June 2012

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Northglenn Economic
Development Newsletter
 

In This Issue

Northglenn Economic Development
- Horizons North Credit Union Has Been a Mainstay in the Community
- New Businesses
- Business Expansion Projects
- Closed Businesses
- Internet Search Packages Available to City Businesses

Classes
- City Hosting Free Sales and Use Tax Class
- SBDC Hosting Free Classes in Westminster and Brighton

Regional Economic Development News
- New Job Resources for Veterans
- New Capital Access Programs for Small Businesses
- $15 Million Grant for Improvements to I-25 in Adams County

Economic Development Indicators
   - Unemployment
   - Northglenn Existing and New Businesses
   - New Storefront Businesses in Northglenn in 2012
   - Northglenn Commercial Real Estate

NURA 101 - Frequently Asked Questions


Northglenn Economic Development

Horizons North Credit Union Has Been a Mainstay in the Community

The city of Northglenn is proud to acknowledge Horizons North Credit Union (HNCU) for their commitment and contribution to the business community over the past 52 years.

HNCU started back in the early 1960s and was first known as the School District #12 Federal Credit Union. The credit union was established to meet the needs of the school district and its employees. The credit union began its operations in the school administration building with two employees and it shared office space with the school district’s spice storage area.

"Members always smelled spices, especially oregano, as they came in to conduct business in those early years," said HNCU President Brad Harvey.

By the 1980s, the credit union’s concept and banking options continued to grow as it had gained client interest and support from the school district, the city of Northglenn and Valley View Hospital employees. It was at this time the School District #12 Federal Credit Union merged with Valley View Credit Union and moved up the street to a new location at 108th Avenue and Washington Street. The move helped to accommodate an expanded customer base.

"There have been challenges over the years for the credit union, as it can be difficult at times to compete with some of the larger banking institutions. Credit unions operate as not for profit organizations that offer financial services similar to banking institutions," said Harvey. "Members have voting rights and select a board that provides the overall direction for the credit union. The board members are all volunteers that are not paid and work for the benefit of our members."

In 1995, the credit union moved to its current location at 11455 Pearl Street and in 2000 it was renamed "Horizons North Credit Union." It was also at this time that the credit union welcomed other employee groups into the current membership, such as North Suburban Medical Center, American Furniture Warehouse and Community Reach Center.

"When the credit union moved from 108th and Washington Street to our current office, employees physically pushed the vault on a dolly all the way down Washington Street to this location," said Harvey.

Throughout the years, the credit union expanded its member base and now serves approximately 8,000 community members. Also, it is a member of a shared credit union network that offers nationwide service through over 4,500 credit union partners in many locations. Because the credit union operates as not-for-profit, HNCU can deliver lower loan rates and higher saving rates to its members.

HNCU believes in giving back to the community in which it serves. It has developed an award-winning Member Assistance Program to assist school district employees who are laid off from their jobs as well as the Summer Club, which helps classified school district employee members with financial planning during their summer months off. It also supports the Adams 12 Five Star Education Foundation, hosts an annual student art show and sponsors Safe Street Halloween among various other community events and activities. "HNCU members and staff have helped make the credit union what it is today. Both have dedicated over 52 years of service to assist in the success of the credit union," Harvey said.

"We are also very appreciative of the city of Northglenn. The city has always valued the businesses in the community," Harvey added. "I’ve been coming to Northglenn over 16 years with my family. We shop, visit family and have watched it evolve as a community. Throughout the years, the credit union has seen investments and upgrades to the city’s parks and outdoor amenities and that is appreciated for a community of its size."

Horizons North Credit Union
• Location: 11455 Pearl St.
• Hours: Weekdays 9 a.m. to 5 p.m.
• Drive Up Hours:
          Monday to Wednesday: 7:30 a.m. to 5 p.m.
          Thursday: 9 a.m. to 5 p.m.
          Friday: 7:30 a.m. to 6 p.m.
          Saturday: 9 a.m. to Noon
• Established: May 1960
• Contact: Brad Harvey, President
• Employees: 17 full-time, two part-time


New Businesses

The city is pleased to welcome the following new companies to Northglenn. These companies are making capital investments in our community, creating new jobs, and increasing our tax base - thereby fostering and enhancing economic development in Northglenn.

Boomerang Marketing leased space at 10465 Melody Drive, Suite 216. The company provides national marketing services that include marketing strategies for small businesses, social networking, e-mail marketing, graphic design and Web site design. For more information, visit www.boomerangzone.com.

Discount Auto Repair leased space at 11480 Cherokee St., Unit B. The company provides automotive repair services. The company is open Monday to Saturday from 8 a.m. to 5:30 p.m. For more information, call 303-450-8729.

Environmental Abatement Services of Colorado leased a space at 11450 Cherokee St., Unit A. The company provides environmental remediation services. For more information, call 303-917-1765.

Rocky Mountain Cruisers leased space at 10750 Irma Drive, Unit 10. The company had been located in Englewood since 1994, and recently moved to Northglenn. This independent company provides restoration, reconditioning, repair, maintenance, bodywork and detailing for Land Cruisers and Toyotas. It is open weekdays from 7 a.m. to 5 p.m. For more information, visit www.rockymountaincruisers.com or call 303-452-7383.

Transmissions Super Star (TSS) leased space at 10650 Irma Drive, Unit 3. The company provides transmission repair services and employs one person. The company is open Monday to Saturday from 10 a.m. to 6 p.m. For more information, call 720-297-1096.

Don't forget to market your Northglenn business on our Web site
Shop Northglenn - Every Northglenn storefront business is included in the Shop Northglenn Web site automatically. Business owners have the opportunity to customize their listing with coupons, logos and more.

Go to http://www.northglenn.org/listings/vendor to customize your Northglenn business on our Web site.

If you have any questions, please contact Debbie Tuttle at dtuttle@northglenn.org.

Business Expansion Projects

Healthcare Technologies recently merged with Infinite Medical Group, LLC (doing business as IMG-HTI). The company has been located in Northglenn since April 2011 at 10701 Melody Drive. The company provides medical billing services and employs 14 people. For more information, call 303-745-5800.


Closed Northglenn Businesses

The following companies closed in May:

Company Name Address Start Date
Continuous Technology Solution 11295 Washington St. 05/2010
MedExpress 1050 W. 104th Ave. 02/2009
Rustic Mountain Custom Homes 11295 Washington St. 03/2012

For more details on these business closures, contact Debbie Tuttle at 303-450-8743 or dtuttle@northglenn.org.


Internet Search Packages Available to City Businesses

The city has been offered four free Local Search Submission Licenses by Hyper Dog Media through Adams County Economic Development for use by Northglenn businesses. These licenses must be distributed by July 1 to take advantage of the full year subscription.

Hyper Dog Media will enhance the businesses’ listings and distribute the listings to the leading search engines, GPS databases, 411 directories and Internet yellow pages. Some benefits of this package include:
• Product and service information on Google Places
• Contact information on Yahoo Local
• Physical address on Bing Local
• Interactive maps on Switchboard.com
• Customer reviews on Superpages.com

For more information on this opportunity, please contact Debbie Tuttle, Northglenn economic development manager, at 303-450-8743 or dtuttle@northglenn.org.


Business Classes

City Hosting Free Sales and Use Tax Class

What does your business need to know about sales and use taxes in Northglenn? Find out as the city’s Finance Department hosts this free sales and use tax class.

The class will be held from 12:30 to 1:30 p.m. Thursday, June 28, at City Hall, 11701 Community Center Drive.

For more information, call 303-450-8729 or e-mail salestax@northglenn.org.


Small Business Development Center Hosting Free Classes in Brighton, Westminster

The North Metro Small Business Development Center is hosting a series of free business classes at its Brighton and Westminster locations. To register for any of these classes, go to www.coloradosbdc.org/events.aspx. For more information about classes or other services provided in Brighton, call 303-655-2150. For Westminster, call 303-460-1032.

Brighton
Brighton Learning & Resource Campus, 1850 Egbert St.

Learn to Prepare Income Tax Returns Orientation
6-7 p.m. Thurs., July 12, Suite 120
Learn a job skill you need for your entire life: income tax preparation. Get IRS certification as a volunteer income tax preparer, which is work experience that will look good on your resume or help you determine if this is a business venture you would like to pursue. The actual training dates start on Saturday, Aug. 18, and will be held on the third Saturday of the month until completion on Nov. 17.

Tax Planning for Small Businesses
11 a.m. to 1 p.m. Thurs., July 12
For those who own their own business, it is important to understand the unique aspects of revenues and expenses for business owners, including tax returns, maximizing tax deductions and establishing your business in the most advantageous way.

Contracts: Protecting Your Business and Avoiding Common Mistakes
11 a.m. to 1 p.m. Thurs., July 19
This class will help you understand what to look for in a contract, how to create a contract that will protect you and your business and common mistakes to avoid.

Estate Planning for Small Businesses
11 a.m. to 1 p.m. Fri., Aug. 17, Suite 140
With the ebbs and flows of your business, the objective of this session is to gain a better understanding of the importance of saving for retirement, as well your options for reducing risk and managing your assets.

Westminster
Front Range Community College, 3645 W. 112th Ave.

Start-Up Orientation
9-11 a.m. Thurs., July 26 and Thurs., Aug. 23
6:30-8:30 p.m. Thurs., July 12 and Thurs., Aug. 9

Learn about legal structures, registration, licenses, market research, business planning, obtaining financing, insurance, taxes, employer responsibilities and sources of assistance.

Legal & Accounting Issues When Starting a Business
6:30-8:30 p.m. Thurs., July 19
When starting a business, many people register with the Secretary of State's office, buy a laptop and start providing services. However, in order to protect yourself and your family, the steps involved in starting a business, especially if home-based, may be more complex. Come learn about the legal and tax issues that may arise when you open your new business from professionals who work with small businesses everyday!

Basic Contract Law for Small Business Owners
6:30-8:30 p.m. Thurs., Aug. 16
Does your business sell a product or service? Does your company use other company's products or services? Although it isn't the most exciting area of the law, contract law is an area that all business owners must have a basic knowledge of to make sure they succeed.

The Employee Life Cycle
6:30-8:30 p.m. Wed., July 25
So, you want to hire an employee? What paperwork do you have to complete? How much should you pay them? What if you have to fire them? This course will not only help you answer those questions, but will also provide a solid framework to help you hire the right person and better manage them, so they do what you ask.


Regional Economic Development News

New Job Resources for Veterans

Source: State of Colorado

Gov. John Hickenlooper recently announced a new resource, "Hire A Colorado Vet," offered by the Colorado Department of Labor and Employment (CDLE) to help veterans connect with employment opportunities.

CDLE created a website, www.hireacoloradovet.gov, where veterans can post resumes, job-search and learn about new job postings before the general public. Additionally, employers are able to post job openings or search for qualified veteran applicants on this site.

Hire A Colorado Vet is part of an ongoing effort to increase employment and training services for Colorado’s veterans. Last year, there were 390,000 veterans living in Colorado – 21,000 of whom were unemployed and looking for work, bringing the annual average unemployment rate for this group to 9.5 percent. For Gulf War II-era veterans who served on active duty at any time since September 2001, the 2011 annual average unemployment rate was 10.2 percent.

"Veterans bring great job skills, values and experience to an employer. The Hire A Colorado Vet program allows our country’s veterans to connect with employers. This program will help to ensure that when veterans return home they are welcomed, respected – and employed," Hickenlooper said. "Employers who hire veterans will tell you they have made a real investment in their business with each hire."

Hire A Colorado Vet.Gov is a free service of the Colorado Department of Labor and Employment. The website is a kind of military-to-private business pipeline, helping veterans and employers alike recognize how the skills gained in any of the branches of service can be readily applied in a wide range of civilian careers.


New Capital Access Programs for Small Businesses

Source: Colorado Housing and Finance Authority

Small businesses in Colorado are getting a $17 million boost through two new capital access programs announced by Gov. John Hickenlooper, the Colorado Office of Economic Development and International Trade (OEDIT) and Colorado Housing and Finance Authority (CHFA).

The programs, Colorado Capital Access and Cash Collateral Support, will help businesses with 750 or fewer employees obtain loans from their local bank for working capital, inventory, real estate or equipment purchases, or lines of credit.

"Colorado has more than 570,000 entrepreneurs and small businesses that fuel our state’s economic recovery," Gov. John Hickenlooper said. "As we traveled around the state during the bottom-up economic development process, we heard from communities from Cortez to Julesburg about the importance of access to capital. These programs will increase the availability of capital that small businesses need to hire more employees, grow their product lines and expand their businesses."

Funding for Colorado Capital Access and Cash Collateral Support was authorized by Congress through the Small Business Jobs Act of 2010. In October 2011, Colorado received $17.2 million through the act’s Small Business Credit Initiative Program, which was designed to assist states in implementing capital access programs. Two million will be used for the Colorado Capital Access program, and $15.2 million for the Cash Collateral Support program. All proceeds must be deployed by October 2013.

Colorado Capital Access is modeled after the successful Colorado Credit Reserve program (CCR), which has helped over 500 businesses obtain $20.5 million in financing and create or retain more than 3,800 jobs. CCR has successfully leveraged $15 in private sector lending for every $1 of program funds utilized. The average loan amount under the CCR program is $40,000, and nearly half of the businesses served have been women or minority-owned.

Lenders participating in the Colorado Capital Access program will set up a pooled loan loss reserve fund to help offset any losses that occur with loans registered in the program. Colorado Capital Access will match the lender’s contribution into their loan loss reserve fund, $1 for $1, up to a maximum of 7 percent of the loan amount, for each loan registered in the program. The maximum loan size is $750,000.

Cash Collateral Support is a credit enhancement program designed to help businesses get access to loans they might not otherwise qualify for due to collateral shortfalls. Lenders may apply for up to $500,000 in cash collateral support to strengthen a borrower’s collateral position. The maximum loan size supported is $5 million.

Businesses may obtain more information about Colorado Credit Reserve, Colorado Capital Access and Cash Collateral Support, including a complete list of participating lenders, at www.chfainfo.com or by calling CHFA at 1-800-877-2432.


$15 Million Federal Grant Awarded for Improvements to I-25 in Adams County

Source: U.S. Senate, U.S. House of Representatives

Senators Mark Udall and Michael Bennet and Reps. Diana DeGette and Jared Polis congratulated the Colorado Department of Transportation on its award of a $15 million competitive grant under the Transportation Investment Generating Economic Recovery (TIGER) program to improve a six-mile stretch of Interstate 25 between U.S. Highway 36 and 120th Avenue in Adams County.

The funds will be used widen and improve the existing freeway as well as to create a managed lanes which allow busses and other high occupancy vehicles to travel with less traffic congestion. The managed lane will be built by narrowing the inside shoulder of the existing highway and will not require the acquisition of any new land or right-of-way. Planners say the managed lanes, which would include use by public transit buses and certain cars, could shave significant time off commuting times.


Economic Development Indicators

There are many tools to assist in measuring economic development efforts. These include tracking business retention efforts, expansions and attraction of new businesses to the community. Other indicators include unemployment, sales/use tax, square footage absorption, vacancy rates, capital investment, and the number of employees retained and/or added to the workforce, the industry types, and quality of companies/jobs that are currently located or moving to Northglenn. In order to analyze and measure economic development efforts the following information is provided:


Unemployment

The table below reflects the estimated labor force, employment and unemployment information for April 2012. It reflects a 9.2 percent unemployment rate (slightly lower than March at 9.4 percent) and lower than last year at this time at 9.9 percent.

Area Name Labor Force
Number Employed Number Unemployed Rate
Northglenn 19,791 17,962 1,829 9.2%
Adams County 230,584 209,014 21,570 9.4%
Colorado 2,700,640 2,485,442 215,198 8%
Source: Labor Market Statistics, Local Area Unemployment Statistics Program – Not Seasonally Adjusted.

Below is a comparison of unemployment numbers for cities in Adams County as of April 2012. The cities with an asterisk (*) are located in two counties, and the numbers below only reflect the unemployment percentages for the Adams County population.

City Unemployment Rate
Northglenn 9.2%
Arvada* 8.8%
Aurora* 11%
Brighton 9.7%
Commerce City 11.2%
Thornton 8.8%
Westminster* 8.3%
Source: Labor Market Statistics, Local Area Unemployment Statistics Program – Not Seasonally Adjusted.

Existing and New Businesses

This is a comparison of companies licensed to do business in the city at the end of May 2012. It indicates a .9 percent net increase in storefront businesses and an overall total (with home-based businesses) increase of .6 percent over the past year.

Existing Businesses in Northglenn
May 2012
May 2011
Storefront/Physical Locations
673
667
Home-Based Businesses
258
258
Total Businesses
931
925
Source: City of Northglenn. Totals do not include out-of-state businesses. These numbers can fluctuate monthly due to new business licenses and tax reporting.


New Storefront Business Summary

In May, Northglenn announced three new storefront businesses, adding seven new jobs and absorbing 21,220 square feet of office, industrial and retail space.

Month
2012 New Storefront Businesses
Square Footage Absorbed
New Employees
January
7
76,598
120
February
9
22,653
65
March
6
8,945
29
April
7
4,859
14
May
3
21,220
7
Total
33
134,275
237

Northglenn Commercial Real Estate

Listed below is a summary of available Northglenn industrial, office and retail space as of the end of May. The chart depicts that both office and industrial building vacancy rates have declined since the end of Q/4 2011, and retail has risen slightly.

Property Type
Total Square Feet
Vacant Square Feet
Q2 2012 % Vacancy
Q4 2011 % Vacancy
Avg. S.F. Lease Rate
Office
658,295
59,436
9%
12%
$14.60/fs
Industrial
940,405
51,858
5.5%
7%
$4.95/nnn
Retail
1,339,790
195,263
14.6%
14%
$9.24/nnn
Source: Costar Database - 5/2012

NURA 101 - Frequently Asked Questions

The Northglenn Urban Renewal Authority (NURA) is a special purpose governmental entity that was created by the Northglenn City Council in March 1990. NURA's primary purpose is to improve Northglenn's economy by eliminating blight, assisting private development and redevelopment projects, and to plan and build public and public-related improvements as necessary to achieve those goals. Over the past two decades NURA has invested approximately $20 million in redevelopment and revitalization projects throughout the city.

To learn more about the urban renewal programs, the city has posted Frequently Asked Questions on its Web site at www.northglenn.org/renewalfaq. To help educate citizens and businesses on urban renewal authorities, the city will be featuring one of these questions monthly.

Courtesy Ricker | Cunningham

Q: How many conditions are needed to declare an area "blighted"?

A: As per the Statute, “’blighted area’ means an area that, in its present condition and use and, by reason of the presence of at least four factors…" If the urban renewal authority intends to use eminent domain for the acquisition of properties in the area, five conditions must be present. Note: Individual properties within the area do not need to have even one condition present. Rather, factors contributing to “blight" must be present somewhere within the area.


For more economic development or urban renewal information, please contact city Economic Development Manager and NURA Executive Director Debbie Tuttle at dtuttle@northglenn.org or 303-450-8743.

 
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Debbie Tuttle | Economic Development Manager | 303-450-8743 | dtuttle@northglenn.org
City of Northglenn | 11701 Community Center Drive, Northglenn, Co 80233 | 303-451-8326