07.09.24 UHCAMC PacketUNIVERSITY HILL COMMERCIAL AREA MANAGEMENT COMMISSION
July 9, 2024
4:00–6:00p.m.
Community Vitality Department, 1500 Pearl Street, Suite #300
(The public will attend via Zoom Webinar.)
AGENDA
I.Roll Call Secretary
II.Procedural Items (10 min.)Chair
A.Approval of the May 7, 2024 Meeting Minutes
III.Public Participation (0-10 min.)Chair
IV.Consent Agenda – Topics will not be discussed unless there are questions posed by the
Commission. Please reference the consent agenda memo.
V.Fund Financials– The fund will not be discussed unless there are questions posed by the
Commission. Please reference the packet attachment.
VI.The Hill Boulder Update (20 min.)Jake Hudson-Humphrey
VII.Matters from Staff (60 min.)Staff
A.DRAFT 2025 Budget Recommendations (Elliott LaBonte)
B.District Outlook Project Update (Matt Chasansky)
C.Revenue Optimization for the 14th Street Lot (Elliott LaBonte)
VIII.Matters from Commissioners (10 minutes)Chair
A.UHCAMC Bi-Monthly Meeting Update
IX.Next Commission Meeting: 4 p.m., Tuesday, September 3, 2024
X.Next Bi-Monthly UHCAMC Check-In Meeting: 1:00 p.m., Tuesday, August 13, 2024
XI.Adjourn Chair
Attachments:
-Draft May 2024 Meeting Minutes
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- Special District Boards and Commissions Consent Agenda – July 2024
- UHGID YTD Fund Financials
-The Hill Boulder Update
-2025 Proposed Budget Recommendations
- Q1 2024 Boulder Economic Indicators Economic Data - Boulder Chamber Economic Council
(bouldereconomiccouncil.org)
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CITY OF BOULDER
BOULDER, COLORADO
BOARDS AND COMMISSIONS MEETING MINUTES
Name of Board/Commission: University Hill Commercial Area Management Commission
Date of Meeting: May 7, 2024
Contact Information Preparing Summary: Lauren Kennedy, 303-413-7492
Board Members Present: Tell Jones, Cheryl Liguori, Ted Rockwell (Chair), Andrew Shoemaker
(Vice-Chair), Danica Powell
Board Members Absent: Trent Bush
Staff Present:
Cris Jones, Director of Community Vitality (CV)
Elliott LaBonte, CV Senior Manager of Business Services
Matt Chasansky, CV Senior Manager of Cultural Vibrancy and District Vitality
Reegan Brown, CV Senior Project Manager
Lane Landrith, CV District Vitality Specialist
Lisa Wuycheck, CV Executive Assistant
Lauren Kennedy, CV Board Specialist
Guests Present:
Jake Hudson-Humphrey, The Hill Boulder
Mary Cooper Ellis, University Hill Neighborhood Association
Public Present:
Josh Watson
Type of Meeting: Hybrid
The meeting was called to order at 4:03 p.m. A quorum was present for the conduct of business.
Agenda Item 1: Roll Call
Agenda Item 2: Procedural Items
A.Approval of the March 2024 Meeting Minutes
•Tell Jones made a motion to approve the March meeting minutes as presented in the
meeting packet. Second by Shoemaker. There was no discussion. The motion passed
unanimously.
B.Farewell to Commissioner Cheryl Liguori
C.Welcome and Oath of Office – Commissioner Danica Powell
D.Welcome Board Specialist Lauren Kennedy
E.Elections – Chair & Vice-Chair?
•Powell nominated Rockwell as chair and Shoemaker as Vice chair. Second by Tell
Jones. There was no discussion. The motion passed unanimously.
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Agenda Item 3: Public Participation
Mary Cooper Ellis provided the following updates from the University Hill Neighborhood Association
(UHNA).
•Ellis said the commercial district is looking cleaned up and feels like a safer place to be after
dark due to the efforts of the Hill Ambassador program and the Hill Merchant’s Association.
•Ellis asked for an update about expired ARPA funding and the status of the $10,000 request to
City Council for funding from the general fund.
•Ellis requested a copy of the ULI Tap Fourteenth Street report or design proposal.
•Ellis said electric scooter corrals are working well and that the UHNA is excited for the
opening of the Moxy hotel.
•Cris Jones Director of Community Vitality (CV) stated that the department is able to absorb
the $10,000 request administratively through the 2025 budget, and that the funding has already
been accounted for.
•Cris Jones confirmed that the design proposal was in the meeting packet for the March 5th,
2024, UHCAMC meeting.
Josh Watson
•Watson brought up the tree report and proposal for planting empty tree wells in the Hill area
that he sent to the commissioners previously. He asked the commissioners if they had any
questions.
•Rockwell reported that the commissioners are aware of the issue and committed to fixing it.
•Watson followed up by offering to customize the maps he provided and asking for temporary
solutions by August 2024.
Agenda Item 4: Consent Agenda
Consent Agenda – Topics will not be discussed unless there are questions posed by the Commission.
Please reference the consent agenda memo.
•UHCAMC had no questions or comments regarding the consent agenda.
Agenda Item 5: Fund Financials
The fund will not be discussed unless there are questions posed by the Commission. Please reference
the packet attachment.
•Tell Jones asked about the increased funding in 2024 compared to 2023, and why it was lower
in 2023.
•Cris Jones explained that the funding for 2023 didn’t account for the sale of a parking lot that
year but was based on the budget for 2022. The sale of the parking lot was accounted for in the
2024 budget.
•Tell Jones and Shoemaker followed up with additional detailed questions about the budget and
how it is allocated, which Elliott LaBonte, CV Senior Manager of Business Services,
answered.
•Tell Jones asked about the lowering of incoming visitors and discussed the possible
contributing factor of construction in the area.
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Agenda Item 6: The Hill Boulder Update
Jake Hudson-Humphrey, from The Hill Boulder, addressed the commission.
Hudson-Humphrey updated the commission about the location for the Merchant Meetup event on
Tuesday, May 14th, 2024, at 2:00 pm. They will continue using the Crown Institute Aspen Conference
room and are looking to move to the Moxy Hotel when it’s open.
Hudson-Humphrey discussed the spring flower planting event on May 14th, 2024, and requested
volunteers.
Hudson-Humphrey discussed the Office of Arts and Culture crosswalk mural project at the Moxy
Hotel and gave information about a Taste of The Hill event for the employees of the Moxy Hotel.
New Businesses on The Hill:
•The Nick Ryan Art Gallery
•The Moxy Boulder
•Chipotle
•The Loving Cup
Closed Businesses on The Hill:
•Deun Deun Box
UHCAMC Responses:
•Tell Jones asked about if the businesses are closing due to “stings.” Hudson-Humphrey does
not know, but believes the businesses are open now. Powell asked about stings, Rockwell gave
information about underage drinking stings.
•Rockwell asked about other businesses opening within the Moxy Hotel. Hudson-Humphrey
confirmed he has not heard any details yet.
Agenda Item 7: Matters from Staff
A.Q1 Economic Update
Cris Jones and LaBonte gave an update about UHGID and reviewed the following topics.
•The city is using a new software, Placer AI, that pings cellphones anonymously to gather
visitation data.
•There are some year-over-year changes in visitation traffic from 2023 to 2024.
•Rockwell asked for clarification about one of the charts and wondered if weather had an effect
on the numbers. Powell followed up with additional questions about the presentation of the
charts.
•Cris Jones clarified the system tracks weather and special events to see how those factors could
affect the metrics.
•LaBonte presented the details of the visitation traffic metrics. The commission discussed the
information.
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B.Hill Revitalization Update
Reegan Brown, CV Senior Project Manager, gave updates about wayfinding signage for different
areas and indicated that the signs should be up by Memorial Day. She showed where the signs will be
located and gave information about the sign specifications. Tell Jones asked about specific signs on
Broadway that are incorrect, and Brown confirmed they are aware of them, and they will be
removed. Powell asked about other sign projects, and Brown gave more information about them.
Rockwell clarified that the signs are location specific.
Brown talked about Roots Music Project and their goals and upcoming events throughout 2024.
Brown gave an update and details about the Creative Crosswalk project, stating that it will likely be
completed in June. Cris Jones asked if commissioners were able to give feedback on mural
submissions, and Brown confirmed they will be allowed.
Brown gave updates on other efforts around town regarding power washing, plantings, murals,
parking lots, and a permanent public art project.
C.Cross District Consulting
Matt Chasansky, CV Senior Manager of Cultural Vibrancy and District Vitality gave detailed
information about this work and went over the timeline for completion of each step of the work.
Chasansky asked commissioners for opinions on next steps for the work. The commission discussed
the details of the work.
Rockwell asked about changing the bike path to make it more accessible and safer for carless
travelers.
Chasansky asked for 2 members to join this work. Rockwell confirmed he will join. Tell Jones was
interested.
Agenda Item 8: Matters from Commissioners
A.UHCAMC Bi-Monthly Meeting Update
Rockwell updated that it was a useful meeting to attend. He wanted to gather thoughts from staff about
whether it was helpful or not. Cris Jones expressed that he felt it was helpful to have regular check-ins
to keep on track with the commission’s goals, and Chasansky agreed. Rockwell confirmed there will
not be a meeting on 5/14/24 and clarified the goals of the meetings for Powell. Cris Jones clarified the
obligations of commissioners to attend this meeting and the cadence and expectations for the meetings.
B.Moxy Hotel Opening
Rockwell asked Powell what she knows about the hotel. Powell discussed the possibility of a grand
opening party, and the permitting and licensing hurdles that the project has faced.
C.14th Street Lot Activations for CU Football Season
Rockwell asked Brown if the commission can help her project at all. Brown said she’s open to creative
designs. Shoemaker clarified that the City will not plan the event but will facilitate a 3rd party to plan it.
Tell Jones and Rockwell discussed integrating the info with the visitation numbers. Powell asked for
clarifications on goals for the lot, and Cris Jones clarified the goals.
6
Powell questioned why revenue is not a priority, and Shoemaker echoed this sentiment. Cris Jones
clarified that the city is charging the daily rate for parking in the lot and is missing out on revenue
opportunities for events at CU, like football games and concerts. The commission, Cris Jones, and
Chasansky discussed the costs and benefits of charging event rates at the lot for parking.
Shoemaker made a motion to explore the possibility of special event parking pricing for the Fourteenth
Street Lot. Second by Rockwell. There was no discussion. The motion passed unanimously.
Agenda Item 9: Next Commission Meeting
Next Commission Meeting: 4 p.m. Tuesday, July 9, 2024. The public will be remote.
Cris Jones requested that the Bi-Monthly UHCAMC Check-In meeting be included in future
UHCAMC meeting agendas in the Next Commission Meeting section and stated that the next bi-
monthly meeting is set for June 11, 2024.
Agenda Item 10: Adjourn
There being no further business to come before the commission at this time, Rockwell moved to
adjourn the meeting. The meeting was adjourned at 6:01 p.m.
Attested: Approved by:
___________________ _____________________
Lauren Kennedy Ted Rockwell
Board Specialist UHCAMC Chair
Date: ______________ Date: _________________
7
City of Boulder
Special District Board Consent Agenda
University Hill Commercial Area Management Commission (UHCAMC) – July 9, 2024
Downtown Management Commission (DMC) – July 16, 2024
Boulder Junction Access District (BJAD) Commissions – July 24, 2024
Updates on Community Vitality work plan programs and projects for city special district boards and
commissions. These updates are for informational purposes only and require no discussion or votes.
Special District Updates
University Hill General Improvement District (UHGID) - Hill Revitalization Efforts –
Many exciting efforts are underway on the Hill:
•Moxy Boulder Hotel had their soft opening on May 23, providing 189 guest rooms in the
heart of Boulder along with space for a restaurant, coffee shop and Bar Moxy.
•Staff continues to track the impacts of changes in regulations for restaurants, brewpubs
and taverns which were adopted by City Council last November.
•Pedestrian wayfinding signage has been installed throughout the district and along key
corridors connecting the Hill to downtown to better guide pedestrians and cyclists to
nearby attractions.
•In collaboration with Roots Music Project the June 22 concert in the ‘On the Rise’ music
series was well attended. The next concert will take place on Saturday, July 27.
•Staff are working with a mural artist to adapt their proposal for a creative crosswalk
design across Pleasant Street west of Broadway.
•Work continues at the Limelight Hotel and Conference Center, which is projected to open
in Spring 2025.
•Central Area General Improvement District (CAGID) Garage Repairs and Improvements
City of Boulder is improving public parking garages in downtown Boulder in 2024, which
requires periodic partial and full closures of the garages. The projects include important
maintenance repairs and improvements such as power washing and re-striping. Community
Vitality staff are working with contractors, parking permit holders, commercial property owners
and tenants to coordinate the schedule to ensure continued public parking garage access
downtown while these projects are completed.
•Central Area/University Hill General Improvement Districts (CAGID)/(UHGID) –
Downtown and University Hill Ambassador Program – The ambassador program operates in
the downtown, Civic Area and on University Hill. Extension of the program ensures an
ambassador is present on University Hill 32 hours per week, in addition to an ambassador team
lead 40 hours per week. The program is a partnership between the university, the City of Boulder
8
and the Downtown Boulder Partnership (DBP). A Hill ambassador may be reached via phone or
text at 720-576-8643.
•Boulder Junction Wayfinding Signage Project – This project aims to improve wayfinding and
recognition of Boulder Junction as a distinct neighborhood and general improvement district
(GID) within the Boulder community. City staff entered into an agreement with a vendor called
e3 Signs, based out of Loveland, Colorado, to fabricate and install the signage. Installation is
complete for the signage in the Public Right-of-Way and nearly complete for the private property
locations. We anticipate all signage to be complete by the end of this summer.
•Commutifi Pilot Program – Community Vitality entered into an agreement with a local tech
company Commutifi to implement a transportation demand management “TDM” wallet concept
in 2024 in the Central Area General Improvement District (CAGID) and Boulder Junction
Access District (BJAD). The purpose of the pilot program is to encourage companies within
CAGID and BJAD to participate in sustainable commuting practices through financial incentives
(up to $2.50 per commute with the city’s match) to employees who use sustainable transportation
methods for their commutes. More information can be found at the program website Boulder
Clean Commute. Attached to the meeting packet is the first quarterly report from Commutifi
which provides a comprehensive overview of the program and utilization data.
•District Parking Assessment – This project is centered on assessing and optimizing the
utilization of district-owned parking lots and garages in CAGID and UHGID to meet the needs
of the districts. Through collaboration with stakeholders and a data-driven approach, this project
aims to enhance district parking resources to better serve the diverse needs of our community,
ultimately contributing to a more vibrant and accessible urban environment. Currently we are
conducting an existing conditions study and plan to solicit feedback on project direction in July.
City of Boulder Updates
AMPS Implementation: New on-street pricing changes to align with performance-based pricing
went into effect Jan. 2, 2024. Performance-based pricing uses data driven analysis to implement
pricing changes based on demand, which are monitored and adjusted on an annual
basis. Questions or comments: Samantha Bromberg, brombergs@bouldercolorado.gov.
Outdoor Dining Pilot Program - The five-year pilot program provides permitting and support
for outdoor dining year-round at restaurants, brewpubs, taverns, breweries, distilleries, and
wineries. The program enables these businesses to offer more space to customers by expanding
outside with consistent, pre-approved infrastructure for the expansion areas. There are currently
a total of 30 participating businesses. We will conduct an evaluation in the coming months and
anticipate providing an update to council later this year with the hope of extending the program
beyond 2027.
9
University Hill Commercial District Fund (formerly UHGID) - 6500202320242024202520262027202820292030Actuals Adopted Revised Recommended Projected Projected Projected Projected Projected3,685,209$ 3,748,126$ 3,748,126$ 3,581,109$ 3,228,020$ 3,121,931$ 3,004,506$ 2,875,382$ 2,734,181$ Sources of FundsInterest & Investment Earnings 84,413 48,320 87,064 89,797 92,617 95,525 98,525 101,618 104,809 Based on previous year interest plus growthParking Revenue 58,219 79,060 59,092 59,979 60,878 61,792 62,718 63,659 64,614 slow to no growth projectedProperty Tax 35,093 35,880 35,795 39,481 40,271 41,076 41,898 42,736 43,590 2% growth projection + $3,500 from Hill Hotel in 2025Specific Ownership & Tobacco Tax 1,695 1,410 1,729 1,438 1,467 1,496 1,526 1,557 1,588 2% growth projectionTransfers In 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 Total Sources of Funds449,420$ 434,670$ 453,680$ 460,695$ 465,233$ 469,889$ 474,667$ 479,570$ 484,601$ Uses of FundsAdministration (Economically Vital) 60,293 109,899 110,189 107,930 110,628 113,394 116,229 119,135 122,113 2.5% growthCommunity Vitality Customer Service 38,345 79,007 79,231 40,798 41,818 42,863 43,935 45,033 46,159 2.5% growthEconomic Vitality & District Management 28,900 55,261 65,261 65,600 67,240 68,921 70,644 72,410 74,220 2.5% growthParking Maintenance 168,934 203,350 207,980 256,024 262,425 268,985 275,710 282,603 289,668 2.5% growthSpecial Events20,332 20,840 21,361 21,895 22,443 23,004 Transfers & Cost Allocation 52,913 64,220 64,220 73,100 68,370 71,789 75,378 79,147 83,105 Capital Improvement Program 37,118 15,000 93,816 250,000 ‐ ‐ ‐ ‐ ‐ Total Uses of Funds 386,503$ 526,737$ 620,697$ 813,784$ 571,321$ 587,314$ 603,791$ 620,771$ 638,268$ Ending Fund Balance Before Reserves3,748,126$ 3,656,059$ 3,581,109$ 3,228,020$ 3,121,931$ 3,004,506$ 2,875,382$ 2,734,181$ 2,580,513$ ReservesOperating Reserve74,735 78,549 78,549 80,513 82,525 84,588 86,703 88,871 91,359 Total Reserves74,735$ 78,549$ 78,549$ 80,513$ 82,525$ 84,588$ 86,703$ 88,871$ 91,359$ Ending Fund Balance After Reserves 3,673,391$ 3,577,511$ 3,502,560$ 3,147,508$ 3,039,406$ 2,919,918$ 2,788,679$ 2,645,310$ 2,489,154$ 10
UHCAMC Updates
The Hill Boulder Merchant Association
July 1, 2024
1.Merchant meetup – working w/ Crown to schedule next one for September
2.Successful launch of THB’s quarterly public-facing newsletter w/ spring edition
a.30% open rate, 10% click rate, 233 people on mailing list
b.Working on summer edition
3.Roots Music Project’s June event -- 500 estimated attendees, positive feedback
4.Moxy Boulder, Nick Ryan Gallery having noticeable positive impact
5.140% increase in our Google search impressions, usually re: Moxy
a.Working on hospitality section of THB website
6.Visit Boulder organizing “Taste of the Hill” event for Moxy employees in August
7.Chipotle supposed to open this month
11
Community Vitality’s
2025 Proposed Budget
12
Agenda
General Improvement District
Roles and Responsibilities
Key Accomplishments
2024 Budget
Budget Process
Community Vitality Budget
Capital Improvement Program
UHGID Revenues & Expenses
Feedback and Questions
Next Steps
Suggested Motion Language
13
GID Roles and Responsibilities
•Provide a general parking program to provide parking, pedestrian, bicycles, mass transit, aesthetic and related
improvements for the district area, which may include, but shall not be limited to:
•Parking and off-street parking facilities;
•Acquisition or lease of necessary land and improvements
•Other incidental facilities and improvements designed to improve parking
•Pedestrian and bicyclist amenities including benches, trees, landscaping, bike racks, signage, banners and trash
receptacles
•Improvements to increase the attractiveness and convenience of the district
•Incentive programs to encourage use of means of transportation to and from the district other than the under
occupied private automobiles
•Maintenance of any of the above
14
Ket Accomplishments & Work In Progress
•Key Accomplishments
•Expansion of Hill Merchant Support
•Hill Activations
•Final ULI Tap Report
•Work In Progress
•Way finding
•14th St. Parking Lot Repaving
•Roots Music Festival
15
Budget
Process
Overview
Commission &
Council Priority
Setting
Department
Work Plan
Alignment
Financial
Projections
and
Strategic
Planning
Department
Budget
Development
Citywide Budget
Development
Council
Review &
Adoption
16
Community Vitality Funds
District City Other
CAGID General Fund ARPA
UHGID Arts, Culture & Heritage CCS/CCRS (Arts + Culture)
BJAD-Parking
BJAD-TDM
17
Revenues and Expenses
Revenue Expenses
Parking Revenue Personnel
Property Tax Operating
Leases, Rents, and Royalties Internal Services
Specific Ownership Tax Debt Service
Other Revenues Capital
Transfers In Transfers
18
Proposed Community Vitality Budget
2024 Approved 2025 Proposed % Change
Operating $6,193,701 $7,335,469 19.4%
Personnel 4,651,236 5,007,344 7.7%
Transfers 748,719 1,194,164 59.5%
Internal Services 748,631 906,510 21.1%
Debt Service ---
Total $12,342,287 $14,502,924 17.5%
Capital 5,197,789 9,120,752 75.5%
Total Including Capital $17,540,076 $23,623,676 34.7%
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Revenues 2024 Approved 2025 Proposed % Change
Transfers In $270,000 $270,000 -
Other Revenues - Parking 79,060 59,979 -24%
Property Tax 35,880 39,481 10%
Investment Earnings 48,320 89,797 85.8%
Specific Ownership Tax 1,410 1,438 2%
Total $434,670 $460,595 6%
Expense 2024 Approved 2025 Proposed % Change
Personnel $240,228 $254,741 6%
Operating 183,923 204,172 11%
Transfers 54,500 62,956 15.5%
Internal Services 33,085 41,915 26.7%
Total $511,737 $563,784 10.2%
Capital 15,000 250,000 1,567%
Total Including Capital $526,737 $813,784 54.5%
Proposed UHGID Budget
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Summary of 2025 Budget Changes
•Realignments
•Shifting EcoPass savings to support maintenance operations
•Decrease in GF transfer to CAGID for credit card processing fees now GF obligation
•Enhancements
•Ambassador Program
•Outdoor Dining
•EcoPass expansion to part-time employees
•Arts + Culture gap year and program expansions
•Capital Highlights
•Hill Focused Streetscape Renovations and Revitalizations
•CMGC projects per garage starting in 2025
•Security Enhancements in Garages
•1% for Public Art on Capital Projects
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2025 Budget Highlights
•Focus on realigning under utilized budget to
programs in need
•‘we are incredibly constrained in our ability to
take on new initiatives and positions’
•New dedicated sales tax for Arts, Culture and
Heritage
•Heavy expansion of Capital programs
•Enhancements focused on business and
employee support
•Headwinds
•Initiative #50 Voter Approval to Retain
Additional Property Tax Revenue (4% cap)
22
2025 – 2030 Capital Improvement Program
2025 Proposed 2026 Proposed 2027 Proposed 2028 Proposed 2029 Proposed 2030 Proposed
1% For Public Art 139,137 141,978 145,393 148,928 152,589 156,383
Affordable Commercial 500,000 - - - - -
Boulder Junction Public Improvements 100,000 100,000 100,000 100,000 100,000 100,000
Garage Security Enhancements 1,000,000 - - - - -
Hill Streetscape Renovations 1,705,000 - - - - -
Interior Tenant Space Repairs 50,000 50,000 50,000 50,000 50,000 50,000
Pearl Garage Renovations - - 4,500,000 - - -
Randolph Garage Renovations - - - 5,000,000 - -
RTD Garage Renovations - - - - 3,000,000 -
Spruce Garage Renovations 5,000,000 - - - - 750,000
St. Julien Garage Renovation -5,000,000 - - - -
Undergrounding CAGID Power Lines 500,000 500,000 500,000 500,000 500,000 500,000
Pearl Street Mall Refresh -2,000,000 - - - -
Grand Total 8,994,137 7,791,978 5,295,393 5,798,928 3,802,589 1,556,383
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Questions &
Feedback
24
Next Steps
Suggested Motion
Language
Commission recommends
approval of the 2024
Community Vitality proposed
budget including the 2024-2029
Capital Improvement Plan.
25
Boulder Economic
Indicators
First Quarter 2024
Louis Rosner: Economic Development Analyst
Introduction
Compared to a year ago, the national economic outlook has seen
significant improvement. Real GDP has grown for the sixth
consecutive quarter, though at a pace more aligned with pre-
COVID trends. In the summer of 2023, the Federal Reserve
pledged to halt rate hikes and has even hinted at potential rate
reductions in the near future. However, economic expansion,
strong job figures, and persistent price resistance may delay rate
cuts until late 2024 or possibly 2025. Despite elevated rates, price
levels stubbornly persist, with the Consumer Price Index (CPI)
clinging to the 3% mark.
Locally, the economy remains robust. While unemployment has
risen, this uptick may not signal a weak job market but rather a
growing labor force. Total employment has surged by 2.6%, while
the civilian labor force has expanded by 1%. Particularly
encouraging is the sustained positivity in business confidence,
marking consecutive quarters above the neutral threshold for the
first time since early 2022, as concerns of recession diminish.
However, office vacancies continue to pose a challenge to the
26
economy. With numerous Commercial Real Estate (CRE) loans
maturing this year, the broader economic impact remains to be
seen.
National Economic
Indicators
Source: Bureau of Economic Analysis
Percent Change in Real GDP
PercentPercent Change in Real GDP2017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q12021 Q22021 Q32021 Q42022 Q12022 Q2202-10
-5
0
5
10
27
Source: Board of Governors of the Federal Reserve System (US)
Federal Funds Rate
PercentEffective Federal Funds RateJan 2017April 2017July 2017October 2017Jan 2018April 2018July 2018October 2018Jan 2019April 2019July 2019October 2019Jan 2020April 2020July 2020October 2020Jan 2021April 2021July 2021October 2021Jan 2022April 2022July 2022October 200
1
2
3
4
5
6
Source: Federal Reserve Bank of Atlanta
Sticky Price CPI
Percent ChangeSticky Price CPIJan 2017April 2017July 2017October 2017Jan 2018April 2018July 2018October 2018Jan 2019April 2019July 2019October 2019Jan 2020April 2020July 2020October 2020Jan 2021April 2021July 2021October 2021Jan 2022April 2022July 2022October0
-0.2
0.3
0.5
0.8
28
Local Indicators
Employment and Unemployment
Total employment is up 2.6% compared to the same time last year.
However, unemployment is up nearly a full percentage point from
February 2023 to February 2024. Across the board,
unemployment increased. This may not be due to job loss but
rather an increase in job seekers as the labor force expands.
Source: Bureau of Labor Statistics
Note: Seasonally Adjusted
207,000
March 2023 Total
Employment
Boulder
212,400
March 2024 Total
Employment
Boulder
29
Source: Bureau of Labor Statistics
Note: Seasonally Adjusted
Boulder County Total Employment
Thousands of PersonsBoulder CountyJan 2017April 2017July 2017October 2017Jan 2018April 2018July 2018October 2018Jan 2019April 2019July 2019October 2019Jan 2020April 2020July 2020October 2020Jan 2021April 2021July 2021October 2021Jan 2022April 2022July 2022October 20170
180
190
200
210
220
Source: BLS LAUS
3.5
February 2024
Unemployment
Rate
Boulder County
2.7
February 2023
Unemployment
Rate
Boulder County
30
Sources: BLS LAUS
Unemployment Rate
Boulder County, CO United States of America Colorado Denver-Aurora-Lakewood,
2020 2021 2022 2023
0%
2%
4%
6%
8%
10%
12%
14%
16%
Commercial Real Estate
Boulder's post-covid CRE market has been defined by office
vacancies which once again increased quarter over quarter.
Key CRE Statistics: Boulder County Submarket
Rentable
SF [%Δ]
%
Vacant
[%Δ]
Under
Construction
SF [%Δ)]
Avg Rent
($/SF/YR)
[%Δ]
Qtr. Net
Absorp
(SF)
Boulder
Office
6,481,301
[-1.0%]
21.3%
[+1.8%]
184,080
[0.0%]
$38.31
[-1.0%]
(79,62
Boulder
Industrial
10,888,581
[-0.5%]
4.4%
[+0.3%]
----------$17.05
[+.05%]
(23,20
Source: CBRE Research Q1 2024
31
Note: [%Δ] is percentage change from the previous quarter.
Source: Dean Callan Q1 2024 Report
Boulder County Office and Industrial Vacancy Rates
VacAll Boulder Office Boulder Industrial Central Boulder Office Downto
East Boulder Office
2023 Q1 2023 Q2 2023 Q3 2023 Q4
0%
5%
10%
15%
20%
25%
30%
35%
CRE Sales
Sales Volume Cap Rate Average # Transactions
Q1 2024 $44.7M 6.2%34
Q4 2023 $29.8M 6.2%22
Q3 2023 $251M 6.3%54
Q2 2023 $160M 5.9%43
Q1 2023 $44.7M 6.2%34
Source: Dean Callan 2024 Q1 Report
Note: Cap (Capitalization) Rate is a measure of the estimated risk
and return of an investment property. A higher cap rate indicates
higher risk and higher potential return.
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Residential Real Estate
The Federal Housing Finance Agency's Home Price Index tracks
changes in the prices of residential properties purchased with
mortgages. Between Q3 2023 and Q4 2023 home prices fell for
the first time since the end of 2022. Despite the quarter over
quarter decrease, home prices still rose in 2023.
Source: Federal Housing Finance Authority
Note: Not seasonally adjusted
FHFA Home Price Index for Selected Geographies
FHFABoulder Denver US National2000 Q12003 Q12006 Q12009 Q12012 Q12015 Q12018 Q12021 Q12001 Q12002 Q12004 Q12005 Q12007 Q12008 Q12010 Q12011 Q12013 Q12014 Q12016 Q12017 Q12019 Q12020 Q12022 Q12023 Q1100
200
300
400
500
600
33
Source: Zillow
Note 1: Average rental rates for San Fransisco between July and August 2020 backfilled
due to missing data.
Note 2: Click to remove series.
Average Rental Rate For Selected Geographies
Average Rental RateBoulder, CO Denver, CO Fort Collins, CO San Francisco, CA
Seattle, WA United StatesJan 2017Jan 2018Jan 2019Jan 2020Jan 2021Jan 2022Jan 2023Jan 2024May 2017Sep 2017May 2018Sep 2018May 2019Sep 2019May 2020Sep 2020May 2021Sep 2021May 2022Sep 2022May 2023Sep 2023$1,000
$1,500
$2,000
$2,500
$3,000
Tax Revenue
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Source: City of Boulder Revenue Reports
Tax Revenue Collections: 12- Month Rolling Sum
RevenueRetail Sales Tax Revenue
Total Business and Vehicle Use Tax Revenue
Total Construction Use Tax Revenue
1/2 Dec 2003Apr 2011Aug 2018Nov 2004Oct 2005Sep 2006Aug 2007Jul 2008Jun 2009May 2010Mar 2012Feb 2013Jan 2014Dec 2014Nov 2015Oct 2016Sep 2017Jul 2019Jun 2020May 2021Apr 2022Mar 2023$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
Two important commercial shopping districts, 29th Street and
North Broadway, posted declines in tax revenue over the past 12
months. For 29th street, this is its third straight quarter of decline.
Encouragingly, North 28th Street, Pearl Street, and University Hill
saw increased tax revenue from the same time the year prior.
12 Month % Change in Net Tax Receipts for Selected
Geographies: Jan 2023-Jan 2024
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Source: City of Boulder Revenue Report
1%1%1%
-3.17%-3.17%-3.17%
15.08%15.08%15.08%
-3.52%-3.52%-3.52%
5.2%5.2%5.2%
4.19%4.19%4.19%
12 Month % Change No change
Downtown 29th Street North 28th
Street
Commercial
North
Broadway
Pearl Street
Mall
University Hill
-5%
0%
5%
10%
15%
Venture Capital and Investment
FDIC-insured deposits experienced a substantial surge from 2020
to 2021, driven by increased savings during the COVID-19
pandemic. However, the momentum in deposit growth has
decelerated and 2023 is poised to mark the first year of a deposit
decline since the dot-com bubble. This decline can be attributed
to a dual set of factors. The lack of confidence in the stability of
the banking system and elevated interest rates redirected funds
away from banks, channeling them into higher-yield institutions.
Additionally, the improving economic outlook spurred increased
consumer spending.
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Source: FDIC
FDIC Insured Deposits
DepositsBoulder County Boulder1994199619982000 20022004200620082010201220142016201820202022$0
$2,500,000
$5,000,000
$7,500,000
$10,000,000
$12,500,000
$15,000,000
$17,500,000
Venture Capital investment in Colorado declined by 5% Q4 2023
to Q1 2024. However, the city of Boulder saw a 28% increase.
Venture capital investment boomed in 2021, thanks in part to
cheap capital and massive government stimulus. While 2022 and
2023 saw investment decline, it appears it could be returning to
the pre-covid trend.
37
Source: Pitchbook
VC Investment
Colorado VC Investment Boulder VC Investment Boulder County VC Investment2016 Q42017 Q22017 Q42018 Q22018 Q42019 Q22019 Q42020 Q22020 Q42021 Q22021 Q42022 Q22022 Q42023 Q22023 Q4$0
$2,000,000,000
$4,000,000,000
$6,000,000,000
$8,000,000,000
Small Business Innovation Research Program Awards
Year SBIR/STTR Awards Award Amounts
2023 60 $34,279,758
2022 87 $36,957,815
2021 62 $43,070,078
Source: Small Business Innovation Research Program
Business Confidence
Business confidence broke the neutral threshold for the first time
since Q2 2022. Additionally, Q2 and Q3 2024 marks the first time
since Q1 and Q2 2022 two straight quarters of above neutral
confidence. As the fear of recession wanes, businesses have a
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brighter outlook heading into the second and third quarters of
2024.
Source: Leeds Business Research Division
Business Confidence Colorado/National
Business Confidence Neutral2006 …2007 Q32009 Q12010 Q32012 Q12013 Q32015 Q12016 Q32018 Q12019 Q32021 Q12022 Q32024 Q12006 Q42008 Q22009 Q42011 Q22012 Q42014 Q22015 Q42017 Q22018 Q42020 Q22021 Q42023 Q220
30
40
50
60
70
The Leeds Business Confidence index is a measure of the
expectations of Colorado business leaders for the national
economy, state economy, industry sales, profits, hiring plans, and
capital expenditures. Values above the neutral threshold reflect a
positive outlook. For more information, visit the Leeds School of
Business website.
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