Purgatory Lodge will rise at base of Durango resort
Purgatory at Durango Mountain Resort announced plans Tuesday to build Purgatory Lodge, a three-phase, $100 million project at the ski resort’s base area.
Phase I, a $35 million, 130,000-square-foot development, will include resort amenities, commercial space and lodging units. Part of Durango Mountain Resort’s 25-year master plan, the lodge will be slopeside near the Village Express six-pack chairlift.
The resort began selling the lodge’s 29 fractional units and eight private-residence club units Tuesday.
Quarter and eighth fractional shares are available in two-, three- and four-bedroom floor plans, with prices starting at $119,900.
The resort also is offering eighth-share memberships to The Pinnacle, a private residence club, with prices starting at $299,900. Amenities include a club lounge, private spa and ski valet.
Construction will begin this summer and is expected to be completed for the 2007-08 ski season.
BROOMFIELD
Level 3 seeks funding to grow, pay debts
Level 3 Communications, a phone and data-network company based in Broomfield, said Tuesday it plans to raise $150 million in convertible debt and sell 125 million shares of stock in June.
It also plans to sell another $150 million in six-year convertible notes, sell another 18.75 million shares and make another $22.5 million worth of notes available in an over-allotment option to underwriters.
The company plans to use the financing to pay off some debt maturing in 2008 and for acquisitions, it said in a statement. Level 3 spokesman Chris Hardman declined to comment further.
DENVER
Holiday tunnel traffic on I-70 same as 2005
The amount of traffic passing through the Eisenhower Tunnel on Interstate 70 was basically flat over Memorial Day weekend compared with last year, the Colorado Department of Transportation said Tuesday.
A total of 131,796 vehicles passed through the tunnel from Friday through Monday, compared with 131,870 over the same four-day weekend last year. Friday was the busiest day, with 36,977 vehicles passing through, compared with 36,576 in 2005.
DENVER
Avaya staffers work, but strike authorized
Union workers at two Avaya offices in metro Denver went to work Tuesday after talks with the telephone-equipment company stalled past a Saturday- night contract deadline.
About 700 customer service workers represented by Communications Workers of America Local 7777 at the company’s Highlands Ranch and Westminster offices have voted to authorize a strike at any time, along with about 2,200 union compatriots across the country.
LAKEWOOD
Casino revenue rise of 3.5 percent forecast
Colorado’s mountain casinos are expected to generate $789.6 million in revenue in fiscal 2007, up 3.5 percent, according to forecasts released Tuesday by the state’s Division of Gaming.
The state’s 46 casinos are on pace to post $763.1 million in adjusted gross proceeds – which is total wagers minus payouts – in fiscal 2006, which ends June 30.
Also Tuesday, the Colorado Limited Control Gaming Commission voted to keep the state’s existing graduated tax structure in which a casino with higher revenue pays a higher tax rate.
DENVER
DIA job fair aims to fill 300 positions
Denver International Airport employers will be looking for new workers at a career fair Friday from 9 a.m. to 3 p.m. at the airport’s press room on the 6th level of the main terminal.
The employers are collectively looking to fill more than 300 jobs in retail, transportation, airlines, restaurant, catering, security and other areas. New concessions are scheduled to open at the airport in coming months to meet higher demand as a record number of passengers are expected to use DIA this year.
GRAND JUNCTION
Capco gets contract on Air Force planes
Capco Inc., a defense contractor in Grand Junction, has received a $6.2 million contract to build cartridges that are part of a system that protects aircraft for the Air Force.
The work is expected to be completed by November 2007.
DOUGLAS COUNTY
Applied Logistics has new financing, name
Applied Logistics Inc. of Douglas County, on Tuesday announced the completion of Series A financing led by IllinoisVentures. The amount of the funding wasn’t disclosed.
The funds will be used to capture a greater share of the market for RFID-enabled applications, which track and manage the physical movement of assets and inventory.
Applied Logistics also announced that it will be operating under a new name, Fluensee.
NEW YORK
Three Colorado firms make top-100 ranking
Three Colorado companies were listed in BusinessWeek’s “Hot Growth Companies” in the June 5 edition. The business journal ranked the top 100 companies by three-year results in sales and earnings growth and return on invested capital.
Cimarex Energy of Denver checked in at No. 36; St. Mary Land & Exploration, also of Denver, at 41; and Boulder-based Dynamic Materials at 51.
DENVER
Test burn positive for altered coal
KFx Inc. released the results of an independent evaluation of a test burn conducted on K-Fuel at a Black Hills power plant near Gillette, Wyo.
The results, which were evaluated by Quinapoxet Solutions, an independent, third-party testing company, stated that “K-Fuel proved to be a superior alternative to Wyodak mine coal.” K-Fuel is a process to upgrade coal into a cleaner-burning fuel.
NEW YORK
$29 billion in T-bills sold at auction
The Treasury Department auctioned $15 billion in three-month bills at a discount rate of 4.720 percent, and another $14 billion in six-month bills at a rate of 4.840 percent.
The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,880.69 while a six-month bill sold for $9,755.31.
NEW YORK
Crude oil rises with Iran’s nuclear plans
Crude oil rose to the highest in two weeks as Iran said it is pressing ahead with its nuclear research. Crude oil for July delivery rose 66 cents Tuesday to $72.03 a barrel on the New York Mercantile Exchange.
