The private-equity firm that helped orchestrate the 2004 creation of locally based auto insurer First Acceptance Corp. has teamed with the former CEO of Renal Management to launch another entrant into the dialysis services market. Corva LLC is headquartered outside Denver and already has bought a clinic in Houston. Flexpoint Ford says it will invest up to $75 million in the company led by Jerry Simonsen. Together, they will look to make their mark in a sector that has seen plenty of big deals in the last few years, a number of which involved local players Renal Advantage and DSI.
Cleaning services franchisor Chem-Dry has added franchise territories in the Chicago and Austin markets as well as in southern Colorado. The company oversees more than 3,500 franchises worldwide.
SEE ALSO: Word earlier this year that Chem-Dry was moving its home base to The Gulch
It'll be all for us or nothing for you...
Gaylord Entertainment Senior Vice President Bennett Westbrook this week told Colorado economic development officials that a consultant's recommendation to cut $40 million in state subsidies to its planned $800 million resort outside Denver would mean the end of the project. The sticking point is a projection for how much out-of-state spending the 1,500-room complex would generate.
Wellington Webb, an EDC member and former Denver mayor, pressed Westbrook on why the $385 million subsidy is more than twice as high as any amount of public funding that Gaylord has received for any previous project. Westbrook responded that the cost of building a hotel has skyrocketed in eight years and that a project of this size — roughly 2 million square feet — “is not feasible unless you get a significant amount of public finance.”
Colorado Gov. John Hickenlooper apparently isn't a big fan of Gaylord Entertainment's plans for a big resort outside Denver. Hickenlooper, who doesn't have a direct say in deciding where Colorado tourism incentive dollars go, says he's all for boosting local companies.
“If you look at the local subsidies and the state subsidies, we’re going to be giving many hundreds of millions of dollars for a company to come in and compete with a lot of our local businesses,” the governor told CPR’s Megan Verlee. “I’m not sure that’s bottom-up economic development. That’s not how I think of it.”
A Colorado Economic Development Commission hearing on Tuesday spent a lot of time discussing the merits of Gaylord Entertainment's plans to build a 1,500-room hotel and convention center. There was a lot of public support but it appears commission members weren't all that affected by it.
And Elliman, a former director of the Colorado Office of Economic Development and International Trade, latched onto something that was said by the one witness critical of the Gaylord project — Duane Senn, president of the Laredo Highline Neighborhood Association in Aurora. Because Gaylord has gotten local Urban Renewal Authority financing, the state will have to backfill property-tax revenue that will not go to Brighton 27J School District — an amount that could take $7 million a year from the general fund and $200 million over 30 years, he said.
Elliman said at the hearing: “If that is true, that is really an issue.”
The directors of Colorado-based New Frontier Media, a producer and distributor of adult entertainment, have brought on board Avondale Partners to help it evaluate its "strategic alternatives," although they say that doesn't mean they've decided to put up a for-sale sign. New Frontier (Ticker: NOOF), which posted a small loss on revenues of $31 million in the first nine months of its current fiscal year, recently received a buyout offer from its largest shareholder.
One of HCA Holdings' hospitals in the Denver area will next year be significantly expanded via a $107 million project. Sky Ridge Medical Center will get room for 90 more beds, a women's health center and operating areas, among other things.
Healthways said Thursday morning that Colorado's Rocky Mountain Health Plans has added five years to its contract with the Franklin-based wellness services company. Rocky Mountain Health has about 190,000 members and has contracted with Healthways since mid-2004. Its new deal adds on the local company's online behavior change portal.