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| January 19, 2009 |
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local news
Range Fuels receives $80 million loan
BROOMFIELD - The United States Department of Agriculture has awarded Range Fuels Inc., a Broomfield-based producer of cellulosic ethanol, a conditional commitment for an $80 million loan guarantee for the development and construction of Range Fuels' commercial cellulosic ethanol plant near Soperton, Ga.
Range Fuels was awarded this loan guarantee in part "because they are working toward the development of commercially available fuel that is not corn-based," according to a statement released by the company.
This program, called the Biorefinery Assistance program, is intended to assist in developing new and emerging technologies that produce advanced biofuels.
Range Fuels broke ground on the Soperton plant in fall 2007. The plant is on track to begin production in late 2010, according to the company.
In April 2008, the company received more than $100 million of Series B private financing, which was used in the first-phase construction of its cellulosic ethanol plant in Soperton.
The round of financing was led by San Francisco-based Passport Capital. Other investors included BlueMountain, Kholsla Ventures, Leaf Clean Energy and Pacific Capital Group.
In 2007, Range Fuels received a $76 million grant from the U.S. Department of Energy and a $6 million grant from the state of Georgia.
Range Fuels said it would use $50 million of the Department of Energy's grant for the first phase of construction of the plant that will have a capacity to produce 20 million gallons of ethanol. The remaining $26 million will be for the next phase of the project.
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Quintess forges into Ireland
BROOMFIELD - Quintess, The Leading Residences of the World, a luxury destination club headquartered in Broomfield, has partnered with The Oyster Circle to allow members use of their respective clubs.
The Oyster Club is based in Dublin, Ireland, and has 10 luxury vacation homes in European, U.S. and Caribbean destinations. Quintess has more than 30 vacation homes in more than 40 destinations worldwide.
"We are pleased to announce this alliance with The Oyster Circle," said Ben Addoms, executive vice president of sales for Quintess. "The Oyster Circle, with its strong European base of homes and commitment to creating memorable luxury vacations for its members, is a great fit with Quintess LRW and gives our members several new destination and home choices."
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Level 3, Blue Cross sign agreement
BROOMFIELD - Level 3 Communications Inc. (Nasdaq: LVLT) has signed a multiyear agreement with the Blue Cross and Blue Shield Association to provide telecommunications services for its 39 companies nationwide.
Terms of the deal were not disclosed.
With this agreement Level 3, a Broomfield-based international telecommunications company, will provide voice, video and data offerings to these companies.
"Specifically Level 3's broad and deep metro reach and comprehensive service portfolio align us well with BCBSA's initiatives to create interoperable health information exchanges among providers, payers, government and consumers," said Jeff Storey, president and chief operating officer for Level 3, in a statement.
Level 3 has around 38,000 long-haul route miles and 25,000 metro route miles in North America, allowing it to transmit Blue Cross and Blue Shield's over 102 million health-care records and claims throughout the network.
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Tickets available for Boulder Chamber dinner
BOULDER - The Boulder Chamber is in the midst of registering people for its 104th annual dinner and silent auction.
The event, scheduled from 5 to 9 p.m. on Tuesday, Feb. 3, at the University of Colorado Glenn Miller Ballroom, is meant to celebrate the work of the chamber's board members, volunteers and local business leaders. The Gold Mine Silent Auction will begin at 5:30 p.m.
This year, journalist Peter Copeland is scheduled to be the guest speaker.
To register for the event, visit www.boulderchamber.com. Individual seats cost $90 and tables of eight cost $700.
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Community Calendar
The Superior Chamber of Commerce presents Business After Hours from 5 to 7 p.m. on Wednesday, Jan. 21, at Exempla Rock Creek Family & Occupational Medicine, 500 Discovery Parkway, Suite 100 in Superior. Meet and greet with new members of the chamber as well as the businesses that have supported the community for years. R.S.V.P. requested. Cost: Free. Contact: 303-554-0789 or info@superiorchamber.com.
The Longmont Area Chamber of Commerce presents Power Partner Leads from 11:30 a.m. to 1 p.m. on Wednesday, Jan. 21, at DaVinci's Italian Bistro, 526 Main St. in Longmont. This is a referral networking group. Cost: Free. Contact: Kathy Weber-Harding, 720-864-2874 or kharding@longmontchamber.org.
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Apartments sell for $20.9 million
BOULDER - A 161-unit apartment complex on the northeast corner of Iris Avenue and 28th Street in Boulder has been sold for $20.9 million.
Denver-based Griffis Group of Cos. LLC purchased The Boulders Apartments from Boulder-based W.W. Reynolds Cos. and Lee Real Estate, which partnered to build the units in 1993.
"Boulder has always been an attractive rental market," said Tom Barta, chief financial officer of Griffis. Apartment investments won't be immune to the economic downturn, but "We think it will hold up better than other assets classes," he said.
This is Griffis' first investment in the Boulder Valley. It owns three other apartment properties in Denver and four in Colorado Springs. Barta said the recent purchase in Boulder is part of an apartment-only private equity fund run by the company.
Barta said the new owners are planning for some upgrades to the one- and two-bedroom units, which are 94 percent leased. The 145,000-square-foot apartment complex also includes a clubhouse, gym, pool and spa.
Colorado Springs-based Griffis Blessing Inc. will manage the property. |
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national news
UK banks thrown a lifeline as RBS posts record loss
LONDON/MADRID (Reuters) - Britain launched a second bank rescue plan on Monday and Royal Bank of Scotland recorded the biggest loss in UK corporate history, while a cut in Spain's credit rating caused fresh market wobbles.
Fiat and Chrysler in partnership talks: report
TURIN, Italy (Reuters) - Fiat is talking with Chrysler LLC about giving it access to its technology in exchange for a stake in the U.S. car maker, a source close to the Italian group said on Monday.
France says could take stake in carmakers: repor
PARIS (Reuters) - France could offer financial assistance to the battered auto industry in exchange for stakes in carmakers, French industry minister Luc Chatel said, ahead of a meeting Tuesday at which aid measures should be announced.
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