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Colorado Springs company behind planned amphitheater aims to go public as part of growth strategy

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Colorado Springs company behind planned amphitheater aims to go public as part of growth strategy


Notes Dwell, the leisure firm based by Colorado Springs businessman J.W. Roth that is proposed an 8,000-seat outside amphitheater on the town’s north facet, goals to develop into a publicly traded firm this yr as a part of a long-term progress technique that features a number of new venues.

In an announcement Monday, Notes Dwell mentioned it plans to boost $22.5 million via a pre-initial public providing — a sale of inventory shares earlier than they’re listed on a public alternate. The corporate has focused 1.5 million shares to be bought at $15 per share, it mentioned. 

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8,000-seat outside amphitheater deliberate in Colorado Springs: Purple Rocks south?

The choice by Notes Dwell to go public and promote inventory is not meant to boost cash to fund its present crop of leisure venues in Colorado Springs and elsewhere, Roth mentioned in an interview earlier than Monday’s announcement.

As a substitute, issuing inventory and elevating $22.5 million in capital would enable that cash to be added to actual property holdings and different Notes Dwell belongings — producing a stability sheet of at the least $50 million and serving to the corporate qualify to be listed on the nationwide Nasdaq inventory alternate, Roth mentioned.

As soon as on Nasdaq, present shareholders might promote inventory for money, new shareholders might purchase into the corporate and Notes Dwell would have a better time elevating capital down the street because it grows the variety of its leisure venues, Roth mentioned.

Notes Dwell plans to function in a half-dozen markets by the top of 2023 and broaden to 6 further markets over the following 5 years, the corporate says.


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Notes Dwell, Roth mentioned, already has “inside financing” in place for its $40 million amphitheater, to be referred to as The Sundown, which can be a part of the Polaris Pointe mixed-use improvement southeast of Interstate 25 and North Gate Boulevard in northern Colorado Springs. It is envisioned as a house for live shows, top-name music performers and leisure acts.

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Roth hopes to acquire permits to start web site preparation work for The Sundown in just a few weeks and is concentrating on a completion of the venue by late summer time 2023 in order that exhibits can happen earlier than the top of that yr. A full yr of amphitheater occasions could be focused for 2024, he mentioned.

Roth mentioned he is already labored to line up further parking for the amphitheater.

He mentioned he now has agreements in place with Academy College District 20, the Classical Academy constitution faculty and Compassion Worldwide ministry to the south and Bass Professional Retailers, a close-by Polaris Pointe retail anchor. Their parking heaps would supply greater than 3,000 off-site areas for concertgoers, who could be shuttled to the venue, Roth mentioned.  


What’s subsequent for these empty retail buildings in Colorado Springs?

The Sundown amphitheater would be a part of Roth’s close by Boot Barn Corridor at Bourbon Brothers indoor music venue at Polaris Pointe, and his Bourbon Brothers Smokehouse & Tavern and Buttermilk Breakfast & Burgers restaurant.

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Roth mentioned Notes Dwell additionally has financing lined up for a multi-million greenback leisure campus that can cowl a metropolis block in downtown Gainesville, Ga., northeast of Atlanta. Building has began on that venture, which is scheduled to open within the first quarter of 2023.

An 18-acre multi-concept venture is also funded and deliberate in Murfreesboro, Tenn., south of Nashville, in keeping with Roth. A Bourbon Brothers Smokehouse and Tavern, a 20,000-square foot Boot Barn Corridor and a 4,500-seat outside amphitheater could be a part of that improvement.

In its pre-initial public providing, Notes Dwell plans to promote shares earlier than Sept. 1 in a non-public placement and earlier than the corporate submits an utility to the federal Securities and Alternate Fee within the fourth quarter, Roth mentioned.

That utility, often called an S-1 kind, is a part of Notes Dwell’s effort to go public and is required in order that inventory shares may be registered with the SEC and finally traded publicly. The S-1 additionally lays out the usage of inventory sale proceeds, the corporate’s enterprise mannequin and different monetary particulars, in keeping with on-line posts by monetary consultants. 

The inventory providing for the pre-initial public providing is being dealt with by Donald Capital, a New York-based funding financial institution, Roth mentioned. About 500,000 of the 1.5 million shares have already got been spoken for by traders and the remainder ought to promote rapidly, he predicted. 

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Colorado

Miami Heat Could Target Colorado’s Tristan da Silva for Polish, Versatility at No. 15 in NBA Draft

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Miami Heat Could Target Colorado’s Tristan da Silva for Polish, Versatility at No. 15 in NBA Draft


The upcoming 2024 NBA draft features a ton of interesting, long-term-project types of unpolished prospects.

The Miami Heat might seek out more of a plug-and-play contributor with the No. 15 pick. And as they just learned from last year’s No. 18 pick, All-Rookie first-teamer Jaime Jaquez Jr., selecting an NBA-ready prospect doesn’t necessarily mean sacrificing upside.

The Heat could have similar luck with Colorado swingman Tristan da Silva, who already looks like a big-league glue-guy and still has room to grow his game.

The knocks on da Silva follow the same criticisms you’ve heard before with upperclassmen: He is 23 years old already and isn’t a jaw-dropping athlete. The positives, though, are almost too numerous to mention.

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The 6-foot-8 forward, whom Sarah Todd of the Deseret News wrote “has Jaime Jaquez Jr. written all over him,” boasts a do-it-all skillset that could make da Silva perfect in a two-way connective role. He shreds nets from distance. He finishes with soft touch around the basket. He creates for himself and his teammates off the dribble. He defends with competitiveness and can handle switching assignments.

He maybe isn’t a future star-in-the-making, but Miami doesn’t necessarily need to chase a sky-high ceiling here. Jimmy Butler and Bam Adebayo are already stars. Tyler Herro routinely posts star-level stat lines. Supporting this trio could be much more of a priority than chasing long-shot potential.

If da Silva is still on the board at No. 15, the Heat could have a hard time passing him up.

Zach Buckley works as a contributing writer to Inside the Heat. He can be reached at zbuck07@gmail.com or follow him on X @ZachBuckleyNBA.

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As new tax credits reroute money from budget, lawmakers brace for less certain budget growth

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As new tax credits reroute money from budget, lawmakers brace for less certain budget growth


Even as Colorado enacts drastic changes to its tax policy, economic forecasters still expect the state to hit the constitutional cap on revenue collections in coming years.

But, the state could flirt with falling below the cap, set by the Taxpayer’s Bill of Rights, for the first time in half a decade during the adjustment period. The TABOR cap grows based on population growth and inflation, and money collected over it needs to be refunded to taxpayers.

Greg Sobetski, the chief economist for the Legislative Council Staff, didn’t raise any red flags during a forecast Thursday but acknowledged “a new set of budget circumstances” for state officials to navigate after years of explosive growth in state revenues. That growth resulted in billions of dollars being refunded to taxpayers in recent years, most notably through direct payments in fall 2022 and through tax returns this year.

Lawmakers this past legislative session, however, passed more than 30 bills either adjusting or creating new tax credits, according to a tally by the governor’s office. They include expansions to the earned income tax credit for the lowest-income Coloradans, senior housing tax credits and, if certain economic triggers are met, a new credit potentially worth thousands of dollars to families.

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Collectively, the credits will reroute hundreds of millions of dollars — if not more than a billion — per year in coming years from state coffers, though it still ends up Coloradans’ wallets. In the next fiscal year, which begins July 1, the credits could also push state revenues below the TABOR cap. Economists for the legislative branch and governor’s office both expect revenue to remain above the cap, but Sobetskis’s office, in particular, warned a routine margin of error that comes with predicting the future could drop that below the TABOR cap.

Legislative forecasters expect $1.4 billion in revenue collected above the revenue cap this fiscal year, which ends July 1, will need to be refunded. They expect it to drop to about $328 million next fiscal year before bouncing back to $1 billion-plus for the fiscal year that begins July 1, 2025.

“Even without a recession, you could end up in an environment, easily, within the realm of normal forecast error where state revenue is under the (TABOR) cap,” Sobetski said.

Forecasters for the governor’s office were more optimistic and still expect nearly $700 million in money over the cap will need to be refunded for the next fiscal year. Exact TABOR refunds for the upcoming tax year won’t be set for months still and depend on future forecasts.

Overall, forecasters expected continued economic growth and lower chances of a recession in the immediate term. But, economic activity is being stymied by persistently high interest rates. State economists had originally expected multiple interest rate cuts from the Federal Reserve this year, and when those didn’t materialize, they revised state economic growth expectations down, Sobetski said.

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“Because we’re expecting interest rate cuts to happen later, we’re not expecting the interest rates to accelerate as quickly,” he said.

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Colorado Woman’s Personal Best 10,000m Sends Her to Olympic Trials in Eugene

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Colorado Woman’s Personal Best 10,000m Sends Her to Olympic Trials in Eugene


COLORADO SPRINGS, Colo. (KKTV) – Southern Colorado teachers’ assistant Jessica Gockley-Day has been running since she was a teenager.

Gockley-Day grew up joining her father at his races, and drew enough inspiration to carry on to her adult life. She ran track in college at Grand Valley State where she would end up a 10x All-American.

Recently, Gockley-Day beat her own personal best 10,000m with a time of 32:16.98 at a meet in Los Angeles, California to qualify for the Olympic trials in Eugene next week.

She will race Saturday, June 29th, at Hayward Field in Eugene, Oregon. You can track her results here.

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