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THE ACUMEN February 2024
LEADING CLEAN ENERGY ACROSS THE NATION A Conversation With Xcel Energy’s Robert Kenney
BY DR. ANGELIC COLE
BY LANYE BANKS INSIDE THE SUERGEON’S ROOM
BY LASHEITA SAYER CELEBRATING OUR RICH JAZZ HISTORY
BY CATHY PROCTOR INVESTING $1.9B INTO OUR WATER
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CONTENTS
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14 A RICH HISTORY OF JAZZ Celebrating jazz heritage in Five Points with live music and culture. 8 POWERING BIG CHANGE Exploring how Xcel’s Robert Kenney drives industry innovation. 6 BULLETIN BOARD Get an inside look at the lives and interests of the Board Members of the CBCC.
30 FRESH FINANCES
32 BUILDING EXCELLENCE TCMG of CO’s expert construction management and cost estimating services. BOK Financial’s tips for high interest rate navigation and financial security.
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34 IN THE ROOM
Dr. Reginald Washington’s pivotal role in advancing pediatric care and diversity. 38 COMMUNITY POWER DoorDash’s impact on economic empowerment in Colorado’s Black community.
16 HOMEOWNERSHIP
22 OUR WATER’S FUTURE Denver Water’s strategic investments to secure a sustainable water supply. CHFA’s initiatives to bridge the homeownership gap for Black Coloradans.
40 ON THE MOVE
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Highlighting our Black businesses’ impact to the community.
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Contributors
Editor Alisha Harris, Original Account Strategies Photographer Shameka McBoat, McBoat Photography Contributing Writers Demeke B. Ashebo, Lanyé Banks, Dr. Angelic Cole, Malcolm Evans, Joycelyn Gardner, Janelle Johnson, Matt Lynn, Tammy Perry, Cathy Proctor, Lorie Rubio, LaSheita Sayer, Sarah Simon, Breezy Spruill Contributing Member Companies
Community Connections Coalition Council
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President’s Corner
Dear Reader, February marks the annual Black History Month recognition in the United States, celebrating the achievements, influences, and legacies of Black Americans. Supporting Black-owned businesses, this month, and all year-round, is an easy and effective way to show solidarity with Black entrepreneurs whose products and services deserve patronage. According to a Lending Tree survey, out of almost 70.000 businesses only 999 or 1.4% are Black owned in the Denver area. 80% of Black-owned businesses fail in their 12-19 months, and only 4% of Black-owned businesses make it past the start-up stage. Unsurprisingly, however, the COVID-19 pandemic has disproportionately hurt minority-owned businesses during the past four years, with 41% of Black-owned businesses closed. Historically, Black, and other minority Americans have struggled to secure financing for their business endeavors. Recent initiatives to elevate Black-owned businesses through lending institutions seek to rectify the systemic wealth discrepancies and racial bias that have negatively impacted Black communities and entrepreneurs. Indeed, following the Black Lives Matter protests of 2020, many see supporting Black=owned businesses as a means of combating racial injustice. Supporting Black business owners not only acknowledges the wealth gap by creating a path for establishing sustained, multi-generational wealth in the Black community, it also celebrates Black culture by sustaining products and services that are culturally relevant and appropriate. Please read our article on Jazz Roots in Five Points. Of course, the persistent wealth gap between white people and Black people in America is the result of centuries of discriminatory attitudes and Celebrate Black History Month by Supporting Black- owned Businesses!
practices, not just consumer spending habits. While supporting Black-owned businesses both demonstrates a commitment to social justice and correcting this deep-seated problem, it’s also a question of public policy. Our members that contribute their articles to The Acumen support Black-owned businesses and the Black community. Please read their articles as they tell the story of their business. While we should uplift and support minority and Black-owned businesses year-round, this Black History Month is an excellent opportunity to start supporting Black-owned businesses. Please shop locally rather than putting your dollars toward large corporate stores by supporting small Businesses and restaurants in your community. Follow the hashtags such as #ShopblackOwned and #supportBlackBusiness to find Black businesses. Share your favorite Black-owned businesses or restaurants with friends and family by word of mouth or on social media. And of course, reach out to the Black Chamber for referrals of Black-owned businesses. Make Black History Today,
Dr. Angelic Cole President & CEO Colorado Black Chamber of Commerce
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We invite you to learn more about the dynamic CBCC board members. Bulletin Board
Malcolm works with private equity firms, operating companies (including contractors, service providers and health care providers) with revenues in excess of $10 million and not-for-profits with contributions in excess of $1 million. In addition, Malcolm is responsible for expanding and managing the Denver-based commercial banking team for Wintrust Bank. Prior to joining Wintrust, Malcolm served as SVP/ Senior Relationship Manager with UMB Bank from 2015-2022 where he was responsible for business development and portfolio management of middle- market corporate banking clients primarily in Colorado, Utah, and New Mexico. Additionally, Malcolm served as Vice President and Senior Vice President Commercial Banking with Zions Bancorp (dba Vectra Bank Colorado) and BBVA Compass Bank (PNC Bank). Malcolm began his banking career in 1987 with Central Bank & Trust in Monroe, LA, as a part-time teller while enrolled at the University of Louisiana at Monroe, where he graduated cum laude with a Bachelor’s degree in Finance and Commercial Banking and a minor in Economics. In 1989, he
accepted an Assistant Branch Manager position with Union National Bank in Little Rock, AR. In 1991, he became an Associate National Bank Examiner with the Office of the Comptroller of the Currency (OCC). Malcolm is actively involved in the Denver Metro- community. In addition to his role as Chair of the Colorado Black Chamber of Commerce, Malcolm serves as Chair of Rocky Mountain Immigrant Advocacy Network (RMIAN). Malcolm is also a member of the Colorado CLIMBER Loan Fund Oversight Board as well as a board member of the newly formed RTL Foundation. Malcolm and his wife Joi have been married for the past 23 years. In their free time they enjoy traveling, Nuggets games, and spending time with friends and family.
Malcolm serves as Chair of the Colorado Black Chamber of Commerce (“CBCC”) and has been on the board of the chamber since 2012. “The CBCC serves a vital role in the Denver Metro business community, connecting our African-American business members with opportunities through relationship building with our corporate members,” said Malcolm. “In addition, we serve as the premier business advocacy organization focusing on entrepreneurial development and business- oriented public policy issues.” Meet Malcolm Evans Board Chairman
Malcolm’s “day job” is Managing Director for
Wintrust Bank’s commercial banking group. In that role,
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Powering Big Change
A Conversation with Xcel Energy’s Robert Kenney By DR.ANGELIC COLE
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Cole: Who are your role models, and what life- changing lessons did you pick up from them? Kenney: My mother is my role-model. She taught me the value of a strong work ethic. As a reading teacher, she instilled in me the value of education, intellectual curiosity, and a life- long love of learning. She taught me the value of empathy, the value of humility, and the value of kindness. Cole: What inspired you to pursue a career in the energy field, and how did you get started? Kenney: Earlier in my career, I worked as an assistant attorney general under Attorney General Jay Nixon, as a consumer protection attorney. Several years later, Attorney General Nixon was elected Governor of Missouri and he appointed me to the Missouri Public Service Commission, which is the regulatory body for utilities in the state. I had the privilege of serving for six years, the last two as Chairman. Having that opportunity showed me how important energy providers are. I was drawn to this industry because it is important and consequential work. I have been truly fortunate to have been given the opportunity and privilege to work in an industry that is critical human existence. We light the darkness and provide warmth on the coldest nights. This kind of mission-driven and purpose-driven work is what gets me out of bed in the morning.
Photo: McBoat Photography
Leadership Vision: Steering the Future of Energy Join CBCC’s Dr. Angelic Cole in a revealing conversation with Xcel Energy’s visionary leader, Robert Kenney, exploring the innovative strategies and personal philosophies driving the industry forward. Cole: What would you say Is the primary motivating factor behind your leadership? Kenney: The primary motivating factor behind my leadership is the desire to be of service to others; to be of service to our customers, our communities, and my coworkers. Working in the energy industry is very much aligned with my personal ethos.
Photo: McBoat Photography
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Cole: What do you believe to be the most important piece of advice for a leader to follow? Kenney: Be transparent, be humble, and be empathetic. Cole: How can you inspire others while also maintaining that you continue to be inspired by Xcel Energy’s overall mission? Kenney: I am fortunate to work for a company whose mission, vision, and values are aligned with mine. I believe in leading with transparency, humility, empathy, and integrity. I try to lead by example and model the behavior that I hope to see in others. Being aligned with our company’s values (committed, connected, safe, and trustworthy) makes working for Xcel Energy naturally inspiring. Cole: How do you prioritize work-life balance, and what advice do you have for junior professionals who are struggling to find balance? Kenney: It sounds cliché, but I believe that if you find a career you love, it is as if you’re not working at all. Find something about which your passionate. Find meaning in what you do. Make sure that you surround yourself with a strong support system: family and friends. And make the most of the time that you spend with your family: be present, be attentive, be in the moment.
Photo: McBoat Photography
Cole: As an African American leader, what do you consider to be one of the most difficult obstacles you’ve faced? Kenney: As an African American leader, there are times where you look around a room and see few or no other faces that look like your own. That can feel isolating. That is why it’s important to have mentors and role models, those that look like you, as well as those that don’t look like you. Cole: What do you think are the biggest challenges facing the Energy industry today, and how do you see Xcel Energy overcoming them? Kenney: Challenges and opportunities are opposite sides of the same coin. At Xcel Energy, we are leading the clean energy transition, while continuing to provide safe, reliable, and affordable energy services. While it is challenging to do all these things simultaneously, we are doing it. We are collaborating with diverse stakeholders and policy makers to craft and implement constructive public policies that drive value for our customers and our communities. Cole: How clear is your vision for what the future of corporate responsibility should look like at Xcel Energy? Kenney: Our vision is crystal clear. We are not only leading the clean energy transition; we are leading it in way that considers the diverse energy needs of our customers and communities.
Photo: McBoat Photography
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And In 2022 we spent more than $500 million with local suppliers, including nearly $137 million with diverse suppliers.
Cole: In what direction does Xcel Energy see itself going? Kenney: We are going boldly into the future. We were the first energy provider in the United States to set forth bold goals for reducing carbon emissions from three major sectors: electricity, natural gas, and transportation. We are making significant strides in reducing carbon emissions, on our way to achieving our goal of reducing carbon emissions by 85%, delivering 80% renewable energy by 2030 and 100% carbon free by 2050. In fact, here in Colorado we are already delivering 42% carbon free electricity and have realized a 51% reduction in carbon emissions. We are also working to reduce greenhouse gas emissions from our natural gas system in the most cost-effective ways. We’ve crafted a comprehensive suite of options, which includes promoting electrification and energy efficiency, while deploying technology to allow use of our existing natural gas system more cleanly. Finally, we are working to build the infrastructure that will catalyze the wider use of electric vehicles in service of our goal that 1 in 5 vehicles in the states we serve will be EVs.
Photo: McBoat Photography
We are working to reduce carbon emissions in a responsible manner. We strive to be the trusted and preferred provider of the energy services our customers need. We are committed to providing our customers the safe, clean, reliable energy services they want and value, at a competitive price. Moreover, we are committed to contributing to the economic vitality of the communities we are privileged to serve. For example, in 2023, our foundation granted $1.3 million to 87 Colorado nonprofits, focusing on STEM, environmental sustainability, and community vitality. Our coworkers gave thousands of volunteer hours in service of numerous non-profits.
Photo: McBoat Photography
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Jazz Roots: Celebrating the Rich Jazz Heritage of the Five Points Neighborhood
within African American communities in the late 19th and early 20th centuries. It is deeply rooted in African musical traditions, combined with influences from European, Latin, and Caribbean music. Historically, jazz has played a significant role in the cultural, social, and political landscape of African Americans during a time of racial segregation and discrimination. It provided a means for African American musicians to express themselves creatively, challenge societal norms, and communicate their experiences and struggles. Jazz became a platform for African Americans to assert their identity, forge cultural connections, and celebrate their heritage. Celebrating jazz during Black History Month acknowledges and pays tribute to the immense contributions of African Americans to this iconic music genre and recognizes their resilience, creativity, and cultural impact. “We are excited to bring back Jazz Roots for its second year,” said Haroun Cowans, Board Chair of the Five Points Business Improvement District. “This free event not only showcases the incredible talent in our community but also pays tribute to the rich jazz heritage that has shaped the Five Points neighborhood.”
By LASHEITA SAYER
The Five Points Business Improvement District is thrilled to announce the highly anticipated second annual Jazz Roots event series, scheduled for Saturday, February 17th and Saturday, February 24th. This exciting event, honoring Black History Month, invites local residents and jazz enthusiasts to experience the vibrant history of jazz through live performances, spoken word poetry, dance, and more. The Five Points neighborhood, once known as the “Harlem of the West,” holds a significant place in jazz history. From the 1930s to the 1950s, renowned jazz musicians performed in local clubs and bars, many of which still stand today. Jazz Roots aims to pay homage to this heritage and celebrate black culture as it relates to American history at large. Jazz is celebrated as part of Black History Month because it is a genre of music that originated
Photo: Adobe
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• Taryn Newborn: Taryn Newborn’s powerful and soulful voice will pay tribute to the great jazz vocalists of the past, enchanting the audience with her passionate performances. Jazz Roots is a community-driven event that aims to bring people together to celebrate the beauty and significance of jazz music. Jazz Roots 2024 is set to be a celebration of jazz heritage and the rich cultural history of the Five Points neighborhood. With a lineup of talented musicians, poets, and dancers, the event promises to captivate audiences and honor the influence of black culture on American history as a whole. Jazz enthusiasts and community members are encouraged to attend this free event and immerse themselves in the beauty and significance of jazz music. The Five Points Business Improvement District is dedicated to strengthening and enhancing the efforts of businesses and property owners in the Historic Five Points neighborhood of Denver. Situated along Welton Street on the northeast edge of downtown Denver, the district promotes the area as a cultural and tourism destination for arts, culture, and entertainment. For more information about the Five Points Business Improvement District and Jazz Roots 2024, please visit: https://www.fivepointsbid.com
Photo: Adobe
Jazz Roots 2024 will feature an impressive lineup of musicians, poets, and dancers who will captivate audiences with their performances. Attendees can expect extraordinary renditions of classic jazz music from the American Song Book, replicating tunes once performed by legends such as Duke Ellington, Louis Armstrong, Cab Calloway, and Ella Fitzgerald. Among the notable performers at Jazz Roots 2024 are: • Queen City Jazz Band: A band known for their authentic renditions of traditional jazz. Queen City Jazz features Wendi Harleson on vocals, showcasing her soulful and captivating voice. Their unique style is influenced by dixieland jazz, characterized by a lively and energetic New Orleans sound. With their performances, Queen City Jazz will transport audiences back in time, capturing the essence of the jazz era. • Gabe Mervine Jazz Trio: Alongside Gabe Mervine, the trio will feature Sweet B on vocals. Notably, she is not only a talented singer but also a traditional swing music dancer. Her combination of vocal prowess and dance skills adds a dynamic dimension to the trio’s contemporary jazz sound. Together, the Gabe Mervine Jazz Trio will mesmerize listeners with their smooth and captivating performances.
Photo: Adobe
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Investing in Black and African American Homeownership Black homeowners hold the keys to their new home. (Photo: Adobe)
in historic inequities that often persist today. Homeownership is a central and primary tool for building wealth and passing it on to the next generation, and for Black and African Americans, that wealth-building opportunity has been substantially more difficult to obtain. Colorado Housing and Finance Authority (CHFA) is guided by a vision that everyone in Colorado will have the opportunity for housing stability and economic prosperity. CHFA is committed to reducing the homeownership gap because as the state housing and finance authority, it is not just our mission, but our responsibility to ensure that homeownership access is equitable for everyone in Colorado. What is CHFA? Colorado Housing and Finance Authority (CHFA) was created by the Colorado General Assembly
By GREG BROWN
In a statewide poll conducted earlier this year by The Colorado Health Foundation, 90% of Black and African American Coloradans said that the cost of housing was an “extremely serious” or “very serious” problem. Other issues identified as “extremely” or “very” serious included homelessness (83%), the rising cost of living (81%), and racial bias and discrimination (72%). At the same time, data from the National Association of REALTORS® Snapshot of Race and Home Buying in America shows only 42% of Black Coloradans own their own home, compared with 70% of White Coloradans. This homeownership gap is the result of significant and outsized economic barriers rooted
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in 1973 to address the shortage of affordable housing in Colorado. CHFA is not a state agency and is fully self-funded. Today, CHFA’s work has expanded to meet its mission to strengthen Colorado by investing in affordable housing and community development. This includes home mortgages and down payment programs, investment to support the development and preservation of affordable multifamily rental housing, and increasing access to capital to support small and medium sized businesses. CHFA also proudly supports mission- aligned nonprofit organizations with donations, grants, and sponsorships. Reducing the Homeownership Gap When it comes to reducing the homeownership gap for Black and African American Coloradans, we understand that long-term dedication and work are needed, and we will not be successful without community partnership and involvement in the solutions. Our work on this initiative began with listening to community to gain an understanding of experiences, current and past challenges, and the perceived value of homeownership. First, we partnered with the African American Trade Association to develop a strategy and connect with community members. We conducted focus groups with homebuyers, renters, homeowners, and industry professionals, in addition to having one-on-one conversations with community leaders. The feedback was integral to informing next steps, including a marketing effort to increase awareness of CHFA products and services and a tailored homeownership webpage for Black and African American homebuyers. Next, we organized an in-community listening tour, allowing us to dig even deeper into the conversation with key partners and community leaders representing nonprofits, real estate industry professionals, and faith-based organizations, to name a few.
In these meetings, CHFA collaborated with attendees to identify initiatives best suited to address the homeownership gap, including developing resources and educational opportunities for prospective Black and African American homebuyers. Importantly, this work reiterated the need for building and establishing trust and collaborating with community members to have the highest impact.
CHFA team at the 2023 Black Arts Festival. (Photo: Colorado Housing and Finance Authority)
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In concert with community members, CHFA established three strategic “pillars” under which fall a host of initiatives aimed at closing the homeownership gap. Those pillars are Outreach, Education, and Resources. Outreach One recommendation we heard repeatedly was to share available homebuying resources with community members. In our Outreach work, we seek to increase awareness and engagement with CHFA as well as the overall housing ecosystem. This includes sponsorship of community-led Black and African American events, one-on-one meetings with community leaders to share CHFA resources and converse about solutions, increased representation on CHFA’s Lender Advisory Group, and a marketing campaign centered around increasing Black and African American homeownership called Own Your Tomorrow.
Throughout 2023, CHFA had the privilege of taking part in numerous community events, including the Colorado Black Arts Festival, The Drop Block Party, Park Hill Day of Legends, the Montebello Wellness Fair, and the Denver and Colorado Springs Juneteenth celebrations. In-community events like these allow folks to get acquainted with CHFA and its homebuying programs and services, often for the first time. These valuable introductions and conversations have also helped lay a path for prospective homebuyers to take the next steps toward purchasing a home when the time is right for them. Finally, part of CHFA’s outreach initiative included the addition of my role as a Community Liaison and Business Development Specialist. I joined the CHFA team in Summer 2023, leveraging my history of working in the mortgage industry, as well as my personal experience of using a CHFA loan to purchase my own home, and I’m proud to help spearhead outreach efforts and make the dream of homeownership a reality for my community.
CHFA presents a Homebuyer Education workshop. (Photo: Colorado Housing and Finance Authority)
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CHFA presents a Homebuyer Education workshop. (Photo: Colorado Housing and Finance Authority)
Education The Education pillar is centered around
The Education pillar also involves meeting with lenders and real estate agents to ensure they are informed of the various tools available for first- time Black and African American homebuyers. Additional educational initiatives are in the works, including some that go beyond the homebuying process, and focus on overall financial education and wealth-building. Resources The Resources pillar involves the delivery of intentional financial and technical resources through community-led and community- supporting organizations. In addition to offering information about first-time homebuyer loans and down payment programs—mainstays of CHFA’s homeownership program—we are committed to
equipping prospective first-time homebuyers with the knowledge they need to prepare for homeownership and to navigate the homebuying process once they’ve determined they are ready. Over last summer, CHFA organized a series of free in-community educational workshops in Denver, Aurora, and Colorado Springs targeted to Black and African American households interested in homeownership. These workshops focused on how to assemble a “homebuying team,” and participants heard from a panel of experts that included a housing counselor, a Realtor®, and a lender. More than 75 attendees connected with CHFA and community- based housing experts as they explored financial and educational resources at these workshops.
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Progress Made and Work to Do CHFA remains committed to reducing the significant homeownership gap for Black and African American households, and will do so with the utmost transparency and accountability. In 2022, 5% of CHFA home finance customers self-identified as Black or African American, as compared to 2% of all Colorado homeowners. As part of the Own Your Tomorrow campaign, CHFA launched a quarterly eNewsletter to share regular community engagement updates, as well as information on programs and services to support homeownership equity. Each newsletter also contains an update on our strategic initiatives and our yearly benchmarks. You can sign up for the eNews here, and view an archive of past editions here. If you’d like to learn more about CHFA’s efforts to reduce the homeownership gap for Black and African Americans in Colorado, please visit the Own Your Tomorrow webpage on the CHFA website. That webpage is also a great starting point for anyone interested in taking their next step toward homeownership. You can also reach out to me and my colleagues on the Home Finance team – we’d love to hear from you, to answer your questions, and to learn how CHFA can continue to serve as partner in the ongoing work to promote homeownership equity throughout our state.
sharing resources and partnership opportunities with lenders, real estate agents, and other industry professionals who share in the mission of reducing the homeownership gap. This work includes strategic investments in financial tools to promote homeownership equity, such as CHFA’s investments in FirstBank’s PATH (Providing Access to Homeownership) Grant program and Elevation Community Land Trust’s Doors Program, not to mention CHFA’s partnership with the Dearfield Fund for Black Wealth, all of which are down payment and/or financial assistance programs for first-time Black and African American homebuyers in Colorado. In addition, the PATH and Doors programs can be paired with CHFA’s down payment programs.
Own a home to house your dreams.
Own your tomorrow.
Black family in front of their new home. (Photo: Adobe)
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Investing $1.9 billion into our water supply
How Denver Water is building a strong, resilient water system for the future. By CATHY PROCTOR
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Operating Denver Water’s system to meet the challenges of today — and those decades in the future — means meeting day-to-day needs while upgrading infrastructure from the mountains to the network that serves 1.5 million customers across the Denver metro area. It means ensuring the infrastructure is in place to capture and store water as it melts off mountain snowbanks. That the water can be guided through dams, tunnels and streams to treatment plants where it is cleaned for delivery to customers. It means having crews skilled in replacing about 80,000 feet of water pipes buried under the city streets every year and able to respond to and fix breaks in older pipes 24/7/365. And it means investing in large, multiyear projects to ensure the system continues to reliably provide clean, safe water to 25% of Colorado’s population. Denver Water expects to invest about $1.9 billion into its water system during the next 10 years, from large projects to regular inspection and
maintenance programs designed to ensure the system is flexible, resilient and efficient. In addition to rates paid by customers, funding for Denver Water’s infrastructure projects, day- to-day operations and emergency expenses, like water main breaks, comes from bond sales, cash reserves, hydropower sales, grants, federal funding and fees paid when new homes and buildings are connected to the system. The utility does not make a profit or receive tax dollars. In addition, major credit rating agencies recently confirmed Denver Water’s triple-A credit rating, the highest possible, citing the utility’s track record of strong financial management. Here’s an overview of some of Denver Water’s recent and ongoing work: Water storage Work on the Gross Reservoir Expansion Project, the subject of more than 20 years of planning, got underway in April 2022. Expected to be complete in 2027, the project will raise the height of the existing dam by 131 feet.
The dam at Cheesman Reservoir was once the world’s tallest, standing 221 feet above the streambed when completed in 1905. The reservoir southwest of Denver near Deckers and related facilities were purchased in November 1918 by the Denver Water Board. Cheesman was the first reservoir of Denver’s mountain storage facilities and has been designated a National Historic Civil Engineering Landmark. (Photo: Denver Water)
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The Gross Reservoir Expansion Project, expected to be complete in 2027, will raise the height of the existing dam by 131 feet, nearly triple the amount of water that can be stored in Gross Reservoir, and provide Denver Water with more flexibility to manage its water supply in the face of the increasingly variable weather and snowpack patterns associated with climate change. (Photo: Denver Water)
Lead Reduction Program The water Denver Water delivers to customers is lead-free, but lead can get into drinking water as the water passes through old lead service lines that carry water from the water main in the street into the home. The Lead Reduction Program, which launched in January 2020, is the biggest public health campaign in the utility’s history. The program reduces the risk of lead getting into drinking water by raising the pH of the water delivered and replacing the estimated 64,000 to 84,000 old, customer-owned lead service lines at no direct cost to the customer. Households enrolled in the program are communicated with regularly and provided with water pitchers and filters certified to remove lead to use for cooking, drinking and preparing infant formula until six months after their lead service line is replaced. To date, Denver Water has replaced more than 21,000 customer-owned lead service lines at no direct cost to the customers.
The higher dam will nearly triple the amount of water that can be stored in Gross Reservoir, providing Denver Water with more flexibility to manage its water supply in the face of increasingly variable weather and snowpack patterns. The additional storage capacity also will provide a greater balance between Denver Water’s separate north and south water collection areas. Much of the work done on the expansion during 2022 and 2023 was site preparation and removing rock from the sides and bottom of the existing dam, preparing the area for the new concrete. Workers also have hydroblasted the face of the dam, removing a few inches of concrete, to leave a rougher surface for the new concrete to adhere to. Work to add concrete that will raise the dam will begin in 2024. At the height of construction, there will be as many as 400 workers on-site, and when complete the dam will be the tallest in Colorado.
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creating a culture of safety on a project that involved hundreds of people during its design and construction phases. The treatment plant, scheduled for completion in 2024, will include 14 buildings and be able to clean 75 million gallons of water per day. Its design left room for the plant to be expanded to clean up to 150 million gallons of water per day in the future as needed. During 2023 and 2024, work at the site includes finishing construction of buildings inside and out along with the delivery, installation and testing of treatment equipment and systems. A major feature of the site visible from Highway 93 is the round, concrete tops of two giant water storage tanks. Most of the two tanks are buried underground and each is capable of holding 10 million gallons of clean, safe drinking water. Denver Water crews install, repair & maintain more than 3,000 miles of pipelines that collect and deliver clean, safe drinking water to 1.5 million people in Denver and surrounding suburbs every day. (Photo: Denver Water)
In 2022, Denver Water successfully sought $76 million federal funding to supports the Lead Reduction Program. The money has allowed the utility to increase the pace of the replacement work, adding 3,000 to 5,000 lead service line replacements to the 2023 and 2024 work schedules, beyond the 4,500 already scheduled for replacement during each of those years. In March 2020, Denver Water also raised the pH of the water it delivers to customers to help reduce the risk of lead getting into water as it passes through customers’ internal plumbing that may contain lead. Northwater Treatment Plant Work on Denver Water’s new, state-of-the-art Northwater Treatment Plant next to Ralston Reservoir north of Golden in 2023 received multiple awards for the work that went into Water cascades from Strontia Springs Dam, located six miles up Waterton Canyon southwest of the metro area, into the South Platte River, one of two major river systems in Denver Water’s collection system. (Photo: Denver Water)
Video: Northwater Treatment Plant progress update for Summer 2023.
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replacing about 80,000 feet of water mains under streets every year while also installing new water delivery pipe where needed. The utility has more than 3,000 miles of pipe in its system, enough to stretch from Seattle to Orlando. In summer 2023, Denver Water began a major project: replacing 5 miles of water pipe under East Colfax Avenue, from Broadway to Yosemite Street. The pipe replacement work is taking place in advance of the upcoming East Colfax Bus Rapid Transit project, which is being led by the Denver Department of Transportation and Infrastructure. During the replacement project, Denver Water also will replace any lead service lines the crews encounter. The project is expected to continue until the end of 2024. And in recognition of the drought in the Colorado River Basin, Denver Water and several large water providers across the basin in 2022 Since its Lead Reduction Program started in 2020, Denver Water has replaced more than 21,000 customer-owned lead service lines with lead-free copper lines at no direct cost to the customer. (Photo: Denver Water)
In summer 2023, Denver Water began replacing 5 miles of water pipe under East Colfax Avenue, from Broadway to Yosemite Street. (Photo: Denver Water)
A new water quality laboratory During summer 2023, Denver Water’s new water quality laboratory became fully operational, replacing an older lab built more than 60 years ago behind locked gates at the Marston Treatment Plant, located in southwest Denver near West Quincy Avenue and South Sheridan Boulevard. The new lab is in the Hydro building on Colorado State University’s Spur campus at the National Western Center north of downtown. Denver Water conducts more than 200,000 tests a year on the water it delivers to customers. Locating Denver Water’s water quality laboratory in the midst of CSU’s new, public Spur campus ensures the utility’s water experts will be working near researchers, scientists and others tackling issues surrounding water, agriculture and public health that are important to the metro area, state and region. Two other buildings are at the CSU Spur campus: Vida, which opened in January 2022 and focuses on life and public health; and Terra, which opened earlier this year and focuses on land and food. The campus houses experts dedicated to exploring how the three disciplines intersect — and interact — with each other. Ongoing investments in change As the metro area grows and changes, it’s often an opportunity for Denver Water to upgrade older elements of its system. Denver Water is continuing its investment in
Denver Water conducts more than 200,000 tests a year on the clean, safe water it provides to 1.5 million customers in Denver and surrounding suburbs. (Photo: Denver Water)
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providers and experts in water use and landscapes — to develop programs that will help transform our landscapes and expand our indoor and outdoor conservation efforts. The utility also started work transforming its own landscapes, including about 13,000 square feet around its Einfeldt pump station near the University of Denver. The area, formerly filled with useless Kentucky bluegrass that was only visited when it was mowed, is being transformed into a diverse ColoradoScape. The new landscape incorporates water-wise plants, prairie grasses and cooling shade trees that will offer rich habitats for birds, pollinators and wildlife that live in the metro area. The work is being done with help from a Transformative Landscape Change Challenge grant from the Colorado Water Conservation Board and working with Boulder nonprofit Resource Central. Once the plants are established, Denver Water expects to reduce water use at the site by nearly 183,000 gallons of water a year. The project is an example of how Denver Water is planning for a warmer, drier future by partnering with our community to build a system and a landscape that supports our customers and encourages them to thrive now and in the future.
committed to substantially expanding existing efforts to conserve water. Among the goals outlined in the agreement is the replacement of 30% of the nonfunctional, water-intensive Kentucky bluegrass in our communities — like the decorative expanses of turf grass in traffic medians — with more natural ColoradoScapes that include water-wise plants and trees that offer more benefits for our climate, wildlife and the environment. Denver Water works year round to maintain the water system and works with customers affected by our projects. (Photo: Denver Water)
Denver Water is working with partners — including local governments, fellow water
Video: How does Denver Water
replace lead service lines.
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(Photo: BOK Financial)
High interest rates demand fresh thinking on company finances Four ways corporate treasury departments can improve financial security in this unfamiliar environment In any business, adapting to changing market conditions is critical to long-term prosperity. Corporate CFOs and treasury departments should take that advice to heart, as nearly two years of rising interest rates require new approaches to managing the company coffers. “Interest rates have been low for so long that many of today’s finance professionals weren’t even in the workforce the last time high rates were an issue,” said Marica King, treasury sales associate at BOK Financial®. “What this means for businesses is they have to think differently about how they optimize their working capital, debt and liquidity.” It was 2007 when America last saw a Federal Funds rate over 5.0%. From late 2008 through mid-2017, the rate never rose above 1%. But since early 2022, the Federal Reserve has hiked rates aggressively, attempting to stem rampant By BOK FINANCIAL
inflation in the aftermath of the COVID-19 pandemic. As of January 2023, the rate was 5.25% to 5.5%, with few economists predicting a decrease any time soon. “On one hand, higher interest rates can be challenging for companies who need to borrow money. But high rates also create new opportunities to generate stronger returns on bank deposits and liquid investments,” she said. A Confluence of Curveballs Of course, interest rates are only one factor out of many affecting the fortunes of companies large and small. Inflation over the past two years has made supply costs higher and led many customers to put purchases on hold, creating a cash crisis for the organizations caught in the middle. With the addition of ongoing supply chain issues, geopolitical uncertainties and recent turmoil in the banking industry, many companies are seeking new solutions to maintain financial resilience. “We think the top three priorities for most companies should be safety, liquidity and yield, in that order,” said King. “These are always important goals, but given current economic conditions, companies may need to make some adjustments to their long-held strategies.”
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Four tips for financial stability King and her treasury services team offered a range of suggestions for businesses to consider as they reevaluate their needs. Focus on safety first. While bank failures are rare, the high-profile collapse of several regional banks last spring served as a reminder for businesses to ensure their assets are secure. Working with banks that are FDIC-insured is a start, but clients should also conduct due diligence on their bank’s loan, deposit and revenue diversity, and check their financial health ratings issued by third parties such as Moody’s and Standard & Poor’s. Additionally, treasury managers can take advantage of innovative banking products, such as Insured Cash Sweep (ICS) accounts, designed to maximize insurance coverage for deposits larger than the $250,000 FDIC limit. Maximize working capital. In times of uncertainty (and especially when interest rates are high), companies want to increase cash flow, which provides a safety net to deal with potential adversities while earning a return on money in reserve. For these reasons, companies should prioritize the need to collect on accounts receivable quickly and optimize their payables process. As an example of the latter, King mentioned that some companies use their corporate card program strategically to pay vendors, making more efficient use of working capital for another month until the credit card bill comes due. Reevaluate debt. With higher interest rates, borrowing is more expensive and credit may be harder to access. Companies that have traditionally operated as net borrowers should closely examine their future needs and explore alternative sources of funding to avoid becoming overleveraged. Concurrently, an emphasis on increasing working capital, as mentioned earlier, can help to service existing debt.
Reposition cash reserves. When interest rates were low, a common strategy involved leaving cash reserves in non-interest-bearing accounts to maximize earnings credits and offset treasury service fees from the bank. But in today’s high-rate environment, companies with excess cash are achieving handsome yields from money market accounts and other short-term instruments. Some banks now offer hybrid accounts that offer a combination of earnings credits and interest, which can be a best-of-both-worlds solution. Amid the shifting sands of the economy, every company faces its own unique challenges to find and maintain a solid financial footing. That is why it’s important for businesses to have good relationships with their banking partners, King said. “As the economy evolves, a proactive, consultative banking team can help companies understand their financial needs, improve processes, and take advantage of the right mix of products and services,” she said. With a more comprehensive approach to treasury management, companies can shore up their financial security today and weather whatever economic storm comes next.
Marcia King, Denver treasury team. (Photo: BOK Financial)
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Building an Excellent Colorado By BREEZY SPRUILL
The Construction Management Group of CO, LLC headquartered in Colorado Springs, Colorado was established in 2009 by owner and managing member Jim Spruill. Jim has over 30 years of experience in all phases of construction. His ambition and work ethic helped him climb the construction chain from carpenter and foreman to higher positions like Superintendent, Project Manager, Senior Project Manager and even Operations Manager. His vast experience in all aspects of construction brings invaluable knowledge in foreseeing and overcoming complications, bringing jobs successfully to completion while staying within budget and on schedule. Jim founded TCMG on the concept that there is a better way to provide professional construction consulting and management services at a personal level. We pride ourselves in offering national experience on an individualized level, 35 years of major construction service and maintaining a team- oriented approach that supports our client’s needs. Our primary services include construction management and conceptual cost estimating. As your Construction Manager, we will act as your owner’s representative from the design
phase of your project to the first time you turn on the lights in your new building. We offer pre- construction, construction management and post-construction support. Pre-construction support includes a plan review and a spec review to identify any missing pieces in the scope which ultimately provides expertise for constructability, along with means and methods. We develop a project master schedule to establish duration and responsibility for all major activities during every phase of the project and notify the client and architect if any delays or problems present. During this pre-construction phase, we also develop bid packages to establish the categories of work into separate contracts that provide well-defined and manageable divisions of work. After the master schedule and bid packages are complete, TCMG/CO along with the client will evaluate the bids and make recommendations for the awarding of contracts. TCMG/CO manages details like working with architects to keep project costs down, selecting quality contractors, maintaining the project schedule, processing contractor pay apps and change orders, maintaining records, providing monthly reports, monitoring contractor’s safety programs and more. We have vast experience aiding owners by providing varying building strategies which allow the owner to determine the priorities of the project. We utilize the budget, time frames and building codes of the venture to guide the owner towards savvy building decisions and strategies. Photo: The Construction Management Group of CO, LLC
For owner’s bid jobs, TCMG of CO puts together the team for the entire project from
Photo: The Construction Management Group of CO, LLC
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Photo: The Construction Management Group of CO, LLC
the architect and superintendent to the painter and excavator. We have extensive experience in developing bid packages to establish the categories of work into separate contracts which promotes competition and provides well-defined and manageable divisions of work. We have provided Construction Management services for schools, rec centers, medical plazas, government buildings, auto shops, zoos, shopping centers, fire maintenance facilities, office buildings and more. The Construction Management Group of CO LLC provides clients with independent government cost estimating services from initial conception through final completion of projects. The software we utilize includes 4 Clicks, GSA’s CEW Estimating software and proprietary software. Our estimates encompass all major divisions including, but not limited to, A/E, civic, structural, and HVAC. Estimates are usually done at intervals of 35% complete, 60% complete, 90% complete and final GMP. TCMG/CO has provided cost estimates from minor renovations to site infrastructure and master planning. We strive to be the very best by exceeding expectations and avoiding surprises. Our estimating team aids the owner by providing varying building strategies which allows them to determine the priorities
of the project. We have provided estimates for clients like the City of Westminster, The Town of Boulder, the GSA, the FBI, Dutch Bros Coffee Shop, multiple schools across the country, shopping centers, rec centers and more. The best way to contact The Construction Management Group of CO, LLC is via email at jim@tcmg.us or breezy@tcmg.us. You can also reach us via phone at (719)424-7448. We would appreciate the opportunity to speak about any future or ongoing projects that might benefit from construction management or independent cost estimating services, or to speak further about our capabilities!
Photo: The Construction Management Group of CO, LLC
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