage brokers in their communi-cations and transactions with borrowers.n Requires refinancing transactions to havea reasonable, tangible net benefit to borrow-ers.n Requires the director of the Division ofReal Estate to promulgate rules governingthe marketing of nontraditional mortgagesby mortgage brokers.

SB-203 – Effective Jan. 1, 2008n Changes the regulatory framework formortgage brokers from registration tolicensing.n E&O insurance becomes a requirement forlicensing.n Establishes pre-licensing educationrequirements, testing and continuing educa-tion for mortgage brokers. Education compo-nent becomes effective Jan. 1, 2009.n Defines grounds for disciplinary action.

SOURCE: COLORADO DIVISION OF REAL ESTATE

1992Drop in mortgage interest rates releases pent-up demand for

housing in Northern Colorado. Residential construction becomesa prime mover in region's economy, as population grows more

than 3.3 percent annually.Prime rate is 6.25 percent; 30-year fixed mortgage rate is 8.40

percent; 1-year ARM, 5.62 percent.

1993First World Trade Center bombing.

Colorado’s economy grows an average of 5 percent, com-pared with 1 percent for the rest of nation, and unemploy-

ment is 2 percent lower, attracting new residents. Theboom is featured on the cover of Time magazine.

Prime rate is 6 percent; 30-year fixed mortgage rate is7.33 percent; 1-year ARM, 4.58 percent.

1994Larimer County foreclosures hit their all-time low — 104.Prime rate is 7.15 percent; 30-year fixed mortgage rate is

8.35 percent; 1-year ARM, 5.36 percent.

1995Internet boom begins.

Northern Colorado sees a total of 193 foreclosures. Weld County hitsan all-time low with a mere 83, keeping the region's foreclosure rateat 0.2 percent of owner-occupied homes for the second year in a row.

Prime rate is 8.83 percent; 30-year fixed mortgage rate is 7.95 per-cent; 1-year ARM, 6.06 percent.


By Anne Cumming [email protected]

The number of home foreclosures hasbeen increasing in Colorado for months,but it could be two more years before gov-ernments in Northern Colorado feel thecrunch on their budgets.

The assessed valuations of residentialproperties sent out in May reflect housingprices from last spring. That means foreclo-sures that have occurred in the past yearmay not have an impact until the next timecounties assess the value of properties in2009.

“We may see an effect, but it hasn’t hap-pened yet,” said Weld County AssessorChris Woodruff. “There’s always about atwo-year lag time. What the market does inthe next year will really affect the 2009 val-uations.”

Still, the recent rise in home foreclosuresdoesn’t necessarily mean doom for localgovernment budgets.

“I think it would have to get really, reallybad before there’s a big impact in WeldCounty,” Woodruff said. “The foreclosureswould have to start affecting commercialproperties, not just the residential ones.”

Housing market downturnIn the first quarter of 2007, Weld Coun-

ty had the second highest number of fore-closures in the state, with one in every 124households in foreclosure.

Larimer County’s foreclosure rate waslower, at one in 275 households. The Col-orado Division of Housing estimates Weldand Larimer counties could see a 20 percentincrease in foreclosures this year over lastyear.

The cities of Greeley and Loveland haveboth felt the effects of a downturn in thehousing market, but neither city points thefinger solely at rising foreclosures.

Last year, the city of Greeley left vacant27 municipal positions, and the city is look-ing at leaving another 30 vacant in 2008,said Tim Nash, Greeley director of finance.

Nash said the need to leave those posi-tions vacant is directly related to fewerhousing starts in Greeley, which meansfewer taxes and fees the city can collectfrom new construction.

The only drop in sales tax revenue Nashsaid he can definitely attribute, at least inpart, to the foreclosure rate is the 41 percentdrop in home and building materials fromApril 2006 to April 2007. All one has to do,he said, is look at the steep drop in buildingpermits during the same year — 367 in2006 down from 724 in 2005.

“There are a lot more homes on the mar-ket for a variety of reasons,” Nash said. “Iwould attribute some of that to foreclo-sures. But it’s also because of interest ratesgoing up and an overbuilt housing market.”

Loveland Finance Manager Alan Krc-marik said the city has seen more delin-quent utility bills, also related to rising fore-closures. In a normal month, the city sendsout 65 to 70 shut-off notices to people whohaven’t paid their utility bills, Krcmariksaid. Now the city is sending out more than100 notices a month, Krcmarik said.

“Some of that may be because of foreclo-sures,” he said. “But gas prices are going up,and people don’t have as much money topay their bills. We’ve also lost a lot of high-paying jobs to lower-paying jobs in thisarea. These are all interrelated and have aneffect on each other.”

Property tax effectTypical government expenses related to

foreclosures include loss of property-taxrevenue, costs associated with managing theforeclosure process, building inspections,increased police and fire protection due toarson and vandalism and increased demandfor social services, according to “CollateralDamage: The Municipal Impact of Today’sMortgage Foreclosure Boom,” a 2005 studydone at Harvard University.

Tax sales, which happen each year, pre-vent a loss of property-tax revenue on fore-closed homes, said Bob Keister, LarimerCounty budget director. An investor paysthe delinquent taxes, and the former prop-erty owner has to pay the investor back thatamount plus interest. Government entitieseventually get paid the taxes owed to themfrom foreclosed homes, although later thannormal, Keister said.

A large number of foreclosed homes canbring down the value of homes in neigh-borhoods around them, resulting in wide-

spread loss of property taxes. But thefinance directors for Larimer and Weldcounties say the situation in both countieshasn’t yet reached that point.

In last month’s valuations, some proper-ty values in Weld County went down, most-ly in areas hardest hit by foreclosures —east Greeley, Frederick, Firestone and John-stown, Woodruff said.

Larimer County’s assessed home valueswent up an average of 5 percent to 6 percentsince the last valuation in 2005, Keister said.

Commercial businesses make up a big-ger chunk of the property tax pie than resi-dential properties. That’s one reason localgovernments would feel the crunch muchmore if commercial properties started fore-closing like residential ones have.

School districtsUnder the Public School Finance Act of

1994, the state of Colorado, not local schooldistricts, would have to make up the differ-ence if property-tax revenue to school dis-tricts decreases.

School districts call this “backfilling.”During the past decade, the state has had tobackfill more and more school district bud-gets because of the TABOR and Gallagheramendments, said Dave Montoya, budgetmanager for the Poudre School District inLarimer County.

The amendments require school dis-tricts to decrease their mill levies as proper-ty values increase. Earlier this year the Col-orado legislature passed a mill-levy freeze,which means the school district mill leviesstatewide won’t change next year.

If assessed valuations go up, the mill levyfreeze is estimated to bring in $45 million

additional state revenue for school districtsstatewide, said Vody Herrmann, director ofPublic School Finance for the ColoradoDepartment of Education.

If assessed values go down — and theycould in some counties because of a largenumber of home foreclosures — thenthere will be a property-tax shortfall, andthe state would have to make up the dif-ference.

So far, only the school district in Brightonhas expressed fear to the state about losingproperty-tax revenue, Herrmann said.Brighton is in Adams County, which had thehighest foreclosure rate in Colorado in thefirst quarter of this year, with one foreclosurefor every 98 households.

“It hasn’t really hit us yet to the point wefeel it,” Herrmann said. “The last year or sohas been heavy with foreclosures, so we maysee the impact this fall.”

Counties and citiesIn Weld County, the windfall in tax rev-

enue from the oil and gas industry wouldlikely outweigh any loss on the residentialside, said Don Warden, director of finance.About 27 percent of Weld County’s proper-ty-tax revenue comes from residentialproperties, compared to 41 percent from oiland gas.

Larimer County doesn’t have the samerevenue from oil and gas, but foreclosuresthere haven’t been as numerous as WeldCounty, Keister said.

“A lot of foreclosures have a long-termeconomic effect, but we’re not there,” hesaid.

The city of Fort Collins hasn’t seen animpact from foreclosures, said Mike Free-man, economic advisor to the city. “Ourforeclosures haven’t been anywhere nearwhat Weld County and other parts ofLarimer County have experienced,” he said.

Like Greeley, the city of Loveland hasseen a big decrease in new housing starts.Residential building permits are down 48percent from what was projected for 2007,Krcmarik said. The city has also outsourcedsome of its positions, and it’s not addingany new positions.

But Loveland has seen a boom in com-mercial development, much of it due toMcWhinney Enterprises’ expanding devel-opments on Loveland’s east side.

“We count on new construction for usetaxes and building fees,” Krcmarik said.“We’ve been very lucky that the residentialfallout so far has been offset by a lot of com-mercial development.”

Tax revenue drop has not yet hit public budgetsLocal governmentswaiting to feel effectsof rising foreclosures

By the numbers20 — percentage increase in Larimer and Weldcounty foreclosures in 2007 compared to 2006,predicted by state housing division.41 — percentage drop in Greeley’s sales tax rev-enue derived from building materials in 2006,compared to 2005.724 — number of Greeley building permitsissued in 2005.367 — number of Greeley permits pulled in2006.27 — percentage of Weld County’s property taxrevenue from residential properties.41 — percentage of Weld’s property tax totalfrom oil and gas operations.

SOURCE: BUSINESS REPORT RESEARCH

1996Foreclosures in both Larimer and Weld County begin aslight creep upward. The combined rate for the region

increases 0.1 percent per year until 2001.Prime rate is 8.27 percent; 30-year fixed mortgage rate is

7.80 percent; 1-year ARM, 5.67 percent.

1997High-tech executives top the region's list of highest paid executives.

The state records 19,075 personal and business bankruptcy filings. Thenumber of foreclosures in Weld County — 211 — is slightly higher than

those in Larimer County — 201 — for the first time.Prime rate is 8.44 percent; 30-year fixed mortgage rate is 7.60 per-

cent; 1-year ARM, 5.61 percent.

1998High-tech and manufacturing layoffs begin in Northern

Colorado.Northern Colorado records a total of 490 foreclosures.

Weld County issues 2,476 single-family building permits.Prime rate is 8.35 percent; 30-year fixed mortgage rate

6.94 percent; 1-year ARM 5.58 percent.

1999Office of Trust Supervision resolves final outstanding receiverships of insolvent S&Ls.

Monfort Inc. lays off 354 in Greeley. The number of foreclosures in Weld County continues to surpass those in Larimer County.

Local lenders see subprime borrowers as “an untapped market.”Prime rate is 8 percent; 30-year fixed mortgage rate 7.43 percent 1-year ARM 5.99 percent.


2000Dotcom bubble bursts. Mortgage refinancing accounts for 19 per-

cent of all mortgage originations nationwide. Northern Colorado foreclosure rates approach those of 1980.

Population of Northern Colorado is 432,430.Prime rate is 9.23 percent; 30-year fixed mortgage rate 8.06 per-

cent; 1-year ARM 7.04 percent.

2001Terrorist attacks of Sept. 11. Enron collapses. Interest-only mortgages

are introduced. Homeowners free up $627 billion in home equity — overtwice the amount a decade ago.

Northern Colorado foreclosures top 800 for the first time since 1991.Larimer County issues 4,268 new housing permits.

Prime rate is 6.91 percent; 30-year fixed mortgage rate 6.97 percent; 1-year ARM 5.82 percent.

2002U.S. economy in recession; Northern Colorado continues to lose high-tech and manufacturing jobs.

The state records a record number of personal and business bankrupcties — 25,776.President George W. Bush sets a goal of increasing the number of minority homeowners by at least

5.5 million families by the end of the decade. More than two dozen real estate and mortgagefinance companies pledge to finance more than $1.1 trillion in mortgages for minority purchasers.

Prime rate is 4.67 percent; 30-year fixed mortgage rate 6.54 percent; 1-year ARM 4.62 percent.

2003Mortgage refinancing accounts for 66 percent of all mortgage originations nationwide;

42 percent of total mortgage dollar volume is in adjustable rate mortgages.Weld County foreclosures — 822 — are 10 times their 1995 historic low. In Larimer Coun-ty, 58 percent of the work force is employed by businesses with four or fewer employ-

ees.Prime rate is 4.12 percent; 30-year fixed mortgage rate 5.82 percent; 1-year ARM 3.76

percent.

By Jessica [email protected]

By now we’ve all heard the horror stories.A first-time homebuyer thinks he’s

secured the American dream — until hispayments double or triple and he findshimself in way over his head. He didn’t real-ize the interest rate would change so drasti-cally. He feels he was lied to.

It’s a common — and true — anecdote,but industry experts don’t think it tells thewhole story of why so many homes inNorthern Colorado and around the coun-try are going into foreclosure. While no onedenies the existence of greedy brokers whotake advantage of unsuspecting buyers,people in the industry say borrowers haveto accept their share of blame for gettinginto loans without doing their homework.

“A lot of times the borrower just doesn’tunderstand the loan,” explained RyanMcMaken, community relations directorfor the Colorado Division of Housing.“That could be the fault of the broker fornot sufficiently explaining things, or theborrower hasn’t asked enough questions. Ifthe broker has not explained everything inexcruciating detail, there’s nothing illegalthere. A broker may explain all of thosethings in good faith, but the borrowermight still not understand the loan.

“They’re excited about getting into thehouse. They overestimate what their futureincome is going to be. They assume theirincome is going to grow, that they’re goingto do well,” he continued. “People who weresatisfied they understood the loan, whenthey find they’re in trouble, they come to theconclusion they were deceived. That may ormay not be true. They may have made a baddecision. It’s a problem of information.”

The state conducted a survey of 1,500callers to the Colorado Foreclosure Hotline,a network of nonprofit homeownershipcounseling agencies, between October 2006and March 2007. McMaken thinks the studyoffers insight into the types of loans peopleare foreclosing on, though it is a narrowsampling of people who chose to call thehotline.

Weld leads in volumeWeld County was among the six coun-

ties with the highest volume of calls to thehotline. The survey showed that 75 percentof callers were having problems with a refi-nanced loan. Just 7 percent had fixed-rateloans, and 26 percent didn’t know whattheir loan product was.

The rest were all types of subprimeloans: 18 percent adjustable-rate mort-gages, 13 percent option ARMs with pay-ments so low they don’t cover interest, 16percent interest-only loans that postponerepayment on principal, and 15 percentwere 80/20 loans for which the borrowertakes a second, 20 percent loan to cover thedown-payment on the first.

A Colorado Bankers Association studyreleased in March, the Colorado ForeclosureAnalysis – 2006, showed a similar outcome.Looking at a random sample of 374 homeloans thatentered foreclo-sure last year,the survey firmDevelopmentResearch Part-ners found that77 percent ofhome loans inf o r e c l o s u r ew e r eadjustable-ratemortgages.

Those loans,CBA pointedout, came fromn o n - b a n klenders such asmortgage andfinance compa-nies, home-builders andprivate individ-uals. On aver-age, the home-owners in fore-closure hadtaken their loans out 2.8 years earlier andpaid off just 3 percent of the original loanamount.

Adjustable rate mortgages fall into thebroad category of subprime lending, whichgenerally refers to loans to borrowers whodo not qualify for market interest ratesbecause of problems with their credit histo-ry. It’s not a new phenomenon, but over thelast five or six years guidelines became lessstringent, allowing more people to qualify,said Bronwyn Morrissey, a national accountmanager with PMI Mortgage Insurance Co.in Lakewood who serves on the executivecommittee for the hotline.

‘I’ll get a raise’“A lot of times I think it’s the borrower’s

responsibility,” Morrissey said. “They wantthat house so badly they don’t think aboutthe future. Now their payment is $900. Theydon’t think about when it’s going to be$1,800. A lot of people think, ‘I’ll get a raise,’or ‘I’ll be able to sell it.’ I think borrowerswere taking a lot of risks. But, there are loanofficers who may not have been forthcom-ing.”

Charlotte O’Donnell,community resourcedirector for the ColoradoMortgage Lenders Associ-ation, runs the organiza-tion’s consumer helpline.She’s found time and timeagain that consumersdon’t understand theirloan products. For years,she said, there have beenhomebuyer educationclasses, but they’ve beendirected largely towardfirst-time buyers.

There was an assump-tion that people buying asecond home or refinanc-ing their home for thethird time were knowl-edgeable about the loanproducts, but that hasn’tbeen the case in her expe-rience — particularlywhen she saw that 75 per-cent of people calling thestate hotline were in trou-

ble over a refinanced home.With rates remarkably low in recent

years, the market presented an opportunity.“But not only were consumers not well-informed, they also weren’t making goodmoney decisions,” O’Donnell said. “Yes, youcan access $30,000 against your home, butit’s not a good idea if you plan to sell in afew years or you can’t afford the increasedpayments.”

People were making quick decisions, refi-nancing to get 1 or 2 percent rates and notunderstanding or not worrying about whatwould happen when that rate adjusted.

“What these loans are good for is tempo-

rary relief, a temporary solution,” O’Don-nell said. “These loans are for people whocan manage that and whose situations aregoing to improve in a short time.”

Being in the mortgage insurancebusiness, Morrissey has seen a lot of prob-lems with 100 percent value loans — whenborrowers don’t put any money down. Peo-ple who got into an adjustable rate loanbecause they thought they could sell thehouse and turn a profit before the rateadjusted found themselves in trouble, par-ticularly in Colorado, because there wasn’tthe appreciation seen on the coasts.

Perfect financial stormZachary Urban, director of housing

counseling for Denver-based Brothers

Subprime loans: A failure to communicate fullyMisunderstandingproducts part offoreclosure problem

“People who were satisfied they understood the loan,when they find they’rein trouble, they cometo the conclusion theywere deceived.”Ryan McMaken, community relationsdirector Colorado Division of Housing

Who calls the hotline?

The Colorado Foreclosure Hotline (877-601-HOPE)connects callers with nonprofit agencies acrossthe state to provide counseling to avoid foreclo-sure. The hotline has received about 75 calls eachday since its launch in October.

Callers are encouraged to meet with housingcounselors and prepare a plan for working withthe mortgage company. At least four out of fivecallers who meet with housing counselors avoidforeclosure.

According to a survey earlier this year:n 42 percent of hotline callers were at least 3months delinquent in their payments. n 75 percent had conventional mortgage loansn 5 percent had FHA and VA loansn 20 percent were unsuren 18 percent had adjustable rate mortgagesn 16 percent had interest-only loansn 7 percent had fixed-rate mortgages n 26 percent were unsure

After counseling:n 6 percent brought mortgage currentn 13 percent modified the terms of the mortgagen 15 percent initiated repayment plann 5 percent executed deed-in-lieun 22 percent sold home/pre-foreclosure salen Between 7 percent and 19 percent receivedcounseling but lost their homes to foreclosure

See SUBPRIME, 39

SOURCE: COLORADO FORECLOSURE PREVENTION TASKFORCE



GREELEY — It’s Wednesday morning,and as 10 a.m. approaches in the WeldCounty public trustee’s office, four chairsare arranged in a corner for foreclosure-auction buyers who, on this morning andmany others, never show.

“Sometimes we don’t get anybody or it’smostly what we call lookie-lous,” said SusieVelasquez, Weld’s public trustee since herappointment by Gov. Bill Ritter in March.

Those “lookie-lous” can be owners offoreclosed homes, people facing foreclosureor possible investment buyers. Foreclosuresales are held every Wednesday, and on thisday 43 properties will go back to theirlenders, who generally bid what’s owed onthem.

It’s a scenario that’s repeated week afterweek. Weld County has one of Colorado’shighest incidences of foreclosure, with onein every 124 households at some point inthe foreclosure process.

Through the first quarter of 2007, WeldCounty had nearly 650 foreclosures withonly 17 properties eventually redeemed bytheir owners through missed back pay-ments and penalties paid to the lender, usu-ally through a refinancing. That’s a redemp-tion rate of less than 3 percent.

Third-party buyers sometimes make abid on a foreclosed property. If that is thehighest bid received that day, the investormust come to the trustee’s office later thatsame day with a check and certified fundsto back it up. The homeowner then has 75days to redeem the foreclosed property. Ifthey do not, the investment buyer becomesthe new owner.

But if no one’s interested in the fore-closed property, it goes back to the originallending institution. That’s happening a lotthese days, Velasquez says.

“There’s just not any profit in the fore-closure sales,” she said. “It would take toomuch to fix it up and make a profit on it.”

In most cases, it’s because the homeshave been refinanced to the hilt and have noequity left in them. The money owed onthem is more than their appraised value.

The lending institution then hires a realestate agent to market the property in an

attempt to get as much as possible out of it.It’s at this point that the savvy buyer canstep in and make a killing.

Settling for a lossKathi Williams, director of the Colorado

Division of Housing since 2003 and a formerreal estate agent who once worked with fore-closed property, said a depressed housingmarket like the one currently existing in Col-orado can influence banks and other lendinginstitutions to sell property at $20,000 to$40,000 less than what’s owed on it.

“Their money is tied up and not earninganything, so they’re willing to take the loss,”she said.

Buyers include investors and homebuy-

ers who have researched the property andcan make an offer — sometimes in cash —to the institution, which mostly wants toclear the foreclosed property off its books.

“It depends on what part of the state theproperty is located in, what’s happening inthe neighborhood, what’s happening withlocal property values,” Williams said. “Ifthings look good, they’ll hold onto it for awhile. If not, they’ll take the loss to get ridof it.”

That’s because it’s costing the lendermoney every day to sell the house, maintainit, pay taxes and other expenses. “Banks arevery good at collecting payments but not sogood at owning real estate,” Williams said.

And it’s usually the investors, sometimescalled “house flippers,” who end up makinga tidy profit on a foreclosed house. “Wehave in the industry what we call the bot-tom feeders, who know how to make anextremely good buy,” she said. “They’ll tryto negotiate directly with the owner ifthere’s any equity and, if not, deal directlywith the (lender).”

Williams said flippers routinely canmake profits of 20 percent on foreclosedproperties, and that in the case of somedeals, “they’ll make up to 40 percent prof-it.”

Don’t walk awayWilliams said people facing foreclosure

should always seek help and never walkaway from a property assuming they’ll notface any consequences other than a blackmark on their credit report.

Owners of foreclosed property could besued for losses incurred by their lendinginstitution on the final disposal of the prop-erty, Williams noted. They also face tax lia-bilities for the amount of money written offthe final sale price.

“I think the unfortunate part is even ifthe lender writes off $20,000 to $40,000, itwill get reported to the IRS as a gain and(the former owner) will have to pay tax onit,” she said. “That’s why it’s so importantthat they get in touch with a housing coun-selor or their lender and not just walk away.”

Savvy investors profit buying foreclosure homesResearch, ready cashcan mean big payoffsfor ‘house flippers’

Steve Porter, Northern Colorado Business Report

BACK TO BANK — This house at 342 Hawk's Nest Way in rural Larimer County north of Fort Collins, once owned by Anthony and Crystal Salas, was transferred to the lender,Washington Mutual Bank, for $538,995 when no private bidders appeared at a June 13 public trustee auction.

2004HUD announces $160 million to assist low-income families with mortgage downpay-

ments. Nationwide, 33 percent of all mortgage loans are adjustable rate. In Larimer County, more than 3,000 manufacturing jobs have been lost since 2001.

Prime rate is 4.34 percent; 30-year fixed mortgage rate 5.84 percent; 1-year ARM 3.9percent.

2005Bankruptcy law no longer shields mortgages. Nationally, 35 percent of home mortgages are

interest-only. Homeowners tap the “home ATM” for a record amount of nearly $1.5 trillion; halfof that is spent on non-housing related expenses, including credit-card debt.

Larimer County issues 2,964 new housing permits, a 30 percent drop in four years. Prime rate is 6.19 percent; 30-year fixed mortgage rate 5.86 percent; 1-year ARM 4.49 percent.

2006Weld County is second-fastest growing area in the nation, with 31 percent population increase since 2000.

Nationwide, 25 percent of all mortgages are adjustable rate. Just 10 percent of ARMs in Colorado are delinquent 30 days or more. Home price appreciation in Colorado is 0.1 percent, well above the national average of negative 2.8 percent. Number of single-family

housing permits issued in Northern Colorado lowest since 1997.The state sees a total of 9,254 foreclosure filings. Larimer County records 1,249 foreclosures; Weld County sets a record with 2,056,

over 500 more than the previous year. Weld foreclosure rate of 3.5 percent is a new all-time high, triple its 27-year average.Prime rate is 7.96 percent; 30-year fixed mortgage rate 6.41 percent; 1-year ARM 5.54 percent.

2007Statewide, in the first quarter, 2.6 percent of subprime mortgages are delin-

quent, near the national average of 2.9 percent.Population of Northern Colorado surpasses a half million.

Through the first quarter, Weld and Larimer counties recorded 980 initialforeclosure filings, up 30 percent from first quarter 2006. Nearly 73 percent

of total filings were for homes with original loan values under $200,000. As of June 13, prime rate is 8.25 percent; 30-year fixed mortgage rate 6.74

percent; 1-year ARM 6.06 percent.


of them go. They’ll just walk away from oneof them.”

Trying to hang onSome of the upper-end properties that

lenders have pushed into the foreclosureprocess recently have not been abandoned atall. Monat includes among his listings ahome at 1904 Crested Butte Court in Love-land, near the Namaqua Hills neighborhoodand featuring sweeping views of the FrontRange and the Big Thompson River Valley.

Owners Mark and Laura Montgomeryare striving to remain in their home, hopingto work out a settlement with their lender,even as Monat seeks a buyer who would

come close enough to the $550,000 listingprice to get the couple out of their jam.

Mark Montgomery, who as a customresidential builder constructed his ownhome, wound up with debtors of his own,contractors for whom he had worked onother projects and who had failed to honortheir obligations.

“He couldn’t get paid by those others, sofor Mark it was just a domino effect, all theway down,” Monat said. “It’s a case whereit’s really not his fault at all.”

One of the biggest culprits for upper-end loan defaults is the failed promise ofproperty appreciation that many home-owners had counted on, with Coloradobeing one of the slowest appreciating resi-dential real estate markets in the nationover the past few years.

It’s a bet that homeowners are losing,and one where the stakes are highest at thetop end.

“First of all, we’ve got a lot of people get-ting into these homes with 90 to 95 percentfinancing,” Pettigrew said. “There are abunch of others who have taken out all theirequity for things like landscaping and otherimprovements, or toys. They’re betting onappreciation, and that hasn’t happened herelike it has in other areas of the country.”

While during the past five years thenational home value appreciation rate hasbeen about 55 percent, in Northern Col-orado it has managed a mere 17 percent.

“We’ve had a very, very flat market thepast five years,” Pettigrew said. “People aregetting squeezed, and with no appreciation,it’s tough.”

HIGH-END, from 31 “All they were interested in was theinterest rate. A lot ofpeople get caught upin that, not just thenaïve first-time homebuyer.”Larry Kendall, founder The Group Inc. Real Estate

Larimer County and Weld CountyForeclosure Activity

1990 Through First Quarter 2007

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 1Q06 1Q07

2,200

2,000

1,800

1,600

1,400

1,200

1,000

800

600

400

200

606

383467

341

137244245 202

104 102 110 83

262211201

114150227

360345306275232

822

625628

458478

939

1,155

780

264

2,056

1,249

1,500

492379

601

Numbe

r of

For

eclo

sure

s

Larimer CountyWeld County

SOURCE: THE GENESIS GROUP, SKLD INFORMATION SERVICES LLC

Combined Larimer and Weld County Foreclosure RateForeclosures as a % of Owner-Occupied Homes

1980

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0%

0.7%

1.0%1.1% 1.0%

1.2%1.3%

1.7%

2.1% 2.0%

1.7%

1.3%

1.1%

0.6%0.4%

0.2%0.2%0.3%

0.4%0.5%0.5%0.6%

0.7%

0.9%1.1%

1.5%

1.8%

2.4%

0.6%0.7%

Combined 27 Year Average = 1.0%

1981 1982

1983 1984

1985 1986

1987 1988

1989 1990

19911992

19931994

19951996

19971998

19992000

20012002

20032004

20052006

1Q 2006

1Q 2007

SOURCE: THE GENESIS GROUP, SKLD INFORMATION SERVICES LLC; COLORADO DEMOGRAPHY OFFICE; U.S. DEPARTMENT OF COMMERCE, CENSUSBUREAU; ESRI


Traditionalists, for whom the word“soup” is inextricably connected to theword “sandwich,” will be pleased to learnthat Spoons Soups &Salads in Fort Collinsnow offers four flat-bread sandwiches.Chef Tom Stoner hasfor some time beentoying with the ideaof adding sandwichesto the menu, but thetime finally seemedright. It’s summer.

“We needed tofind a way to make afresh sandwich veryquickly,” he said. “So we use whole grainpita flatbread, which is a little thicker thana pocket, prepare it open face and thenfold it over.”

The sandwich menu features BBQpulled pork, herb-roasted chicken, lemon-pepper salmon roasted in house and gar-den veggie with roasted peppers and egg-plant. Each comes with fixings from one ofthe signature salads.

“We suggest the chicken with Caesarand the salmon with the farmer’s marketsalad,” he said. “For the pulled pork wemake a marinated slaw relish. We’ve had amarvelous response to it.”

Stoner added that the sandwiches are anice size ($3.50 for one), making it possi-ble to eat one with a cup of soup or salad(for an additional $2.95) and not feelstuffed.

“Our customers have confidence thatwe make everything fresh every day,” hesaid. “Some have even decided that soupmakes a good meal year round.”

Other news from Spoons: Melissa Brit-ton has been promoted to general manag-er.

“She opened the Lory Student Centerlocation for us,” Stoner said. “We need hertalent as we grow.”

Somi’s goes bistroQuicker than you can say Jack Robinson

(a man who paid such brief visits toacquaintances that there was scarcely timeto announce his arrival before he haddeparted), Jay Stoner had leased the spacevacated by Somi’s II on Harmony toChantal and Jean Martini.

“We had quite a list that wanted to be inthat space, and so we took a little time tointerview those who were interested,” Ston-er said. “Jean and Chantal were both soexcited and passionate about getting backto creating fine food, they were the obvi-ous choice for the location.”

The new restaurant’s name, The Savoy

Brasserie, recalls the name of the Martinis’successful fine dining establishment —The Savoy — that they opened in 1992 inBerthoud and closed 13 years later, plan-ning to retire. The new place, a brasserie,will be informal in the French style.

For inquiring minds, the word“brasserie” comes from the French word“brasser,” to brew, as in a brewpub. Theword “bistro” arrived in France when theRussians occupied France after theNapoleonic wars. Russian soldiers wantedtheir food, “Quick! Bistro!” Brasserie andbistro are often used interchangeably.

Tropical cravingsOn the off chance that you do not have

the $1,000 handy to hop on a plane tosatisfy an unexpected craving for lau-lauand haupia on the Big Island, you’re stillin luck. Juliet and Andy Higa have givenlau-lau a permanent place on the menufor Okole Maluna Hawaiian Grill inWindsor.

The word lau-lau means “many leaves.”This all-in-one Hawaiian meal, the kaukauat the big luau, features meat or fish — inthis case the pulled pork that Andy Higa

Summer means sandwiches to go with soups and saladsSpoons expands freshmenu to include fourflatbread selections

STEPPING OUTJane D. Albritton

Tom Hacker, Northern Colorado Business Report

SANDWICH MAN — Tom Stoner, owner and chef at Spoons Soups & Salads in Old Town Fort Collins, hoists two ofhis new creations, a barbecue pork sandwich and a chicken Caesar variety.

See STEPPING OUT, 43


Redevelopment Inc., sees the foreclosurecrisis as stemming from a perfect storm offactors: poor financial education at the highschool level, increased availability of sub-prime loans, an industry that had yet to fig-ure out how to use these loans, and borrow-ers getting into loans they didn’t read orunderstand.

And while he doesn’t think predatorylending is responsible for the largest shareof foreclosures, Urban does acknowledgethat the market in recent years createdopportunities for abuse.

“In its basic element, (subprime lend-ing) is not a bad thing because of theopportunity it gives for someone with less-than-perfect credit to obtain a mortgage,”he said.

But with those types of loans, the borrow-er is in a subservient position to the mortgagelender because they have less-than-perfectcredit. Brokers can take advantage of that,giving inappropriate loans because theymake a higher commission off them.

“Some of the activities investigators arebringing to the (Colorado State Board ofReal Estate Appraisers) are directly relatedto appraisals,” Urban said. “Of course, theappraisal industry is being pulled on fromall sides, by all the different players in atransaction, to reach the number. There’sthe term ‘friendly appraiser.’ That suggeststhe appraiser is being friendly by reachingthe number the broker suggests will get thedeal done.”

When that number is inflated, the bor-rower is in trouble from the start — owingmore than the home is worth.

Recent changes to Colorado law willmake it easier for the state to crack down onillegal behavior, and even spells out for theindustry what is unethical. For example,Senate Bill 85 protects appraisers fromundue influence from other parties in atransaction. SB-203 requires that mortgagebrokers be licensed, which means brokerswill at least have to pass a background check.HB-1322, the Mortgage Fraud PreventionAct, further reiterates that all parties mustprovide true and accurate information.

Going forward, Urban says the hardestpart of stemming foreclosures is going to beconsumer education.

Wave continues to rollFor now, it doesn’t look like the wave of

foreclosures will be stopping anytime soon.The Division of Housing report for the firstquarter of 2007 shows that the number offilings is still increasing. With 9,254 filings

thus far, a 25 percent increase is expectedfrom last year and a 110 percent increasesince 2003.

Across the state, McMaken said theworst places for foreclosures are wherethere’s a lot of new home building. There’sso much on the market right now that it’sdifficult to sell existing houses.

Thus, counties along the Front Range —Adams, Weld, Arapahoe, Denver, and Pueblo— have the most significant foreclosureactivity. In Weld County, one in 124 house-holds are in foreclosure, a rate surpassedonly by Adams County with one in 98.Larimer County posted a rate of 1 in 275.

The good news is that the ColoradoForeclosure Hotline has helped more than8,000 homeowners avoid the word “foreclo-sure” being put on their credit report,though many still had to leave their homes.McMaken urges anyone getting behind onmortgage payments — or who is unsureabout the terms of the loan — to contact ahousing counselor right away.

In addition to counseling borrowerswho call the CMLA hotline, O’Donnellcontacts the companies and brokers thoseborrowers worked with when there arecomplaints so they address their communi-cation failings. She said some loan officershave started incorporating their own check-lists of information for clients to read andunderstand.

“It’s always good business for thelender/broker to do their best to make surethe customer is well-informed,” she said.

“In its basic element,sub-prime lending isnot a bad thingbecause of the oppor-tunity it gives forsomeone with less-than-perfect credit toobtain a mortgage.”Zachary Urban, director of housingcounseling Brothers Redevelopment Inc.

SUBPRIME, from 35

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cut the fruit leather into strips resemblingfettuccine noodles, and Azari Fruit Prod-ucts LLC was ready to go. But the productitself didn’t have a name.

Part of the research included attending aJune 2000 food conference in Grand Junc-tion, where Loran and Azari met WesternSlope fruit growers and bought severalblocks of frozen apricots. Driving home,they encountered snow on Vail Pass.

Loran was worried about the road con-ditions — and, as a true entrepreneur, theirmarketing. She imagined the headlines ifthey were to get into an accident and becrushed by the apricot blocks.

“We won’t have a name and we’ll bedead,” she said. This frenzy of thinking ledher to combine “fruit” and “noodles” into

Froodles. Both the name and the car sur-vived the trip back to Fort Collins.

Until Froodles launched in 2003, bothLoran and Azari returned to their previousjobs to support the company.

“We had to find a way to make thisbusiness efficient and financially practical,”Loran said.

Once the product was on the market, itwas a hit. It was a consumer products final-ist in the Northern Colorado BusinessReport’s IQ Awards its first year, and thecompany was supporting itself by the endof its second year.

Now in its fifth year, the company is run-ning about 70 percent of capacity and plansto be at capacity by the end of the year. In2006, Azari Fruit Products used more than10,000 pounds of apples and more than2,000 pounds of specialty fruits like cherriesand peaches. Those quantities producedabout 20,000 bags of Froodles, produced bypart-time employees in a specially builtkitchen addition to Loran’s house in FortCollins. One of the production workers isformer Fort Collins mayor Ann Azari —Paul’s wife and Vicky’s mother.

Crawl before you walkThe question is how Froodles will grow

from here.“Building a business like this from the

start is like raising a child,” Loran said. “(It)can’t walk before it can crawl. It has to havea lot of support and a lot of time. Therewards don’t come back right away.”

Up until now, Loran’s goal was to provethat Froodles was a product that would sell.

Loran targeted a number of specialtymarkets, including outdoor adventure, kids,gift baskets and weddings. Froodles — nowin 13 flavors with names like Perfect Pearand Peachy Keen — sell for around $5 for athree-ounce bag.

Jax Outdoor Gear in Fort Collins sellsFroodles, said Bill Greenlee, kitchenwaremanager. “People usually grab two to threebags at a time for trips,” he said. “Theemployees love them.”

Greenlee sees one or two new food prod-ucts per month, but few have been as suc-cessful as Froodles. It’s made locally, thename is interesting, and it’s great for skiing,camping and hiking, he said.

“They continue to fly out of here,” hesaid.

Once Froodles was in Northern Col-orado stores, distributors began calling.

What Raytheon Polar Services in Denverneeded to find was a healthy, dehydratedfruit that could be eaten at 80 degreesbelow. Not only that, but the fruit had towithstand drastic temperature changes dur-ing shipping to Antarctica. After extensivetesting, Froodles got the go-ahead and nowscientists at McMurdo Station snack on it,Loran said.

Another wholesale distributor, Windsor-based Front Range Enterprises, signed ontwo years ago. Owner Kelley Hoime said shewas already taking sunscreen and lip balmto ski shops and novelty gift shops up in themountains and thought Froodles wouldmake a nice complement.

“Parents really like it because it’s a healthyoption beyond Clif or Luna bars, which tendto give kids a stomachache,” she said.

Azari Fruit Products purchases eitherunsprayed fruit or that treated with Envi-ronmental Protection Agency approvedsprays, Loran explained. The snacks alsocontain a tiny amount of citric acid andartificial preservatives to prevent food-borne illness and retard spoilage.

Another appeal of Froodles is the Col-orado Proud designation. The companyuses 100 percent Colorado apples andabout 75 percent of the total product ismade from Colorado fruit.

“(Tourists) love that it’s from Colorado,”Hoime said. “Foreign travelers love to takethem back.”

Locals love the Colorado Proud label,too, according to Wendy Lee White, Mar-keting Specialist, Colorado Department ofAgriculture. A recent survey by thedepartment showed that while 62 percentof state residents are familiar with theColorado Proud logo, a whopping 92 per-cent would buy more Colorado productsif they were available and identified asbeing from Colorado.

Froodles also have some limited out-of-state distribution, according to its Web site.

Demand requires decisionsAbout a year and a half ago, Hoime

signed a contract to provide Froodles toSunflower Farmers Market’s Fort Collinsstore. In March, Hoime finalized a deal todistribute to the whole chain of 13 stores.That will take Froodles from 120 bags everysix weeks at the Fort Collins store to asmany as 4,500 bags for the whole Boulder-based chain for a year.

That’s just the type of partnership acompany like Azari Fruit Products wouldneed to do to grow to the next level, saidDawn Thilmany, professor of agricultureeconomics at Colorado State University.

“I call it the adolescence of companies. Itis a struggle,” she said. “(Growing) is prettyhard to do without partnering with some-one who has a lot more muscle.”

One type of partnership for Azari FruitProducts might look like what HorizonDairy of Boulder did. The organic milk pro-ducer found processing plants in differentplaces around the country that were willingto let the company use their facilities oneday a week and had some distribution linesin place. That takes compromising and rela-tionship building, Thilmany said.

Or Froodles could follow the path ofGerard’s Bakery of Longmont. Wheatprocessors formed a cooperative, then con-tracted with Quizno’s Subs to provide theirbread. Quizno’s already had many systemsin place to help Gerard’s meet the demand,Thilmany explained.

Azari Fruit Products could also considerentering into a different niche market, suchas youth fund-raisers, she suggested.

Loran said Froodles has had interestfrom some big retailers and wholesalers,and that has brought the snack-maker to acrossroads.

“Though that’s exciting, can I providethe quantity and still provide to theaccounts we’ve had all these years?” sheasked.

Loran will spend this year researchingand evaluating possibilities, such aswhether she’s the right person to guide theexpansion or if Froodles should be sold.

“We’ve just scratched the surface,” shesaid.“We have to grow to make a substantialprofit.”

FROODLES, from 15

Azari Fruit ProductsLLC

Founded: 2003Management: Paul Azari, founder; Vicky Loran,

business managerHeadquarters: Fort CollinsProduct/Service: Manufactures and sells Froodles

fruit snacks.Employees: 6Web: www.froodles.com


“I call it the adolescence of companies. It isa struggle.”Dawn Thilmany, professor of agriculture economics Colorado State University


By Jane [email protected]

Fish swimming in aquariums — salt,brackish or fresh — have an instant calm-ing effect on otherwise fidgety humans, aproperty long exploited by medical officesand hospital waiting rooms. Poudre ValleyHospital, for example, maintains six largetanks; the Women’s Clinic of Fort Collinskeeps two, one at kid level.

Until recently, most businesses and hob-byists stuck to freshwater tanks because ofthe expense and difficulty of maintainingthe saltwater versions. Advances in waterfiltration, the farm-raising of both fish andcoral and the availability of cleaning andmaintenance services now have tanks pop-ping up in all kinds of enterprises, frombanks to bars.

“Our aquarium is fascinating to peopleof all ages,” said Dawn Lang, customer ser-vice associate for Capital West NationalBank near Harmony and Timberline roads

in Fort Collins. “Kids will sit and watchNemo and Dory, and people from the CoalCreek Coffee shop next door just come in tolook at the fish.”

The bank’s tank falls in the category of“garden” aquarium, with live coral and liveanemone, as opposed to the “pet” tankwhere the entire focus is on the fish.

“We have to feed little shrimp to theanemone three times a week,” Lang said.“The anemone has split a couple of times.They move around a lot more than Ithought.”

John Garnett, manager of AnimalAttraction in Greeley, who maintains theCapital West tank, explained that anemonehave a sticky foot they use to move aroundand then anchor to a place they like.

“But they’re tricky,” he said. “Sometimesthey decide they like the back of the tankwhere no one can see them. The tank atCapital West works because it is glass allaround.”

Unlike banks, bars have not always beenparticularly suitable sites for healthy aquar-iums. However, the change in Coloradosmoking laws that has made bars more hos-pitable locations for humans who maydrink like fish has also made life better forfish themselves.

“Since the air in bars became smoke-free, they are better candidates for settingup aquariums,” said Laurie Wiedeman, whoowns Bobby’s Fish in Fort Collins with herhusband Bobby. “The puffer fish at Pappy’sCorner Pub has a great personality. Hecomes right up and looks at you with his

NoCo’s Age of Aquarium

Big fish tanks go overswimmingly in offices,lobbies, even pubs


FOUND HIM — Children — and adults — can be captivated searching a large aquarium for a very special little fish,which is why more local businesses are including such water features in their customer service areas.

See AQUARIUMS, 42


big eyes. The kids love it, and if we don’tfind fingerprints on the glass, we wonderwhat’s gone wrong.”

Weideman has for years also maintainedthe two tanks at the office for Dale Carlson,owner of Pappy’s, located in Poudre ValleyPlaza at Horsetooth Road and ShieldsStreet, and Carlson Investment and Man-agement. She sees to it that the tanks arekept healthy and clean so that the saltwatertangs, grouper, puffer and the famousHawaiian humuhumunukunukuapuaa aswell as the fresh water cichlids can enjoylife.

Not so tropicalWhile most large professionally main-

tained aquariums in Northern Coloradohave been created for maximum exotic aes-thetic appeal, the freshwater tank in MartinLind’s corporate offices at Water Valley inWindsor operates on a more local set ofprinciples.

“We caught those fish right off the deckhere, “ Lind said. “If they don’t take to thetank, we return them to the lake. We rotatenew ones in regularly.”

Lind explained that he thought it wouldbe a good idea for potential buyers to have alook at what is below the surface of hisnamesake water feature: crappie (that’s pro-nounced “croppie”), bass, catfish and

bluegill swimming amongst the golf balls,drivers and putters lost or tossed in the“lake.” Unlike the inhabitants of more gen-teel aquariums, Lind’s wild bunch main-tains its edge by eating their meals live —crawdads and goldfish are favorites — andsometimes each other.

“I put a little bluegill in there, and thebass ate it,” Lind said. “He swam aroundwith the tail sticking out of his mouth for acouple of days. They don’t call them large-mouth bass for nothing.”

Whether local lake or reef-like, thedynamics of an aquarium are endlesslyinteresting to watch. In Lind’s tank, whilethe catfish sulked at the bottom, the crappiewith their speckled golden bellies cruised in

unison as the hungry bass sized up thesmallest of the three to see if by some mira-cle a fish twice his size might fit into his bigmouth.

At Capital West Bank, Lang noted thatevery time she looks at the tank she seessomething new.

“At first the blue starfish was a little shy,now it is coming out more,” she said.

Over at Carlson’s office, the tang, oncenumber two to the aging puffer, gave him-self a promotion.

“He has suddenly become very active,”said Wiedeman. “The puffer was the domi-nant fish, but she was 9 years old and wehad to remove her or risk crashing theentire tank.”

AQUARIUMS, from 41


FISHY BUSINESS — Large fish tanks are an increasingly popular amenity in Northern Colorado workplaces. The offices of Water Valley in Windsor feature a freshwater aquarium designed to mimic the bottom of the manmade lakethat gives the area its name; the denizens seem to enjoy watching developer Martin Lind at his desk. Customers of Capital West Bank in Fort Collins make their transactions within the glow of the saltwater tank filled with tropicalfish as well as an assortment of corals.


prepares himself — wrapped in lu’au ortaro leaves first, then in ti leaves for steam-ing. While some restaurants make do withspinach in place of the lu’au leaves, theHigas decided to stick with the traditionalfor this dish, often reserved for specialoccasions because the preparation requiresso many steps.

“We ship in the taro leaves from the BigIsland,” Juliet Higa said. “With our pork,lau-lau has become very popular here inWindsor.”

For those in a vegetarian frame ofmind, no worries. The Higas also recentlyadded udon — thick, firm Japanese noo-dles made from wheat flour salt and water— to the menu. A vegetarian udon dishcomes with tofu. Delicious. And don’t for-get the haupia, the coconut dream dessert.

Chimney Park hosts fund-raiserIt is not too early to sign up for the

fourth annual fund-raiser for Chefs forStudents, a not-for-profit organizationdedicated to giving back to the future ofthe culinary industry. In Colorado, theeight-course extravaganza (think ChipotleBarbecued Squab Tamale with CilantroCream or Chile Oil Asian Fennel Slaw onBlue Crab and Ginger Sauce) is hosted byChimney Park Bistro in Windsor.

In addition to host Chef Florian Wehrli,three local chefs — Jay Witlin, Jay’s Bistro,Fort Collins; Ernie Post, Columbine Café,Fort Collins, and Evey Post, Chimney Park

Bistro —will be joining the roster of chefsfrom Colorado and across the country.

The event will be held at the ChimneyPark Bistro on July 31. For further infor-mation, go to www.chimneypark.com orcall (970) 686-1477.

Powerful informationSquare-foot for square-foot, restaurants

rank among the most energy-intensivecommercial spaces. According to a Califor-nia-based organization, Flex Your Power,not only the cooking equipment gobblesenergy. The heating, cooling, lighting andsanitation (11 separate cost items in a dish-washer alone) all contribute to energy coststhat nibble away at already slender profitmargins. For more information on how toscale back energy costs, check out theGreen Restaurant Association’s Web site.

STEPPING OUT, from 38

ON THE WEBFor more information on some of the businessesand organizations mentioned in this story, visitthese Web sites:

Spoons Soups & Salads, www.espoons.comOkole Maluna Hawaiian Grill, www.hawaiian-grill.comChefs for Students, www.chefs4students.orgChimney Park Bistro, www.chimneypark.comFlex Your Power, www.fypower.orgGreen Restaurant Association, www.dinegreen.com

Jamie Carlson, Dale’s daughter, missesthe puffer who used to spit water out of thetank just for fun and once filled it up withtens of thousands of little bubble-sizedeggs.

“It’s sure quiet around here now thatPuffy’s gone,” she said.

Keep it cleanRemoving dying fish is one part of what

a maintenance company tends to, butmaintaining the water quality is the num-ber one job.

“Recent innovations in filtration haveencouraged maintaining reef aquariums asa hobby,” Garnett said. “The (Capital West)bank’s system uses what is called a‘refugium’ chamber. In the sump tank wecan grow a kind of algae that absorbs wastefrom the tank and constantly produces oxy-gen. It alleviates some of the pH swings inthe tank. “

Garnett and Wiedeman also insure theirtanks contain a congenial — and manage-able — piscatorial community. As OgdenNash quipped: The trouble with a kitten isthat eventually it becomes a cat. And someof the cutest little three- to four-inch longbaby South American cichlids grow up to

be anywhere from 18 inches to 30 inches oftank-trashing fish.

“I won’t sell baby red devils, oscars andpacus anymore because they get so big thatpeople won’t keep them for their life term,”Wiedeman said.

She added that every hobbyist shouldconsider the full-grown size and longevityof fish to include in a community tank.

“A baby batfish looks like a cute littleangel fish, but it grows up to be huge,” shesaid. “And eels, puffers and lionfish live longlives.”

Garnett suggested that anyone interestedin making an aquarium part of home orbusiness décor get lots of advice on choos-ing the right tank, fish and filtration system.

The good news for those who like theidea of keeping pets that do not shed, barkor shred furniture — but who simply donot have time to keep the algae at bay — isthat the cost for cleaning a large (anywherefrom 40 to 200 gallons) fresh or saltwatertank costs between $45 and $55 per hour.

“It’s wonderful,” said Betty Aris, officemanager for Carlson Investment. “All youhave to do is enjoy it.”

And watch the humuhumunukunukua-puaa go swimming by.


GARDEN VARIETY — Live coral and anemone included with tropical fish in a saltwater tank, such as this one atCapital West Bank, places it in the “garden” category, while “pet” tanks focus almost entirely on the fish.

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to 10 years ago, but they are at a huge disad-vantage — people don’t usually travel-shopby brand, they shop by location. They’relooking for the best value to get to and stayin a particular location, and in most caseshave little brand loyalty. It seems that fortravel at least, we really need a middleman.

Still, disintermediation is well underway in many ways, and ways that youmight not have thought of. Another little-considered but powerful disintermediator?Craigslist (www.craigslist.com). This clas-sified-ad site has subsites in 450 citiesaround the world, from Buenos Aires,Argentina, to Ho Chi Minh City, Vietnam(admittedly the Vietnamese Garage Salecategory is a little sparse).

I’ve experimented with a little disinter-mediation recently via Craigslist. First, mycar. I had a problem with my Volvo. Now, Ilove this vehicle. Not because it’s a com-fortable, or powerful, or classy vehicle —because it’s none of those things. It’s a1986 station wagon, with almost 200,000miles on it, and it rattles like, well, a vehi-cle with almost 200,000 miles on it. I loveit because it just amazes me. It just seemsto keep going, and going, and going. Whatan amazing machine. Still, it’s not perfect.Did I mention it has 200,000 miles on it?

When the mechanic at my regulargarage told me it would cost around $600to fix some of the rattling up front, natu-rally I thought: “Disintermediate them!”Let’s face it, love has its limits, and $600 isbeyond my limit for a car with a couple ofhundred thousand miles on it.

So, I went home and ordered the parts Ineeded online through a Volvo specialist;they cost $113, saving me a considerablesum right there by cutting out the middle-

man. Instead of going from the manufac-turer to a distributor to the garage to me,they went from the manufacturer to a dis-tributor/retailer to me.

Next, I jumped onto Craigslist and intothe Automotive Services section, where Ifound a bunch of mechanics intent on dis-intermediating the garages they used towork for (or, in some cases, the garagesthey still work for). Instead of a mechanicselling his services to a garage, whichwould then sell his services to you aftermarking them up, the mechanic can sellhis services to you directly, at a muchlower cost. And in many cases the mechan-ic will come to you (depending on the typeof work required). I haven’t yet had thework done, but I will, and I’m beginningto wonder why I haven’t been doing thisfor years! How many vacations could Ihave had on the money I saved?

My son has been using Craigslistrecently, too. He’s been looking for sum-mer work, looking in Jobs section, and lastweekend he found someone needing helpwith the yard work for a day. He was wellpaid for his work, too.

Was this disintermediation? I’m notsure, but it certainly made the connectionbetween the person with a need and theperson with the time available much easier(perhaps there were no kids in his neigh-borhood to do the yard work).

And that’s really what disintermediationis all about, removing the friction thatslows commerce, and providing peoplewith services to provide — like mechanicsand my son — more ways to reach peoplewho need those services.

Peter Kent is an e-commerce consultantin Denver. He can be reached atwww.PeterKentConsulting.com [email protected].


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Business Report file photo

SORTING XY — XY Inc. President and CEO Mervyn Jacobson, pictured here in a 2003 photo with a sex-selectedfilly named Carrot, sold all of his shares in the Fort Collins-based bioscience company in May.

XY first acquired shares in early November— picking up more than 3.2 million ordi-nary shares.

Jacobson was out of the country and notable to return calls for comment prior tothe publication of this story. XY spokes-woman Melissa Katsimpalis said that Jacob-son no longer serves as president and CEO,but is currently assisting the company in aconsulting role.

Share prices fallGenetic Technologies trades on the Aus-

tralian exchange, ASX, as GTG and on Nas-daq as GENE. From September throughNovember, when XY picked up its largestchunk of Genetic Technologies shares, thestock was trading on ASX for an average of35 cents Australian. Following announce-ment of the inquiry, the stock took a tum-ble and is now trading at around 16 centsper share.

In all, XY holds 3,610,700 ordinaryshares and 2,887 American DepositoryReceipts, which are equivalent to 86,610ordinary shares. A report filed with ASICstated that the shares “held by XY Inc. areno longer associated with Dr. Jacobson as aconsequence of Dr. Jacobson selling hisholdings in XY Inc.” It went on to state thatthe transaction did not involve the sale ofany Genetic Technologies stock.

The future of XY remains a mystery.Maurice Rosenstein, CEO of GeneticResources International, was unavailablefor comment. However, there is speculationthat Genetic Resources could move some orall of XY’s operations to Texas.

XY has made international headlineswith its sex-sorting technology. Using acell-sorting mechanism, XY can predeter-mine sex in non-human mammals. Themethod has been commonly used in thelivestock industry, but also proven indomestic house pets and exotic mammals.

XY formed in 1996 out of research doneat Colorado State University and a partner-ship with Fort Collins company Cytoma-tion Inc. — now known as Dako.

CSURF assigns patentsThe company had another major share-

holder change last year. In September, XYbought back its shares held by the ColoradoState University Research Foundation.CSURF is the not-for-profit organizationthat handles CSU’s patent licensing andresearch funding efforts.

At the same time, CSURF assigned morethan 140 patents to XY that the companyand the university jointly developed duringthe past 10 years.

“XY Inc. is now 10 years old and hasgrown up, and it’s time for XY to graduateas a fully matured commercial enterprise,”said CSURF CEO Kathleen Henry in an XYnewsletter. “This exchange of patents isgood for XY, for CSURF and for CSU.”

Henry did not return a call for commentbefore publication of this story.

The two transactions, selling of theshares and signing over of the patents,probably were not related events, accordingto George Seidel, a distinguished professorin CSU’s Department of Biomedical Sci-ences.

“I had a lot to do with starting the com-pany on behalf of the Colorado State Uni-versity Research Foundation,” he said.

Seidel held the honorary title of directorof science but was never employed by thecompany. Early in the company’s opera-tions, Seidel did much of the sex selectionresearch but has not had a research contractwith it for about five years.

Seidel said the sale of Jacobson’s shares isa “huge thing” for the company and the bigquestion is whether or not XY will continueto operate in Fort Collins now that themajority owner is out-of-state.

He said even if the company does moveit would be possible for it to continue tocontract research to CSU, as it has contract-ed with universities across the country formany years. However, he added that thereare certain services that would be difficultto perform if there were a great geographi-cal distance between the university and thecompany.

Seidel feels that the collaborationbetween CSU and XY will not cease to existunder the new ownership, especially sincethere is still room for continued researchinto the technology.

“Great improvements have been madewith that technology since 1995,” he said,but added that it is still not mature.

XY, from 3

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7:30 a.m. Registration and continental breakfast

8 a.m. Session One

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9:15 a.m. Session Two

Health-care cost drivers and solutions?fn�`j�k_\�[\dXe[�Xe[�jlggcp�f]�kiXè\[�_\Xck_$ZXi\�nfib\ij�X]]\Zkè^�_\Xck_$ZXi\�Zfjkj�è��:fcfiX[f6�N_Xk�`j�k_\�Zlii\ek�j`klXk`fe�Xe[�n_Xk�\]]\Zk�[f\j�`k�_Xm\�fe�Yljè\jj\j6��Fli��jg\Xb\ij�n`cc�cffb�Xk�n_Xk�`j�_Xgg\eè^�i`^_k�efn�Xe[�k_\�gifYc\dj�k_Xk�Xi\�Xi`jè^#��k_\e�n`cc�f]]\i�]`m\�kffcYfo�jfclk`fej�kf�k_fj\�m\ip�gifYc\dj%�GXe\c`jkj�èZcl[\�DXikp�9XZ_dXe#��G_;#�I%E%#�=ifek�IXe^\�:fddle`kp�:fcc\^\2�Mì^è`X�<e^c\ik#�N\cc�:`kp�@e`k`Xk`m\2�Jl\�:XigXi\cc`#:\ek\i�]fi�Elijè^�<oZ\cc\eZ\2�DXib�NXccXZ\#�D%;%#�N\c[�:flekp�;\gXikd\ek�f]�GlYc`Z�?\Xck_

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11:45 a.m. Keynote luncheon with Steve Summer, president of The Colorado Hospital Association.

Health-Care Heroes Awards

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(patient) budget,” he said.

No siphoning seen yetThe new hospital was expected to siphon

away a portion of PVH’s in-patientbusiness, but that hasn’t yet happened.Kevin Unger, PVH president and CEO, saidPVH as of June 12 was 6.2 percent above itspatient projections.

“We just haven’t seenthe business leaving,which is a very goodproblem for us to have,”Unger said. “People havehad good experienceshere and they’re stayinghere.”

Hayes said MCR andPVH, when combined,are running about 8 per-cent ahead of projections at this point.

While that’s a goodthing, it was hoped that adrop in business afterMCR opened would helpPVH complete some ren-ovations on its east FortCollins campus. A newmedical office buildingand parking structurewere among improve-ments scheduled to getunder way in 2007. But with a full house,that will be a little more difficult than orig-inally envisioned, Unger said.

“We’re going to need to look at our long-term plan and see what kinds of moves wecan do to enhance the campus while still see-ing these numbers of patients,” he said.“Witha hospital, you can’t just shut your doors.”

Fortunately, Unger noted, the two sisterhospitals can work together to handle thepatient load and shift staff between the twolocations to help deal with the situation.

“We certainly view MCR and PVH as a

system and if we’re bumping up againstcapacity, we can send staff back and forth,”he said.

McKee admissions upRick Sutton, CEO of McKee Medical

Center in Loveland, said the opening ofMCR just a few miles to the east has notdiminished McKee’s patient volume. Suttonsaid total admissions at McKee throughApril 30 were 2,148 — substantially abovethe 1,897 admitted during the same periodin 2006.

“That’s a significant jump,” he said.“Surg-eries have gone up 11 percent over the sameperiod last year and deliveries are up, too.”

Sutton said McKee plans to double thenumber of its OB-GYN doctors from fourto eight by the end of 2007. “We know thegroup we had was backed way out and weplan to add enough physicians to retrievethat market share.”

Sutton said he’s focusing on what’s hap-pening at McKee and not what’s happeningacross town. “We have stayed focused onMcKee and executing our strategy, and forus in 2007 our volumes continue to growevery month,” he said. “We continue to pickup market share, our patient satisfaction is

high and we have no problem gettingstaffing. Purposefully we have stayedfocused just on McKee.”

Sutton said the only noticeable impactMCR has had on McKee has been in heartsurgeries — one of MCR’s specialties.

“I think MCR has touted themselves as atrauma and cardiology facility,” he said.“Did we feel an effect on our cardiology?Yes. But we never touted ourselves as that tobegin with. We have seen some cardiologybusiness move out there but that wasexpected.”

Cardiology, trauma lead MCR’s Hayes said the new hospital’s car-

diology department has indeed been aboon. “For MCR as a full-service hospital,the cardiac piece has been a significant draw,but we’ve seen a decent amount of generalmedical surgical and OB as well,” he said.

Hayes said MCR’s trauma and cardiolo-gy specialties have so far accounted forabout 50 percent of the services being pro-vided at the hospital in its early months ofoperation.

That includes a substantial amount ofpatient business coming from nearby statesand through MCR’s partnership withRegional West Medical Center, a Scottsbluff,Neb., hospital that has a 12 percent owner-ship in MCR.

That partnership “is working out excel-lently,” Hayes said. “Our cardiologists arevisiting there every day and seeking patientsand referring them to us for surgery, so thatrelationship has gone extremely well.”

Was there any surprise in opening abrand new hospital and getting it up andrunning?

Just how smoothly it’s gone so far, saidHayes, who was involved in the opening ofa new hospital in Kansas City several yearsago.

“You learn a lot from going through theprocess,” he said. “And obviously, havingstaff move over from PVH made for a muchsmoother transition as well.”


UNGER

SUTTON

SOURCE: INDIVIDUAL HOSPITALS

Everybody’s busyMedical Center of the Rockies and McKee MedicalCenter reported high admissions during the firsthalf of this year; Poudre Valley Hospital is ahead ofwhere it was expected to be.

(Feb. 14- (Feb. 14-May 31, 2007) May 31, 2006)

Poudre Valley 5,330 5,977 Hospital

Medical Center 1,137 N/Aof the Rockies

McKee Medical Center* 2,038 1,963 * Figures for Feb. 1-May 31.

MCR, from 1

Mountain will do about $8 million inbusiness within five years, is no longer atthe helm.

“I realized I’d grown the businessbeyond me,” he said. “I had good peoplemanaging the herd and taking care of thefinancials and the marketing, but I was outof my depth.”

In late 2006, Tim Overlie, previouslywith Wild Oats Markets Inc., became chiefexecutive of Haystack Mountain. “Heknows cheeses, and he has a long historywith the natural foods world,” Schott said.

Although he no longer has day-to-daymanagement responsibilities, Schott con-tinues as chairman — a role he said he islearning on the job.

Haystack Mountain is raising $600,000in private funding to support its expansion.The new dairy, to be located near the inter-section of 63rd Street and Oxford Road,requires considerable capital. A local bankwill provide a loan for the debt portion ofthe funding.

Local natural foods experts are fundingas well as advising Haystack Mountain,according to Schott. “The investors believein what we do,” he said. “They’re not look-ing for a quick return on their money.”

The minimum equity investment is$20,000.

Organic operationBoth the new facility and its products

will be organic. The new dairy “will have aslittle impact on the land as possible,”according to Overlie.

The company plans to compost solidwaste from the goats, perhaps also sellingorganic fertilizer as a secondary product.“Waste and wastewater will not leave theproperty,” Overlie said.

Like cows, goats produce methane gas,which many think contributes to globalwarming. Haystack Mountain is investigat-ing use of a methane digester that woulddivert that energy to fuel the creamery’sboiler.

The creamery will have a rooftop photo-voltaic system to tap enough solar energy toproduce half of the electricity it needs.Solar energy will also heat water at theplant.

At the new dairy, Haystack Mountainplans to continue to produce farmsteadcheese, which the American Cheese Societydefines as products “made with milk fromthe farmer’s own herd … on the farmwhere the animals are raised.”

As part of its expansion plans, the com-pany anticipates buying milk from othersustainable goat farms in the region. Over-lie said he wants to inspire the formation ofnatural and organic goat dairies in adjacentWeld and Larimer counties.

What Haystack Mountain is doing “canbe replicated elsewhere, though not inBoulder County because of the cost ofland,” Overlie said.

Haystack Mountain produces a range ofcheeses, some based on raw milk from itsown herd. Others use “gently pasteurized”milk that may come from other herds. Pas-teurization, which involves heating themilk, destroys enzymes. That makes someof the more complex cheese flavors impos-sible, Overlie said.

At normal breeding rates, the HaystackMountain herd will produce more goatsthan the firm needs for cheese production.The excess, according to Overlie, will begrass-fed and sold as organic meat forhuman consumption. In the U.S., growingHispanic, Muslim, Caribbean and Chinesepopulations are raising the demand forgoat meat.

Despite all of the changes, HaystackMountain adheres to certain traditions. Itwill continue naming each goat born on theproperty. It will also continue to welcomevisitors. The new dairy, Overlie said, willoffer better facilities for viewing and inter-acting with the goats.

Finally, in introducing its Oklahoma-produced Gouda to Colorado, HaystackMountain will return to its roots. Within afew weeks, shoppers at farmers’ markets herewill be able to sample Haystack Mountain’snew “Artisanal Oklahoma Goat Cheese.”

Haystack MountainGoat Dairy Inc.

Founded: : 1989, incorporated 1995 Management: Jim Schott, founder and chairman;

Tim Overlie, CEO; Chuck Hellmer, chief financialofficer

Headquarters: LongmontProduct/Service: Goat dairy.Employees: 25Web: www.haystackgoatcheese.com


HAYSTACK, from 2


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AgriHouse’s many projects includedevelopment of an aeroponic food-growingsystem that needs no soil and uses minimalwater and an all-natural product calledBeyond that boosts plant growth and sur-vivability.

Stoner said the Sg-1000 has the potentialto be one of the company’s biggest prod-ucts, once it gets through the patentingprocess and an easy-to-use device is avail-able for sale. “This is really plants talking topeople — it’s just that simple,” he said.

NSF grant will help launchAgriHouse recently received a $150,000

grant from the National Science Founda-tion to develop the technology, which itoptioned through a licensing agreementwith CU’s technology transfer office.

Kate Tallman, a spokeswoman for thetechnology transfer office, said CU andAgriHouse were able to reach an agreementon any profits that might ultimately be real-ized from Seelig’s invention. Tallman saidshe could not divulge the details of theagreement but noted that the company thattakes on the challenge of bringing a tech-nology to the marketplace always gets thelion’s share of the royalties.

Of the university’s royalties, Tallmansaid 28 percent goes to the researcher and25 percent goes to the researcher’s laborato-ry as long as he or she is connected to theuniversity.

Tallman said the licensing agreementreached with AgriHouse is a good one forall parties. “It’s really great in this particularcase because it would be difficult to developthis further without a company like Agri-House that can take it to the prototypestage,” she said.

Seelig, the device’s inventor, said thetechnology is based on its ability to measurethe thickness of plant leaves. “If leavesdehydrate, the thickness of leaves goesdown drastically and it’s a good indicationof water stress,” he said.

Seelig, who received a $10,000 proof-of-concept grant last year from CU to supportcommercialization of the technology, isworking with AgriHouse to fine-tune thedevice. Ultimately, Seelig said, the sensorswill clip onto plant leaves and send a wire-

less signal from sites throughout the field.The signals could be connected to an Inter-net site, he said, allowing remote monitor-ing and watering.

Precision farming toolSeelig said the device fits in with “preci-

sion farming” practices that aim to mini-mize the use of water, fertilizer, herbicidesand other crop inputs by applying onlywhat is needed. With agriculture usingabout 40 percent of the fresh water con-sumed in America, Seelig said the devicecould yield incredible savings, especially inwater-crunched Colorado.

“You can save enormous amounts ofwater by utilizing this technique,” he said.“(Farmers) only need a fraction of what’sbeing used, but they don’t have the feed-back they need to do that,” he said.

Stoner said the device has been patentpending since March and is “probably twoto three years from getting a patent. I expectit’ll be a year and a half before we hear any-thing, but we’re first in line,” he said.

Stoner said one possible early applica-tion may be in lowering the cost of cornproduction and thereby the cost of ethanol.“Ethanol has been criticized for its wateruse, but if we can start reducing the waterthat’s used to grow corn we can makeethanol more affordable,” he said.

Stoner said the device may launch hismodest company, founded in 1992, intoanother level of profitability.

“It’s so important for a small company tostay in business and ride out the highs andlows of business,” he said.“AgriHouse is real-ly poised to take off. We’ve always seen our-selves as a technology leader in this field.”

“This is really plantstalking to people — it’sjust that simple.”Richard Stoner, founder and president AgriHouse Inc.

LEAF, from 3

landowner who has been underpaid byPDC. He has asked the court to allow himto file a class-action lawsuit on behalf ofother unnamed plaintiffs.

“We’re trying to get it certified as a classaction,” Witwer said.“Otherwise, it’s just hiscase.”

Witwer said he did not know how muchPDC owed Droegemueller or others whomay be included in a class action. He saidthe amount would be determined in court.

PDC has not yet filed a response to thelawsuit. Tom Riley, PDC president, said com-pany attorneys are working on a response buthe said PDC disputes the allegations.

“Basically, we’re denying the claimbecause we have been paying the royaltiesand have been a good citizen of WeldCounty,” he said.

Riley said PDC began drilling wells inthe Wattenberg Field region of Colorado in2001 and has since drilled between 1,000and 1,100 wells, mostly in Weld County. Hesaid the Droegemueller lawsuit is the firstthat has been filed against the companysince it came to Colorado.

PDC got its start in West Virginia andnow has operations in several Midwesternand Rocky Mountain states, including

Wyoming, North Dakota, Michigan andNebraska. As of Dec. 31, the company had3,101 producing oil and gas wells with 231new wells drilled in 2006. PDC declaredreserves of 279 billion cubic feet of naturalgas and 7.3 million barrels of oil as of Dec.31 and net income of $237.8 million in2006.

Riley said he’s disappointed by the law-suit. “We try very hard to be a good corpo-rate citizen in Colorado and we’re certainlyof the opinion that we pay all of our royal-ties,” he said.

Don Warden, Weld County director offinance and administration, said incomefrom oil and gas operations make up a largeportion of the county’s budget. “Oil and gasassessed value is 41 percent of the total —it’s significant,” he said.

That doesn’t include money that goes tolocal school districts, he noted. “In somesmall districts, it could be up to 90 percentof their property tax amounts.”

The lawsuit accuses PDC of breach ofcontract with royalty owners, breach ofimplied marketing covenant and unjustenrichment and seeks a jury trial in thematter.

Witwer said no court date has yet beenset. “We’re waiting for (PDC’s) answer andthat will determine what comes next,” hesaid.

OIL, from 3


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PRODUCTIONProduction ManagerBernie [email protected]

Art DirectorChad [email protected]

Creative DirectorJames [email protected]

ADMINISTRATIONAccountingCindy [email protected]

Office ManagerRhonda [email protected]

I.T. DirectorChris [email protected]

CIRCULATIONCirculation ManagerRene [email protected]

Circulation ConsultantJoe [email protected]

CONTRIBUTING WRITERS & PHOTOGRAPHERSMichael D. Wailes, Jessica Centers, Erin Hotten-stein, Matt Olson, Jane Albritton, Anne CummingRice, Luanne Kadlub

NorthernColorado

BUSINESSREPORT

Let NoCo votersdecide region’stransit fund future

EDITORIAL&COMMENTARYE D I T O R I A L

At the Northern Colorado Business Report’spress time, city councils throughout the regionwere preparing to visit, or revisit, the questionof whether to let voters decide on a sales tax tosupport a Regional Transportation Authority.

We think the Fort Collins City Councilwhiffed when, in a non-voting work session,the barest majority of members expressedtheir preference to deny voters that choice. Theissue was back on the agenda for Tuesday’sregular, public, session. We were hoping, as theBusiness Report headed to press, that Greeley’scouncil, also meeting on Tuesday, would notfollow Fort Collins’ lead.

The Fort Collins council majority raisedthe “fiscal responsibility” banner to justifytheir vote, saying a .58-cent increase in region-al sales tax, an amount designed to raise $631million over 10 years in participating commu-nities, was too big a burden for city taxpayersto bear.

We’re skeptical of the council majority’sexpressed motives, and suggest that the pro-posed tax increase might find greater favorwith voters in a general election. A reasonableincrease in regional sales tax — equal to 58cents on a $100 purchase — would still leavethe city of Fort Collins well below the nation-al average in terms of what residents pay intaxes to state, county and municipal jurisdic-tions.

The current 6.7 percent sales tax in FortCollins is exactly equal to what the averagesales tax was in 1982 across communitiesnationwide. In fact, should the tax rise to 7.28percent as the RTA proposal calls for, the localsales tax would fall just below the nationalaverage for the year 1986. In our minds, that ishardly too big a bite for taxpayers.

The need for a funding source to pay forNorthern Colorado transportation and transitprojects is clear enough for all to see. State andfederal officials have put communitiesthroughout Colorado on notice that if theywant solutions to transportation problems,self-reliance is the key. The money from anyother source is simply not there.

But the project list is long, ranging fromoverhauls of clogged interchanges strungalong Interstate 25 to expansion of regionalcollector routes to take pressure off primaryroads. The top 24 projects identified by theNorth Front Range Metropolitan PlanningOrganization include those with the broadestregional benefits, reflecting the current patternof commuter demographics that has evolvedover the past couple of decades.

Voters regionwide, rather than the moreparochial memberships of individual citycouncils, should decide the issue. If thosecouncils fail to provide that choice, we hope acitizen drive will put the matter on Novem-ber’s ballot.

Record-setting foreclosures have becomethe norm in Northern Colorado, with WeldCounty topping many lists over the past yearor so in terms of fore-closures per capita.

As the numbers con-tinue their torrid pace,homeowners, mortgagebrokers, bankers,appraisers, governmentofficials — you name it— seek to place blameelsewhere for the highdefault rates.

But, as our reportersand editors demonstratein the “ForeclosureSqueeze” stories in thisedition of the Northern Colorado BusinessReport, each of those groups must shareresponsibility for the abandoned propertiesand the tumbleweeds that accompany them.

So great is the problem in our region thatnational media have glommed onto thestory. CNN broadcast a series of reportsfrom Greeley and southeastern Weld Coun-ty. The Los Angeles Times reported on theissue. All seek an answer to the question:Why has this happened?

The answer is complex. Many homeown-ers treated their house as a third source ofincome, with home-equity loans supple-menting salaries in dual-earning households.In many cases, homeowners obtained mort-gages in amounts in excess of the value of

the home itself, making them unable to sellthe home today.

Each should have exercised greater cau-tion in reading their mortgages, and in esti-mating their ability to make higher pay-ments as adjustable-rate mortgages kickedin.

Bankers, too, may have been too aggres-sive in approving loans, as they battled it outfor market share in one of the nation’s mostcompetitive banking markets.

Mortgage brokers and appraisers alsoplayed a part, in some cases through fraudu-lent appraisals designed to get the loanapproved, at all costs. Recent changes in Col-orado law, highlighted in the article by Kris-ten Tatti, should help address that problemin the future.

And that brings to light an atmospherethat had prevailed for years in state govern-ment, one that discouraged regulation of themortgage industry. Those politicians whofought against tightening mortgage laws andregulation of the mortgage industry them-selves bear some responsibility for the loss ofhomes.

Today, as foreclosed properties drag downhome values and depress the residentialmarket, all parties can look in the mirrorand know that they must share in the blame.

Christopher Wood can be reached at (970)221-5400 or via e-mail at [email protected] his blog, Woody’s World, atwww.ncbr.com.

Plenty of blame to go aroundamid the foreclosure frenzy

PUBLISHER’SNOTEBOOKChristopher Wood

On the road with Fort Collins City Council 2010

HealthCare Summit hot topic

Editor’s note: The sixth annual NCBRHealthCare Summit will take place on June26, 7:30 a.m. to 1:30 p.m, at the Hilton FortCollins. Go to www.ncbr.com and click on“events” for more information.

I received your e-mail, “Insurance cover-age discussion is part of sixth annualHealthCare Summit,” which begins:“Should Colorado move to a mandatedhealth-care system? A single-payer system?Or should Colorado continue with theongoing free-market system?”

EXCUSE ME!There is no “ongoing free-market sys-

tem.” The current system is a highly regulat-ed, government (and industry) controlledsystem. A true free-market system is thebest solution.

Dan NibbelinkBerthoud

POLL COMMENTSAt www.ncbr.com, you can not only vote

on our current poll question, you can alsoleave additional comments.

Are roundabouts the best solution for busyintersections?

After filling out your survey regardingsales tax for transportation improvements(I’ll give a penny if that’s where it reallygoes), I was redirected to a survey regardingtraffic circles. I know a lot about traffic cir-cles, as I have lived in both American andEuropean cities where they are used suc-cessfully.

Traffic circles are great if they are usedcorrectly. First of all, traffic going into thecircle should have the right of way. That’swhat keeps it moving.

But most important, a traffic circle mustbe round enough to accommodate both thespeed and volume of incoming traffic andthe uninterrupted flow of the traffic alreadyin the circle. Otherwise forget them alto-gether.

If you have to slow down to 20 mphfrom 45mph, or even 30 mph, to negotiatea circle then what you have is a problem,not the least of which will be aggravatedmotorists. An example of such a problem isthe ones west of I-25 from Crossroads toMCR. Those are not circles, those are hin-drances.

Michael PattersonWindsor

We experienced them in England, andafter you got used to them they reallyworked.

Eliza CarneyFort Collins

Equally if not more important is the factthat roundabouts are a much safer solution.I would stop short of saying they are bestfor all intersections but they should defi-nitely be considered.

Dick LefflerLongmont

I don’t think regressing 50 years servesany of us — except the recent graduates oftraffic engineering seminars. “High-speed”circles were a useful precursor to cloverleaf

interchanges, but the low-speed variety nowemployed merely allows for wrecks to occurat lower speeds.

Michael SmilieFort Collins

Roundabouts are fine when they are onelane, but my experience in Washington,D.C. of trying to get off and quit driving incircles makes me leery of roundabouts as asolution to the relatively minor traffic issueswe have here.

Michele ParishGreeley

They work fine when there is one lane oftraffic from each direction. More educationis needed for multi-lane roundabouts. Inparticular, drivers need to use turn signals.Better signage is needed for entry and exitroutes.

Dan NibbelinkBerthoud

How do you feel about the proposed railtransfer center south of Fort Lupton?

It should do wonderful things to boostthe economy for the region and clog thehighway and rail systems. There should be asurcharge associated with it to ensure trans-portation upgrades are paid for.

Doug AndersenFort Collins

I think it’s a great move for NorthernColorado. It brings jobs, tax dollars, andspurs growth in housing, food, and discre-tionary expenses at a time we’ve seen thebig corporations outsource manufacturingand tech service jobs to China and India.

Paul MarkusFort Collins


LETTERS TO THE EDITOR

NCBR poll watchAre roundabouts the best solution for busyintersections?

Yes, they keep vehicles moving.

15%

15%

36%

Yes, but start converting smallerintersections first.

Perhaps when more drivers understand them.

These results reflect responses to the online pollat www.ncbr.com June 4 through June 18.

Next question:What's to blame for the foreclosure crisis?

Answer now at www.ncbr.com. Responses will beaccepted through July 2.

Bankers apply for new charter in F.C.

Kristen S. Bastian

[email protected]

FORT COLLINS — Ready or

not, Fort Collins is getting another

bank. Not just a branch, but a new

state charter.

Banking veteran Gerard Naleznyb th

merce Bank.

“This is going to be a local bank

with a local board, local investors

and local decisions,” Nalezny said.

“The intent is to have a broad-based

local investment group.”

This is the antithesis of Nalezny’s

San Francisco-based Bank of the

West’s parent company BancWest

Corporation acquired Community

First Bankshares Inc. in a $1.2 bil-

lion transaction that concluded in

November. The transition from

Community First National Banked in

Bank of the West to start the new

bank. He said a commitment and

close tie to the community would

be the foundation of Fort Collins

Commerce Bank.

“There is tremendous opportuni-

ty to provide a high-touch, relation-

ship-based banking experience to

people in Fort Collins,” Kross said.

“We intend to be an integral part of

this community and that means we

e our loan decisions her

$ 1Feb 4-10, 2005

Vol. 10, No. 10www.ncbr.com

Hospitalspy wars

‘Competitiveintelligence:’Let’s get toknow oneanother

Page 10

Ex-Community First duo to lead start-up

NEWSOak Street getsfunky features

Fort Collins plazagoes with whimsy

in new designPage 2

Business unusual:

Non-profits go retail

in ventures to prop up

shrinking donations

Page 5

SPECIALREPORTS

will do more than get you in theknow about Northern

Colorado— When you subscribeto the leader in business

coverage you’ll also receive a

$50.00gift certificate to the

Hidden away on Canyon Ave.in Old Town Fort Collins

o Yes! I want the 3-yearsubscription offer (78 issues) at

$129.97. Upon receipt ofpayment I will receive a giftcertificate for dining at the

Canyon Chop House

Name

Title

Company

Address

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Phone

Email

Payment methodo Check o MasterCard o Visa o Am Express

Card# Exp.

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Mail or Fax form to:Northern Colorado Business Report

POST OFFICE BOX 1399, FORT COLLINS, CO. 80522ph: 970.221.5400 fax: 970.221.5432

Prepaid orders only. We accept payment by check,money order, Visa, MasterCard or American Express.

One year = 26 issues subscription rate $49.97Three years=78 issues subscription rate $129.97

33%

No, you're just stuck in a circle instead ofstuck at a light.


BANKRUPTCIES

Applications for bankruptcy protection are filedwith the U.S. Bankruptcy Court in Denver. Chapter 7denotes filings made for liquidation. Chapter 11 indi-cates filings for reorganization. Chapter 13 indi-cates filings that enable petitioners to pay off theircreditors over three to five years.

LARIMER PETITIONER: BARBARA THERESA WALTERS, 3106N. FRANKLIN AVE., LOVELAND, CO 80538. CASE NO.:2007-15096. DATE: 05/18/2007. CHAPTER: 7

PETITIONER: BREANNA RENEE WENCK, 2809 SAGECREEK ROAD, FORT COLLINS, CO 80528. CASE NO.:2007-14884. DATE: 05/14/2007. CHAPTER: 7

PETITIONER: CHRISTINE KELLAMNARDONE, 5613GABRIEL DRIVE, LOVELAND, CO 80538. CASE NO.:2007-15099. DATE: 05/18/2007. CHAPTER: 7

PETITIONER: CHRISTINE LYN PREBLE, 3440 WIND-MILL DRIVE, #32, FORT COLLINS, CO 80526. CASE NO.:2007-15026. DATE: 05/17/2007. CHAPTER: 7

PETITIONER: DEBRA HIGHFILL, 4470 S. LEMAYAVE., FORT COLLINS, CO 80525. CASE NO.: 2007-14866.DATE: 05/11/2007. CHAPTER: 7

PETITIONER: DEBRA JOANNE MILLER, 614 S. OVER-LAND TRAIL, FORT COLLINS, CO 80521. CASE NO.:2007-14715. DATE: 05/09/2007. CHAPTER: 13

PETITIONER: DELBERTA JEAN DUNLAP, 1601N.COLLEGE AVE. LOT 225, FORT COLLINS, CO 80524.CASE NO.: 2007-15118. DATE: 05/18/2007. CHAPTER: 7

PETITIONER: DONALD CHARLES BROWN JR., 2400W. LARIMER COUNTY ROAD 54G, FORT COLLINS, CO80524. CASE NO.: 2007-14946. DATE: 05/15/2007.CHAPTER: 13

PETITIONER: EDMOND J. ASTE, P.O. BOX 891,BERTHOUD, CO 80513. CASE NO.: 2007-15087. DATE:05/18/2007. CHAPTER: 7

PETITIONER: ERIC RALPH MEENEGHAN, 2905 DOU-BLETREE DRIVE, FORT COLLINS, CO 80521. CASE NO.:2007-14887. DATE: 05/14/2007. CHAPTER: 13

PETITIONER: GEORGE PAUL BROWN JR., 2918SOMBRERO LANE, FORT COLLINS, CO 80525. CASE NO.:2007-15091. DATE: 05/18/2007. CHAPTER: 7

PETITIONER: HELEN P. SKELTON, 518 REDWOODCIRCLE, BERTHOUD, CO 80513. CASE NO.: 2007-15094.DATE: 05/18/2007. CHAPTER: 7

PETITIONER: JAMES CHARLES BUTZEK, 302 PEY-TON DRIVE, FORT COLLINS, CO 80525. CASE NO.: 2007-14753. DATE: 05/09/2007. CHAPTER: 13

PETITIONER: JENNIFER MARY WATTS, 3604 BUCK-SKIN TRAIL, LAPORTE, CO 80535. CASE NO.: 2007-14747. DATE: 05/09/2007. CHAPTER: 7

PETITIONER: JIM LEO BROWN, 4710 SWAINSONADRIVE, LOVELAND, CO 80537. CASE NO.: 2007-15006.DATE: 05/17/2007. CHAPTER: 7

PETITIONER: JOEL GARCIA, 411 RUBY DRIVE, FORTCOLLINS, CO 80525. CASE NO.: 2007-15124. DATE:05/18/2007. CHAPTER: 7

PETITIONER: JOSHUA DANIEL REESER, 1927 FOS-SIL CREEK PARKWAY, FORT COLLINS, CO 80528. CASENO.: 2007-14945. DATE: 05/15/2007. CHAPTER: 7

PETITIONER: JULIE B. JOHNSON TAYLOR, 8205OTIS COURT, FORT COLLINS, CO 80528. CASE NO.:2007-14962. DATE: 05/15/2007. CHAPTER: 13

PETITIONER: KENDALL D. BROWN, 911 GILGALADWAY, FORT COLLINS, CO 80526. CASE NO.: 2007-14952.DATE: 05/15/2007. CHAPTER: 7

PETITIONER: LEE ANN MCCLUNG, 6504 CONSTEL-LATION DRIVE, FORT COLLINS, CO 80525. CASE NO.:2007-14852. DATE: 05/11/2007. CHAPTER: 7

PETITIONER: MASAKAZU SUZUKI, 2025 N.COLLEGEAVE., FORT COLLINS, CO 80524. CASE NO.: 2007-14712.DATE: 05/09/2007. CHAPTER: 7

PETITIONER: MICHAEL E. FRESQUEZ, 3007 BOWIEAVE., FORT COLLINS, CO 80526. CASE NO.: 2007-14722.DATE: 05/09/2007. CHAPTER: 7

PETITIONER: PATRICIA JOAN GALLEGOS, 13133 N.LARIMERCOUNTY ROAD 11, WELLINGTON, CO 80549.CASE NO.: 2007-14743. DATE: 05/09/2007. CHAPTER: 7

PETITIONER: PATRICIA MAE WHALEYMAUER, 1121GARD PLACE, APT. 3, LOVELAND, CO 80537. CASE NO.:2007-15126. DATE: 05/18/2007. CHAPTER: 7

PETITIONER: RONALD G. TRENT, 697 N. IMPALADRIVE, FORT COLLINS, CO 80521. CASE NO.: 2007-14723. DATE: 05/09/2007. CHAPTER: 7

PETITIONER: SERAFIM DEMETRIOS SOFIAS, 4772VALLEY OAK DRIVE, LOVELAND, CO 80538. CASE NO.:2007-14880. DATE: 05/12/2007. CHAPTER: 13

PETITIONER: SHELLY RENE SAND, 1620 MAIDENGRASS DRIVE, LOVELAND, CO 80537. CASE NO.: 2007-14850. DATE: 05/11/2007. CHAPTER: 7

PETITIONER: STEPHEN FRANK JOHNSON, 8801RIST CANYON ROAD, BELLVUE, CO 80512. CASE NO.:2007-14970. DATE: 05/16/2007. CHAPTER: 13

PETITIONER: WILLIAM GEORGE PORTOUW, 4409UPHAMCOURT, FORT COLLINS, CO 80526. CASE NO.:2007-14835. DATE: 05/10/2007. CHAPTER: 7

PETITIONER: YVONNE L. EMERINE, P.O. BOX 1234,WELLINGTON, CO 80549. CASE NO.: 2007-15030. DATE:05/17/2007. CHAPTER: 7

WELD PETITIONER: AMY KRISTIN COLLINS BROWN, 3307LAGUNA ST., GREELEY, CO 80634. CASE NO.: 2007-14862. DATE: 05/11/2007. CHAPTER: 7

PETITIONER: ARTHUR E. PRICE, 1342 S. HARVETERDRIVE, MILLIKEN, CO 80543. CASE NO.: 2007-14891.DATE: 05/14/2007. CHAPTER: 7

PETITIONER: BRYAN LEE TOWSLEY, 5488 DRAKEST., FREDERICK, CO 80504. CASE NO.: 2007-14740.DATE: 05/09/2007. CHAPTER: 7

PETITIONER: CARRIE ANN HARRIS, 6231 E. 122NDDRIVE, BRIGHTON, CO 80602. CASE NO.: 2007-15058.DATE: 05/17/2007. CHAPTER: 7

PETITIONER: CATHERINE ANN SUPPES, 110 BEA-CON WAY, WINDSOR, CO 80550. CASE NO.: 2007-14971.DATE: 05/16/2007. CHAPTER: 7

PETITIONER: CHAUNCEY W. PETTS, 981 COLUMBINEDRIVE, WINDSOR, CO 80550. CASE NO.: 2007-14903.DATE: 05/14/2007. CHAPTER: 7

PETITIONER: CHRISTINE A. SLATE, 2301 BLACKDUCK AVE., JOHNSTOWN, CO 80534. CASE NO.: 2007-14728. DATE: 05/09/2007. CHAPTER: 7

PETITIONER: COLBY A. PRINGLE, 4416 W. SECONDST., GREELEY, CO 80634. CASE NO.: 2007-15086. DATE:05/18/2007. CHAPTER: 7

PETITIONER: DANIEL L. WAGER, 92 N. SIXTH AVE.,BRIGHTON, CO 80601. CASE NO.: 2007-14713. DATE:05/09/2007. CHAPTER: 7

PETITIONER: DAVID B. STASINSKI, 16493 BURGHL-EYCOURT, PLATTEVILLE, CO 80651. CASE NO.: 2007-14966. DATE: 05/15/2007. CHAPTER: 7

PETITIONER: DEBARAH LYNN SCHNEIDER, 313 11THST., GREELEY, CO 80631. CASE NO.: 2007-15122. DATE:05/18/2007. CHAPTER: 7

PETITIONER: DENNIS DALE BAKER, 1328 PARKRIDGE DRIVE, EATON, CO 80615. CASE NO.: 2007-15081.DATE: 05/18/2007. CHAPTER: 7

PETITIONER: DONALD D. GEORGE, P.O. BOX 152,MEAD, CO 80547. CASE NO.: 2007-14873. DATE:05/11/2007. CHAPTER: 7

PETITIONER: EARL G. GRAY, 4114 BOULDER ST.,EVANS, CO 80620. CASE NO.: 2007-14975. DATE:05/16/2007. CHAPTER: 7

PETITIONER: JAMES EDWARD FINKELSTEIN, 437LILAC AVE., EATON, CO 80615. CASE NO.: 2007-14841.DATE: 05/11/2007. CHAPTER: 7

PETITIONER: JOHN EDWARD MALTBY, 4027 28THAVE., EVANS, CO 80620. CASE NO.: 2007-14839. DATE:05/11/2007. CHAPTER: 7

PETITIONER: JOHN ERIC ENGDAHL, 490 STEVENSCIRCLE, PLATTEVILLE, CO 80651. CASE NO.: 2007-14849. DATE: 05/11/2007. CHAPTER: 7

PETITIONER: KARINE PAULINE LOVI, P.O. BOX 312,FIRESTONE, CO 80520. CASE NO.: 2007-14904. DATE:05/14/2007. CHAPTER: 7

PETITIONER: LEE ANTHONY THEISEN, 6131 VALLEYVISTA AVE., FIRESTONE, CO 80504. CASE NO.: 2007-15125. DATE: 05/18/2007. CHAPTER: 7

PETITIONER: MARK E. HOWE, 260 N. NINTH AVE.,BRIGHTON, CO 80601. CASE NO.: 2007-15028. DATE:05/17/2007. CHAPTER: 7

PETITIONER: MARWAN I. YASIN, 3928 24TH AVE.,EVANS, CO 80620. CASE NO.: 2007-15059. DATE:05/17/2007. CHAPTER: 7

PETITIONER: REBECCA R. JOHNSON, P.O. BOX 231,AULT, CO 80610. CASE NO.: 2007-14868. DATE:05/11/2007. CHAPTER: 7

PETITIONER: RICHARD HAYDEN JOHNSON, 2000SHORELINECOURT, WINDSOR, CO 80550. CASE NO.:2007-15109. DATE: 05/18/2007. CHAPTER: 7

PETITIONER: RICHARD N. OLIVER, 1635 WAG-ONWHEEL DRIVE, FORT LUPTON, CO 80621. CASE NO.:2007-15135. DATE: 05/18/2007. CHAPTER: 7

PETITIONER: ROBERT WILLIAM HEWITT, 35 S. 18THAVE., #6, BRIGHTON, CO 80601. CASE NO.: 2007-14996.DATE: 05/16/2007. CHAPTER: 13

PETITIONER: RONNIE LEE LOPEZ, 1407 SIXTH ST.,FORT LUPTON, CO 80621. CASE NO.: 2007-15134. DATE:05/18/2007. CHAPTER: 7

PETITIONER: TERRI LEE COLLINS BROWN, 3307LAGUNA ST., GREELEY, CO 80634. CASE NO.: 2007-14859. DATE: 05/11/2007. CHAPTER: 7

FORECLOSURES

This section includes notices of election anddemand filed by creditors alleging default on adebt. Foreclosures are not final until a PublicTrustee’s Deed has been issued. Included are theborrower, property address, lender, amount anddate filed.

LARIMERBORROWER: CATHRYN SINGSAAS & JOGRIMLAND, 4203 PEACH TREE COURT, LOVELAND, .CO 80538-2360. LEGAL DESCRIPTION SUGARLOAF ESTTHIRD SUB PUD; LOT 6 BLK 2. LENDER: CITIGROUPGLOBAL MARKETS REALT. AMOUNT DUE: $206,843CASE NO.: 2006-75753. DATE: 05/17/2007

BORROWER: CONSTANCE B. & WILLIAM M. GEE,3410 BANYAN AVE., LOVELAND, . CO 80538-8322.LEGAL DESCRIPTION SUNSET AC 11TH ADD; LOT 4 BLK5. LENDER: WELLS FARGO BANK. AMOUNT DUE:$183,337 CASE NO.: 2004-12508. DATE: 05/17/2007

BORROWER: CRAIG S. & MARY A. SMOOT, 3036INDIGO CIRCLE N., FORT COLLINS, . CO 80528-9596.LEGAL DESCRIPTION WILD WOOD FARM SECOND FLGPUD; LOT 14. LENDER: NEW FRONTIER BANK. AMOUNTDUE: $25,000 CASE NO.: 2004-103088. DATE:05/04/2007

BORROWER: CURT A. GRAMBERG, 3315 GOLDENEAGLE DRIVE, LOVELAND, . CO 80537-2521. LEGALDESCRIPTION EAGLE CREST SUB; LOT 1. LENDER:WASHINGTON MUTUAL BANK. AMOUNT DUE: $531,613CASE NO.: 2004-40476. DATE: 05/04/2007

BORROWER: DARRICK L. WHITE, 4436 STARFLOWERDRIVE, FORT COLLINS, . CO 80526-3534. LEGALDESCRIPTION WOODLANDS PUD THIRD FLG; LOT 4 BLK2. LENDER: DEUTSCHE BANK NATIONAL TRUST CO..AMOUNT DUE: $148,619 CASE NO.: 2006-28640. DATE:05/04/2007

BORROWER: DAVID S. JR. & DAWN M. GARCIA,3466 SAM HOUSTON CIRCLE, FORT COLLINS, . CO80526-2533. LEGAL DESCRIPTION WAGON WHEEL FLG2; LOT 1 BLK 14. LENDER: AURORA LANE SERVICES LLC.AMOUNT DUE: $197,595 CASE NO.: 2005-54641. DATE:05/04/2007

BORROWER: DAVID TOBIAS, 6947 N. LARIMERCOUNTY ROAD 21, FORT COLLINS, . CO 80524. LEGALDESCRIPTION 0001E Section 5 T8N-R69W. LENDER:WACHOVIA BANK NA TRUSTEE. AMOUNT DUE:$209,531 CASE NO.: 2004-94445. DATE: 05/04/2007

BORROWER: DEBORAH STOUGHTON, 2503 W.LARIMER COUNTY ROAD 14, LOVELAND, . CO 80537-9014. LEGAL DESCRIPTION 3013 Section 34 T5N-R69W.LENDER: WELLS FARGO BANK. AMOUNT DUE: $246,694CASE NO.: 2005-64572. DATE: 05/14/2007

BORROWER: DONALD D. & MARLENE F. QUAT-TROCCHI, 2520 ESTRELLA AVE., LOVELAND, . CO80538-3050. LEGAL DESCRIPTION PARK HILL THIRDADDITION; LOT 16 BLK 2. LENDER: BANK NEW YORK.AMOUNT DUE: $179,379 CASE NO.: 2005-81374. DATE:05/17/2007

BORROWER: EDWARD K. & MERRY I. WRIGHT, 25WOLF DRIVE, DRAKE, . CO 80515. LEGAL DESCRIPTIONCEDAR SPRINGS EST FLG 3 FIRST AMD; LOT 1 BLK 2B.LENDER: GMAC MORTGAGE LLC. AMOUNT DUE:$219,969 CASE NO.: 2005-28080. DATE: 05/15/2007

BORROWER: ERIC M. JOHNSON, 4733 OVERHILLDRIVE, FORT COLLINS, . CO 80526-4592. LEGALDESCRIPTION HORSETOOTH LAKE EST; LOT 260.LENDER: DEUTSCHE BANK NATIONAL TRUST CO..AMOUNT DUE: $160,196 CASE NO.: 2005-44284. DATE:05/14/2007

BORROWER: FRANCISCO J. & MARTHA E. DELGA-DO, 6720 BEVERLY GLEN LANE, FORT COLLINS, . CO80525-6993. LEGAL DESCRIPTION PROVINCETOWNEFLG 2; LOT 154. LENDER: WASHINGTON MUTUAL BANK.AMOUNT DUE: $171,283 CASE NO.: 2004-23617. DATE:05/15/2007

BORROWER: GABRIEL C. & GREGORIO OLAGUE,2719 ALAN ST., FORT COLLINS, . CO 80524-3610. LEGALDESCRIPTION COUNTRYSIDE PK PH 1 & 2 AMD; LOT 26.LENDER: GMAC MORTGAGE LLC. AMOUNT DUE:$158,955 CASE NO.: 2003-88130. DATE: 05/04/2007

BORROWER: GARETH P. & RADEAN K. MYNATT,1424 ANTERO DRIVE, LOVELAND, . CO 80538-2420.LEGAL DESCRIPTION LOVELAND COUNTRY CLUB SEC-OND ADD; LOT 17 BLK 4. LENDER: WELLS FARGO BANK.AMOUNT DUE: $268,000 CASE NO.: 2003-152573.DATE: 05/04/2007

BORROWER: GARY D. & SHARON E. ALEXANDER,4490 ROSEWOOD DRIVE, LOVELAND, . CO 80537-2662.LEGAL DESCRIPTION MAPLEWOOD EST; LOT 3. LENDER:DEUTSCHE BANK NATIONAL TRUST CO.. AMOUNT DUE:$337,702 CASE NO.: 2005-94593. DATE: 05/04/2007

BORROWER: GRACE A. GARRETT, 500 E. TRILBYROAD, FORT COLLINS, . CO 80525-5824. LEGALDESCRIPTION HANSEN MLD S.-25-91; LOT 2. LENDER:CITIMORTGAGE INC.. AMOUNT DUE: $127,200 CASE NO.:2004-51436. DATE: 05/15/2007

BORROWER: JACK B. & TRACEY RECTOR, 3802HAMILTON AVE., WELLINGTON, . CO 80549. LEGALDESCRIPTION WELLINGTON PLACE; LOT 1. LENDER:HSBC BANK USA NA TRUSTEE. AMOUNT DUE: $124,800CASE NO.: 2005-96473. DATE: 05/04/2007

BORROWER: JASON & LAURA STARKS, 3627 SIL-VERTIP PLACE, FORT COLLINS, . CO 80525-3562.LEGAL DESCRIPTION FOX MEADOWS FLG 3; LOT 10 BLK1. LENDER: NATIONAL CITY BANK. AMOUNT DUE:$172,325 CASE NO.: 2003-143938. DATE: 05/04/2007

BORROWER: JEFFREY A. & APRIL R. HIXEN-BAUGH, 3024 ROSS DRIVE, APT. E-35, FORT COLLINS, .CO 80526-1187. LEGAL DESCRIPTION WILLOW LANEREPLT LTS 1-4 & TR G; LOT E35 BLK E. LENDER: NEWCENTURY HOME EQUITY LOAN T. AMOUNT DUE:$99,640 CASE NO.: 2004-103956. DATE: 05/16/2007

BORROWER: JEFFREY L. GATES, 4648 MALIBUDRIVE, BERTHOUD, . CO 80513-9663. LEGAL DESCRIP-TION RAINBOW LAKE ESTATES; LOT 16. LENDER: BANKAMERICA. AMOUNT DUE: $159,903 CASE NO.: 2006-58614. DATE: 05/04/2007

BORROWER: JEFFREY T. & CYNTHIA D. BOONE,1756 MOONSTONE CIRCLE, LOVELAND, . CO 80537-5974. LEGAL DESCRIPTION ANDERSON FARM SEVENTHSUB; LOT 12 BLK 8. LENDER: NEW CENTURY HOMEEQUITY LOAN T. AMOUNT DUE: $195,944 CASE NO.:2005-5629. DATE: 05/16/2007

BORROWER: JENNIFER J. WILLIAMS, 6909 EGYPT-IAN DRIVE, FORT COLLINS, . CO 80525-7081. LEGALDESCRIPTION SHENANDOAH PUD FLG 1; LOT 30.LENDER: NEW CENTURY HOME EQUITY LOAN. AMOUNTDUE: $382,117 CASE NO.: 2005-19874. DATE:05/16/2007

BORROWER: JENNIFER R. & BRYAN J. GOLDMAN,3224 MAMMOTH CIRCLE, WELLINGTON, . CO 80549-3232. LEGAL DESCRIPTION WELLINGTON POINTE; LOT10 BLK 9. LENDER: COUNTRYWIDE HOME LOANS INC..AMOUNT DUE: $168,169 CASE NO.: 2003-156574. DATE:05/04/2007

BORROWER: JENNIFER VARNER, 2714 HOLLY ST.,FORT COLLINS, . CO 80526-6903. LEGAL DESCRIPTIONFAIRBROOKE TR A; LOT 24 BLK 2. LENDER: HSBC BANKUSA. AMOUNT DUE: $211,853 CASE NO.: 2006-28381.DATE: 05/04/2007

BORROWER: JEREMY W. MCLAUGHLIN, 4545WHEATON DRIVE, UNIT A370, FORT COLLINS, . CO80525-7524. LEGAL DESCRIPTION ROCKBRIDGE CONDORES PUD BLDG A; LOT A370. LENDER: US BANKNATIONAL TRUSTEE. AMOUNT DUE: $108,397 CASENO.: 2005-63515. DATE: 05/17/2007

BORROWER: JERRY PALMER, 3565 WINDMILLDRIVE, APT. E7, FORT COLLINS, . CO 80526-5914.LEGAL DESCRIPTION CHESTNUT VILLAGE CONDO; LOT7 BLK E. LENDER: FREMONT INVESTMENT LANE SABR200. AMOUNT DUE: $97,990 CASE NO.: 2004-96770.DATE: 05/04/2007

BORROWER: KEIRA A. HARKIN, 712 S. SUMMIT VIEWDRIVE, FORT COLLINS, . CO 80524-3607. LEGALDESCRIPTION PLEASANT AC; LOT 9. LENDER: WASH-INGTON MUTUAL BANK. AMOUNT DUE: $172,213 CASENO.: 2005-38867. DATE: 05/17/2007

BORROWER: KELLY K. WALFORD, 3712 MEAD ST.,FORT COLLINS, . CO 80526-5312. LEGAL DESCRIPTIONSPRINGFIELD SUB FIRST FLG; LOT 9. LENDER: GREEN-POINT MORTGAGE FUNDING IN. AMOUNT DUE: $127,931CASE NO.: 2005-79214. DATE: 05/04/2007

BORROWER: LINDA SUE WILLIAMS, 587 JOHNSONAVE., LOVELAND, . CO 80537-6055. LEGAL DESCRIP-TION FINAL PLAT AND SPECIAL REVIEW 465; LOT 1BLK 1. LENDER: COUNTRYWIDE HOME LOANS INC..AMOUNT DUE: $139,129 CASE NO.: 2005-71041. DATE:05/16/2007

BORROWER: LISA K. BANKER, 4725 HAHNS PEAKDRIVE UNIT 103, LOVELAND, . CO 80538-6196. LEGALDESCRIPTION LAKESHORE AT CENTERRA CONDOS PHA; LOT 103 BLK 13. LENDER: WELLS FARGO BANK.AMOUNT DUE: $126,591 CASE NO.: 2003-98456. DATE:05/04/2007

BORROWER: MARK A. CLUTTER, 4161 HAYES CIRCLE,WELLINGTON, . CO 80549. LEGAL DESCRIPTIONWELLINGTON EAST SUB LTS 1-18 BLK 2 RPLT; LOT 1ABLK 2. LENDER: EVERHOME MORTGAGE CO. AMOUNTDUE: $144,268 CASE NO.: 2002-110071. DATE:05/15/2007

BORROWER: MARY N. WORRELL, 3233 THUNDERINGHERD WAY, WELLINGTON, . CO 80549-1592. LEGALDESCRIPTION BUFFALO CREEK SUB FIRST FLG; LOT 5BLK 2. LENDER: WELLS FARGO BANK. AMOUNT DUE:$175,954 CASE NO.: 2005-108813. DATE: 05/04/2007

BORROWER: MERLA A. & DARLENE R. ATWOOD,1114 GARD PLACE, LOVELAND, . CO 80537-5264. LEGALDESCRIPTION BRAY ADD; LOT 19 BLK 1. LENDER: WASH-INGTON MUTUAL BANK. AMOUNT DUE: $255,097 CASENO.: 2004-31920. DATE: 05/04/2007

BORROWER: MICHAEL L. JR. & KRISTI N.OHRMAN, 2595 W. 44TH ST., LOVELAND, . CO 80538-1428. LEGAL DESCRIPTION MOUNTAIN VISTA PUDFIRST SUB; LOT 31 BLK 2. LENDER: MIDFIRST BANK.AMOUNT DUE: $187,536 CASE NO.: 2005-17555. DATE:05/04/2007

BORROWER: MINARCA GURULE, 1013 MULLEINDRIVE, FORT COLLINS, . CO 80524-2383. LEGALDESCRIPTION MEADOWS AT REDWOOD PUD PH 1REPLAT; LOT 7 BLK 2. LENDER: HSBC BANK USA.AMOUNT DUE: $130,799 CASE NO.: 2004-76173. DATE:05/04/2007

BORROWER: PATRICIA E. GORHAM, 3736 WILSONAVE., WELLINGTON, . CO 80549. LEGAL DESCRIPTIONHAHNES SUB OF TR 3 WELLINGTON PLACE; LOT 21 BLK2. LENDER: WM SPECIALTY MORTGAGE LLC. AMOUNTDUE: $163,546 CASE NO.: 2004-106622. DATE:05/04/2007

BORROWER: PAUL K. & WENDY A. LEBSACK, 820DOUGLAS PLACE, BERTHOUD, . CO 80513-1410. LEGALDESCRIPTION HILLSDALE SUB; LOT 71 BLK 2. LENDER:HARBOR VIEW 200508. AMOUNT DUE: $226,225 CASENO.: 2005-46727. DATE: 05/04/2007

BORROWER: PETER & ERIKA ALONGE, 1677 ORIOLEPLACE, LOVELAND, . CO 80537-6541. LEGAL DESCRIP-TION WINONA FIRST SUB; LOT 19 BLK 2. LENDER: HSBCBANK USA. AMOUNT DUE: $144,800 CASE NO.: 2005-44275. DATE: 05/04/2007

BORROWER: PHILLIP D. JACKSON, 5090 BRANDY-WINE DRIVE, LOVELAND, . CO 80538-6237. LEGALDESCRIPTION ALFORD LAKE FIRST SUB; LOT 18 BLK 17.LENDER: FFMLT 2006FF13. AMOUNT DUE: $364,100CASE NO.: 2006-58354. DATE: 05/04/2007

BORROWER: RICHARD E. & ELIZABETH G.WATERS, 17342 N. LARIMER COUNTY ROAD 9,WELLINGTON, . CO 80549-2121. LEGAL DESCRIPTION0044B Section 16 T10N-R68W. LENDER: DEUTSCHEBANK NATIONAL TRUST. AMOUNT DUE: $177,216 CASENO.: 2002-44648. DATE: 05/04/2007

BORROWER: RICHARD PRESENT, 1120 HILLSIDECOURT, FORT COLLINS, . CO 80524-1976. LEGALDESCRIPTION CLUB EST SECOND SUB; LOT 3. LENDER:LASALLE BANK. AMOUNT DUE: $220,813 CASE NO.:2005-7950. DATE: 05/04/2007

INVENTIONS • BANKRUPTCIES • FORECLOSURESLEADSINVENTIONS

The U.S. Patent & Trademark Office recently award-ed the following patents to Northern Coloradoinventors and companies. Included are the patentnumber, description, inventors, assignee-at-issueand date awarded. Numbers preceded by a “D”were awarded for a design; “RE” indicates a reis-sue.

Patent No.: 7225984, Systems and methods forproviding multiple object planes in an opticalimage scanning environment. Inventors: Harris,Rodney C., Fort Collins, Colo.; Spears, Kurt E., FortCollins, Colo. Date: 6/5/07.

Patent No.: 7226996, Equine Fc epsilon receptoralpha protein. Inventors: Weber, Eric R., Fort Collins,Colo.; McCall, Catherine A., Boulder, Colo. Assignee-at-Issue: Heska Corp., Loveland, Colo. Date: 6/5/07.

Patent No.: 7227011, Nucleic acid vaccines forprevention of flavivirus infection. Inventor: Chang,Gwong-Jen J., Fort Collins, Colo. Assignee-at-Issue:United States of America as represented by theSecretary of the Department of Health and HumanServices, Washington, D.C. Date: 6/5/07.

Patent No.: 7227101, Oven with an articulatingand retractable door. Inventors: Harned, Gary V.,334 S. Redlands Rd., Grand Junction, Colo.; Williams,Kim A., Grand Junction, Colo.; House, Kenneth W.,Fort Collins, Colo.; Collins, Douglas P., Loveland,Colo. Date: 6/5/07.

Patent No.: 7227254, Integrated circuit package.Inventors: Devnani, Nurwati S, Fort Collins, Colo.;Barnes, James Oliver, Fort Collins, Colo.; Moore,Charles E, Loveland, Colo.; Lai, Benny W H, Fremont,Calif. Assignee-at-Issue: Agilent Technologies Inc.,Palo Alto, Calif. Date: 6/5/07.

Patent No.: 7227378, Reconfiguration of a pro-grammable logic device using internal control.Inventors: Blodget, Brandon J., Santa Clara, Calif.;McMillan, Scott P., Santa Clara, Calif.; James-Roxby,Philip B., Longmont, Colo.; Sundararajan, Prasanna,Mountain View, Calif.; Keller, Eric R., Boulder, Colo.;Curd, Derek R., Longmont, Colo.; Kalra, Punit S.,Superior, Colo.; LeBlanc, Richard J., Longmont,Colo.; Eck, Vincent P., Loveland, Colo. Assignee-at-Issue: Xilinx Inc., San Jose, Calif. Date: 6/5/07.

Patent No.: 7227532, Optical projection systemfor computer input devices. Inventors: Bohn, DavidD., Fort Collins, Colo.; Oliver, Thomas C., Windsor,Colo.; Badyal, Rajeev, Fort Collins, Colo. Assignee-at-Issue: Microsoft Corp., Redmond, Wash. Date: 6/5/07.

Patent No.: 7227573, Apparatus and method forimproved-resolution digital zoom in an electronicimaging device. Inventor: Stavely, Donald J., Wind-sor, Colo. Assignee-at-Issue: Hewlett-Packard Devel-opment Co., L.P., Houston, Texas. Date: 6/5/07.

Patent No.: 7227715, Magazine-based data car-tridge library. Inventors: Woodruff, Jennifer L., Erie,Colo.; Permut, Ronald M., Louisville, Colo.; Thomp-son, Nathan C., Boulder, Colo.; Starr, Matthew T.,Lafayette, Colo.; Pollard, Christopher A., Monument,Colo.; Christer, Marek W., Loveland, Colo.; Kumpon,Peter J., Denver, Colo. Assignee-at-Issue: SpectraLogic Corp., Boulder, Colo. Date: 6/5/07.Patent No.: 7227980, Systems and methods fortomographic reconstruction of images in com-pressed format. Inventor: Gines, David Lee, FortCollins, Colo. Assignee-at-Issue: Agilent Technolo-gies Inc., Santa Clara, Calif. Date: 6/5/07.

Patent No.: 7228336, Methods and apparatusesfor archiving data processed by a digital senderdevice. Inventor: Henry, Steven G., Fort Collins, Colo.Date: 6/5/07.

Patent No.: 7228527, Method and system forstructuring a procedure. Inventors: Phillips, RobertAndrew, Somerville, N.J.; Wenzel, Harold Michael,Fort Collins, Colo. Assignee-at-Issue: Hewlett-Packard Development Co., L.P., Houston, Texas.Date: 6/5/07.

Patent No.: 7228545, Methods and apparatus formanaging the execution of a task among a plurali-ty of autonomous processes. Inventors: Circenis,Edgar I., Loveland, Colo.; Klein, Bradley A., Windsor,Colo. Assignee-at-Issue: Hewlett-Packard Develop-ment Co., L.P., Houston, Texas. Date: 6/5/07.

Patent No.: 7228638, Measuring device. Inventor:Goodwin, Jeffrey L., Fort Collins, Colo. Assignee-at-Issue: Idaho Research Foundation Inc., Moscow,Idaho. Date: 6/12/07.

Patent No.: 7228793, Carbonation system forenhancing the flavor of fruits and vegetables.Inventors: Ling, Qingyue, Beaverton, Ore.; Kaufman,Galen D., Galveston, Texas; Wells, John Henry, Port-land, Ore.; Hesterman, Bryce L., Fort Collins, Colo.Assignee-at-Issue: Fizzy Fruit LLC, Portland, Ore.;Oregon State University, Corvallis, Ore. Date:6/12/07.

Patent No.: 7229050, Raceway system. Inventor:Schloss, Rheid J., Fort Collins, Colo. Assignee-at-Issue: Hewlett-Packard Development Co., L.P., Hous-ton, Texas. Date: 6/12/07.

Patent No.: 7229218, Apparatus and method ofproviding an optical connection between PC boardsfor optical communication. Inventors: Morris, TerrelL., Garland, Texas; Fenwick, David Martin, Chelms-ford, Mass.; Luebs, Richard John, Windsor, Colo.;Wegher, Duane A., Fort Collins, Colo.; Yetter, JeffryD., Loveland, Colo. Assignee-at-Issue: Hewlett-Packard Development Co., L.P., Houston, Texas.Date: 6/12/07.

Patent No.: 7229744, Method for preparing litho-graphic printing plates. Inventor: Patel, Jayanti,Fort Collins, Colo. Assignee-at-Issue: EastmanKodak Co., Rochester, N.Y. Date: 6/12/07.

Patent No.: 7230033, Pest control compositionsand methods for their use. Inventors: Dolan, MarcC., Wellington, Colo.; Panella, Nicholas A., FortCollins, Colo.; Dietrich, E. B. Gabrielle, Fort Collins,Colo.; Karchesy, Joseph J., Corvallis, Ore.; Maupin,Gary O., Cape Coral, Fla.; United States of Americaas represented by the Secretary of the Departmentof Health and Human Servi, Washington, D.C.; Stateof Oregon Acting by and Through the State Boardof Higher Education on Behalf of Oregon State, Cor-vallis, Ore. Date: 6/12/07.

Patent No.: 7230556, Analog signal generationusing a delta-sigma modulator. Inventor: Rivoir,Jochen, Loveland, Colo. Date: 6/12/07.

Patent No.: 7230786, Method and apparatus fordynamic placement of an integration window in adisk drive having a disk surface with spiral servoinformation written thereon. Inventors: Ray, Bill,Broomfield, Colo.; VanLaanen, John, Louisville,Colo.; Liikanen, Bruce, Berthoud, Colo. Assignee-at-Issue: Maxtor Corp., Scotts Valley, Calif. Date:6/12/07.

Patent No.: 7230792, Media selection systemsand methods having a coupler for slidably engag-ing a storage medium in a storage system. Inven-tors: Schmidtke, Gregg S., Fort Collins, Colo.; Rea-soner, Kelly John, Fort Collins, Colo. Assignee-at-Issue: Hewlett-Packard Development Co., L.P., Hous-ton, Texas,. Date: 6/12/07.

Patent No.: 7230823, Protective membrane fortouch screen device. Inventors: Richardson, CurtisR., Fort Collins, Colo.; Kempel, Douglas, Fort Collins,Colo. Assignee-at-Issue: Otter Products LLC, FortCollins, Colo. Date: 6/12/07.

Patent No.: 7231138, Method and system for DVDsingle frame stepping backwards. Inventors: vanWelzen, James Lewis, Longmont, Colo.; Falardeau,Brian Dennis, Boulder, Colo.; White, Jonathan Bar-ton, Fort Collins, Colo. Assignee-at-Issue: NvidiaCorp., Santa Clara, Calif. Date: 6/12/07.

Patent No.: 7231623, Netlist database. Inventor:Miller, Eric, Fort Collins, Colo. Assignee-at-Issue: LSICorp., Milpitas, Calif. Date: 6/12/07.

Patent No.: 7231626, Method of implementing anengineering change order in an integrated circuitdesign by windows. Inventors: Hoff, Jason K., Hous-ton, Texas; Lakshmanan, Viswanathan, Thornton,Colo.; Josephides, Michael, Broomfield, Colo.;Prevedel, Daniel W., Fort Collins, Colo.; Blinne,Richard D., Fort Collins, Colo.; Kuppinger, JohathanP., Windsor, Colo. Assignee-at-Issue: LSI Corp., Milpi-tas, Calif. Date: 6/12/07.

Patent No.: 7231633, Debugging with set verbosi-ty level during read and analysis of executablecode and associated comments while loggingaccording to set verbosity level. Inventor: Grassens,Leonardus, Loveland, Colo. Assignee-at-Issue: LSICorp., Milpitas, Calif. Date: 6/12/07.


BORROWER: ROBERT A. VAUGHAN, 4101 10TH ST.S.W., LOVELAND, . CO 80537-9136. LEGAL DESCRIPTIONMARIANNA PARK SUB REPLAT; LOT A. LENDER:JPMORGAN CHASE BANK. AMOUNT DUE: $52,898CASE NO.: 2003-34294. DATE: 05/04/2007

BORROWER: ROBERT B. & EVELYN J. GALLATIN,520 S. BRYAN AVE., FORT COLLINS, . CO 80521-3382.LEGAL DESCRIPTION BROAM SUB D W; LOT 2. LENDER:JP MORGAN CHASE BANK. AMOUNT DUE: $164,800CASE NO.: 2005-74136. DATE: 05/04/2007

BORROWER: ROBERT W. & SHARON M. DANSKIN,638 W. 10TH ST., LOVELAND, . CO 80537-4623. LEGALDESCRIPTION NORTHWEST SECOND SUB; LOT 1 BLK 1.LENDER: BANK NEW YORK TRUST CO.. AMOUNT DUE:$155,472 CASE NO.: 2003-126457. DATE: 05/04/2007

BORROWER: SARAH BONHAM SMITH, 3724 N.LARIMER COUNTY ROAD 13, FORT COLLINS, . CO80524-9461. LEGAL DESCRIPTION 0022 Section 19T8N-R68W. LENDER: BANK NEW YORK. AMOUNT DUE:$219,055 CASE NO.: 2004-59044. DATE: 05/14/2007

BORROWER: SERGIO & ANITA A. ACEVES, 3608BOBCAT PLACE, FORT COLLINS, . CO 80525-3531.LEGAL DESCRIPTION FOX MEADOWS; LOT 10 BLK 2.LENDER: DEUTSCHE BANK NATIONAL TRUST CO..AMOUNT DUE: $179,958 CASE NO.: 2004-9840. DATE:05/15/2007

BORROWER: STEPHANIE D. JENSEN, 2203 OWENSAVE., UNIT 101, FORT COLLINS, . CO 80528-7145. LEGALDESCRIPTION TIMBERS CONDO ASSOC FTC; LOT 101BLK 7. LENDER: COUNTRYWIDE HOME LOANS INC..AMOUNT DUE: $127,459 CASE NO.: 2005-88288. DATE:05/04/2007

BORROWER: SURINDER J. S. GHUMAN, 825 BREAK-WATER DRIVE, FORT COLLINS, . CO 80525-3303. LEGALDESCRIPTION LANDINGS THIRD FLG; LOT 20. LENDER:WASHINGTON MUTUAL BANK. AMOUNT DUE: $546,014CASE NO.: 2002-138118. DATE: 05/15/2007

BORROWER: TOBEY R. OLIVAS, 535 FIFTH ST.,BERTHOUD, . CO 80513. LEGAL DESCRIPTIONBERTHOUD TOWN OF; LOT 4 BLK 14. LENDER: US BANKNA TRUSTEE. AMOUNT DUE: $187,773 CASE NO.: 2006-40854. DATE: 05/15/2007

BORROWER: TRACY J. HARMON, 315 BLUE AZURITEAVE., LOVELAND, . CO 80537-5993. LEGAL DESCRIP-TION ANDERSON FARM SEVENTH SUB; LOT 7 BLK 4.LENDER: GSAA HOME EQUITY TRUST 20061. AMOUNTDUE: $200,000 CASE NO.: 2005-93527. DATE:05/04/2007

BORROWER: WALTER B. MORRISSEY JR., 4783 DIL-LON AVE., LOVELAND, . CO 80538-1478. LEGALDESCRIPTION HARVEST GOLD SECOND SUB; LOT 12BLK 6. LENDER: NEW CENTURY HOME EQUITY LOAN.AMOUNT DUE: $152,943 CASE NO.: 2004-49853. DATE:05/16/2007

BORROWER: WALTER C. ALLEN, 7890 KIT FOXDRIVE, WELLINGTON, . CO 80549-1563. LEGALDESCRIPTION WELLINGTON W.; LOT 33. LENDER: WASH-INGTON MUTUAL BANK. AMOUNT DUE: $190,591 CASENO.: 2002-40051. DATE: 05/17/2007

BORROWER: WILLIAM JOHN JR. & JULIE K. ADRI-AN, 2333 W. VINE DRIVE, FORT COLLINS, . CO 80521-1510. LEGAL DESCRIPTION 1001 Section 9 T7N-R69W.LENDER: NEW FRONTIER BANK. AMOUNT DUE: $19,174CASE NO.: 2004-89501. DATE: 05/04/2007

WELD

BORROWER: CARMEN VALDEZ, 606 14TH ST., GREE-LEY, . CO 80631-4140. LEGAL DESCRIPTION BEER &THOMAS SUB; LOT 14 BLK 151. LENDER: SUNTRUSTMORTGAGE. AMOUNT DUE: $74,336 CASE NO.: 2004-3185435. DATE: 05/15/2007

BORROWER: CELESTE M. TAPPER, 5321 W. SECONDST., GREELEY, . CO 80634-4214. LEGAL DESCRIPTIONGLEN EDEN AT KELLY FARM SUB; LOT 11 BLK 2.LENDER: DEUTSCHE BANK NATIONAL TRUST CO..AMOUNT DUE: $212,411 CASE NO.: 2004-3183575. DATE:05/16/2007

BORROWER: CHARLES D. & RACHELLE CHAVEZ,493 SOAR LANE, PLATTEVILLE, . CO 80651-7916. LEGALDESCRIPTION OLD HOMESTEAD FARM SUB; LOT 32 BLK2. LENDER: HSBC BANK USA. AMOUNT DUE: $153,006CASE NO.: 2003-3121055. DATE: 05/09/2007

BORROWER: CHRIS DEMMLER, 4233 PHLOX LANE,EVANS, . CO 80620-9250. LEGAL DESCRIPTION RIDGEAT PRAIRIE VIEW PUD AMD; LOT 10 BLK 7. LENDER:COUNTRYWIDE HOME LOANS INC.. AMOUNT DUE:$147,124 CASE NO.: 2004-3214036. DATE: 05/04/2007

BORROWER: CHRISTINE A. JOHNSON, 931 EMERALDDRIVE, WINDSOR, . CO 80550-5493. LEGAL DESCRIP-TION CORNERSTONE SUB FOURTH FLG; LOT 5 BLK 2.LENDER: LASALLE BANK. AMOUNT DUE: $172,543 CASENO.: 2005-3266849. DATE: 05/15/2007

BORROWER: DAVID K. & JUDITH D. GOODEN, 1913OVERLAND DRIVE, JOHNSTOWN, . CO 80534-8306.LEGAL DESCRIPTION ROLLING HILLS RANCH PH 1; LOT6. LENDER: DEUTSCHE BANK NATIONAL TRUST CO..AMOUNT DUE: $175,823 CASE NO.: 2003-3134417. DATE:05/03/2007

BORROWER: DEREK ZAR, 10289 CHERRYVALE ST.,FIRESTONE, . CO 80504-6418. LEGAL DESCRIPTIONBOOTH FARMS SECOND FLG; LOT 30 BLK 4. LENDER:BANK NEW YORK. AMOUNT DUE: $386,100 CASE NO.:2006-3442548. DATE: 05/10/2007

BORROWER: DOUG & HEATHER M. DAVISTANZELL, 302 E. 29TH STREET ROAD, GREELEY, . CO80631-1221. LEGAL DESCRIPTION RIVERVIEW FARMSUB; LOT 8 BLK 1. LENDER: NCC SERVICING LLC.AMOUNT DUE: $125,106 CASE NO.: 2005-3291557.DATE: 05/03/2007

BORROWER: DUANE E. & DENISE A. DURAN, 170851ST AVE., GREELEY, . CO 80634-3021. LEGAL DESCRIP-TION COUNTRY CLUB W. FLG 4; LOT 13 BLK 10. LENDER:BANK NEW YORK TRUST CO.. AMOUNT DUE: $153,587CASE NO.: 2004-3227528. DATE: 05/14/2007

BORROWER: EDGAR EDUARDO V. CONCHAS, 3813EMPIRE ST., EVANS, . CO 80620-2721. LEGAL DESCRIP-TION EVANS TOWN OF; LOT 7 BLK 16. LENDER: COUN-TRYWIDE HOME LOANS INC.. AMOUNT DUE: $97,197CASE NO.: 2004-3160087. DATE: 05/14/2007

BORROWER: EFREN & ENEDINA ARECHIGA, 140428TH AVE., GREELEY, . CO 80634-6451. LEGALDESCRIPTION WESTVIEW THIRD ADD; LOT 1 BLK 5.LENDER: WELLS FARGO BANK. AMOUNT DUE: $140,088CASE NO.: 2003-3104614. DATE: 05/15/2007

BORROWER: ENOC SANCHEZ, 4112 W. 30TH STREETPLACE, GREELEY, . CO 80634-8366. LEGAL DESCRIP-TION GATEWAY ESTATES FLG 3; LOT 8 BLK 16. LENDER:BANK NEW YORK. AMOUNT DUE: $208,800 CASE NO.:2006-3438157. DATE: 05/07/2007

BORROWER: GILBERTO SANCHEZ, 2717 49TH ST.,GREELEY, . CO 80634. LEGAL DESCRIPTION Section 25T5N-R66W. LENDER: WELLS FARGO BANK. AMOUNTDUE: $122,604 CASE NO.: 2003-3093566. DATE:05/03/2007

BORROWER: HECTOR M. & SUSANA ESTRADA,8422 W. 18TH STREET ROAD, GREELEY, . CO 80634-4637. LEGAL DESCRIPTION MOUNTAIN SHADOWS SUBFIRST FLG GREELEY; LOT 22 BLK 5. LENDER: CITIMORT-GAGE INC.. AMOUNT DUE: $200,419 CASE NO.: 2004-3241253. DATE: 05/15/2007

BORROWER: J. C. & ALLIENCIA LIMING, 3207CRAMER AVE., EVANS, . CO 80620-3416. LEGALDESCRIPTION CHAPPELOW VILLAGE SUB; LOT 49 BLK4. LENDER: JP MORGAN CHASE BANK. AMOUNT DUE:$134,001 CASE NO.: 2001-2885704. DATE: 05/16/2007

BORROWER: JAMES O. & VALERIE L. HAYS, 45CHESTNUT ST., WINDSOR, . CO 80550-5439. LEGALDESCRIPTION WINDSOR VILLAGE FLG 2 PH 2 & 3REPLAT; LOT 6 BLK 15. LENDER: COUNTRYWIDE HOMELOANS INC.. AMOUNT DUE: $206,338 CASE NO.: 2003-3097514. DATE: 05/03/2007

BORROWER: JAROL LEE, 1412 16TH ST., GREELEY, .CO 80631-5313. LEGAL DESCRIPTION MOORES SECONDADD; LOT 8 BLK 12. LENDER: CITIBANK. AMOUNT DUE:$84,000 CASE NO.: 2006-3408884. DATE: 05/15/2007

BORROWER: JIMMIE CORDOVA, 2339 W. 11THSTREET ROAD, GREELEY, . CO 80634-3534. LEGALDESCRIPTION WESTVIEW FIRST ADD; LOT 2 BLK 3.LENDER: DEUTSCHE BANK NATIONAL TRUST CO..AMOUNT DUE: $132,893 CASE NO.: 2005-3330105.DATE: 05/08/2007

BORROWER: JOANIE LATIN, 330 GRANVILLE AVE.,FIRESTONE, . CO 80520. LEGAL DESCRIPTION FIRE-STONE; LOT 5 BLK 18. LENDER: BANK NEW YORK.AMOUNT DUE: $148,000 CASE NO.: 2005-3339176.DATE: 05/10/2007

BORROWER: JOHN A. & BRENDA GROSS, 707RODGERS CIRCLE, PLATTEVILLE, . CO 80651-7942.LEGAL DESCRIPTION RODGERS FARM; LOT 4 BLK 1.LENDER: HSBC MORTGAGE SERVICES INC.. AMOUNTDUE: $54,216 CASE NO.: 2005-3315551. DATE:05/07/2007

BORROWER: JOSE C. TORRES, 308 12TH AVE., GREE-LEY, . CO 80631-2229. LEGAL DESCRIPTION GREELEYCITY OF; LOT 2 BLK 7. LENDER: WELLS FARGO BANK.AMOUNT DUE: $105,082 CASE NO.: 2004-3190974.DATE: 05/15/2007

BORROWER: JOSE FRANCO, 1510 SEVENTH AVE.,GREELEY, . CO 80631-4136. LEGAL DESCRIPTION THAY-ERS SUB PT BLK 166 GREELEY; LOT 2 BLK 166.LENDER: SBB FIN. AMOUNT DUE: $79,761 CASE NO.:2006-3361490. DATE: 05/10/2007

BORROWER: JOSEPH M. SANFILIPPO, 10591 BUTTEDRIVE, LONGMONT, . CO 80504-5758. LEGAL DESCRIP-TION IDAHO CREEK SUB AMD; LOT 23 BLK 2. LENDER:BANK AM. AMOUNT DUE: $173,033 CASE NO.: 2003-3091353. DATE: 05/04/2007

BORROWER: JULIAN MARTINEZ, 2803 40TH AVE.,GREELEY, . CO 80634-8357. LEGAL DESCRIPTION GATE-WAY LAKES; LOT 1 BLK 2. LENDER: US BANK. AMOUNTDUE: $162,398 CASE NO.: 2005-3282240. DATE:05/10/2007

BORROWER: KAYE M. & CLYDE W. HUTCHINS, 255N. SECOND AVENUE LANE, GREELEY, . CO 80631-9526.LEGAL DESCRIPTION Section 5 T5N-R65W. LENDER:HSBC BANK USA. AMOUNT DUE: $295,821 CASE NO.:2006-3410835. DATE: 05/04/2007

BORROWER: KENNTH E. & CHRISTINA LACY, 2710W. 13TH ST., GREELEY, . CO 80634-6437. LEGALDESCRIPTION WESTVIEW THIRD ADD; LOT 13 BLK 4.LENDER: WELLS FARGO BANK. AMOUNT DUE: $124,100CASE NO.: 2005-3294334. DATE: 05/10/2007

BORROWER: KRISTOPHER K. & REBECC EKART,2406 W. 20TH STREET ROAD, GREELEY, . CO 80634-6644. LEGAL DESCRIPTION COTTONWOOD VILLAGE;LOT 12 BLK 1. LENDER: CITIMORTGAGE INC.. AMOUNTDUE: $203,371 CASE NO.: 2002-2947661. DATE:05/10/2007

BORROWER: LEIGH A. BARELA, 2132 39TH AVE.,GREELEY, . CO 80634-3906. LEGAL DESCRIPTION WIL-LOWOOD FLG 2; LOT 13 BLK 3. LENDER: NATIONAL CITYBANK. AMOUNT DUE: $164,698 CASE NO.: 2005-3267417. DATE: 05/16/2007

BORROWER: LOUIS COLON, 4208 W. 31ST ST., GREE-LEY, . CO 80634-8371. LEGAL DESCRIPTION GATEWAYESTATES FLG 3; LOT 19 BLK 3. LENDER: LASALLE BANK.AMOUNT DUE: $204,000 CASE NO.: 2006-3394161.DATE: 05/10/2007

BORROWER: MARGARET A. GREER, 2914 58TH AVE.,GREELEY, . CO 80634-8516. LEGAL DESCRIPTION W. T-BONE RANCH SUB FIRST FLG; LOT 3 BLK 7. LENDER:COUNTRYWIDE HOME LOANS INC.. AMOUNT DUE:$194,191 CASE NO.: 2004-3226654. DATE: 05/04/2007

BORROWER: MARK L. & MANDY MEDINA, 2569BASIL DRIVE, MEAD, . CO 80542-6008. LEGALDESCRIPTION MEAD WESTERN MEADOWS FLG 2; LOT95. LENDER: BANK NEW YORK. AMOUNT DUE: $237,350CASE NO.: 2006-3431970. DATE: 05/14/2007

BORROWER: MATTHEW BROZEK, 6711 W. 32ND ST.,GREELEY, . CO 80634-8928. LEGAL DESCRIPTION ST.MICHAELS SUB; LOT 5 BLK 29. LENDER: CITIMORTGAGEINC.. AMOUNT DUE: $297,320 CASE NO.: 2006-3425045. DATE: 05/10/2007

BORROWER: MICHAEL LEE & WENDY L. KRAMER,12287 WELD COUNTY ROAD 88, PIERCE, . CO 80650.LEGAL DESCRIPTION Section 30 T8N-R66W. LENDER:NEW FRONTIER BANK. AMOUNT DUE: $116,804 CASENO.: 2003-3039877. DATE: 05/14/2007

BORROWER: NANCY A. & LATHERN W. S. PAINTER,217 VALDAI ST., LOCHBUIE, . CO 80603-5770. LEGALDESCRIPTION HIGHPLAINS FLG 1; LOT 9 BLK 9.LENDER: DEUTSCHE BANK NATIONAL TRUST CO..AMOUNT DUE: $133,750 CASE NO.: 2005-3322951.DATE: 05/14/2007

BORROWER: NELSON R. NARANJO, 710 MAIN ST.,FREDERICK, . CO 80516-8709. LEGAL DESCRIPTIONGROVE TOWNHOMES; LOT 22. LENDER: WELLS FARGOBANK. AMOUNT DUE: $144,867 CASE NO.: 2004-3224261. DATE: 05/10/2007

BORROWER: NERISSA & FRANKIE S. MANGISEL,725 FOURTH ST., FIRESTONE, . CO 80520. LEGALDESCRIPTION FIRESTONE; LOT 37 BLK 6. LENDER: USBANK. AMOUNT DUE: $153,600 CASE NO.: 2005-3337480. DATE: 05/07/2007

BORROWER: NOVAR GARCIA, 818 22ND ST., GREE-LEY, . CO 80631-7026. LEGAL DESCRIPTION ARLINGTONPK; LOT 18 BLK 2. LENDER: CITIMORTGAGE INC..AMOUNT DUE: $49,119 CASE NO.: 2003-3122928. DATE:05/10/2007

BORROWER: PHILLIP & KIM PEREZ, 868 LEHIGHCIRCLE, ERIE, . CO 80516-8489. LEGAL DESCRIPTIONGRANDVIEW SUB; LOT 9 BLK 5. LENDER: US BANK.AMOUNT DUE: $235,567 CASE NO.: 2005-3315980.DATE: 05/04/2007

BORROWER: RICARDO SAENZ, 1090 GLEN DALE CIR-CLE, DACONO, . CO 80514-9639. LEGAL DESCRIPTIONGLENS DACONO UNIT 3; LOT 19 BLK 12. LENDER: FIRSTCOMMUNITY BANK. AMOUNT DUE: $36,808 CASE NO.:2001-2896766. DATE: 05/03/2007

BORROWER: ROBERT & ELIZABETH YOST, 3324 W.FOURTH ST., GREELEY, . CO 80634. LEGAL DESCRIP-TION FRANKLIN SUB VAC & REDEDICATION; LOT 7 BLK2. LENDER: US BANK. AMOUNT DUE: $131,463 CASENO.: 2005-3306491. DATE: 05/16/2007

BORROWER: ROBERT GIBSONTAYLOR, 6275 VALLEYVISTA AVE., FIRESTONE, . CO 80504-5571. LEGALDESCRIPTION OAK MEADOWS PUD FLG 2; LOT 8 BLK 7.LENDER: COUNTRYWIDE HOME LOANS INC.. AMOUNTDUE: $173,389 CASE NO.: 2003-3119798. DATE:05/04/2007

BORROWER: ROBERT W. JAMES JR., 1645 CON-ESTOGA TRAIL, FORT LUPTON, . CO 80621-2204. LEGALDESCRIPTION COYOTE CREEK FLG 1; LOT 24 BLK 2.LENDER: WORLD SAV BANK. AMOUNT DUE: $193,817CASE NO.: 2004-3211141. DATE: 05/14/2007

BORROWER: RUSSELL G. MARK, 8236 WELD COUN-TY ROAD 74, WINDSOR, . CO 80528. LEGAL DESCRIP-TION Section 4 T6N-R67W. LENDER: AMERICAN HOMEMORTGAGE SERVICING. AMOUNT DUE: $1,058,539CASE NO.: 2006-3404836. DATE: 05/14/2007

BORROWER: RYAN HARTSOCK, 3001 W. 12TH ST.,GREELEY, . CO 80634-5308. LEGAL DESCRIPTIONWILSHIRE THIRD ADD; LOT 27 BLK 5. LENDER: BANKNEW YORK. AMOUNT DUE: $125,600 CASE NO.: 2006-3380712. DATE: 05/03/2007

BORROWER: SCOTT W. & CRISTI J. ZUEGE, 2589JARETT DRIVE, MEAD, . CO 80542-9762. LEGALDESCRIPTION N. CREEK AT MEAD AMD; LOT 21 BLK 6.LENDER: US BANK. AMOUNT DUE: $232,196 CASE NO.:2004-3221609. DATE: 05/16/2007

BORROWER: SHANNON M. ALVORD, 44460 WELDCOUNTY ROAD 25, PIERCE, . CO 80650-9712. LEGALDESCRIPTION Section 19 T8N-R66W. LENDER:CITIBANK. AMOUNT DUE: $310,200 CASE NO.: 2006-3404829. DATE: 05/15/2007

BORROWER: STEPHEN BROWN, 1605 EIGHTH ST.,GREELEY, . CO 80631-3127. LEGAL DESCRIPTION STAR-BIRD SUB; LOT 10 BLK 2. LENDER: JPMORGAN CHASEBANK. AMOUNT DUE: $79,381 CASE NO.: 2005-3312869.DATE: 05/08/2007

BORROWER: STEPHEN R. BROWN, 1535 SIXTH AVE.,GREELEY, . CO 80631-4129. LEGAL DESCRIPTIONJOSEPH C. EWINGS SUB PT BLK 166 GREELEY; LOT 1BLK 166. LENDER: SOUNDVIEW HOME EQUITY LOANTRU. AMOUNT DUE: $118,636 CASE NO.: 2006-3384319.DATE: 05/10/2007

BORROWER: SUSAN A. ADAMS, 5440 LYNX ST.,FREDERICK, . CO 80504-3410. LEGAL DESCRIPTIONFOX RUN SUB; LOT 6 BLK 5. LENDER: NATIONAL CITYBANK. AMOUNT DUE: $167,822 CASE NO.: 2002-2981713. DATE: 05/07/2007

BORROWER: TALON SR. & LYNNE WOLF, 1065GRAND AVE., WINDSOR, . CO 80550-5828. LEGALDESCRIPTION BRUNNER FARM SUB FLG 9; LOT 2 BLK 1.LENDER: ABN AMRO MORTGAGE GROUP INC.. AMOUNTDUE: $205,862 CASE NO.: 2004-3151888. DATE:05/10/2007

BORROWER: TAMA DEAN KENNEDY, 3010 HAWKDRIVE, EVANS, . CO 80620-9543. LEGAL DESCRIPTIONHUNTERS RESERVE SECOND FLG; LOT 24 BLK 5.LENDER: DEUTSCHE BANK NATIONAL TRUST CO..AMOUNT DUE: $111,842 CASE NO.: 2006-3400575.DATE: 05/14/2007

BORROWER: TOM LEE, 3190 50TH AVENUE COURT,GREELEY, . CO 80634-8772. LEGAL DESCRIPTION T-BONE RANCH SUB SECOND FLG; LOT 12 BLK 4.LENDER: US BANK. AMOUNT DUE: $199,153 CASE NO.:2006-3361803. DATE: 05/11/2007

BORROWER: TRACY A. & CHERYL A. CHURCH, 2911APRICOT AVE., GREELEY, . CO 80631-6259. LEGALDESCRIPTION RIVERVIEW FARM SUB; LOT 12 BLK 1.LENDER: DEUTSCHE BANK TRUST CO. AMERICA.AMOUNT DUE: $117,571 CASE NO.: 2005-3325068.DATE: 05/14/2007

BORROWER: TREVOR A. & MELISSA COLLINS, 4728EVERGLADE COURT, GREELEY, . CO 80634-9274. LEGALDESCRIPTION W. HILL-N.-PARK THIRD FLG RESUB; LOT41 BLK 7. LENDER: DEUTSCHE BANK NATIONAL TRUSTCO.. AMOUNT DUE: $131,277 CASE NO.: 2003-3134042.DATE: 05/03/2007

BORROWER: VINCENTE ROMERO REYNOSO, 91214TH AVE., GREELEY, . CO 80631-3730. LEGAL DESCRIP-TION GREELEY CITY OF; LOT 2 BLK 69. LENDER: USBANK. AMOUNT DUE: $114,575 CASE NO.: 2006-3378369. DATE: 05/04/2007

BORROWER: WILLIAM K. WOODS, 230 MONMOUTHAVE., FIRESTONE, . CO 80520. LEGAL DESCRIPTIONFIRESTONE; LOT 12 BLK 11. LENDER: NATIONAL CITYBANK. AMOUNT DUE: $135,358 CASE NO.: 2003-3123838. DATE: 05/03/2007

LIENS

State tax liens are claims filed by the state govern-ment against assets of an individual or corporationfor nonpayment of taxes.

LARIMER DEBTOR: AARON G. & TANYA I. ROBBINS, 2300 W.LARIMER COUNTY ROAD 38E 196, FORT COLLINS, CO80526, LARIMER. IRS. $41,522. DATE: 05/15/2007

DEBTOR: ABEL V. RODRIGUEZ, 2331 CALCITE ST.,LOVELAND, CO 80537-2004, LARIMER. IRS. $10,622.DATE: 05/15/2007

DEBTOR: CHARLES MOYER, 224 N. LINCOLN AVE.,LOVELAND, CO 80537-5652, LARIMER. IRS. $995.DATE: 05/09/2007

DEBTOR: DANEIL G. RESSUE, 1705 HUMMINGBIRDDRIVE, ESTES PARK, CO 80517-6616, LARIMER. IRS.$19,782. DATE: 05/09/2007

DEBTOR: DAVID D. & SUSAN D. CARTER, 1702ALBANY AVE., LOVELAND, CO 80538-4116, LARIMER.IRS. $1,907. DATE: 05/09/2007

DEBTOR: DONALD L. & HEIDE K. PHILPOT, 420 E.57TH ST., LOT 21, LOVELAND, CO 80538-1223, LARIMER.IRS. $8,896. DATE: 05/09/2007

DEBTOR: DONALD L. SMITH, 356 CARDINAL AVE.,LOVELAND, CO 80537-6540, LARIMER. IRS. $19,992.DATE: 05/09/2007

DEBTOR: GARY C. & JOAN E. SCHULTZ, 1144 P.O.BOX 355, DRAKE, CO 80515-0355, LARIMER. IRS.$14,938. DATE: 05/09/2007

DEBTOR: GARY L. HERNANDEZ, 2180 E. 18TH ST.,LOVELAND, CO 80538-4385, LARIMER. IRS. $17,610.DATE: 05/09/2007

DEBTOR: KEVIN E. TODD, 1717 EMPIRE AVE., LOVE-LAND, CO 80538-3649, LARIMER. IRS. $5,725. DATE:05/15/2007

DEBTOR: LINDA HEIGOLD, 1920 SEQUOIA ST., FORTCOLLINS, CO 80525-1540, LARIMER. IRS. $74,911. DATE:05/14/2007

DEBTOR: LINNERTZ ENTERPRISES INC., 1020 N.FOURTH ST., BERTHOUD, CO 80513-1121, LARIMER. IRS.$76,489. DATE: 05/15/2007

DEBTOR: MANUEL JABALERA, 2100 IDEAL LANE,FORT COLLINS, CO 80524-9728, LARIMER. IRS. $1,711.DATE: 05/15/2007

DEBTOR: MANUEL JABALERA, 2100 IDEAL LANE,FORT COLLINS, CO 80524-9728, LARIMER. IRS. $1,864.DATE: 05/15/2007

DEBTOR: MARGARET M. ADAIR, 4020 EAGLE LAKES., FORT COLLINS, CO 80524-8605, LARIMER. IRS.$5,414. DATE: 05/09/2007

DEBTOR: MARKETING TRADE INTNL INC., 4246BREAKWATER COURT, FORT COLLINS, CO 80525-3281,LARIMER. IRS. $5,738. DATE: 05/14/2007

DEBTOR: MARYA M. WILLIAMSON, 915 BANYANCOURT, LOVELAND, CO 80538-2115, LARIMER. IRS.$9,530. DATE: 05/15/2007

DEBTOR: MICHAEL A. & KATHRYN L. BESHEARS,1212 RAINTREE DRIVE, UNIT 163, FORT COLLINS, CO80526-1869, LARIMER. IRS. $24,601. DATE: 05/15/2007

DEBTOR: MICHAEL G. VIEIRA, 1441 W. 38TH PLACE,LOVELAND, CO 80538-2020, LARIMER. IRS. $37,645.DATE: 05/14/2007

DEBTOR: NICHOLAS A. & KERRI L. EVANS, 1935HALFMOON CIRCLE, LOVELAND, CO 80538-8723,LARIMER. IRS. $3,097. DATE: 05/09/2007

DEBTOR: NICHOLAS A. EVANS, 1935 HALFMOONCIRCLE, LOVELAND, CO 80538-8723, LARIMER. IRS.$199. DATE: 05/09/2007

DEBTOR: PAUL L. & SUSAN J. KORDIS, 3019STOVER CIRCLE, FORT COLLINS, CO 80525-2525,LARIMER. IRS. $11,426. DATE: 05/09/2007

DEBTOR: RICHARD P. WHEATON, 1144 W. EIGHTH ST.,LOVELAND, CO 80537-5212, LARIMER. IRS. $10,932.DATE: 05/09/2007

DEBTOR: ROBERT P. & RENEE S. AGBOYANI, 2414PIERCE COURT, FORT COLLINS, CO 80528-7124,LARIMER. IRS. $39,618. DATE: 05/15/2007

DEBTOR: RUSSELL C. & TANYA M. HENRY, 6144CARMICHAEL ST., FORT COLLINS, CO 80528-7081,LARIMER. IRS. $7,932. DATE: 05/15/2007

DEBTOR: RUSSELL C. HENRY, 6144 CARMICHAEL ST.,FORT COLLINS, CO 80528-7081, LARIMER. IRS.$147,676. DATE: 05/15/2007

DEBTOR: SHAMROCK CHARTERS INC., 4414 E. HAR-MONY ROAD, # 220, FORT COLLINS, CO 80528-8554,LARIMER. IRS. $38,762. DATE: 05/15/2007

DEBTOR: SHARON M. CHAFFEY, 1520 CRESTMOREPLACE, FORT COLLINS, CO 80521-3347, LARIMER. IRS.$5,681. DATE: 05/15/2007

DEBTOR: THOMAS JEFFREY NOVAK, 401 N. TIMBER-LINE ROAD, LOT 210, FORT COLLINS, CO 80524-1429,LARIMER. US DIST COURT WYOMING. $23,357. DATE:05/07/2007

DEBTOR: TIMMY A. & AUDRA R. REEDER, 574 N.E.20RD, #113, LOVELAND, CO 80538-3256, LARIMER. IRS.$11,606. DATE: 05/15/2007

DEBTOR: TOBY L. & KATHIE D. SELF, 1050 HOBBITST., APT. A6, FORT COLLINS, CO 80526-1956, LARIMER.IRS. $6,267. DATE: 05/15/2007

DEBTOR: TWIN B INC., 850 S. LINCOLN AVE., LOVE-LAND, CO 80537-6337, LARIMER. IRS. $7,242. DATE:05/09/2007

DEBTOR: VITALISTIC CHIROPRACTIC INC., 760WHALERS WAY, SUITE C100, FORT COLLINS, CO 80525-3373, LARIMER. IRS. $34,786. DATE: 05/04/2007

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FORECLOSURES • TAX LIENSLEADS


TAX LIENS • CIVIL JUDGMENTSLEADSWELD DEBTOR: BARBARA L. MCGLOTHLEN, 4314 W.FOURTH STREET ROAD, GREELEY, CO 80634-1342,WELD. IRS. $22,955. DATE: 05/08/2007

DEBTOR: BD MAINTENANCE INC., 6273 P.O. BOX890, FORT LUPTON, CO 80621-0890, WELD. IRS.$78,092. DATE: 05/08/2007

DEBTOR: BEN G. HOFER, 5151 W. 11TH ST., APT. 1014,GREELEY, CO 80634-2171, WELD. IRS. $32,070. DATE:05/14/2007

DEBTOR: BETTER BODIES FOR WOMEN, 326 61STAVE., GREELEY, CO 80634-9788, WELD. IRS. $13,722.DATE: 05/08/2007

DEBTOR: CARLOS A. ARMENDARIZ, 7371 P.O. BOX280, FREDERICK, CO 80530-0280, WELD. IRS. $8,434.DATE: 05/08/2007

DEBTOR: CARLOS A. ARMENDARIZ, 7371 P.O. BOX280, FREDERICK, CO 80530-0280, WELD. IRS. $6,749.DATE: 05/08/2007

DEBTOR: CLYDE VERNON LANE, 1310 40TH ST.,EVANS, CO 80620-2526, WELD. IRS. $64,860. DATE:05/08/2007

DEBTOR: DANIEL E. ANKENBRANDT, 5406 WeldLDCOUNTY ROAD 23, FORT LUPTON, CO 80621-8414,WELD. IRS. $116. DATE: 05/03/2007

DEBTOR: DONALD L. & LACY L. WeldBB, 6273 W.THIRD STREET ROAD, GREELEY, CO 80634-8834, WELD.IRS. $6,681. DATE: 05/08/2007

DEBTOR: GLEN C. WILLIAMSON, 335 BUCKEYE AVE.,JOHNSTOWN, CO 80534-9136, WELD. IRS. $37,470.DATE: 05/08/2007

DEBTOR: HEIN APPRAISALS INC., 5151 P.O. BOX 337,WINDSOR, CO 80550-0337, WELD. IRS. $4,796. DATE:05/14/2007

DEBTOR: JASON G. MILLER, 2749 MATHEWS AVE.,FORT LUPTON, CO 80621-7725, WELD. IRS. $12,509.DATE: 05/08/2007

DEBTOR: JEFFREY A. SACKETT, OUTSQLS1.2 P.O.BOX 200264, EVANS, CO 80620-0264, WELD. IRS.$29,607. DATE: 05/14/2007

DEBTOR: JOHN D. & JACQUELYN M. VALENCIA,1702 FAIRACRES ROAD, GREELEY, CO 80631-5328,WELD. IRS. $18,943. DATE: 05/14/2007

DEBTOR: JOHN F. AGUINIGA, 3526 PUEBLO ST., APT.B, EVANS, CO 80620-2276, WELD. IRS. $13,958. DATE:05/14/2007

DEBTOR: JOSE VARELAPACHECO, 1321 10TH ST.,GREELEY, CO 80631-3703, WELD. IRS. $5,382. DATE:05/08/2007

DEBTOR: LEONA BARTHOLOMEW, 1020 SECONDAVE., GREELEY, CO 80631-4202, WELD. IRS. $16,344.DATE: 05/08/2007

DEBTOR: LIBORIO ZARATE, 1812 SEVENTH AVE., APT.3, GREELEY, CO 80631-5851, WELD. IRS. $8,743. DATE:05/08/2007

DEBTOR: MERCER FAMILY CLINIC, 1226 W. ASH ST.,UNIT B, WINDSOR, CO 80550-4657, WELD. IRS. $15,407.DATE: 05/08/2007

DEBTOR: MICHAEL RAY HILL, 1321 P.O. BOX 8254,FORT COLLINS, CO 80526-8003, WELD. IRS. $39,834.DATE: 05/08/2007

DEBTOR: ONHREI ENTERPRISES LTD., 13455 W.COLFAX AVE., GOLDEN, CO 80401-3534, WELD. IRS.$36,631. DATE: 05/08/2007

DEBTOR: PAUL G. BAKER II, 813 EIGHTH ST. PLAZA,#303, GREELEY, CO 80631, WELD. IRS. $62,553. DATE:05/08/2007

DEBTOR: PEDRO MARTINEZ, 3314 STIRRUP LANE,EVANS, CO 80620-9169, WELD. IRS. $3,690. DATE:05/14/2007

DEBTOR: RAY CHAVEZ, 5151 P.O. BOX 102, KERSEY, CO80644-0102, WELD. IRS. $771. DATE: 05/14/2007

DEBTOR: RYAN T. THAUT, 2704 W. 26TH ST., GREE-LEY, CO 80634-8034, WELD. IRS. $29,913. DATE:05/14/2007

DEBTOR: STEVEN BATEMAN, 1500 DRIFTWOODCOURT, WINDSOR, CO 80550-5977, WELD. IRS. $23,077.DATE: 05/14/2007

DEBTOR: STEVEN M. & KIMBERLY S. WHITE, 7210W. MELBOURNE ST., GREELEY, CO 80634-8806, WELD.IRS. $9,090. DATE: 05/08/2007

DEBTOR: TROY S. ADLER, 1310 P.O. BOX 651, MEAD,CO 80542-0651, WELD. IRS. $5,987. DATE: 05/08/2007

DEBTOR: VICTOR & JUANITA A. GARCIA, 2427 14THAVENUE COURT, GREELEY, CO 80631-8318, WELD. IRS.$13,671. DATE: 05/14/2007

DEBTOR: WILLIES DIESAL SERVICE INC., 978 HIGH-WAY 85, NUNN, CO 80648, WELD. IRS. $5,196. DATE:05/15/2007

DEBTOR: WILLIES DIESAL SERVICE INC., 978 HIGH-WAY 85, NUNN, CO 80648, WELD. IRS. $13,721. DATE:05/15/2007

CIVIL JUDGEMENTS

Judgments constitute decisions by a court of lawagainst an individual or corporation for payment ofmonetary damages.

LARIMER DEBTOR: ACCOUNTANTS CORNER, LARIMER. TOPNOTCH MASONRY INC.. $2,066,123. C-02CV-001236.DATE: 05/10/2007

DEBTOR: ANDREW G. & JESUSITA R. PEREZ,LARIMER. CAVALRY PORTFOLIO SERVICES LLC. $8,980.C-06C-101511. DATE: 05/10/2007

DEBTOR: ANN & OSVALDO NUNEZ, LARIMER. COL-ORADO CATASTROPHE RESTORATION. $16,000. D-2006-CV-849. DATE: 05/11/2007

DEBTOR: ARYELL MATTERN, LARIMER. BONDEDADJUSTING SERVICE INC.. $551. C-07C-000885. DATE:05/04/2007

DEBTOR: BARBARA BOWMAN, LARIMER. FREDRICKC. RYCKERT. $1,500. C-05S-100406. DATE: 05/09/2007

DEBTOR: BEV MUSSO, LARIMER. CAPITAL ONE BANK.$2,128. C-07C-003181. DATE: 05/10/2007

DEBTOR: BONNIE R. NEWMAN, LARIMER. PROFES-SIONAL FINANCE CO. INC.. $604. C-06C-200742. DATE:05/14/2007

DEBTOR: BRIAN M. & CINDY L. HUELAT, LARIMER.CAVALRY PORTFOLIO SERVICES INC.. $5,571. C-06C-103945. DATE: 05/16/2007

DEBTOR: BRYAN ALLEN & MELODY HOWELL,LARIMER. PROFESSIONAL FINANCE CO. INC.. $1,461. C-07C-000269. DATE: 05/14/2007

DEBTOR: C J & CLARK L. JOHNSON, LARIMER. PRO-FESSIONAL FINANCE CO. INC.. $150. C-06C-202467.DATE: 05/14/2007

DEBTOR: CHAD P. MCBRIDE, LARIMER. CHASE BANKUSA. $1,381. C-01C-200669. DATE: 05/16/2007

DEBTOR: CLINT PACHECO, LARIMER. BONDEDADJUSTING SERVICE INC.. $981. C-07C-000887. DATE:05/04/2007

DEBTOR: CULLEN ROYCE HONEYCUTT, LARIMER.WORLDWIDE ASSET PURCHASING LLC. $2,656. C-04C-100711. DATE: 05/09/2007

DEBTOR: DAMEION D. & JENAE D. TAYLOR,LARIMER. FORD MOTOR CREDIT CO.. $7,540. C-06C-004190. DATE: 05/10/2007

DEBTOR: DANIEL DUGAL, LARIMER. COLLECTION COAM. $0. 00C18486. DATE: 05/11/2007

DEBTOR: DONALD AULT, LARIMER. HERSH SON WELLDRILLING. $0. C-95CV490. DATE: 05/14/2007

DEBTOR: DONALD C. DAVIES, LARIMER. BANK OFTHE WEST. $324,096. D-07CV-000100. DATE:05/10/2007

DEBTOR: ERIC W. & DEBORAH L. HABERMAN,LARIMER. PROFESSIONAL FINANCE CO. INC.. $1,251. C-07C-000271. DATE: 05/14/2007

DEBTOR: GLS INT INC., LARIMER. PINNACOL ASSUR-ANCE. $132,838. D-07CV-001371. DATE: 05/10/2007

DEBTOR: GREGORY GLEBE, LARIMER. JERE M.WILLIS. $199,567. C-05CV-001527. DATE: 05/04/2007

DEBTOR: GREGORY RICHARD & RIC DILLEHAY,LARIMER. DOCHEFF DAIRY LLC. $50,462. C-05CV-001964. DATE: 05/17/2007

DEBTOR: H J HYDE JR., LARIMER. JEFFREY S.WOLFF. $1,226. C-06C-105226. DATE: 05/14/2007

DEBTOR: JAIME MARTINEZ, LARIMER. BONDEDADJUSTING SERVICE INC.. $855. C-07C-000976. DATE:05/04/2007

DEBTOR: JENNIFER VARNER, LARIMER. CINDY MAD-DUX. $3,686. C-06S-100587. DATE: 05/14/2007

DEBTOR: JOSEPH RIOS, LARIMER. WATERGLENHOMEOWNERS ASSOC. $1,729. C-07C-003193. DATE:05/16/2007

DEBTOR: JUDITH K. & LLOYD KNAPP, LARIMER.HOUSEHOLD FINANCIAL CORP. III. $17,410. C-07CV-000103. DATE: 05/16/2007

DEBTOR: JUSTIN KNAPP, LARIMER. BONDEDADJUSTING SERVICES INC.. $3,481. C-07C-000901.DATE: 05/04/2007

DEBTOR: JUSTIN R. KNAPP, LARIMER. COLO UNITEDCU. $34,899. D-07CV-000015. DATE: 05/14/2007

DEBTOR: LAURA LANGEN, LARIMER. PLATINUMRECOVERY SERVICES INC.. $2,233. C-07CV-000187.DATE: 05/04/2007

DEBTOR: LINDA L. VANCIL, LARIMER. BC SERVICESINC.. $5,933. C-04C-201324. DATE: 05/10/2007

DEBTOR: MATT & DEBBIE DAUGAARD, LARIMER.LVNV FUNDING LLC. $28,247. C-06CV-001113. DATE:05/11/2007

DEBTOR: MAX L. ARMENT, LARIMER. UNIFUND CCRPARTNERS. $13,580. C-07C-000832. DATE: 05/10/2007

DEBTOR: MICHAEL R. STEINBRECHER, LARIMER.UNIFUND CCR PARTNERS. $9,930. C-07C-000753.DATE: 05/10/2007

DEBTOR: MIKE & LINDA NORTON, LARIMER.BOULER FIRE WATER RESTORATION INC.. $2,500. C-07C1814. DATE: 05/08/2007

DEBTOR: N. ROXANNE LERCH, LARIMER. UNIFUNDCCR PARTNERS. $12,033. C-07C-003044. DATE:05/10/2007

DEBTOR: NORLANE M. PETERSON, LARIMER. BOND-ED ADJUSTING SERVICE INC.. $621. C-07C-000888.DATE: 05/04/2007

DEBTOR: OLIVIA LARRY, LARIMER. BONDEDADJUSTING SERVICE INC.. $1,345. C-07C-000972.DATE: 05/04/2007

DEBTOR: PAUL M. BROUILLARD, LARIMER. DISCOV-ER BANK. $6,409. C-05C-103002. DATE: 05/04/2007

DEBTOR: PAYMASTER SERVICES INC., LARIMER.BANK OF THE WEST. $4,581. D-07CV-000100. DATE:05/10/2007

DEBTOR: PAYMASTER SERVICES INC., LARIMER.BANK OF THE WEST. $321,782. D-07CV-000100. DATE:05/10/2007

DEBTOR: RHOADS CONSTRUCTION INC., LARIMER.UNITED BUILDERS SERVCIES INC.. $175,000. D-04CV-010608. DATE: 05/07/2007

DEBTOR: RICHARD FLEMING, LARIMER. LEASECOMMCORP.. $2,630. C-01CV-000557. DATE: 05/17/2007

DEBTOR: ROBERT & MARY SEEDS, LARIMER. BOND-ED ADJUSTING SERVICE INC.. $576. C-07C-000199.DATE: 05/04/2007

DEBTOR: ROBERT J. LONG, LARIMER. STVRAIN VAL-LEY CREDIT UNION. $3,621. C-06C-001487. DATE:05/14/2007

DEBTOR: RONALD D. GITLIN, LARIMER. PROFES-SIONAL FINANCE CO. INC.. $3,071. C-06C-201994. DATE:05/14/2007

DEBTOR: SAMANTHA & LAWRENCE STOTELMYRE,LARIMER. BONDED ADJUSTING SERVICE INC.. $947. C-07C-000967. DATE: 05/04/2007

DEBTOR: SERAFIM D. SOFIAS, LARIMER. APOLLOCREDIT AGENCY INC.. $800. C-06C-101124. DATE:05/07/2007

DEBTOR: STEVE J. MARKS, LARIMER. ARROWFINANCIAL SERVICES LLC. $3,388. C-07C-003068.DATE: 05/10/2007

DEBTOR: TITIPONG NATHAN TONGBUA, LARIMER.BOISE VILLAGE OWNERS ASSOC. $380. C-05C-201663.DATE: 05/07/2007

DEBTOR: TRACY DOUGHERTY, LARIMER. COLUMBIACREDIT SERVICES INC.. $16,331. C-07CV-000368. DATE:05/17/2007

DEBTOR: TROY D. & KELLY L. GODSIL, LARIMER.PROFESSIONAL FINANCE CO. INC.. $2,297. C-07C-000234. DATE: 05/14/2007

DEBTOR: VIVIAN & RAFAEL TORRES, LARIMER.BONDED ADJUSTING SERVICE INC.. $1,365. C-07C-000968. DATE: 05/04/2007

DEBTOR: WENDY S. STJOHN, LARIMER. DISCOVERBANK. $11,577. C-07C-000442. DATE: 05/09/2007

DEBTOR: WILLIAM H LIPSIE, LARIMER. CHARLESSHEPPARD. $0. D-05CV1320. DATE: 05/07/2007

WE DEBTOR: TUSCANY LLC, WE. GLH CONSTRUCTIONINC.. $1,961. D-2004CV1043. DATE: 05/16/2007

WELD DEBTOR: ACCOUNTANTS CORNER, WELD. TOPNOTCH MASONRY INC.. $2,066,123. C-02CV-001236.DATE: 05/14/2007

DEBTOR: ALFONSO ZAMORA, WELD. FIA CARD SER-VICES. $23,859. C-07CV-000116. DATE: 05/14/2007

DEBTOR: ALFREDO & CELIA GONZALES, WELD.PROFESSIONAL FINANCE CO. INC.. $3,547. C-06C-000050. DATE: 05/07/2007


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ECONOMIC INDICATORS

Employment

Unemployment

Latestmonth

Previouslisting

Changeprev. mo.

Lastyear

Changeprev. year

Lastupdate

492New tax accounts 481 2.3% 513 -4.1% 4/07

Colo. unemp. rate

49,363Motor Vehicle Reg. 58,617 -15.8% 55,125 -10.5% 4/07

Consumer Price (Colorado, Wyoming, Montana and Utah)

Food & Beverages 207.20 0.1% 3.8% 4/07

GENERAL

Larimer $109,733 $52,686 108.3% $148,228 -26.0% 4/07

Weld $51,058 $46,950 8.7% $65,401 -21.9% 4/07

Total construction (000s)

274Building permits 329 -16.7% 457 -40.0% 4/07

Apartment vacancies

FC-Loveland 9.3% 8.1% 1.2% 12.9% 12/06Greeley 7.2% 7.3% -0.1% 12.1% 12/06

Apartment rates

Fort Collins $752 $766 -1.8% $740 12/06

Greeley $625 $634 -1.4% $611 12/06

Sources: Larimer County Workforce Center (Employment stats); National Bankruptcy Institute (Quarterlybankruptcies data); Colorado Office of Business Development (total Colorado manufacturer and agriculturalexports); Cheyenne Airport; Fort Collins-Loveland Municipal Airport; Larimer, Weld County Depts. of MotorVehicles (Motor vehicle registrations); Average growth indicator based on model developed by regionaleconomist John Green; Vectra Bank Colorado (Colorado & U.S. Small Business Indices); F.W. Dodge Data(Construction statistics); Larimer County Public Trustee, Weld County Public Trustee (Foreclosures - Noticeof Election and Demand); The Home Builders Association of Northern Colorado (Building permits); ColoradoDivision of Housing (Apartment vacancies & rates); Realtec Commercial Real Estate Services Inc. (Office,retail, industrial vacancy rates); Colorado Dept. of Revenue (Restaurant sales, gross sales figures, new salestax accounts); U.S. Depts. of Labor, Bureau of Labor Statistics (Consumer Price Index).

Office vacancy rates

Fort Collins 11.1% 10.3% 12.7% 12/06Loveland 11.5% 6.9% 7.2%Greeley 19.0% 20.2% 19.7%

12/06

12/06Retail vacancy rates

Ft Collins 5.6% 5.7% 6.6% 12/06Loveland 3.9% 3.6% 2.0%Greeley 6.7% 5.5% 6.0%

12/06

12/06

Latestmonth

Previouslisting

Changeprev. mo.

Lastyear

Changeprev. year

Lastupdate

REAL ESTATE

Industrial vacancy rates

Fort Collins 4.1% 4.3% 3.7% 12/06Loveland 5.3% 5.1% 3.2%

Greeley 8.6% 8.8% 9.0%

12/06

12/06

Larimer $102,245 $96,529 5.9% 12/06

Restaurant retail (000s)

Latestmonth

Previouslisting

Changeprev. mo.

Lastyear

Changeprev. year

Lastupdate

SALES

Weld $49,804 $44,648 11.5% 12/06Gross sales (000s)

Larimer County $569,264 $575,206 -1.0% 2/07Weld County $577,755 $598,580 -3.5% 2/07

Note: Unless otherwise indicated, all statistics are for Larimer and Weld counties combined.

272,040

11,071

3.8%

265,996

12,306

4.3%

2.3%

5.2%

4/06

4/06

4/06

-10.0%

76,434 69,245 10.4% 4/07

$112,241

$51,970

-8.9%

-4.2%

-3.6%

-4.9%

1.6%

2.3%

13,029

260,221 4.5%

-15.0%

Vectra Small Business90.80 90.80 0.0% 104.10 5/07Colorado Index

86.10 88.40 -2.6% 91.60 5/07U.S. Index

$581,622

$683,173

-2.1%

-2.1%

Housing

Transportation

220.30 0.3% 3.9% 4/07

189.30 2.5% 2.8% 4/07

352.10 0.2% 4/07Medical Care

Items (1982–84 = 100)

5.0%189.25

352.09

207.20

220.29

199.61

212.03

182.19

335.33

39.0%55000

-12.8%

-6.0%

Jet Fuel (gallons dis.)F.C.-Loveland Airport

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In the dynamic world of small business,finding, creating, and maintaining lastingpartnerships can often be an impossibleundertaking. The SBA’s Colorado DistrictOffice is very proud of the proactive rela-tionship it has established with the North-ern Colorado Business Report. For the ninthyear in a row, Chris Wood and his entirestaff have collaborated with us to createthis special SBA Small Business insert,which is packed with valuable informationfor new or seasoned entrepreneurs acrossNorthern Colorado.

This special insert is intended to be auseful “how-to” toolbox for starting andgrowing a small business. Since 1953, theSBA has helped finance more than 42,000Colorado businesses, injecting more than$6 billion into our state’s economy. I feelproud that the SBA remains one of thestrongest advocates for entrepreneurs inthis state. It is comforting to know thatsmall companies in Colorado have some-one like the SBA looking after their inter-ests and needs.

Fiscal year 2006 was the BEST YEAREVER in the history of the Colorado Dis-trict Office. We exceeded our loan goals byassisting hundreds of Colorado small busi-nesses. Of the 68 SBA District Offices inthe country, we were one of the top officesnationally in loans approved and clientsserved. Our finance programs created near-ly 12,000 jobs; approved 2,612 guaranteedloans worth an amazing half-billion dol-lars; and helped small businesses win morethan $4 billion in government contracts.

As a way to celebrate the spirit of entre-preneurialism in this state, we establishedour “SBA Wall of Fame” to recognize well-known Colorado businesses that havemade an impact in our small-business com-munity. Wall of Fame inductees must haveused one of SBA’s many programs over thelast 57 years. Since 2003, we have induct-ed 53 business owners into this Wall ofFame. Businesses such as Wynkoop Brew-ery, American Furniture Warehouse, TheFort Restaurant, The Boppy Company,DocuVault, the Comedy Club in Denver,Quizno’s Inc, New Belgium Brewery, andJason’s Deli have all been inducted ontoour “Wall.”

We also made a concerted effort to stepbeyond the normal boundaries of govern-ment and worked with other groups dedi-cated to helping small business. Our out-reach and marketing efforts include:

• Cosponsorship of the quarterly Eco-nomic Empowerment Breakfasts with theRocky Mountain Small & DisadvantagedBusiness Council that are typically attend-ed by 200 to 300 small businesses and gov-ernment representatives at each event.

• Annual “free” SBA Small BusinessResource Fairs that we co-host with vari-ous chambers of commerce and resourcepartners across Colorado. These resourcefairs have become so popular that we nowhold events in cities such as Denver,Trinidad, Durango and Grand Junction.

• Our biggest ongoing outreach/market-ing effort is our participation in local “live”television call-in shows on KUSA Channel

9 (NBC). On the lastTuesday of eachmonth, SBA hosts acall-in show onKUSA Channel 9during its morningnews show. Morethan 1.9 million peo-ple are reached duringthat 9News event.We receive more than150 telephone callson each show.

• The SBA’s Col-orado District Officeparticipated inapproximately 300-plus outreach andmarketing eventsacross Colorado in 2006. We visited morethan 50 different communities statewide.

• In February 2007, SBA and theNational Association of Women BusinessOwners hosted their second “In GoodCompany” training event for Women inDenver. More than 500 women entrepre-neurs attended this conference.

• Best of all — The SBA and the SmallBusiness Development Network, in part-nership with ColoradoBiz magazine, pub-lished the Colorado Business ResourceGuide. This guide is one of the bestbusiness “startup guides” in the country.

We are successful in our efforts becauseof the tremendous assistance and supportof our dedicated lending partners, certifieddevelopment companies, federal, state and

city agencies, and resource partners such asthe Small Business Development CenterNetwork, SCORE, and Mi Casa ResourceCenter for Women. I want to personallythank all of you who helped to make ouroutreach activities a huge success! Last,but certainly not least, I want to thank theoutstanding SBA staff in the ColoradoDistrict Office for their hard work, dedica-tion, and overall commitment to the morethan 150,000 small businesses that drivethe Colorado economy. We have accom-plished so much over the last 12 monthsand will to build on this success for all ofColorado’s small businesses!

Patricia Barela Rivera is the SBA’s Col-orado District Director, based in Denver. Shecan be reached at (303) 844-2607.

SBA: Colorado’s economic-development leader2,600 loans approved, 12,000 jobs created, securing$4 billion in federal contracts for small business!

By Patricia Barela RiveraColorado District Director

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The SBA is “Your Small Business Resource.”The following is a quick overview of SBA pro-grams and services. A more detailed descriptionof all SBA programs and services may be foundat www.sba.gov or call the Colorado DistrictOffice at (303) 844-2607.Program: 7(a) Loan Guaranty

The 7(a) Loan Guaranty Program providesboth short-term and long-term financing tocredit-worthy small businesses. All of our loanguaranty programs are initiated through SBAparticipating lenders. The main advantage tothe guarantee is the flexibility it provides thelender in determining the term – or length – ofthe loan. SBA’s guarantee reduces the bank’srisk inherent in small business lending. Interestrates are based on current market rates, withupper limits determined by the SBA. The max-imum loan amount is $2 million. The agencydoes not provide direct loans or grants. 504 Loan Guaranty Program

This program provides long-term, fixed-ratefinancing to small businesses to acquire realestate, machinery or capital equipment toexpand or modernize. Typically, 10 percent ofthe project costs are provided by the borrower asequity injection, at least 50 percent provided bya conventional non-SBA commercial bank loanand the remaining 40 percent by a 100 percentSBA-guaranteed debenture. Loans are processedthrough local certified development companies.SBAExpress Loan Program.

This is an expedited loan guarantee program.With this program, SBA participating lendersprimarily use their own forms and procedures forloans up to $350,000. The lender receives a 50percent guarantee. The lender is able to takemost servicing actions unilaterally without theprior approval from the SBA.

MicroLoan ProgramProvides short-term loans of up to $35,000

to small businesses for working capital or thepurchase of inventory, supplies, furniture, fix-tures, machinery and/or equipment. Loans aremade through SBA-approved nonprofit inter-mediaries. Small Business Investment Companies(SBICs)

Provide equity capital, long-term loans,debt-equity investments and management assis-tance to small businesses particularly duringtheir growth stages. The SBA’s role consists oflicensing the SBICs and supplementing theircapital with U.S. government-guaranteeddebentures or participating securities. SBICs areprivately owned and managed, for-profit compa-nies, investing with the prospect of sharing inthe success of the funded small businesses asthey grow and prosper.Export Working Capital Program (EWCP)Maturities

SBA guarantees the short-term working cap-ital loans made by participating Lenders toexporters. An export loan may be for a single ormultiple transactions. If the loan is for a singletransaction, the maturity should correspond tothe length of the transaction cycle with a max-imum maturity of 18 months. If the loan is for arevolving line of credit, the maturity is typicallytwelve (12) months, with annual re-issuances.Surety Bond Guaranty Program

Through the Surety Bond Guarantee Pro-gram, the SBA guarantees bid, payment and per-formance bonds for public and private construc-tion, service and supply contracts of up to $2 mil-lion on behalf of small businesses. Contractorsmust first apply through a surety bonding agent,since the SBA does not do direct bonding.

GOVERNMENT PROCUREMENT ASSISTANCE8(a) Business Development Program

This program assists the development of smallfirms owned and operated by individuals who areboth socially and economically disadvantaged. Byextending government contract preferences andother business development support, SBA helpsthese firms gain access to the economic main-stream. Typically, a firm must have been in oper-ation for at least two years before applying for thisprogram. Individuals may now apply online forthis program at www.sba.gov.Central Contractor Registration (CCR)

Serves as a search engine for contractingofficers, a marketing tool for small firms, and a“link” to procurement opportunities for smallbusinesses. CCR contains business informationon thousands of small firms. It also provideslinks to the online Commerce Business Daily,federal-agency home pages and other sources ofprocurement opportunities. Visit www.ccr.govfor more information.HUBZone Empowerment Contracting

Encourages economic development in his-torically underutilized business zones or “HUB-Zones” through the establishment of federalcontract award preferences for small businesseslocated in such areas.Small Disadvantaged Business Program(SDB).

SBA certifies SDBs to make them eligiblefor special bidding opportunities. Evaluationcredits are available to prime contractors toboost subcontracting opportunities for SDBs.Under federal procurement regulations, theSBA certifies SDBs for participation in feder-al procurements aimed at overcoming theeffects of discrimination. SBA certifies smallbusinesses that meet specific social, economic,ownership and control eligibility criteria forpotential suppliers. Individuals may apply on-line for SBA SDB status by visitingwww.sba.gov.

RESEARCH & DEVELOPMENTSmall Business Innovation Research (SBIR)

The SBIR program provides small businesseswith a means of proposing innovative ideaswhich address the specific R & D needs of par-ticipating agencies in competition for bothPhase I and Phase II awards. These awards mayresult in commercialization of the effort inPhase III. This program is administered bySBA’s Office of Technology.

BUSINESS COUNSELING &TRAININGSmall Business Development Centers

Provide management and technical assis-tance, counseling and training to current andprospective small business owners. Partiallyfunded by the SBA, the program is a coopera-tive effort of the State of Colorado, the privatesector and the educational community. For a listof SBDCs, visit www.state.co.us/oed/sbdc/ orcall (303) 892-3840.Service Corps of Retired Executives(SCORE)

SCORE, Counselors to America’s SmallBusiness offers counseling and training for smallbusiness owners who are starting, building or grow-ing a business. Sponsored by the SBA, SCORE’scounseling services are free of charge or its trainingworkshops are available for a nominal charge. Formore information call (303) 844-3985.Faith-Based and Community Initiatives

SBA’s Center for Faith-Based and Commu-nity Initiatives seeks to empower faith-basedand other community organizations to apply forfederal social service grants. It supplies informa-tion and training, but does not make the actualfunding decisions. Those decisions are madethrough procedures established by each grantprogram, generally involving a competitiveprocess. There are no grant funding set-asidesfor faith-based organizations. Instead, the Faith-Based and Community Initiative creates a levelplaying field for faith-based as well as othercommunity organizations to work with the gov-ernment to meet the needs of America’s com-

munities. For more information, visitwww.sba.gov/fbci/.

ADVOCACY(www.sba.gov/advo)Regional Advocates

Serve as the SBA chief counsel’s direct link tolocal communities. Regional advocates monitorthe impact of federal and state regulations andpolicies on communities within their regions.They also work with state officials to develop pol-icy and legislation that shape an environment inwhich small companies can prosper and grow.Small Business Regulatory EnforcementOmbudsman

Receives comments from small businessesabout the regulatory enforcement and compli-ance activities of federal agencies and referscomments to the appropriate agency’s InspectorGeneral on a confidential basis. Call 1-888-REG-FAIR or visit SBA’s Web site atwww.sba.gov/regfair.

SBA DISASTER ASSISTANCEwww.sba.gov/disaster

The SBA Disaster Assistance Program is the pri-mary federally-funded disaster assistance loan pro-gram for funding long-range recovery for private-sector, non-agricultural disaster victims. There arethree disaster loan programs: loans for homes andpersonal property, physical disaster loans to busi-nesses of any size, and economic injury loans tosmall businesses without credit available elsewhere.

The Military Reservist Economic Injury Dis-aster Loan Program program provides assistanceto small businesses adversely affected by the mil-itary call-up of a key employee. The businessmay qualify for a long-term, low-interest loandirect from the federal government. Call 1-800-366-6303 for more details.U.S. EXPORT ASSISTANCE CENTERS (USE-ACS)

Combine the trade-promotion and export-finance resources of the SBA, the U.S. Depart-ment of Commerce and the Export-ImportBank. Designed to improve delivery of servicesto small- and medium-sized businesses, USE-ACs work closely with other federal, state andtrade partners in local communities. Call theSBA’s Dennis Chrisbaum at (303) 844-6622,ext. 18 for more information.

ONLINE ASSISTANCEFor Colorado specific information go to

www.sba.gov/co/.www.sba.gov. SBA’s Internet home page, learn

about all SBA programs and services online.BusinessLaw.gov. Web site designed to help

small businesses find, understand and complywith the federal, state and local laws and regula-tions that impact their operations.

www.onlinewbc.gov. Online Women’sBusiness Center’s comprehensive Web site pro-viding state-of-the-art training and guidance towomen business owners across the world.

www.nwbc.gov. The National Women’sBusiness Council’s (NWBC) newly revampedcomprehensive Web site serves as a valuableresource for policymakers, women business own-ers, the press and others interested in women’sentrepreneurship.

www.sba.gov/library. SBA’s online libraryproviding a plethora of information on startinga business. All SBA publications are availableon this Web site as well as information on fed-eral laws and regulations.

www.business.gov. U.S. Business Advisor’s Website providing businesses with one-stop, comprehen-sive access to federal government information.

www.sba.gov/training. The E-BusinessInstitute is a virtual campus offering free tutori-als, workshops and educational resources. Itoffers a range of online business training andcounseling tools to assist entrepreneurs withbusiness start-up, from developing marketingstrategies to effective employee management.

milehigh.com/bus iness /Star t -Your-Business/business-assistance-center. DenverBusiness Assistance Center. Sponsored by theCity of Denver’s Office of Economic Develop-ment, this site gives you information on how tostart a business in Denver.

SBA - 2 Advertising Supplement to the Northern Colorado Business Report June 22-July 5, 2007

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Step Out Of Line

SBA’s Programs and Services“Your Guide to Success.”

Support for our nation’s veterans starts athome. Not only do we owe our veterans atremendous amount of gratitude for their serviceand sacrifice to our nation, but we also owe themthe opportunity to make a decent living here athome. This is even more relevant today becauseso many of our military men and women areserving in harms way across the globe. The U.S.Small Business Administration takes their com-mitment to our country seriously and with asense of urgency, and our Administrator StevenC. Preston has made improving SBA services forveterans one of his top priorities. The SBAwants to assure that their transition into civilianlife is seamless and without difficulty, so we aredesigning new lending and business-assistance

programs specifically forveterans and activatedreservists.

Over the past 30years, I have talked tohundreds of veteransabout becoming self-suf-ficient and successful.Being a Vietnam Warveteran — and currentsmall-business ownerfrom Butte, Mont. — Ihave learned first-handthat a peer group withsimilar experiences andhistory can provide anamazing amount of sup-port. Recent data showus that one in seven vet-erans is a small-businessowner, and that morethan 22 percent of vet-erans who have servedsince the Korean War

are thinking about or are taking steps to start orpurchase a small business. With nearly 27 mil-lion living veterans in this country, the SBA istasked with providing innovative programs andservices that will meet their specific needs andaddress their many challenges.

In the near future, the nearly 1.5 million U.S.military personnel that have served or are cur-rently serving in Iraq and/or Afghanistan will becoming home looking for opportunities in theirlocal communities. There are thousands of veter-ans under the age of 65 that are still in the jobmarket and will need to generate some sort ofincome for many years to come. A recent surveyfound that 62 percent of all veterans are still in

the work force today. What does this mean to theaverage veteran? It means that our veterans mustcontinue to find a way to earn a living — andsmall-business ownership may be the answer.

The SBA is here to help our veterans suc-ceed. Each local SBA District Office has at leastone person assigned as a Veterans BusinessDevelopment Officer. In Colorado, that desig-nated person is Jeanette Deherrera. She can becontacted at (303) 844-2607, ext. 226.

How does the SBA help veterans start orgrow a business? Though we do not offer directloans or grants, SBA does help in many otherways. First, SBA has a comprehensive networkof business-development resources — includingSCORE and our Small Business DevelopmentCenters — that can help you write a businessplan, develop a marketing strategy, develop aloan package, or learn how run a business on adaily basis. The Office of Veterans BusinessDevelopment (www.sba.gov/vets) has createdthe Pre & Post Mobilization Business PlanningGuides for returning Self Employed Reserve andGuard members. Many of our reservists andNational Guard members are small-businessowners already and need help coping with themany problems connected with keeping abusiness running while on active duty.

The SBA continues to offer its MilitaryReservist Economic Injury Disaster Loan Programthat assists small-business owners that lose keyemployees to active duty service, including theowner. The SBA has established a Reserve andGuard Web page at www.sba.gov/reservists thatoutlines our assistance to active-duty or reservemembers. Over the last five years, veteran partic-ipation in all of our programs is up an average of70 percent. This is proof that our veterans needour help, and need it now more than ever.

Recently, a new procurement program wasimplemented that has boosted federal contractopportunities for service-disabled veteran-owned (SDVO) small businesses. This programallows federal contracting officers to providecompetitive set-asides and sole-source procure-ment awards to SDVO firms. This new ruleallows small businesses to self-certify as service-disabled veteran-owned businesses. The ServiceDisabled Vet (SDV) small business must meetall small-business size standards, be 51 percentowned and controlled by a SDV, and the CEOor president must be a SDV.

For more information on how to contractwith the federal government, go tohttp://www.sba.gov/region8/r8_contractingofficelist.html. It is critical that all veteran-ownedbusinesses register on the Central ContractorRegistration located at www.ccr.gov. The CCRis a database that federal agencies and largeprime contractors use to find qualified smallbusinesses in their procurement needs.

Our veterans demand and deserve our sup-port at home. Whether it is help developing acomprehensive business plan, finding the righttype of business loan, obtaining a surety bond,advice on how to export their products or ser-vices abroad, or ideas on how to more effective-ly contract with the federal government theSBA is here to help. Our nation’s veteransserved our country with honor. Now it is ourturn to serve them.

Elton W. Ringsak is the SBA’s Region VIIIAdministrator based in Denver. His office is respon-sible for SBA programs in Colorado, Montana,North Dakota, South Dakota, Utah and Wyoming.He can be reached at (303) 844-0500 [email protected].

June 22-July 5, 2007 Advertising Supplement to the Northern Colorado Business Report SBA - 3

SBA stands ready to help veterans start a small business

By Elton W. RingsakSBA’s Region 8 Administrator

SBA - 4 Advertising Supplement to the Northern Colorado Business Report June 22-July 5, 2007

The Office of Advocacy, the “small-businesswatchdog” of the federal government, savedsmall business more than $7.2 billion in fiscalyear 2006. By working with federal agencies toimplement the Regulatory Flexibility Act and

Executive Order 13272,Advocacy ensured thatthe voice of smallbusiness was heard inthe regulatory process.That effort resulted inrules that met their reg-ulatory goals while atthe same time reducedthe burden on smallbusiness compared withthe original proposals.

“The Office ofAdvocacy is proud tolive up to its reputationas a fighter for Ameri-can small business,” saidChief Counsel forAdvocacy Thomas M.Sullivan. “When thevoice of small businessis heard in the regulato-ry process, better deci-sions are made and bet-

ter rules are written. By working closely withsmall-business owners, their representatives,and with federal agencies, our staff showed thatone-size-fits-all rules are not the best solution.

Our cost savings show that many times originalproposed rules can impose unintended costs onAmerica’s innovative, job-creating small busi-nesses.”

The foregone regulatory cost savings forsmall business are outlined in Advocacy’sReport on the Regulatory Flexibility Act, FY2006. The report is Advocacy’s 25th annualRFA report, and it covers agency compliancefrom October 2005 through September 2006.Advocacy sent more than 40 public commentletters to federal agencies detailing concernsabout proposed regulations. Quantifiable costssavings were achieved in 16 regulations in FY2006. These interventions saved small business$7.25 billion in first-year costs and $117 millionin annually recurring costs.

Regulatory cost savings include: $334 mil-

lion initially and $47.7 million annually whenthe Centers for Medicare and Medicaid Servicespublished a revised rule so that home-healthagencies were no longer required to inputpatient-care data on non-Medicare/non-Medic-aid patients.

$520 million in quantifiable cost savings tosmall business resulted from Advocacy’sinvolvement in Occupational Safety andHealth Administration’s revision of its initial(2004) proposed rule that lowers the permissibleexposure limit for airborne exposure to hexava-lent chromium.

$5.53 billion in savings in compliance costsfor smaller public companies were achieved bythe Securities and Exchange Commission’sextension of time to implement Section 404 ofthe Sarbanes-Oxley Act of 2002.

Office of Advocacy helps small businesses by reducing costly effects of regulations

READY TO SELL?…OR GROW BY ACQUISITION?

Buyer demand is strong and growing. More mergers are predicted.Let's talk about timing.

FREE private consultations u Turning businesses into retirement plans

www.mountainstatesbb.comFort Collins 970-221-9950

Denver Metro 303-592-9950

Selling Colorado & Wyoming Businesses Since 1994

By Dennis R. ChrisbaumSBA Regional Manager of International Trade Programs

With the U.S. dollar reaching new lowsagainst the Euro, American products and ser-vices are increasingly competitive both inEurope and in other markets where Americanfirms compete against European companies.This was evidenced last year, as Coloradoexports expanded 19.7 percent over 2005 levels.This trend should continue in 2007, as worldeconomic growth remains strong, creating agrowing demand for U.S. products and services.

A good place to start in exploring interna-tional business opportunities is at the U.S.Export Assistance Center in Denver. A wealthof market research and advice is availablethrough this office — see www.buyusa.gov/col-orado for a description of their programs andservices. Training programs on internationalbusiness also are offered by the World TradeCenter in Denver. A schedule of their pro-grams, including World Trade Day on May 17,can be found on their Web site:www.wtcdn.com.

The U.S. Small Business Administration’sprimary role in assisting small- and medium-sized exporters is to ensure that they have thenecessary financing. Because some banksremain tentative about supporting their clients’international sales, the SBA will provide alender with a 90 percent guaranty on loansextended to finance export transactions. TheseExport Working Capital loans can be set up tofinance a single transaction — one that mightbe larger than the firm’s normal order — or, setup on a 12-month, revolving line-of-credit basisto finance multiple transactions. For loans of 12months or less, the guaranty fee is only 0.25 per-cent; lines can be renewed annually for three

years. Collateral is primarily what is in thetransaction: inventory, accounts receivable,work-in-process, and an assignment of proceedsfor letters of credit or credit insurance policies.Loans can go as high as $2 million, but appli-cants must be able to show at least one year ofbusiness operating history in order to qualify.

For companies that would like to expandtheir business because of growing export sales,the SBA’s regular 7(a) term loan program canhelp, by providing a 75 percent guaranty on acommercial bank loan of up to $2 million.Terms can go out as long as 25 years, while loanproceeds can be used for both fixed assets andworking capital. Or, if a company’s financingneeds total $250,000 or less, the relatively newSBA Export Express Program might meet thoseneeds. Loans are available under this lender-expedited program, with SBA guaranteeing 85percent on loan amounts up to $150,000, or 75percent on loan amounts up to $250,000. Pro-ceeds can be used for equipment, other fixedassets, transaction costs, foreign-trade-showparticipation, translation services or otherworking-capital needs. However, the applicantmust have been in business for at least one yearand must demonstrate that the loan will helpthe firm enter a new export market or expand inan existing export market.

If you think any of these programs mightwork for you, or if you have any questions aboutexporting in general, please give Dennis Chris-baum, SBA’s representative at the U.S. ExportAssistance Center in Denver, a call. Don’t letfinancing stand in the way of your internation-al sales success this year. Our country needs toincrease its exports, and the SBA stands readyto help companies make that happen.

Dennis R. Chrisbaum, regional manager ofinternational trade programs for the U.S. SmallBusiness Administration, is based at the U.S.Export Assistance Center in Denver. He coversArizona, Colorado, Wyoming, Utah, and NewMexico for the SBA’s Export Working Capital pro-gram and can be reached at (303) 844-6623, ext.18 or at [email protected].

2007: an excellent timeto explore export markets

By Jim HendersonSBA’s Region 8 Advocate

U.S. Export Assistance Centerwww.buyusa.gov/colorado

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