From: Sent: To: Cc: Kristin Strohm Tue 8/19/2014 2:29 PM (GMT-00:00) Tom Clark; Pam Reichert; Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Richard Wobbekind; Keith E Maskus Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org; Courtney Steinford Bee: Subject: CONFIDENTIAL DRAFT Attachments: Economic Impact of OG Ballot Initiatives 081814.pdf REMI Oversight Committee Members, Attached is a CONFIDENTIAL DRAFT of the setback study Brian will be walking us through today at our meeting. DO NOT share this or forward to anyone outside the consortium. Thank you, Kristin On Mon, Aug 18, 2014 at 10:39 AM, Kristin Strohm wrote: Reminder: We will be having an in-person meeting TOMORROW, Tuesday, August 19th from llAM- Noon at the Metro Denver EDC office: 1445 Market St, Denver, CO. We will also have a call-in for those not able to join. Herc is the call-in information: Call-in number: Access code: Brian will be walking us through the setback study. In addition, I will pass out current financials for the year. Thanks, Kristin On Fri, Aug 8, 2014 at 10:51 AM, Kristin Strohm wrote: REMI Oversight Committee Members, We will be having an in-person meeting on Tuesday, August 19th from 11AM- Noon at the Metro Denver EDC office: 1445 Market St, Denver, CO. We will also have a call-in for those not able to join. Herc is the call-in information: Call-in number: Access code: 2 Brian has been hard at work on the setback study and has a draft he would like to go through with us. In addition, we need to discuss the budget study. Hope you have a great weekend. Kristin A ~ starboard Group dJCei&t'vn c;f/'~£.m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com A ~ starboard Group dJCei&t'v& c;fl'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com A ~ starboard Group dJCei&t'v& c;fl'~ MANAGING PARTNER 2 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 2 90 Document Privileged in its Entirety C.R.S. From: Sent: To: Kristin Strohm Mon 10/21/2013 5:47 PM (GMT-00:00) Hannah Heavrin; ; Buz Koelbel; Diane M. Grubbs; Ruth Hartshorn; Steve Klausing; richard wobbekind; Keith Maskus Brian R. Lewandowski; David L. Tarasi; Jake Zambrano Cc: Bee: Subject: Next REMI Oversight Committee Call REMI Oversight Committee Members, We need to schedule a call to discuss our next study. It will last approx. 30-45min. Can you please respond back to me with a 1st and 2nd choice? Thursday, October 3 l l PM Thursday, October 3 l 3:30PM Friday, November l lOAM Best, Kristin Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 3 From: Sent: To: Cc: Kristin Strohm Mon 10/07/2013 3:55 PM (GMT-00:00) Randy Hildreth; Janet Fritz; Pam Reichert; Brian R. Lewandowski Earl Wright; T. Scott Martin; Mike Fitzgerald; Tom Clark; Steve Klausing; Richard Wobbekind; Keith E Maskus; Jake Zambrano; WAKKOELBEL@aol.com Bee: Subject: Draft REMI Press Release Attachments: REMI Draft Press Release 10_8.docx REMITeam, Attached please find a first draft of a press release to go along with releasing the two studies this week. l dated it for Tuesday (tomorrow), but know we are waiting on final versions of both studies from Brian prior to release. Randy, Pam/Janet, Brian--perhaps we call jump on a call this afternoon to discuss timing and release list? I am wide open Also, please send me any comments/edits to the release directly, then I can compile them for the group. ram working on a 1 page marketing piece as well. Have we decided on next steps with the Governor/Johnston? Thanks everyone, Kristin a ~ starboard Group d/Ci&ti.n r;f/'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. 4 46 Document Privileged in its Entirety C.R.S. 49 Document Privileged in its Entirety C.R.S. From: Sent: To: Cc: Bee: Subject: Attachments: Brian R. Lewandowski Sat 2/08/2014 12:47 AM (GMT-00:00) Marcus Koblitz Richard Wobbekind; chung.ernie@gmail.com Colorado Economic Impact Study 2013 Colorado API Study 020714.pdf Marcus- l have attached the draft Colorado economic impact study. We look forward to your feedback, and will be available to address your questions over the next couple of weeks. Thanks, Brian Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB 5 Boulder, CO 80309 303.492.3307 From: Sent: To: Cc: Bee: Subject: Attachments: Brian R. Lewandowski Sun 3/02/2014 7:34 PM (GMT-00:00) Marcus Koblitz Richard Wobbekind Revised Economic Impact Report 2013 Colorado API Study 022814.pdf Marcus- l have attached the revised economic impact report. l hope this new version is in line with what you envisioned. We look forward to further feedback from you and the committees. Thanks, Brian Lewandowski Research Associate 8 C.R.S. 24-72-204(2)(a)(lll) Business Research Division Leeds School of Business University of Colorado Boulder 303.492.3307 8 C.R.S. 24-72-204(2)(a)(lll) Document Privileged in its Entirety 122 C.R.S. From: Sent: To: Cc: Bee: Subject: Attachments: Brian R. Lewandowski Wed 2/26/2014 5:27 PM (GMT-00:00) Kristin Strohm Richard Wobbekind RE: Status Economic Impact of Fracking Moratorium V3.pdf KristinHere is a draft of the report. As we continue to edit, we welcome feedback from the group. Thanks, Brian _ _ From: Kristin Strohm [kristin@thestarboardgroup.com] Sent: Monday, February 24, 2014 3:40 PM To: Brian R. Lewandowski Subject: Re: Status Any chance I can get the draft before Thurs at 7AM? We have a CSPR board meeting and I wanted to review the highlights with them. Yes, I can arrange a conf call for early next week. What date/times work for you? Hope you are enjoying DC! On Feb 24, 2014, at 11:16 AM, Brian R. Lewandowski wrote: I will send it this week. It is currently being edited. I am currently in Washington, so I will send it by the end of the week. Do you want to have a conference call with the group early next week? Brian Sent from my iPhone On Feb 24, 2014, at 12:50 PM, "Kristin Strohm" wrote: Hi Brian, 10 Hope you had a great weekend, just wanted to check-in on status of the draft report? Thanks! Kristin Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 10 Document Privileged in its Entirety 120 C.R.S. From: Sent: To: Cc: Kristin Strohm Fri 8/08/2014 4:55 PM (GMT-00:00) Tom Clark; Pam Reichert; Wright, Earl; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; richard wobbekind; Keith Maskus Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org; Courtney Steinford Bee: Subject: Re: REMI Oversight Committee Meeting Apologies--Tuesday the 19th. On Fri, Aug 8, 2014 at 10:51 AM, Kristin Strohm wrote: RE Ml Oversight Committee Members, We will be having an in-person meeting on Tuesday, August 18th from llAM- Noon at the Metro Denver EDC office: 1445 Market St, Denver, CO. We will also have a call-in for those not able to join. Here is the call-in information: Call-in number: Access code: Brian has been hard at work on the setback study and has a draft he would like to go through with us. In addition, we need to discuss the budget study. Hope you have a great weekend. Kristin ~Starboard ~ Group d/Gi:J.tvn rJ/t.u;,Jni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 12 ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 12 From: Sent: To: Cc: Kristin Strohm Tue 5/13/2014 8:14 PM (GMT-00:00) Tom Clark; Pam Reichert; Wright, Earl; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; richard wobbekind; Keith Maskus Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org; Bee: Subject: Re: REMI Oversight Committee- Meeting To Be Scheduled Attachments: REMI Balanced Budget 050114.pdf AllThe date that worked for the majority of the group is Thursday, May 22 at lOAM. I have also attached Brian's fiscal cliff/balanced budget study proposal for our review on the call. Thanks, Kristin On Mon, May 12, 2014 at 7:29 AM, Kristin Strohm wrote: RE Ml Oversight Committee Members, We need to schedule a call or in-person meeting in the next 10 days to discuss a few items: 4) Other smaller studies? Please respond directly to me with your top two choices from the below dates/times and whether you could meet in-person by COB today. Monday, May 19th- 8AM Monday, May 19th- lPM Tuesday, May 20th- 9AM Thursday, May 22nd- lOAM Thanks! Kristin 15 ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group d/C;ei&/in cfli"'°'£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 15 87 87 On Aug 5, 2014, at 4:21 PM, ''Brian R. Lewandowski" wrote: KristinI have attached a confidential draft of the updated report. This couples the alternative scenarios with the industry's economic background that I updated for your presentations. Please give this a quick read and let's plan on talking before you share this with the consortium. Cindy will finish editing this first thing tomorrow morning. I welcome your edits, too! Thanks, Brian <2013 OG Update Colorado 080514 Vl.docx> 100 Document Privileged in its Entirety 108 C.R.S. 114 From: Sent: To: Cc: Bee: Subject: Attachments: Brian R. Lewandowski Wed 8/06/2014 4:16 PM (GMT-00:00) Cindy Dipersio FW: 2013 OG Update Colorado 080514 V1 PastedGraphic-1.png; ATT00001.htm; 2013 OG Update Colorado 080514 V1_KS Edits.docx; ATT00002.htm From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, August 6, 2014 9:37 AM To: Brian R. Lewandowski Cc: Tim Pollard Subject: Re: 2013 OG Update Colorado 080514 V1 Importance: High Brian, I apologize for just now getting to this. Great job with the paper, especially outlining all the taxes. I just have a few comments/edits. Once you and Cindy finish reviewing and have a final draft I can circulate to the committee. Thanks! Kristin 17 86 Document Privileged in its Entirety 11o C.R.S. Document Privileged in its Entirety 113 C.R.S. From: Sent: To: Cc: Kristin Strohm Mon 3/17/2014 7:34 PM (GMT-00:00) Tom Clark; Pam Reichert; Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Randy Hildreth; Richard Wobbekind; Keith E Maskus Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org Bee: Subject: REM! Updates Attachments: PastedGraphic-1.png; ATT00001.htm; REMI Draft Fracking Press Release 3_17 V2.docx; ATT00002.htm; Economic Impact of Fracking Moratorium 031714.pdf; ATT00003.htm Oversight Committee Members, Attached please find an updated REMI Fracking Ban full report and an updated press release. Important NOTE: numbers have changed since the first draft, so please review this carefully. Also, CU would prefer that our group releases the press release, so we can discuss which group does that tomorrow (Tom, I believe you all have a great press list?). We will have a conference call tomorrow at 9:30AM for Brian to walk us through the changes from the original report, as he wants to do this prior to the Vital Board meeting. Here is the call-in information: Call-in number: Access code: Here are important notes from Brian. Thanks, Kristin 18 C.R.S. 24-72-204(2)(a)(lll) 18 C.R.S. From: Sent: To: Cc: Kristin Strohm Thu 1/15/2015 9:16 PM (GMT-00:00) Wright, Earl; WAKKOELBEL@aol.com; T. Scott Martin; richard wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith Maskus Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; TylerW. Graham Bee: Subject: Re: REMI Updates Attachments: Colorado Oil and Gas Update 011315 v1 .docx AllPer Mike's email and suggestion, Brian put together the attached Colorado Oil and Gas Update. I think it has some great information. Please let me/Brian know if you have any other thoughts/comments. Brian can then finalize and make sure all of your organization's have it as a resource to distribute to members. Best, Kristin On Fri, Jan 9, 2015 at 1:43 PM, Kristin Strohm wrote: REMI Oversight Committee Members, We have had some good coverage from the release ofour study found below. Also, Brian has talked with Grace Hood at KUNC, and they plan to rnn some clips later today or tomorrow morning. Colorado could lose 1,000s of jobs, billions with 2,000-foot oil & gas setback, CU-Leeds study warns,Denver Business Journal http://www.bizjoumals.com/denver/blog/earth to power/2015/0 l/colorado-could-lose-1-000s-of-jobs-billionsof.html CU study: 2,000-foot setbacks would decrease state GDP by $6.4 billion, Bi':, West http://bizwest.com/cu-study-2000-foot-setbacks-would-decrease-state-gdp-by-6-4-billion/ In addition, Brian put together a REMI Project Review (attached) that highlights all our studies, earned media, and presentations. It is a great synopsis of all our work thus far. 20 We will keep you all updated as we get more coverage. Best Regards, Kristin ~Starboard ~ Group dJCei&t'vn c;f/'~£.m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group dJCei&t'v& c;fl'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 20 Document Privileged in its Entirety 265 C.R.S. From: Sent: To: Cc: Bee: Subject: Attachments: Tim Pollard Wed 1/07/201511:48 PM (GMT-00:00) Brian R. Lewandowski Fw: REMI Setback Study Setback Study Release draft _KS Edits.docx; Common Sense lnfographic- SetbackV3.pdf Brian, We have sign off on this from the consortium. Did you have any last thoughts or edits? We need to hear from you shortly as it is supposed to go out tomorrow morning. Let me know. Thanks. From: Tim Pollard Sent: Tuesday, January 6, 2015 7:33 AM To: Brian R. Lewandowski Cc: Kristin Strohm Subject: FW: REMI Setback Study Brian, Attached is the current draft news release for the setback study and the draft infographic. Can you please review and let me know if you have any questions or suggested edits? The group is planning on releasing the study on Thursday morning. Thanks! 22 85 Document Privileged in its Entirety C.R.S. 98 Document Privileged in its Entirety C.R.S. From: Sent: To: Cc: Kristin Strohm Wed 10/02/2013 4:54 PM (GMT-00:00) Richard Wobbekind; Keith E Maskus; Earl Wright; T. Scott Martin; Buz Koelbel; Tom Clark; Mike Fitzgerald; pam.reichert@metrodenver.org Hannah Heavrin; Diane M. Grubbs; Ruth Hartshorn; paula.larsen@denverchamber.org; Jake Zambrano; Brian R. Lewandowski; David L. Tarasi; Steve Klausing Bee: Subject: Reminder: REMI Oversight Committee Meeting Friday, October 4th Attachments: image.png; ATT00001.htm; REMI Oversight Committee Meeting Agenda 1O_4.pdf; ATT00002.htm; REM! Oversight Committee Balance Sheet 1O_4.xlsx; ATT00003.htm; REM! Project Request Document.pdf; ATT00004.htm; REMI Project Scope Statement.pdf; ATT00005.htm; Economic Impact of Amendment 66 091213.pdf; ATT00006.htm Oversight Committee Members, Just a reminder that we have a meeting scheduled for this Friday, October 4th from 8AM9:30AM at the Metro Denver EDC Council Room. I have attached an agenda and supporting documents for your reference. Look forward to seeing everyone then. Best, Kristin 25 Ade?mss: WW mm mamme ?wmma; mam {Emm?awwm? 0mm: Cm?: mm?mm Fax: 3% Ema??: Web: 384 REMI Oversight Committee Meeting Friday, October 4th 8:00AM - 9:30AM Metro Denver EDC Council Room 1445 Market Street Denver Co 80202 8:00AM Amendment 66 Part I- Feedback and comments- Brian & Kristin 8:10AM Amendment 66 Part II Review- Brian a. Brian is going to walk the group through the findings of Part II of the study. b. Questions? 8:45AM Amendment 66 Study Release- Group a. Timing of release b. Method of release- press release, exclusive, ed board meetings, etc.? 9:00AM General Business- Kristin a. Current COH: - - i. Review~e sheet ii. iii. b. Applic studies and asked to create a link on their website for organizations/companies to apply. i. CSPR Link: http://commonsensepolicyroundtable.com/remi/ 9:10AM 9:25AM 388 Next Study- Group a. Scope Document- Kristin created a scope document to fill-out for every study (see attached). b. Energy study- impact of statewide tracking ban Schedule next Oversight Committee Meting- Kristin C.R.S. 24-72-204(3)(a)(IV) 390 Document Privileged in its Entirety 396 C.R.S. REMI PROJECT REQUEST FORM Please submit project requestform directly to Kristin Strohm at kristin@commonsensepolicyroundtable.com Submitted Uy: Organization/Company N a m e : - - - - - - - - - - - - - - - Contact: Phone: Email: Address: Brief Project Description and Ob,jective: Pro,jcct Deliverables: Project Assumptions: Requested Start Date: Requested Completion Date: Received by: 403 Date: _ _ _ _ _ _ __ REMI PROJECT SCOPE STATEMENT PROJECT OBJECTIV!i: Brief statement regarding the project. ACCEPTANCE DATE Date and documented vote by the Oversight Committee, OELIVERAHLES The specific results/objectives the project will produce. TllVIELINE MILESTONES Timeline around deadlines through project completion, LIMITS AND EXCLUSIONS St~ttements about what the project will not include or produce. ASSUMPTIONS Statements about addressing uncertain infonm1tion as performing project. 408 From: Sent: To: Cc: Kristin Strohm Thu 9/18/2014 5:04 PM (GMT-00:00) Tom Clark; Pam Reichert; Wright, Earl; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; richard wobbekind; Keith Maskus Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org; ; Courtney Steinford Bee: Subject: REMI Oversight Committee Call Next Week Attachments: Economic Impact of OG Ballot Initiatives 090814.pdf REMI Oversight Committee Members, We will have a quick all (30 min) on Thursday, September 25th at llAM. The primary purpose of the call is to discuss the final setback study (attached--please keep confidential) and if/when we might want to release it or give it to the Task Force as a tool as they move forward. In addition, we will have an update on time line regarding the balanced budget study that Brian and his team are working on. Access code: Look fo1ward to speaking with you all then. Best, Kristin ~Starboard ~ Group dl&iJ.tv.n ef/'/Jl0.£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 26 COLORADO OIL AND GAS INDUSTRY Economic Assessment Colorado Oil and Gas Ballot Initiatives in 2014 Conducted by: BUSINESS RESEARCH DIVISION Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309-0420 Telephone: 303-492-3307 leeds.colorado.edu/brd Research Team Brian Lewandowski Richard Wobbekind September 8, 2014 l'IU31Nll!IS l'tliS!iAl'ICH DIVISION 350 Business Research Division The Business Research Division (BRO} of the Leeds School of Business at the University of Colorado Boulder has been serving Colorado since 1915. The BRO conducts economic impact studies and customized research projects that assist companies, associations, nonprofits, and government agencies with making informed business and policy decisions. Among the information offered to the public are the annual Colorado Business Economic Outlook Forum-now in its 49th year-which provides a forecast of the state's economy by sector, and the quarterly Leeds Business Confidence Index, which gauges Colorado business leaders' opinions about the national and state economies and how their industry will perform in the upcoming quarter. The Colorado Business Review is a quarterly publication that offers decision makers industry-focused analysis and information as it relates to the Colorado economy. BRO researchers collaborate with faculty researchers on projects, ond graduate and undergraduate student assistants, who provide research assistance and gain valuable hands-on experience. Visit us at: www.leeds.colorado.edu/brd Business Research Division • Leeds School of Business• University of Colorado Boulder 350 Page i TABLE OF CONTENTS Table of Contents ...............................................................................................................................................ii Summary .............................................................................................................................................................1 Economic Impact of Alternative Scenarios .........................................................................................................3 Setback ...........................................................................................................................................................4 Local Control ..................................................................................................................................................6 Production and Drilling ......................................................................................................................................? Employment and Wages .................................................................................................................................. 10 Public Revenue ................................................................................................................................................11 Property Taxes ...................................................................... '"""" .......... '"""" .......................... '''"""''''""",. 12 Severance Taxes ...........................................................................................................................................13 COGCC Taxes .................................................................................................................................................13 Public Leases and Royalties .................................................................................... ,..................................... 14 Income Taxes ...............................................................................................................................................15 Other Taxes ...................................................................................................................................................15 Bibliography ......................................................................................................................................................16 Appendix 1: Four Leading Ballot Initiatives ...................................................................................................... 18 Appendix 2: Industry Discussion of Oil and Gas Risks in Colorado ................................................................... 19 Business Research Division • Leeds School of Business• University of Colorado Boulder 350 Page ii SUMMARY In late 2013, the Business Research Division (BRO) of the Leeds School of Business, University of Colorado Boulder began researching the economic implications of a statewide fracking ban on the state economy. In March 2014, the BRO published a paper titled, Hydraulic Fracturing Ban: The Economic Impact of a Statewide Frocking Ban in Colorado, which described a scenario where a 95% reduction in new activity constituted an average decrease in gross domestic product (GDP) of $8 billion in the first five years and $12 billion between 2015 and 2040. The impact reduced Colorado jobs on average by 68,000 over the first five years and by 93,000 jobs on average between 2015 and 2040. This paper refines the work completed in March and describes the economic impacts of the two ballot initiatives that were frontrunners for restricting industry growth (ballot initiatives 88 and 89) prior to the compromise that was achieved on August 4, 2014, effectively ending all four 2014 oil and gas ballot initiatives. This summary also updates various oil and gas economic and fiscal metrics based on 2013 data to provide context into the industry's economic footprint leading up to 2014. Based on estimates provided by the oil and gas industry, a 2,000-foot setback would curtail drilling locations by 25% to 50%. Extrapolating this to indicate a reduction in new production, coupled with the quickly depleting yields from existing wells, leads to an average decrease in GDP between $2.2 billion and $4.4 billion in the first five years and an average decrease between $3.2 billion and $6.4 billion from 2015 to 2040. The impact on total employment ranges between 18,000 jobs and 36,000 jobs in the first five years on average, and between 24,000 and 49,000 jobs from 2015 to 2040. Under an expanded setback scenario, it is unclear how a reduction in land access would ultimately manifest in reduced production given the variation in production by basin and by well, technological improvements that allow for horizontal drilling, as well as the opportunity for property owners to consent to drill within the setbncks, which wns written into the initiative. Under a local control scenario, the impact on production due to the speculation on which communities would pass moratoriums on fracking is even more unclear. Front Range metropolitan counties' (excluding Weld) accounted for 1.7% of assessed taxable oil and gas activity in 2013, and cities accounted for 4.6% of activity. While the signal from communities that have passed fracking bans or moratoriums indicates an urban, metropolitan movement, the local control initiative is not written exclusively for metropolitan communities. This report does not quantify the potential economic impacts of a local control measure. 1 Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, El Paso, Gilpin, Jefferson, Larimer, Park, Pueblo, and Teller counties. Excludes Weld County. Business Research Division • Leeds School of Business • University of Colorado Boulder 350 Page 1 Overall, Colorado's oil and gas industry continued to expand in 2013, building on growth that transpired following a dip in production during the recession. More drilling permits were recorded in 2013 than in 2012, and oil production increased while gas production fell compared to 2012. Weld County and Garfield County continue to be the center of new activity, garnering more than four out of five drilling permits. Employment and wages grew in the upstream and midstream industry sectors in 2013 (Extraction, Drilling Wells, Support Activities, Oil and Gas Pipeline and Related Structures Construction, and Pipeline Transportation). An estimated 33,897 people worked in the upstream and midstream oil and gas industry in 2013, earning total wages of $3.5 billion, or $104,626 per worker. The year marked the greatest number of industry workers on record in Colorado. Wage growth in the industry outpaced wages growth for the state overall (4% compared to 0.6%). The public revenue stream, related to upstream and midstream activities, was estimated at more than $1.1 billion in 2013, the largest source of which was the tax on production. This paper was prepared using the Regional Economic Models, Inc. (REM!) Tax-Pl model built for Colorado and calibrated with Colorado revenues, expenditures, employment, and population. Researchers from the BRO researched the known, quantifiable industry metrics, ranging from production and prices to employment, wages, and taxes. Business Research Division• Leeds School of Business • University of Colorado Boulder 350 Page 2 ECONOMIC IMPACT OF ALTERNATIVE SCENARIOS This paper is an update to the March 2014, the BRD published a paper titled, Hydraulic Fracturing Ban: The Economic Impact of a Statewide Fracking Ban in Colorado. In early 2014, there were 22 proposed ballot initiatives related to the oil and gas industry. These initiatives can be categorized into three areas: 1. 2. 3. Setbacks (Initiatives 82, 85, 86, 87, 88, 117, 118, 119, 120) Local Control (75, 89, 90, 91, 92, 93, 103, 115, 116) 2 Pro-Industry (121, 137) Many of these initiatives have been withdrawn, and as of July 31, 2014, four ballot initiatives related to the oil and gas industry appeared to have the greatest likelihood of appearing on the November ballot. (See Appendix 1 for • Ballot Ballot Ballot Ballot a summary.) Initiative Initiative Initiative Initiative 88 89 121 137 On August 4, 2014, a compromise was reached on local control of oil and gas drilling that will remove all initiatives from the November ballot. Industry-supported backers agreed to drop both Initiative 121, which would have withheld state oil and gas revenue from communities banning drilling, and Initiative 137, which required a fiscal impact note for all initiatives. On the opposing side, U.S. Rep Jared Polis, agreed to withdraw two initiatives that would have required drilling rigs to be set back 2,000 feet from homes and the addition of an environmental bill of rights to the state constitution. The Colorado Oil and Gas Conservation Commission (COGCC) also agreed to withdraw the lawsuit against Longmont over its oil and gas ordinance. The ballot battle was moving in the direction to be the most expensive campaign in state history. In addition to the compromise, Governor Hickenlooper said he will appoint an 18-member commission that will be chaired by La Plata County Commissioner Gwen Lachelt and by XTO Energy president Randy Cleveland. The commission will make recommendations to the legislature on ways "to minimize land-use conflicts that can occur when siting oil and gas facilities near homes, schools, businesses and recreational facilities." He also said that he will more rigorously enforce a 1,000-foot setback. This distance is currently encouraged but not required. The state enforces a 500-foot setback in most circumstances. This compromise drew support from both political parties, as well as Anadarko Petroleum Corp. and Noble Energy Inc., the two largest operators in the state. 'Ballot initiativ,1s 89 and 115 are environmental, but are local control in nature. Business Research Division • Leeds School of Business• University of Colorado Boulder 350 Page 3 The two industry-restricting ballot initiatives that presumably would have made it onto the November ballot can be divided into two topic areas: setbacks and local controL The impact of the initiatives in either area is elusive. Under an expanded setback scenario, it is unclear how a reduction in land access would ultimately manifest in reduced production given the variation in production by basin and by well, technological improvements that allow for horizontal drilling, as well as the opportunity for property owners to consent to drill within the setbacks, which was written into the initiative. That is, the impact of the setbacks rule could vary widely by location. Under a local control scenario it is unclear which communities would pass moratoriums on fracking. To illustrate the variation in impacts, holding quality of production equal across the state, the following scenarios model reduced production based on industry reports and public filings, The economic impacts presented below are deviations from the baseline scenario. The reductions in production were modeled in REMI as changes in industry sales/exogenous production in the oil and gas industry beginning in 2015, assuming a 25% reduction and a 50% reduction in new activity and continuing but depleting, production in existing wells. Blended depletion rates from 40 years of historical data on oil and gas well production in Colorado were applied based on the current split of industry activity between oil and gas. On a per employee basis, oil and gas is a high-output, high-wage industry, resulting in an increase of the magnitude of the multiplier effect. While the resulting economic impact is notably positive during times of industry expansion, it is equally negative during times of industry contraction. This analysis is based on the current distribution of production across Colorado, but there are indications that production will expand into areas that are currently non producing or low-producing counties. In 2013, Weld County accounted for four-fifths of oil production in Colorado and one-sixth of gas production, but the county's market share will change over time. A ban on activity in areas such as Douglas County would be considered lost opportunity, and are not explicitly modeled with regard to the setback or local control initiatives. Setback An ideal methodology for modeling the economic impact of the setbacks initiative would include GIS mapping of each parcel of land. The mapping exercise would identify spatial setbacks from structures, adding a probability of setback based on structure type (e.g., 100% for schools, 100% for hospitals, 70% for homes). This information would be coupled with existing production in nearby parcels as an indication of well activity in order to convert the land restriction to a production restriction. Business Research Division • Leeds School of Business • University of Colorado Boulder 350 Page 4 Absent of such an exercise, percentages were derived based on signals from the industry: (1) Noble Energy publicly indicated that a 2,000-foot setback would curtail locations by 25% (Seeking Alpha, July 2014), and (2) another energy company provided estimated reductions of 50%. Comparatively, in January 2013 Anadarko Petroleum, Encana Oil & Gas, Noble Energy, and POC Energy provided a presentation at a COGCC setback hearing, stating that the impact of a 1,000-foot setback would affect 30% of the wells in the greater Wattenberg area. Therefore, two production scenarios under a 2,000-foot setback include reductions in production between 25% and 50%. Other public information, notably the 10-Q filings by public companies, illuminate the presence of negative impacts due to policy changes in Colorado, without quantifying the value at risk (See Appendix 2 for more summaries). Anadarko 10-QJune 30, 2014 "In the event state or local restrictions or prohibitions are adopted in areas where we currently conduct operations (such as in the Wattenberg field, which is among the largest and most cost efficient oil and natural gas development projects in Anadarko's U.S. onshore portfolio) or in the future plan to conduct operations, we may incur significant costs to comply with such requirements or we may experience delays or curtailment in the pursuit of exploration, development, or production activities, and possibly be limited or precluded in the drilling of wells or in the amounts that we are ultimately able to produce from our reserves." Noble 10-Q June 24, 2014 "In particular, a statewide drilling setback will likely delay or otherwise limit our drilling and development activities in certain parts of the DJ Basin. This could result in a reduction in our proved reserves and negatively impact our results of operations, cash flows, and stock price." 50% Reduct'ion Given a 50% reduction in new production beginning in 2015, the economic consequence would result in a lower GDP by an average of $4.4 billion and 36,000 fewer jobs in the first five years, and a lower GDP by an average of $6.4 billion and 49,000 fewer jobs between 2015 and 2040. The negative impact on disposable personal income places drag on the consumption-supporting industries (e.g., retail, real estate), as well as on taxes. The unemployment rate stays somewhat unaffected as the decline in industry jobs marks a shift in the labor force. Business Research Division • Leeds School of Business• University of Colorado Boulder 350 Page 5 TABLE 1: 50% REDUCTION IN NEW PRODUCTION SCENARIO, SUMMARY OF IMPACTS, 2015-2040 Average Difference from Baseline Scenario Category Units Year Vear l-5 -36.0 6-10 -59.5 ~1.5 1% Year 11-lS -62.1 -1.5% -56.2 ·l.5% -12.4 -1.6% -8.1 -L7% Year 16-20 Vear Years 2015-204-0' 21-25 Total Employment Jobs (Thousands) ______ _ ______ _ . . . . . . . . . . . . . . . . t;_hq~g~f(?'!' ~a_seline Jobs (Thousands) ~1.0% -32.4 -53.7 Change from Baseline Dollars (Billions)" Change from Baseline -1.0% -6.9 -1.1% .. 1,5% -11.5 -1.6% .. 4_4 .. (_4 Dollars (Billions)" ChangefromBasellne Dollars (Billions)b -1..2% -2.5 -0.9% -1.8% -4.7 ~'- -5.5 -1.4% ~ -~ Ta- -=3.7 -·-4.3 -=3.9 ·--.::i.5 --=is Change from Baseline ,..Q.8% "'1.3% "1.3% "'1.0% "0.8% "'l,0% Private Non-Farm Employment Output Grass Domestic Product ·······-···-······-···············-·-··· -·· ·--D~ii·;~~-·(Blffi;;~~-)b···········-···-·· Change from Baselir1e Personal Income Real Disposable Personal Income -49 9 -38,3 ~1.1% -0.8% ·········-····· -34.8 -0.8% -8.2 -0.8% -5.4 -0.9% -4.3 -45.3 ~1.2% -10.3 -1.2% -6.1 -l.3% -5.0 -48.9 -1,2% -44.3 ·1.2% -9.8 -l.2% -6.4 -1.3% -4.4 -1.1% 'This average impact over the 25-year period (2015-2040) indicates Colorado total employment would be shifted lower by 49,000 jobs on average and that GDP would be lower by an average of $6 bill Ion over the entire 25-year horizon. bDollars are fixed (2012) dollars. 25% Reduction Given a 25% reduction in new production beginning in 2015, the economic consequence would result in a lower GDP by an average of $2.2 billion and 18,000 fewer jobs in the first five years, and a lower GDP by an average of $3.2 billion and 24,400 fewer jobs between 2015 and 2040. TABLE 2: 25% REDUCTION IN NEW PRODUCTION SCENARIO, SUMMARY OF IMPACTS, 2015-2040 Category Total Employment ·-··-·-··-·····----·-- Private Non,.F!!"_L_J!.'ifE~J!.<::iECQU_l\l!Y_lyilLL_LE\,'1~~!20~-~----- Business Research Division • Leeds School of Business• University of Colorado Boulder 350 Page 12 Severance Taxes Severance taxes are those that states charge for the removal of nonrenewable natural resources and are reported by the Colorado Department of Revenue for oil and gas, coal, and metals and molybdenum. Severance taxes related to oil and gas in 2012 and 2013 were reported at $134.9 million and $170.6 million, respectively (Figure 11). From 2008 through 2013, the oil and gas industry paid $959.8 million in severance taxes, which represented 93.6% of total severance taxes paid in Colorado from all resources (i.e., oil and gas, coal, metals and molybdenum) over that period. FIGURE 11: COLORADO OIL AND GAS SEVERANCE TAXES SMHllons I s::100 i COGCCTaxes Oil and gas companies pay COGCC a conservation levy that is designed to offset the expenses of the agency. As of July 2007, the charge is 0.07% of oil, natural gas, and C02 production sales, less exemptions. The COGCC levy totaled $5.8 million in 2012 and $5.9 million in 2013 (Figure 12). Business Research Division • Leeds School of Business• University of Colorado Boulder 350 Page 13 12: COGCC LEVY rFIGURE . ----··-·-. .-·. . --.. . . . -·---· Public Leases and Royalties Oil and gas exploration and development on state and federal lands provide revenue through leases, premiums above rents (bonuses), and royalties. Federal disbursements are reported by the Office of Natural Resources Revenue, and Colorado disbursements are reported by the Colorado State Land Board. Federal and state rents and royalties are estimated at nearly $248 million in 2012 and $204 million in 2013 (Figure 13). FIGURE 13: COLORADO PUBLIC LEASES AND ROYALTIES Business Research Division • Leeds School of Business• University of Colorado Boulder 350 Page 14 Income Taxes Personal income taxes were estimated by multiplying the average tax rate by income cohort (using the Colorado Department of Revenue, Statistics of Income report) by the corresponding average wage by upstream and midstream industry sector in Colorado. The 2013 estimate of income taxes was nearly $98 million, most of which derived from the Extraction and Support Activities sectors (Figure 14). ilGURE ~COLORADO Oil AND GAS, lflOIVIOUAl INCOME TAXES, 2013 Other Taxes Other taxes include commercial and residential property taxes (excluding production), corporate income taxes, and sales taxes. These three revenue streams were estimated using the IMP LAN model based on 2013 employment and projection estimates. Business Research Division • Leeds School of Business• University of Colorado Boulder 350 Page 15 BIBLIOGRAPHY Anadarko Petroleum Corporation. Investor Relations, SEC filings, 10-Q report, July 29, 2014, http://www.anadarko.com/lnvestor/Pages/SECFilings.aspx. Accessed August 3, 2014. Anadarko Petroleum, Encana Oil & Gas (USA) Inc., Noble Energy, Inc., PDC Energy, Inc. COGCC Setback Hearing, January 7-9, 2013, http://cogcc.state.co. us/RR_HF2012/setbacks/Presentatio ns/Anadarko _E ncana_Noble_PDC_ Coaliti on_Setbacks_Presentation_01072013.pdf. Accessed August 1, 2014. Bureau of Labor Statistics, Quarterly Census of Employment and Wages. www.bls.gov (accessed July 20, 2014). Colorado Department of Local Affairs. April 2009. 2008 Thirty-Eighth Annual Report. Division of Property Taxation. _ _ _ _.April 2010. 2009 Thirty-Ninth Annual Report. Division of Property Taxation. _ _ _ _ . April 2011. 2010 Fortieth Annual Report. Division of Property Taxation. _ _ _ _ .April 2012. 2011 Forty-First Annual Report. Division of Property Taxation. - - - - · May 2013. 2012 Forty-Second Annual Report. Division of Property Taxation. _ _ _ _ .May 2014. 2013 Forty-Third Annual Report. Division of Property Taxation. Colorado Department of Revenue. Federal AG/ and Tax, All Full-year Resident Returns, 2009 Individual Income Tax Returns. Office of Research and Analysis. Colorado Department of Revenue. Severance Tax Collections. January 2004-Current [June 2014]. ---·-··-·October 2012. Income & Inventory Report Fiscal Year 2011-12, p. 11. http://www. trust Iands.state .co. us/Documents/FY%202011 • 12%201ncome%20and%201nventory%20Report%20FINAL.pdf (accessed June 20, 2013). _ _ _ _ .October 2012. Income & Inventory Report Fiscal Year 2012-13, p. 11. http://www.trustlands.state.co.us/ (accessed July 28, 2014). Colorado Secretary of State. 2013-2014 Initiative Filings, Agendas & Results. http://www.sos.state.co. us/pubs/ electio ns/lnitiatives/titleBoa rd/index. htm I. Accessed July 31, 2014. Encana Corporation. Annual Information Form, February 20, 2014, http ://www.encana.com/pdf/i nvestors/fina ncia I/an nua l-reports/2013/form40-f. pdf. Accessed August 3, 2014. Jaffe, Mark. Hickenlooper compromise keeps oil and gas measures off Colorado ballot. The Denver Post. August 4, 2014. http://www.denverpost.com/News/ci_26272493/Hickenlooper-compromisekeeps-·oil"and-gas-measures-off-Colorado-ballot. Accessed August 5, 2014. Business Research Division • Leeds School of Business• University of Colorado Boulder 350 Page 16 MIG, Inc. 2013. IMPLAN Economic Modeling, Version 3.0. Hudson, WI. http://implan.com/V4/index.php?option=com_content&view=article&id=694:implan-datacomponents-detailed&catid=241:1 Bee: Subject: REM! Oversight Committee Call Tomorrow Attachments: 5000 Jobs Analysis 052014.pdf; REM! Balanced Budget 050114.pdf; REM! Oversight Committee Meeting Agenda 5_22.pdf Oversight Committee Members, Attached please find the meeting agenda for our call tomorrow at l OAM and supplemental documents. Please let me know if you have any questions. Here is the call-in information: Call-in number: Access code: Thanks, Kristin On Tue, May 13, 2014 at 2:14 PM, Kristin Strohm wrote: AllThe date that worked for the majority of the group is Thursdav, May 22 at lOAM. l have also attached Brian's fiscal cliff/balanced budget study proposal for our review on the call. Here is the call-in information: Call-in number: Access code: Thanks, Kristin On Mon, May 12, 2014 at 7:29 AM, Kristin Strohm wrote: RE Ml Oversight Committee Members, We need to schedule a call or in-person meeting in the next 10 days to discuss a few items: 33 Please respond directly to me with your top two choices from the below dates/times and whether you could meet in-person by COB today. Monday, May 19th- 8AM Monday, May 19th- lPM Tuesday, May 20th- 9AM Thursday, May 22nd- lOAM Thanks! Kristin ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group d/C;ei&/in cfli"'°'£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 33 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com 33 IMPACT OF ADDING 5,000 JOBS IN COLORADO of Job Growth for Select Industries in Colorado Conducted by: Brian Lewandowski Richard Wobbekind Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309-0420 Telephone: 303.492.3307 leeds.colorado.edu/brd May 2014 94 Business Research Division The Business Research Division (BRO) of the Leeds School of Business at the University of Colorado Boulder has been serving Colorado since 1915. The BRO conducts economic impact studies and customized research projects that assist companies, associations, nonprofits, and government agencies with making informed business and policy decisions. Among the information offered to the public ore the annual Colorado Business Economic Outlook Forumnaw in its 49th year-which provides a forecast of the state's economy by sector, and the quarterly Leeds Business Confidence Index, which gauges Colorado business leaders' opinions about the national and state economies and how their industry will perform in the upcoming quarter. The Colorado Business Review is a quarterly publication that offers decision makers industry-focused analysis and information as it relates to the Colorado economy. BRO researchers collaborate with faculty researchers on projects, and graduate and undergraduate student assistants, who provide research assistance and gain valuable hands-on experience. Visit us at: Business Research Division • Leeds School of Business• University ot Colorado Boulder 94 Page ii SUMMARY Firms have a ripple effect in the economy when they buy goods and services from other firms and when employees spend their earnings. This is often termed the multiplier effect. The difference in magnitude of the multiplier effect depends on a few variables-importantly, the availability of a local supply chain, the level of wages, and access to productive labor. This brief summarizes the employment multiplier effect in 2014 of adding jobs in six industries using the REMI Tax-Pl model: 5,000 professional, scientific, and technical jobs; 5,000 oil and gas extraction jobs; 5,000 state government jobs; 5,000 computer and electronic product manufacturing jobs; 5,000 general jobs; and 5,000 retail trade jobs spread across all sectors of the economy. These scenarios assume a change from a baseline economic forecast. Growth of 5,000 jobs in ail and gas extraction and in computer and electronic product manufacturing would represent large growth an a small base of total sector employment in 2014, while growth of 5,000 jabs in state government; in retail trade; in professional, scientific, and technical services; and in all private nanfarm employment would represent relatively small growth on a large base of sector employment. When new jobs are created, the impact is felt on the area's economy and demographics. The demand for new jabs is either met by the existing labor farce, new entrants to the labor force from the existing population, or by migration into the area. A shortage of workers leads to upward pressure on wages. High-wage industries have a greater impact on the economy as employees spend their earnings on local consumption items (e.g., house, vehicles, food, entertainment, services, etc.). As a company or industry grows, it demands goads and services from other industries. The broader impact of these supply chain purchases depends an the extent that local industries can satisfy additional demand versus haw much needs to be purchased from outside the region. When 5,000 additional ail and gas extraction jabs are added ta the economy in 2014, the total impact on Colorado employment is an estimated 19,048 supported jabs, including intermediate demand, local consumption, government demand, and investment activity. Oil and gas extraction is one of the highest paying industries in the state, with average annual earnings totaling an estimated $108,000 per worker. Additionally, with this level of direct growth, the industry is expected ta induce high levels of investment activity in capital goods. Growth in the computer and electronic product manufacturing sector, with average wages of $119,000, leads ta employment growth of similar magnitude, having a total employment impact of 20,588 jabs in Colorado in 2014. MULTIPLIER EFFECT OF 5,000 NEW OIL AND GAS EXTRACTION JOBS Business Research Division • Leeds School of Business• University of Colorado Boulder 94 Page 1 In contrast, adding 5,000 jobs in the retail trade sector and in state government have lower multiplier effects on employment. Both induce smaller impacts from capital investment activity and smaller impacts from intermediate demand. The average earnings for the retail sector is $32,721in2014 and for state and local government, $58,851. MULTIPLIER EFFECT OF 5,000 NEW STATE GOVERNMENT JOBS Investment Activity Employment: The employment needed ta satisfy demand for capital goods. Government Demand Employment: The employment needed ta satisfy demand for goods and services by governrmmt expenditures. local Consumption Demand Employment: The employment needed to satisfy demand for consumer goods. Intermediate Demand Employment: The employment needed to satisfy demand for material inputs to the production of final goods. Source: REMI. SUMMARY OF IMPACTS BY INDUSTRY Direct Employment Intermediate Demand Employment Local Consumption Demand Employment Government Demand Employment Investment Activity Demand Employment 5,000 5,000 5,000 5,000 877 1,138 47 1,451 1,913 2,275 2,790 3,978 3,849 30 338 89 153 230 263 282 505 1,001 3,387 1,366 Total .?!~~- ~~:!. -~-·-,..~,.,.~,.,-~.--~-~""'"-"""'"'""'~~'"~"'~"'"'"~~--.,··~·~'""'~'"" ,10,66~ ........ . .!.3.!?.! wrote: Oversight Committee Members, Just a reminder that we have a meeting scheduled for this Friday, October 4th from 8AM9:30AM at the Metro Denver EDC Council Room. I have attached an agenda and supporting documents for your reference. Look forward to seeing everyone then. Best, Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 36 ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. 36 Document Privileged in its Entirety 480 C.R.S. From: Sent: To: Cc: Bee: Subject: Attachments: Brian R. Lewandowski Thu 1/08/2015 4:55 PM (GMT-00:00) Tim Pollard (trpollard@eissolutions.com) kristin@thestarboardgroup.com; Richard Wobbekind Setback Study Release draft _KS Edits v1 Setback Study Release draft _KS Edits v1 .docx Tim- See attached. Thanks, Brian 37 92 Document Privileged in its Entirety C.R.S. From: Sent: To: Cc: Bee: Subject: Attachments: Kristin Strohm Thu 8/07/2014 10:32 PM (GMT-00:00) Brian R. Lewandowski Fwd: Message from bizhub Sbizhub14080715000.pdf; ATT00001.htm Sent from my iPhone Begin forwarded message: From: Tim Pollard Date: August 7, 2014 at 3:04:33 PM MDT To: 'Kristin Strohm' Subject: FW: Message from bizhub I'm not the best proofreader, but I've been through this twice, and I only found errors on this one attached page. From: bizhub@eis-solutions.net [mailto:bizhub@eis-solutions.net] Sent: Thursday, August 7, 2014 3:01 PM To: Tim Pollard Subject: Message from bizhub 38 Document Privileged in its Entirety 490 C.R.S. 508 From: Sent: To: Kristin Strohm Mon 12/22/2014 9:12 PM (GMT-00:00) Wright, Earl; WAKKOELBEL@aol.com; T. Scott Martin; richard wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith Maskus Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; TylerW. Graham Cc: Bee: Subject: REMI Setback Study Attachments: January 2015 Task Calendar for Setback Study release.xlsx; Setback Study Release draft _KS Edits.docx REMI Oversight Committee Members, Per our discussion, attached please find a draft January calendar timeline and draft press release for the Setback Study. I think it would work best if each group track changes any comments/edits then sends me back edits and I will then consolidate into one document and re-send. I would like to have the first round of edits no later than December 30th if possible. Thank you for your input and thoughts. Merry Christmas, Kristin ~Starboard ~ Group dJ&~i.n c;f/'~J,,;n MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 39 JANUARY CSPR-Setback Study Release CALENDAR MONTH CALENDAR YEAR 1ST DAY OF WEEK 2 3 4 9 10 11 16 17 18 22 23 24 25 29 30 31 5 6 7 8 Draft release out for approval. Notify TF of study release Finalize release, initial website and social media Press release sent, study on website and social media, Continue reporter outreach, email blast to supporter list 12 13 14 15 Social media post #2: Earned media topic Target Vital membership with email blast 19 20 Social media post #3 Email blast #2 to supporters with earned media clips 26 27 Coordinate Task Force testimony with study highlights 21 Email blast #2 to Vital membership with earned media 28 Document Privileged in its Entirety 543 C.R.S. Document Privileged in its Entirety 347 C.R.S. From: Sent: To: Cc: Kristin Strohm Fri 3/21/2014 6:02 PM (GMT-00:00) Tom Clark; Pam Reichert; Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Randy Hildreth; Richard Wobbekind; Keith E Maskus Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org Bee: Subject: Updated REM! Press Release Attachments: REM! Draft Fracking Press Release 3_21 V3.docx REMI Oversight Committee, Attached please find an updated press release that incorporates language changes from all groups and the new information from the latest study. As we discussed earlier this week we will shoot to have this sent out Thursday, March 27th by the Metro Denver EDC on behalf of our consortium. Please get me any final revisions no later than Tuesday, March 25th at Noon. Thank you for your help! Kristin On Mon, Mar 17, 2014 at 1:34 PM, Kristin Strohm wrote: Oversight Committee Members, Attached please find an updated REMI Fracking Ban full report and an updated press release. lmportant NOTE: numbers have changed since the first draft, so please review this carefully. Also, CU would prefer that our group releases the press release, so we can discuss which group does that tomorrow (Tom, I believe you all have a great press list?). We will have a conference call tomorrow at 9:30AM for Brian to walk us through the changes from the original report, as he wants to do this prior to the Vital Board meeting. Herc is the call-in information: Call-in number: Access code: Herc arc important notes from Brian. Thanks, Kristin 41 C.R.S. 24-72-204(2)(a)(lll) Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group dJ&~i.n c;f/'~J,,;n MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 41 C.R.S. 24-72-204(2)(a)(lll) Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 41 C.R.S. 24-72-204(2)(a)(lll) From: Sent: To: Cc: Bee: Subject: Attachments: Kristin Strohm Wed 8/06/2014 3:37 PM (GMT-00:00) Brian R. Lewandowski Tim Pollard Re: 2013 OG Update Colorado 080514 V1 PastedGraphic-1.png; ATT00001.htm; 2013 OG Update Colorado 080514 V1_KS Edits.docx; ATT00002.htm Brian, l apologize for just now getting to this. Great job with the paper, especially outlining all the taxes. r just have a few comments/edits. Once you and Cindy finish reviewing and have a final draft I can circulate to the committee. Thanks! Kristin 45 489 On Aug 5, 2014, at 4:21 PM, ''Brian R. Lewandowski" wrote: KristinI have attached a confidential draft of the updated report. This couples the alternative scenarios with the industry's economic background that I updated for your presentations. Please give this a quick read and let's plan on talking before you share this with the consortium. Cindy will finish editing this first thing tomorrow morning. I welcome your edits, too! Thanks, Brian <2013 OG Update Colorado 080514 Vl.docx> 504 Document Privileged in its Entirety 51o C.R.S. 514 Document Privileged in its Entirety 126 C.R.S. From: Sent: To: Cc: Bee: .. •• 48 Brian R. Lewandowski Wed 7/30/2014 8:31 PM (GMT-00:00) T. Scott Martin Kristin Strohm Reid (kristin@thestarboardgroup.com) has been scanned by the Symantec Email Security.cloud service. For more information please visit http://www.symanteccloud.com 48 Document Privileged in its Entirety 491 C.R.S. From: Sent: To: Cc: Brian R. Lewandowski Fri 5/22/2015 1:15 PM (GMT-00:00) Kristin Strohm; Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Tim Pollard; Angela C. Roberts; Ruth Hartshorn; Hannah Heavrin; TylerW. Graham; ; Courtney Steinford Bee: Subject: RE: REMINDER REMI Oversight Committee Conference Call Attachments: Colorado 011 and Gas Update - Prices and Policy.pdf Oversight Committee Members- I have attached the report for the discussion today. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, May 21, 2015 9:07 AM To: Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Cc: Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; Tyler W. Graham; ; Courtney Steinford Subject: REMINDER REMI Oversight Committee Conference Call Oversight Committee Members, 51 C.R.S. 24-72-204(2)(a)(lll) Reminder we will have a conference call tomorrow, Friday, May 22nd at 10:30AM. Conference Call Number: Participant Passcode: - Agenda for the call is attached. Thank you. Kristin On Wed, May 6, 2015 at 4:09 PM, Kristin Strohm wrote: REMI Oversight Committee, We will have a conference call on Friday, May 22nd at 10:30AM. Here is the call-in information: US/CAN Toll Free: Participant Passcode: - Brian and I will prepare an agenda for the meeting and send it the week prior. Please let us know if you have any discussion items. Best, Kristin 51 C.R.S. 24-72-204(2)(a)(lll) a ~ starboard Group d/Ci&ti.n r;f/'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 51 C.R.S. 24-72-204(2)(a)(lll) Document Privileged in its Entirety 139 C.R.S. Leeds School of Business IJNIV1'f1SIT'I OF COLORADO l:llJS!NESS l'lllSllARCH DM$10N BUSINESS RESEARCH DIVISION 420 UCB Leeds School of Business University of Colorado Boulder Boulder, CO 80309-0420 303-492-3307 January 16, 2015 Common Sense Policy Roundtable c/o Starboard Group 7720 East Belleview Ave, Ste B-325 Greenwood Village, CO 80111 Invoice# 2014-3 .July-September October-December Current Pro,jcct Balance $ 27,500.00 $ 13,750.00 $ 41,250.00 Services rendered to run REM£ model for forecasting projects, work performed July through December 2014 by the Business Research Division, University of Colorado Boulder Total Amount Due: Pl.ease make checks payable to the UNIVfil:RSi.TY OF COLORADO Vendor fdentification Colorado Tax Exempt 140 $ 41,250.00 From: Sent: To: Cc: Kristin Strohm Mon 1/19/2015 4:06 PM (GMT-00:00) Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; TylerW. Graham Bee: Subject: REMI Accounting & 2015 Partnership Dues Attachments: REMI Balance Sheet 1_15_15.xlsx; REMI July-December 2014 lnvoice.pdf REMI Oversight Committee, Attached please find the current balance sheet for the REMI account. Brian and the Leeds team gave us a discount on October-December as we did not have as man studies to com lete see attached invoice . I will send each group an invoice for 2015 dues payment schedule you would like for the year. Please let me know the Lastly, we would like to propose an in-person meeting in the next several weeks to discuss our 2015 priorities and the balanced budget study. I will be emailing each group to see what time(s) might work. Please let me know if you have any questions. Thank you, Kristin _A_ Starboard w_ Group dYCi&tmM~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 54 C.R.S. 24-72-204(3)(a)(IV) Document Privileged in its Entirety 144 C.R.S. 146 146 Business Research Division I Leeds School of Business University of Colorado Bouider 146 From: Sent: To: Cc: Kristin Strohm Fri 10/10/2014 7:36 PM (GMT-00:00) Earl Wright; T. Scott Martin; WAKKOELBEL@aol.com; Steve Klausing; Mike Fitzgerald; Tom Clark; Pam Reichert; Richard Wobbekind; Brian R. Lewandowski; Keith E Maskus Angela C. Roberts; Tim Pollard; TylerW. Graham; Ruth Hartshorn; Hannah Heavrin; Bee: Subject: REM! Balanced Budget Draft Report Attachments: Balanced Budget Report 100614.pdf; REMI Balanced Budget 050114.pdf Oversight Committee Members, Attached please find a CONFIDENTIAL draft report of the balanced budget study Brian has been working on. He wanted everyone to be aware of where we currently stand on the project, but understand this is a preliminary draft. I have also attached the original scope proposal for your reference. Please note that there are some refinements Brian is already working on that include the following: In order to streamline the revision process and initial feedback we are going to have a Oversight Committee call next Friday, r will let you know the time after r coordinate everyone's calendars. Please be prepared to discuss the draft and provide Brian with comments, questions, and thoughts on other scenarios. As always, a reminder to keep this confidential. Thank you and have a great weekend. Kristin ---------- Forwarded message ---------From: Brian R. Lewandowski Date: Mon, Oct 6, 2014 at 4:52 PM Subject: Balanced Budget Draft Report To: "kristin@thestarboardgroup.com" Cc: Richard Wobbekind 57 C.R.S. 24-72-204(2)(a)(lll) Kristin- I have attached the confidential balanced budget draft report. Please share with the consortium and schedule a call to debrief the group. Thanks, Brian Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 303.492.3307 57 C.R.S. 24-72-204(2)(a)(lll) ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com 57 C.R.S. 24-72-204(2)(a)(lll) Document Privileged in its Entirety 345 C.R.S. REMI Oversight Committee Conference Call Wednesday, February 4th 11AM Metro Denver EDC Office 1445 Market St. j Denver, CO 80202 Call-in number:~ Access cod~ 11 :OOAM Financial Update A. Review 2014 financials B. 365 11:10AM Oil and Gas Update A. Setback Study Release a. Comments or feedback? b. Any additional dissemination? B. Feedback on new piece a. Content feedback? b. Format- Any edits or feedback regarding the format c. Dissemination 11 :25AM Balance Budget Proposal (aka Fiscal Cliff Study) A. Discuss Next Steps 11:40AM 2015 Project Ideas A. Discuss Project Ideas for 2015 B. Ideas on pressing economic issues for 2015/2016? C.R.S. 24-72-204(3)(a)(IV) Document Privileged in its Entirety 37o C.R.S. From: Sent: To: Cc: Kristin Strohm Mon 2/02/2015 9:46 PM (GMT-00:00) Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; TylerW. Graham Bee: Subject: REMI Oversight Committee Meeting Agenda Attachments: Colorado Oil and Gas Update 012915-2.pdf; REMI Oversight Committee Meeting Agenda 2_4.pdf; REMI Balance Sheet 1_15_15-2.xlsx REMI Oversight Committee Members, Attached please find the meeting agenda and supplemental documents for Wednesday. Please come prepared with your feedback: and thoughts on Brian's updated Colorado Oil and Gas updated, as well as ideas on projects for 20 L5/20 L6. Please let me know if you have any questions. Best, Kristin On Tue, Jan 27, 2015 at 10:52 AM, Kristin Strohm wrote: RE Ml Oversight Committee Members, We will have an in-person meeting on Wednesday, February 4th at HAM at the Metro Denver EDC office ( L445 Market St. I Denver, CO 80202). For those of you not able to attend, here is the call-in information: Call-in number: Access code: We will be discussing current studies and our priorities for 2015. Please come prepared with your organization's thoughts on these topics. Thank you, Kristin ~Starboard ~ Group dl&iJ.tv.n efftJtO.£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 59 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group (;;;f)(;jd°~n, cfli,ll().J,,m,, MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 59 From: Sent: To: Cc: Kristin Strohm Tue 9/03/2013 9:13 PM (GMT-00:00) Brian R. Lewandowski; Richard Wobbekind; Keith E Maskus; Earl Wright; Buz Koelbel; T. Scott Martin; Tom Clark; Mike Fitzgerald; Steve Klausing Diane M. Grubbs; Hannah Heavrin; Ruth Hartshorn; paula.larsen@denverchamber.org; Lorena Brauer; David L. Tarasi; Jake Zambrano Bee: Subject: REMI Conference Call on lnititaive 22 Tomorrow Attachments: Summary Economic Impact of Initiative 22 090313.pdf CONFIDENTIAL Oversight Committee Members, A BIG thank you to Brian for turning around the Executive Summary on Initiative 22 so quickly. Attached please find a draft of the report for our review and discussion. We would like evervone to join us on a conference call tomorrow at lOAM to get an update from Brian and discuss the draft report and next steps with a press release. Here is the call-in information: Call-in number: Access code: Please let me know if you have any questions. Thanks, Kristin ~S11:arboard ¥_ Group iffCH4tht ,g9;.~z, MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 82 Document Privileged in its Entirety 136 C.R.S. From: Sent: To: Cc: Kristin Strohm Mon 3/03/2014 9:33 PM (GMT-00:00) Tom Clark; Pam Reichert; Mike Fitzgerald; Steve Klausing; Randy Hildreth; Buz Koelbel; Richard Wobbekind; Keith E Maskus; Earl Wright; T. Scott Martin Tim Pollard; David L. Tarasi; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; amanda.melroy@metrodenver.org; Hannah@denversouthedp.org Bee: Subject: REM! Fracing Study- Conference Call Attachments: PastedGraphic-1.png; ATT00001.htm; Draft Economic Impact of Fracking Moratorium 022814. pdf; ATT00002. htm Oversight Committee Members, Attached please find the draft of the REMI fracing study. Please keep this report confidential and do not release it to any other groups. We will have a conference call on Thursday, March 6th at 2:30PM for Brian to walk us through the findings of the study--please have at least one person from your organization on the call. We will also be discussion other potential scenarios for Brian to rnn related to the study and how we would like to rollout the study. Lastly, we are already working on presenting our report to the various pro-energy groups that have formed: Vital for Colorado, CRED, and APL I will keep everyone updated as I have those presentations/meetings scheduled but it looks like they will all take place in late March. Please call me if you have any questions. Best, Kristin 83 Document Privileged in its Entirety 135 C.R.S. Subject Location Start End Jn Folder Notes Earl Wright, et al Golden Buff Wed 11/28/2012 7:30 AM Wed 11/28/2012 9:00 AM Calendar Discussed potentially operating REMI model for the conson Adam Fulton~ REMI Phone call Wed 1/30/2013 2:00 PM Wed 1/30/2013 2:30 PM Calendar Dlscuss REMJ model operations with REM! employee Earl Wright 5341 Fri 3/15/2013 3:30 PM Fri 3/15/2013 5:00 PM Calendar Discussed proposal preparartion Common Sense Roundtable {REMI) S318 Thu 4/25/2013 8:00 AM Thu 4/25/2013 10:00 AM Calendar Dlscuss model operation Adam Fulton/Brian/Lunch The Hill/Boulder Tue 6/11/2013 11:30 AM Tue 6/11/2013 1:30 PM Calendar Discuss REMJ model operations with REM! employee Tue 6/18/2013 8:00 AM Tue 6/18/2013 10:00 AM Calendar Tue 7/16/2013 12:00 PM Tue 7/16/2013 3:00 PM Calendar REMI REMI press conference Denver REM I meeting Fri 7/19/2013 4:00 PM Fri 7/19/2013 7:00 PM Calendar REMI call Fri 8/30/2013 12:00 PM Fri 8/30/2013 12:30 PM Calendar Earl Wright Tue 9/3/2013 2:30 PM Tue 9/3/2013 3:00 PM Calendar REMI call Wed 9/4/2013 10:00 AM Wed 9/4/2013 11:00 AM Calendar Tax Committee Luncheon Denver Chanber Council Room - 4th Floor of the DMCC at Fri 9/13/2013 11:30 AM Fri 9/13/2013 1:00 PM Calendar REMI Board Meeting Denver Metro Chamber Fri 10/4/2013 8:00 AM Fri 10/4/2013 10:00 AM Calendar Fri 11/1/2013 10:00 AM Fri 11/1/2013 11:00 AM Calendar REMI conference call Discuss potential projects Mon 11/18/2013 10:30 AM Mon 11/18/2013 11:30 AM Calendar Consortium meeting including Metro Denver EDC, South Dt REMI oversight committee Denver Mon 1/27/20141:00 PM Mon 1/27/2014 3:30 PM Calendar Consortium meeting including Metro Denver EDC, South Dt Declined: Lunch with Adam Fulton {REMI) TBD Tue 2/4/2014 1:00 PM Tue 2/4/2014 2:00 PM Sent Items Thu 2/27/2014 4:00 PM Thu 2/27/2014 6:30 PM Calendar Thu 3/6/2014 2:30 PM Thu 3/6/2014 3:30 PM Calendar Wed 4/16/2014 4:00 PM Wed 4/16/2014 5:30 PM Calendar Attend presentation of REMI model output Discussed using REMI model for Douglas County REMI oversight committee REM I meeting Remi call Business Round Table REMI presentation Lone Tree Arts Center Consortium meeting including Metro Denver EDC, South D~ Douglas County Economic Development (Becky Nelson, Nancy Gedeon_, Aus Phone call Wed 6/4/2014 9:30 AM Wed 6/4/2014 10:00 AM Calendar REMI call Thu 7/17/2014 12:15 PM Thu 7/17/201412:45 PM Calendar Tue 8/19/2014 11:00 AM Tue 8/19/2014 12:00 PM Calendar Thu 9/25/2014 11:00 AM Thu 9/25/2014 11:30 AM Calendar Thu 10/16/2014 8:30 AM Thu 10/16/2014 9:30 AM Calendar Mon 12/22/2014 9:00 AM Mon 12/22/2014 11:30 AM Calendar Thu 6/4/2015 8:00 AM Thu 6/4/2015 5:00 PM Sent Items REMl model conference Boulder Thu 6/4/2015 9:00 AM Thu 6/4/2015 9:30 AM REM! Fri 6/5/2015 8:00 AM Fri 6/5/2015 5:00 PM Sent Items REMl model conference Boulder REMI Meeting Denver Metro EDC Remi call REMI Meeting REMI & other Denver Englewood Tentative: REMJ Conference Opening Remarks - REMl Conference Tentative: REMJ Conference C4C Flatirons Room Meet with Buzz Koelbel and Earl Wright/re: continuing ton REMl model conference Boulder -"' " /}_ /}_ i /}_ .~ "' -~ ;£ " ~c c 0 c 0 E E E E " 0 E E 8 8 8 -0 -0 -0 c rn c rn u u fil fil 93 -" ;£ ;£ aa -~ -"' ] -" ] c rn u fil ~ "§ 8 " ~ .2 "aE " ~ c From: Sent: To: Cc: Kristin Strohm Fri 9/13/2013 2:54 PM (GMT-00:00) Earl Wright; T. Scott Martin; Richard Wobbekind; Keith E Maskus; Tom Clark; Mike Fitzgerald; Buz Koelbel Brian R. Lewandowski; Jake Zambrano; Lorena Brauer; Diane M. Grubbs; Ruth Hartshorn; paula.larsen@denverchamber.org; Steve Klausing; Hannah Heavrin Bee: Subject: REM! Oversight Committee Meeting Cancelled & Draft Report Part 1 Attachments: Economic Impact of Amendment 66 091213.pdf REMI Oversight Committee Members, I hope you are all staying dry and that our friends in Boulder are staying out of harm's way. Several important updates below. Meeting: Meeting scheduled for September 17th at SAM at Leeds is cancelled due to three committee members being called out of town. We are looking at either Wednesday, September 25th or Tuesday, October 1st in the morning to reschedule the meeting-- please let me lmow ASAP if either of those dates DOES NOT work for you. Brian and I discussed this and we believe changing the meeting date will be best anyway, as he wilI be able to walk the entire committee through Part 2 of the Amendment 66 study in person. Draft ofPart One ofAmendment 66 Study: Attached please find a draft of the entire part one report. Great job to Brian and his team on the repo1t, it is extremely well done. Please keep this draft confidential. We are asking for any comments or questions by Wednesday, September 18th in order to stay on track with our timeline. Please send those to either me or Brian. 99 Thank you for all your ongoing help. Please call or email me directly should you have any questions. Best Regards, Kristin A ~ starboard Group ~lWt-'G5i~rt MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 99 Document Privileged in its Entirety 131 C.R.S. .... 0 en Richard Wobbekind Senior Associate Dean Executive Director Business Research Division Leeds School of Business Business Research Division • Leeds School of Business • University of Colorado .... 0 en GDP Total Wages Colorado GDP Per Employee: $85,639 Mining GDP Per Employee: $182,105 Colorado Average Annual Pay: $50,559 Mining Average Annual Pay: $108,004 Source: Bureau of Labor Statistics, CES (NSA), and Bureau of Economic Analysis. Business Research Division • Leeds School of Business • University of Colorado Employment 1 .... 0 en Management of Companies & Enterprises Mining Professional & Technical Services Information Financial Activities Manufacturing Trade, Transportation, & Utilities Construction Real Estate Health Care Education Administrative & Waste Services Other Services Arts & Entertainment Agriculture Accommodation & Food Services $0 $40,000 $80,000 Sources: Bureau of Labor Statistics and Colorado Department of Labor and Employment. Business Research Division • Leeds School of Business • University of Colorado $120,000 $160,000 .... 0 en Percent 12.0 9.0 6.0 -+---~;:---------------3.0 -0.0 •3·0 -r----~~~--------cc;1·oraei<>-------~::::~~~~---------i -6.0 -9.0 ~-------+------~-·------1----~--------------~ -12.0 ;---------l!;------~---------------~----; -15.0 -18.0 -21.0 -24.0 -'-----------------------------~ 0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51 Number of Months Since Colorado Peak Source: Bureau of Labor Statistics (Seasonally Adjusted). Business Research Division • Leeds School of Business • University of Colorado 54 57 60 63 .... 0 en January 2000 = 100 260 ~~~~~~~~~~~~~~~~~~~~~~~~ 240 - - - - - - - - - · 220 -l--~~~~~~~~·-·~------~~~~~---'~=~~~--~~~ 200 ----~-~~~~~~~-~~~~~---~---~~---,--~·~~-----; 180 --------·-· - · 160 -+-~~~~~~~~~~~-~~~~~~~~~~~----; 140 -+-~-~~~~-~~~~-----~~~~~--~~~~~~~--4 120 --+--~-~· ---~- 100 80 --~.----.-~-.-~-.--~-.--~.----,-~-,-~-.--~-.----,~-----.-~----.----' 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Bureau of Labor Statistics, CES (SA). Business Research Division • Leeds School of Business • University of Colorado .... 0 en (Trillion Btu) Colorado Energy Production By Source 3000 2750 2500 2250 2000 . 1750 1500 1250 1000 . 750 500 250 0 . 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 Source: U.S. Energy Information Administration Business Research Division • Leeds School of Business • University of Colorado 2010 .... 0 en 2004=100 220 Indexed Colorado Output 2004-2013 2004=100 500 Indexed Value of Colorado Production 2004-2013 Oil 478.7 200 450 180 400 350 160 300 140 250 120 200 100 150 80 100 60 50 2004 2006 2008 2010 2012 2004 2006 2008 2010 2012 Sources: Colorado Geological Survey Mineral and Mineral Fuel Activity Reports, Colorado Oil and Gas Conservation Commission, Department of Minerals and Geology, Colorado Mining Association, and Colorado Business Economic Outlook Committee. Business Research Division • Leeds School of Business • University of Colorado .... 0 en 4,935 $319.17 $1,054.36 $1,556.59 67,572 $5,520.71 $9,580.08 $18,701.75 Petroleum Refineries 4,746 $245.89 $1,133.73 $4,789.86 Transportation 2,889 $178.85 $263.18 $791.88 Gasoline Stations 18,646 $466.24 $1,000.47 $1,649.90 All Other 12,688 $687.31 $1,194.55 $2,078.18 Drilling Extraction and Support Activities Business Research Division • Leeds School of Business • University of Colorado .... 0 en • $29.6 billion added to Colorado economy in 2012 • Oil and gas production totaled $9.3 billion in 2012 • Natural gas 51 % • Oil 46°/o • Carbon dioxide 3% • 3, 773 approved drilling permits in 2012 • Down 19% from 2011 • Total employment estimated at 111,476 in 2012 • 1.9°/o of Colorado's total employment • $3.8 billion paid to workers across the state • 2.8°/o of Colorado's total earnings Business Research Division • Leeds School of Business • University of Colorado 105 .... 0 en Total Disbursements, in thousands $200,000 $180,000 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 2003 2004 2005 2006 2007 2008 2009 Source: Department of the Interior, Office of Natural Resources Revenue. Business Research Division • Leeds School of Business • University of Colorado 2010 2011 2012 .... 0 en Ill 1 1 Source: University of Colorado Business Research Division. Business Research Division • Leeds School of Business • University of Colorado .... 0 en Millions $7,100 - Percentage 12o/o 11°/o $6,900 10% $6,700 9% $6,500 8°/o 7% $6,300 6% $6,100 5% $5,900 4% - 3°/o $5,700 2% 2007 2008 2009 2010 2011 Source: Division of Property Taxation, Colorado Department of Local Affairs, 2007-2011 Annual Reports. Note: Property tax estimate from BRD, and excludes municipal levy. Business Research Division • Leeds School of Business • University of Colorado 2012 From: Sent: To: Cc: Kristin Strohm Thu 9/19/2013 9:29 PM (GMT-00:00) Kristin Strohm Earl Wright; T. Scott Martin; Richard Wobbekind; Keith E Maskus; Tom Clark; Mike Fitzgerald; Buz Koelbel; Brian R. Lewandowski; Jake Zambrano; Lorena Brauer; Diane M. Grubbs; Ruth Hartshorn; paula.larsen@denverchamber.org; Steve Klausing; Hannah Heavrin; pam.reichert@metrodenver.org Bee: Subject: REM! Oversight Committee Meeting Confirmed Attachments: REM! Project Request Document.pdf; REM! Project Scope Statement.pdf; Economic Impact of Amendment 66 091213.pdf OCMcmbcrs, We have confirmed our next meeting for Friday, October 4th from 8AM-9:30AM. The meeting will now be held at Metro Denver EDC--1445 Market Street, 4th Floor-Council Room, Denver, co 80202. Brian will be walking us through Part II of the study, so it is important that everyone can attend. For your reference, I have re-attached Part I would love to hear your feedback/comments. In addition, we have created a scope document to use moving forward on projects and an application form that all members are going to post on their respective websites. As always, please let me know if you have any questions. Best Regards, Kristin ~Starboard v_ Group (;[JC~l/Jz, ,~~A MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com On Sep 13, 2013, at 8:54 AM, Kristin Strohm wrote: 107 REMI Oversight Committee Members, I hope you are all staying dry and that our friends in Boulder are staying out of harm's way. Several important updates below. Meeting: Meeting scheduled for September 17th at SAM at Leeds is cancelled due to three committee members being called out of town. We are looking at either Wednesday, September 25th or Tuesday, October lst in the morning to reschedule the meeting-- please let me know ASAP if either of those dates DOES NOT work for you. Brian and I discussed this and we believe changing the meeting date will be best anyway, as he will be able to walk the entire committee through Part 2 of the Amendment 66 study in person. Draft of Part One ofAmendment 66 Study: Attached please find a draft of the entire part one report. Great job to Brian and his team on the report, it is extremely well done. Please keep this draft confidential. We arc asking for any comments or questions by Wednesday, September 18th in order to stay on track with our timeline. Please send those to either me or Brian. Thank you for all your ongoing help. Please call or email me directly should you have any questions. Best Regards, Kristin 107 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 107 REMI PROJECT REQUEST FORM Please submit project requestform directly to Kristin Strohm at kristin@commonsensepolicyroundtable.com Submitted Uy: Organization/Company N a m e : - - - - - - - - - - - - - - - Contact: Phone: Email: Address: Brief Project Description and Ob,jective: Pro,jcct Deliverables: Project Assumptions: Requested Start Date: Requested Completion Date: Received by: 435 Date: _ _ _ _ _ _ __ REMI PROJECT SCOPE STATEMENT PROJECT OBJECTIV!i: Brief statement regarding the project. ACCEPTANCE DATE Date and documented vote by the Oversight Committee, OELIVERAHLES The specific results/objectives the project will produce. TllVIELINE MILESTONES Timeline around deadlines through project completion, LIMITS AND EXCLUSIONS St~ttements about what the project will not include or produce. ASSUMPTIONS Statements about addressing uncertain infonm1tion as performing project. 455 .... .... I\) Richard Wobbekind Senior Associate Dean Executive Director Business Research Division Leeds School of Business Business Research Division • Leeds School of Business • University of Colorado .... .... I\) GDP Total Wages Colorado GDP Per Employee: $85,639 Mining GDP Per Employee: $182,105 Colorado Average Annual Pay: $50,559 Mining Average Annual Pay: $108,004 Source: Bureau of Labor Statistics, CES (NSA), and Bureau of Economic Analysis. Business Research Division • Leeds School of Business • University of Colorado Employment 1 .... .... I\) Management of Companies & Enterprises Mining Professional & Technical Services Information Financial Activities Manufacturing Trade, Transportation, & Utilities Construction Real Estate Health Care Education Administrative & Waste Services Other Services Arts & Entertainment Agriculture Accommodation & Food Services $0 $40,000 $80,000 Sources: Bureau of Labor Statistics and Colorado Department of Labor and Employment. Business Research Division • Leeds School of Business • University of Colorado $120,000 $160,000 .... .... I\) January 2000 = 100 260 ~~~~~~~~~~~~~~~~~~~~~~~~ 240 - - - - - - - - - · 220 -l--~~~~~~~~·-·~------~~~~~---'~=~~~--~~~ 200 ----~-~~~~~~~-~~~~~---~---~~---,--~·~~-----; 180 --------·-· - · 160 -+-~~~~~~~~~~~-~~~~~~~~~~~----; 140 -+-~-~~~~-~~~~-----~~~~~--~~~~~~~--4 120 --+--~-~· ---~- 100 80 --~.----.-~-.-~-.--~-.--~.----,-~-,-~-.--~-.----,~-----.-~----.----' 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Bureau of Labor Statistics, CES (SA). Business Research Division • Leeds School of Business • University of Colorado .... .... I\) Percent 12.0 9.0 6.0 -1----7'~---------------~~---""--"-~~~~~ 3.0 -0.0 -3.0 -6.0 -9.0 -12.0 -15.0 -18.0 -21.0 -24.0 -;--------------------"-------·------------------< +-------+-------------=~------------------! -+---------~--------.JC---------------------------------1 -----------------~------------------< -'------------------------------~ 0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51 54 57 60 63 Number of Months Since Colorado Peak Source: Bureau of Labor Statistics (Seasonally Adjusted). Business Research Division • Leeds School of Business • University of Colorado .... .... I\) (Trillion Btu) Colorado Energy Production By Source 3000 2750 2500 2250 2000 . 1750 1500 1250 1000 . 750 500 250 0 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 Source: U.S. Energy Information Administration Business Research Division • Leeds School of Business • University of Colorado 2010 .... .... I\) Colorado's Energy Rank Source: U.S. Energy Information Administration Business Research Division • Leeds School of Business • University of Colorado .... .... I\) 2004=100 220 Indexed Colorado Output 2004-2013 2004=100 500 Indexed Value of Colorado Production 2004-2013 Oil 478.7 200 450 180 400 350 160 300 140 250 120 200 100 150 80 100 60 50 2004 2006 2008 2010 2012 2004 2006 2008 2010 2012 Sources: Colorado Geological Survey Mineral and Mineral Fuel Activity Reports, Colorado Oil and Gas Conservation Commission, Department of Minerals and Geology, Colorado Mining Association, and Colorado Business Economic Outlook Committee. Business Research Division • Leeds School of Business • University of Colorado .... .... I\) Drilling 2,402 $208.1 26,853 $3,412.9 Petroleum Refineries 501 $65.0 Transportation 801 $93.0 14,062 $290.3 6,611 $430.0 Extraction and Support Activities Gasoline Stations All Other Business Research Division • Leeds School of Business • University of Colorado .... .... I\) 4,935 $319.17 $1,054.36 $1,556.59 67,572 $5,520.71 $9,580.08 $18,701.75 Petroleum Refineries 4,746 $245.89 $1,133.73 $4,789.86 Transportation 2,889 $178.85 $263.18 $791.88 Gasoline Stations 18,646 $466.24 $1,000.47 $1,649.90 All Other 12,688 $687.31 $1,194.55 $2,078.18 Drilling Extraction and Support Activities Business Research Division • Leeds School of Business • University of Colorado 0 -0 ~ 0 8 I+- 0 ~ ·~ .~ c: :::> • (/) (/) <]) . c 0 ·u; 'S: Q .c ~ m c: '(j) ::::s co I+- 0 0 0 .c u CJ) Ct:: (/) laQ) -0 ·u; -' c <]) <]) • = c: 0 i:a 'ti I! .$! 8 ~ ~ .~c :,:::) • 112 II II • II • II ~ = ~ 0 '(j) '> b .c ~ ro <]) (/) ~ (/) (/) <]) c: '(j) ::::s co .... .... I\) Total Disbursements, in thousands $200,000 $180,000 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 2003 2004 2005 2006 2007 2008 2009 Source: Department of the Interior, Office of Natural Resources Revenue. Business Research Division • Leeds School of Business • University of Colorado 2010 2011 2012 .... .... I\) 12-Month Rolling Sum, in thousands $350,000 ~-----------------------~ $300,000 -+-----,-~-~---·----·,-- $200,000 $150,000 $100,000 $50,000 $0 2005 2006 2007 2008 2009 2010 2011 Source: Colorado Department of Revenue. Business Research Division • Leeds School of Business • University of Colorado 2012 2013 .... .... I\) Millions $7,100 Percentage -t ~~~~~~~~~~·~~~~~--~~~~~~·~~~~~~r- $6,900 12% 11% 10% $6,700 9% $6,500 8°/o 7o/o $6,300 6% $6,100 5% 4% $5,900 3°/o 2% $5,700 2007 2008 2009 2010 2011 Source: Division of Property Taxation, Colorado Department of Local Affairs, 2007-2011 Annual Reports. Note: Property tax estimate from BRD, and excludes municipal levy. Business Research Division • Leeds School of Business • University of Colorado 2012 .... .... I\) • $29.6 billion added to Colorado economy in 2012 • Oil and gas production totaled $9.3 billion in 2012 • Natural gas 51 % • Oil 46°/o • Carbon dioxide 3% • 3, 773 approved drilling permits in 2012 • Down 19% from 2011 • Total employment estimated at 111,476 in 2012 • 1.9°/o of Colorado's total employment • $3.8 billion paid to workers across the state • 2.8°/o of Colorado's total earnings Business Research Division • Leeds School of Business • University of Colorado 112 Document Privileged in its Entirety 115 C.R.S. From: Sent: To: Cc: Kristin Strohm Mon 10/07/2013 6:34 PM (GMT-00:00) Richard Wobbekind; Keith E Maskus; Earl Wright; T. Scott Martin; Buz Koelbel; Tom Clark; Mike Fitzgerald; Pam Reichert Hannah Heavrin; Diane M. Grubbs; Ruth Hartshorn; paula.larsen@denverchamber.org; Jake Zambrano; Brian R. Lewandowski; David L. Tarasi; Steve Klausing Bee: Subject: Updated REM! Part 2 Study Attachments: Economic Impact of Educational Benefits 100713.pdf All- Attached please find an update version of the educational benefits paper. Please review and let me know if you have any edits/comments today before Brian marks as final. Thanks, Kristin On Wed, Oct 2, 2013 at 10:54 AM, Kristin Strohm wrote: Oversight Committee Members, Just a reminder that we have a meeting scheduled for this Friday, October 4th from 8AM9:30AM at the Metro Denver EDC Council Room. I have attached an agenda and supporting documents for your reference. Look forward to seeing everyone then. Best, Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 127 ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. 127 From: Kristin Strohm Sent: Wed 5/27/2015 7:00 PM (GMT-00:00) To: Fred Treyz Cc: Brian R. Lewandowski; Richard Wobbekind; Chris Brown; Lisa Evans; Tim Pollard Bee: Subject: Re: Consortium Lunch on June 3rd Thanks Fred. Would Wednesday, June 3rd at Noon at the Denver Country Club work? Address is: 1700 E lst Ave, Denver, CO 80218 Thanks, Kristin On Wed, May 27, 2015 at 10:28 AM, Fred Treyz wrote: Dear Kristin and Brian, Thank you very much for your interest in meeting about the REMI forecasts. I would be happy to have a presentation and discussion on this. Please let me know the details, I look forward to meeting with you! Best regards, Fred Frederick Treyz, Ph.D. Chief Executive Officer REMI 433 West Street Amherst, MA 0 l 002 Tel: 413-549-1169 151 Cell: 413-522-0228 Fax:413-549-1038 fred@remi.co m www.rerru.com Washington, D.C. Office L717 K Street, Suite 900 Washington, D.C. 20006 202-469-7861 From: Brian R.Lewandowski[mailto:brian.lewandowski@Colorado.EDU] Sent: Friday, May 22, 2015 1:47 PM To: Fred Treyz; kristin@thestarboardgroup.com Cc: Richard Wobbekind; Chris Brown Subject: Consortium Lunch on June 3rd Importance: High Fred- Meet Kristin Strohm (copied). Kristin manages the consortium in Denver that purchased the REMI model for regional analysis in Colorado. The consortium would like to meet with you on June 3'd, the day prior to our conference. This would include individuals from the Denver Metro EDC, Denver South EDP, and the Common Sense Policy Roundtable. 151 Thanks, Brian Brian Lewandowski Associate Director I Business Research Division Leeds School of Business University of Colorado Boulder Direct: (3031492-3307 I http:l!Ieeds.colorudo.edu/brcl 420 UCB I Boulder, CO 80309 151 ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 151 Document Privileged in its Entirety 217 C.R.S. From: Sent: To: Kristin Strohm Wed 5/27/2015 10:01 PM (GMT-00:00) Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; Tyler W. Graham; ; Courtney Steinford Cc: Bee: Subject: Re: REMI Lunch with REMI CEO Fred Treyz Confirmed for Denver Country Club Balcony Room on 2nd floor at Noon. Kristin On Wed, May 27, 2015 at 2:05 PM, Kristin Strohm wrote: REMI Oversight Committee Members, Per our call last week we have arranged to have a lunch on Wednesday, June 3rd with REMI CEO Fred Treyz. We are finalizing the location, but it will likely be at the Denver Country Club at Noon. (Address is: 1700 E 1st Ave, Denver, CO 80218). Please let me know if you plan on attending. I will let you know ASAP once the location is final. Best, Kristin ~Starboard ~ Group d/Gi:Jtvn rJ!t"'°'£>n MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 143 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com 143 From: Sent: To: Cc: Richard Wobbekind Wed 5/27/2015 8:39 PM (GMT-00:00) 'Kristin Strohm' Bee: Subject: RE: REMI Lunch with REMI CEO Fred Treyz No From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, May 27, 2015 2:05 PM To: Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Cc: Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; Tyler W. Graham; ; Courtney Steinford Subject: REMI Lunch with REMI CEO Fred Treyz REMI Oversight Committee Members, Per our call last week we have arranged to have a lunch on Wednesday, June 3rd with REMI CEO Fred Treyz. We are finalizing the location, but it will likely be at the Denver Country Club at Noon. (Address is: 1700 E 1st Ave, Denver, CO 80218). Please let me know if you plan on attending. l will let you know ASAP once the location is final. Best, Kristin _A_ Starboard w_ Group d/Gia.tin cflt~Jmi MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 152 From: Sent: To: Cc: Kristin Strohm Wed 5/27/2015 8:40 PM (GMT-00:00) Richard Wobbekind Bee: Subject: Re: REMI Lunch with REMI CEO Fred Treyz Y cs, I got your email and Brian had let me know that. Unfortunately, this was the date that worked best for the rest of the consortium. On Wed, May 27, 2015 at 2:39 PM, Richard Wobbekind wrote: No From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, May 27, 2015 2:05 PM To: Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Cc: Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; Tyler W. Graham; ; Courtney Steinford Subject: REMI Lunch with REMI CEO Fred Treyz REMI Oversight Committee Members, Per our call last week we have arranged to have a lunch on Wednesday, June 3rd with REMI CEO Fred Treyz. We are finalizing the location, but it will likely be at the Denver Country Club at Noon. (Address is: 1700 E 1st Ave, Denver, CO 80218). Please let me know if you plan on attending. r will let you know ASAP once the location is final. 145 Best, Kristin A W, starboard Group d/&Mm <;fl'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com A W, starboard Group d7&Mv"' <;fl'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 145 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: 145 From: Sent: To: Cc: Bee: Subject: Fred Treyz Wed 5/27/2015 4:28 PM (GMT-00:00) Brian R. Lewandowski; kristin@thestarboardgroup.com Richard Wobbekind; Chris Brown; Lisa Evans RE: Consortium Lunch on June 3rd Dear Kristin and Brian, Thank you very much for your interest in meeting about the REMI forecasts. I would be happy to have a presentation and discussion on this. Please let me know the details, I look forward to meeting with you! Best regards, Fred Frederick Treyz, Ph.D. Chief Executive Officer REMI 433 West Street Amherst, MA 01002 Tel: 413-549-1169 Cell: 413-522-0228 Fax:413-549-1038 fred@remi.com www.remi.com Washington, D.C. Office 1717 K Street, Suite 900 Washington, D.C. 20006 202-469-7861 From: Brian R.Lewandowski[mailto:brian.lewandowski@Colorado.EDU] Sent: Friday, May 22, 2015 1:47 PM To: Fred Treyz; kristin@thestarboardgroup.com Cc: Richard Wobbekind; Chris Brown Subject: Consortium Lunch on June 3rd Importance: High FredMeet Kristin Strohm (copied). Kristin manages the consortium in Denver that purchased the REMI model for regional analysis in Colorado. The consortium would like to meet with you on June 3rd, the day prior 147 to our conference. This would include individuals from the Denver Metro EDC, Denver South EDP, and the Common Sense Policy Roundtable. We could plan to have lunch in Denver. Are you available that day? Thanks, Brian Brian Lewandowski Associate Director I Business Research Division Leeds School of Business University of Colorado Boulder Direct: (303) 492-3307 I http://leeds.colorado.edu/brd 420 UCB I Boulder, CO 80309 147 From: Sent: To: Cc: Bee: Subject: Richard Wobbekind Wed 5/27/2015 7:09 PM (GMT-00:00) 'Kristin Strohm'; Fred Treyz Brian R. Lewandowski; Chris Brown; Lisa Evans; Tim Pollard RE: Consortium Lunch on June 3rd Kristin, Just as an FYI I cannot attend on Wednesday. Rich From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, May 27, 2015 1:00 PM To: Fred Treyz Cc: Brian R. Lewandowski; Richard Wobbekind; Chris Brown; Lisa Evans; Tim Pollard Subject: Re: Consortium Lunch on June 3rd Thanks Fred. Would Wednesday, June 3rd at Noon at the Denver Country Club work? Address is: 1700 E 1st Ave, Denver, CO 80218 Thanks, Kristin On Wed, May 27, 2015 at 10:28 AM, Fred Treyz wrote: Dear Kristin and Brian, Thank you very much for your interest in meeting about the REMI forecasts. I would be happy to have a presentation and discussion on this. Please let me know the details, l look forward to meeting with you! Best regards, Fred Frederick Treyz, Ph.D. 155 Chief Executive Officer REMI 433 West Street Amherst, MA 01002 Tel: 413-549-1169 Cell: 413-522-0228 Fax: 413-549-1038 fred@rem i .com www.rerru.com Washington, D.C. Office L717 K Street, Suite 900 Washington, D.C. 20006 202-469-7861 From: Brian R.Lewandowski[mailto:brian.lewandowski@Colorado.EDU] Sent: Friday, May 22, 2015 1:47 PM To: Fred Treyz; kristin@thestarboardgroup.com Cc: Richard Wobbekind; Chris Brown Subject: Consortium Lunch on June 3rd Importance: High 155 Fred- Meet Kristin Strohm (copied). Kristin manages the consortium in Denver that purchased the REMI model for regional analysis in Colorado. The consortium would like to meet with you on June 3rd, the day prior to our conference. This would include individuals from the Denver Metro EDC, Denver South EDP, and the Common Sense Policy Roundtable. We could plan to have lunch in Denver. Are you available that day? Thanks, Brian Brian Lewandowski Associate Director I Business Research Division Leeds School of Business 155 University of Colorado Boulder Direct: (303) 492-3307 I http://leeds.colorado.edu/brd 420 UCB I Boulder, CO 80309 ~Starboard ~ Group d/Cia.tm r:f/l..u;.Jni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 155 From: Sent: To: Cc: Kristin Strohm Wed 5/27/2015 8:05 PM (GMT-00:00) Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; Tyler W. Graham; ; Courtney Steinford Bee: Subject: REMI Lunch with REMI CEO Fred Treyz REMI Oversight Committee Members, Per our call last week we have arranged to have a lunch on Wednesday, June 3rd with REMI CEO Fred Treyz. We are finalizing the location, but it will likely be at the Denver Country Club at Noon. (Address is: 1700 E 1st Ave, Denver, CO 80218). Please let me know if you plan on attending. r will let you know ASAP once the location is final. Best, Kristin ~Starboard w_ Group (;fl{;i&fv& r;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 149 From: Sent: To: Cc: Bee: Subject: Fred Treyz Wed 5/27/2015 8:02 PM (GMT-00:00) Kristin Strohm Brian R. Lewandowski; Richard Wobbekind; Chris Brown; Lisa Evans; Tim Pollard; Lisa Evans RE: Consortium Lunch on June 3rd Yes, thank you. I look forward to seeing you! Fred From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, May 27, 2015 3:00 PM To: Fred Treyz Cc: Brian R. Lewandowski; Richard Wobbekind; Chris Brown; Lisa Evans; Tim Pollard Subject: Re: Consortium Lunch on June 3rd Thanks Fred. Would Wednesday, June 3rd at Noon at the Denver Country Club work? Address is: 1700 E lst Ave, Denver, CO 80218 Thanks, Kristin On Wed, May 27, 2015 at 10:28 AM, Fred Treyz wrote: Dear Kristin and Brian, Thank you very much for your interest in meeting about the REMI forecasts. I would be happy to have a presentation and discussion on this. Please let me know the details, I look forward to meeting with you! Best regards, Fred Frederick Treyz, Ph.D. Chief Executive Officer 150 REMf 433 West Street Amherst, MA 0 l 002 Tel: 413-549-1169 Cell: 413-522-0228 Fax:413-549-1038 frcd@rcmi.com www.remi.com Washington, D.C. Office 1717 K Street, Suite 900 Washington, D.C. 20006 202-469-7861 From: Brian R.Lewandowski[mailto:brian.lewandowski@Colorado.EDU] Sent: Friday, May 22, 2015 1:47 PM To: Fred Treyz; kristin@thestarboardgroup.com Cc: Richard Wobbekind; Chris Brown Subject: Consortium Lunch on June 3rd Importance: High Fred- 150 Meet Kristin Strohm (copied). Kristin manages the consortium in Denver that purchased the REMl model for regional analysis in Colorado. The consortium would like to meet with you on June 3'd, the day prior to our conference. This would include individuals from the Denver Metro EDC, Denver South EDP, and the Common Sense Policy Roundtable. We could plan to have lunch in Denver. Are you available that day? Thanks, Brian Brian Lewandowski Associate Director I Business Research Division Leeds School of Business University of Colorado Boulder 150 Direct: (303) 492-3307 I http://Ieeds.colorado.edu/brd 420 UCB I Boulder, CO 80309 ~Starboard ~ Group (;;;f)(;jd°~n, cfli,ll().J,,m,, MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 150 From: Richard Wobbekind Sent: Wed 5/27/2015 8:41 PM (GMT-00:00) To: 'Kristin Strohm' Cc: Bee: Subject: RE: REMI Lunch with REMI CEO Fred Treyz No worries From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, May 27, 2015 2:41 PM To: Richard Wobbekind Subject: Re: REMI Lunch with REMI CEO Fred Treyz Yes, I got your email and Brian had let me know that. Unfortunately, this was the date that worked best for the rest of the consortium. On Wed, May 27, 2015 at 2:39 PM, Richard Wobbekind wrote: No From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, May 27, 2015 2:05 PM To: Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Cc: Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; Tyler W. Graham; ; Courtney Steinford Subject: REMI Lunch with REMI CEO Fred Treyz REMI Oversight Committee Members, Per our call last week we have arranged to have a lunch on Wednesday, June 3rd with REMI CEO Fred Treyz. We are finalizing the location, but it will likely be at the Denver Country Club at Noon. (Address is: 1700 E 1st Ave, Denver, CO 80218). 156 Please let me know if you plan on attending. I will let you know ASAP once the location is final. Best, Kristin A ~ starboard Group (;;t/(;e&tv"' c;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 156 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com 156 From: Sent: To: Cc: Kristin Strohm Fri 5/22/2015 6:24 PM (GMT-00:00) Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; Tyler W. Graham; ; Courtney Steinford Bee: Subject: REMI Call- Materials from Scott Attachments: WTI vs Rig vs Prod - Split (2015-05-21)-2.pdf; 2015-05-19 WSJ -The Oil-Export Ban Harms National Security.pdf Oversight Committee Members, Thank you for your time on the call today. Scott asked me to send you a couple of items; please find attached the plot of WTI vs Rig Count vs US Production as well as a copy of the Wall Street Journal piece by Mr. Leon Panetta on the Oil Export Ban. I will let you know it/when a lunch with REMI CEO Fred Treyz is scheduled. We are looking at June 3rd right now. Best, Kristin On Thu, May 21, 2015 at 9:07 AM, Kristin Strohm wrote: Oversight Committee Members, Reminder we will have a conference call tomorrow, Friday, May 22nd at 10:30AM. Conference Call Number: Participant Passcode: Agenda for the call is attached. Thank you. Kristin On Wed, May 6, 2015 at 4:09 PM, Kristin Strohm wrote: REMI Oversight Committee, We will have a conference call on Friday, May 22nd at 10:30AM. Here is the call-in information: 157 US/CAN Toll Free: Participant Passcode: Brian and I will prepare an agenda for the meeting and send it the week prior. Please let us know if you have any discussion items. Best, Kristin A ~ starboard Group (;fJ{;i-Jt"in efi'tJ<.O-£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com A ~ starboard Group (;f)(;jd"m, efl'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 157 The Oil-Export Ban Harms National Security- WSJ 512212015 This copy i~:1 for your person11I, non~commerclal use only, To order presentatkrn-·ready copies for distribution to yout colleagues, dif)nts or customers visit http://wvvv·i.djrcprints.com http://www.wsj.com.'artic!es/the~oll~export~ban~harms~national~secu rity~ 1432 0 76440 OPINION I COMMENTARY The U.S. is willfully denying itself a tool that could prove vital in dealing with threats from Russia, Iran and others. PHOTO: GETTY /MAGES/f'L/CKR SELECT By LEONE. PANETTA And STEPHEN J. HADLEY May 19, 2015 7:00 p.m. ET The United States faces a startling array of global security threats, de111.anding national resolve and the resolve of our closest allies in Europe and Asia. Iran's moves to become a regional hegemon, Russia's aggression in Ukraine, and conflicts driven by Islamic terrorism throughout the Middle East and North Africa are a few of the challenges calling for steadfast commitment to American democratic principles and military readiness. The pathway to achieving U.S. goals also can be economic-as simple as http:/,\Nww, wsj ,comlarticles/llle-oil-export-ban-harms-national-securi\y-1432076440'/KEYWORDS•panetta+ leon&cb• logged02814386608079076 171 1/4 512212015 The Oil-Export Ban Harms National Security- WSJ ensuring that allies and friends have access to secure supplies of energy. Blocking access to these supplies is the ban on exporting U.S. crude oil that was enacted, along with domestic price controls, after the 197:{ Arab oil embargo. The price controls ended in 1981 but the export ban lives on, though America is awash in oil. The U.S. has broken free of its dependence on energy from unstable sources. Only 27% of the petroleum consumed here last year was imported, the lowest level in 80 years. Nearly half of those imports came from Canada and Mexico. But our friends and allies., particularly in Europe, do not enjoy the same degree of independence. The moment has come for the U.S. to deploy its oil and gas in support of its security interests around the world. Consider Iran. Multilateral sanctions., including a cap on its oil exports, brought Tehran to the negotiating table. Those sanctions would have proved hollow without the surge in domestic U.S. crude oil production that displaced imports. Much of that foreign oil in turn found a home in European countries, which then reduced their imports of Iranian oil to zero. The prospect of a nuclear agreement with Iran docs not permit the U.S. to stand still. Once world economic growth increases the demand for oil, Iran is poised to ramp up its exports rapidly to nations whose reduced Iranian imports were critical to the sanctions' success, including Japan, South Korea, Taiwan, Turkey, India and China. U.S. exports would help those countries diversify their sources and avoid returning to their former level of dependence on Iran. More critically, if negotiations fail, or if Tehran fails to comply with its commitments, the sanctions should snap back into place, with an even tighter embargo on Iranian oil exports. Tt will be much harder to insist that other countries limit Irani.an imports if the U.S. refuses to sell them its oil. There are other threats arising from global oil suppl.iers that the U.S. cannot afford to ignore. Libya i.s racked by civil war and attacks by the Islamic State. Venezuela's mismanaged economy is near collapse. Most ominous is Hussia's energy stranglehold on Europe. Fourteen NATO countries buy 15% or more of their oil from Hussia, with several countries in Eastern and Central Europe exceeding 50%. Hussia is the sole or predominant som.·ce of natural gas for several European countries including Finland, Slovaki.a, Bulgaria and the Baltic states. Europe as a whole relies on Russia for more than a quarter of its natural gas. This situation leaves Europe vulnerable to Kremlin coercion. In January 2009, Russia http://www. wsj .com/articles/l.tie"oil~exportmban·harmsmnationalmsecuritym 1432076440?KEYWORDS""panetta+ leon&cb;;: lo;:iged0.2814386608079076 171 2/4 512212015 The Oil-Export Ban Harms National Security- WSJ cut off natural gas to Ukraine, and several European countries completely lost their gas supply. A recent EU "stress test" showed that a prolonged Russian supply disruption would result in several countries losing 60%; of their gas supplies. Further, revenue from sales to Europe provides Russia with considerable financial resources to fund its aggression in Ukraine. That conflict could conceivably spread through Central Europe toward the Baltic states. So far, the trans-Atlantic alliance has held firm, but the trajectory of this conflict is unpredictable. The U.S. can provide friends and allies with a stable alternative to threats of supply disruption. This is a strategic imperative as well as a matter of economic self-interest. The domestic shale energy boom has supported an estimated 2.1 million U.S.jobs, according to a 2013 IHS study, but the recent downturn in oil prices has led to massive cuts in capital spending for exploration and production. Layoffs in the oil patch have spread outward, notably to the steel industry. Lifting the export ban would put some of these woi:kers back on the job and boost the U.S. economy. Why, then, does the ban endure? Habit and myth have something to do with it. U.S. energy policy remains rooted in the scarcity mentality that took hold in the l970s. Even now, public perception has yet to catch up to the reality that America has surpassed both Russia and Saudi Arabia as the world's largest producer of liquid petroleum (exceeding 11 million barrels a day). The U.S. became the largest natural gas producer in 2010, and the federal government will now license exports of liquefied natural gas. The fear that exporting U.S. oil would cause domestic gasoline prices to rise is misplaced. The U.S. already exports refined petroleum, including 875,000 barrels a day of gasoline in December 2014. The result is that U.S. gasoline prices approximate the world price. Several recent studies, including by the Brookings Institution, Resources for the Futureand Rice University's Center for Energy Studies, demonstrate that crude oil exports would actually put downward pressure on U.S. gasoline prices, as more oil supply hits the global market and lowers global prices. Too often foreign-policy debates in America focus on issues such as how much military power should be deployed to the Middle East, whether the U.S. should provide arms to the Ukrainians, or what tougher economic sanctions should be imposed on Iran. Ignored is a powerful, nonlethal tool: America's abundance of oil and natural gas. The U.S. remains the great arsenal of democracy. It should also be the great arsenal of energy. Mr. Panetta served as director ofthc Central Intelligence Agency (2009-11) and as secretary oj'defense (2011-18). Mr. Hadley served as national security adviser (200."i-09). http:l/www.wsj.com/articles/the~oil~export"ban·harmsmnationalmsecuritym 1432076440?KEYWORDS;;::panetta+ leon&cb..: logged0.2814386608079076 171 3/4 From: Sent: To: Cc: Brian R. Lewandowski Fri 5/22/2015 1:15 PM (GMT-00:00) Kristin Strohm; Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Tim Pollard; Angela C. Roberts; Ruth Hartshorn; Hannah Heavrin; Tyler W. Graham; ; Courtney Steinford Bee: Subject: RE: REMINDER REMI Oversight Committee Conference Call Attachments: Colorado 011 and Gas Update - Prices and Policy.pdf Oversight Committee MembersI have attached the report for the discussion today. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, May 21, 2015 9:07 AM To: Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Cc: Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; Tyler W. Graham; ; Courtney Steinford Subject: REMINDER REMI Oversight Committee Conference Call Oversight Committee Members, Reminder we will have a conference call tomorrow, Friday, May 22nd at l0:30AM. Agenda for the call is attached. Thank you. Kristin On Wed, May 6, 2015 at 4:09 PM, Kristin Strohm wrote: REMI Oversight Committee, We will have a conference call on Friday, May 22nd at 10:30AM. 158 C.R.S. 24-72-204(2)(a)(lll) Here is the call-in information: US/CAN Toll Free: Participant Passcode: Brian and I will prepare an agenda for the meeting and send it the week prior. Please let us know if you have any discussion items. Best, Kristin A ~ starboard Group (;;JX;jjt~,z, ~~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 158 C.R.S. 24-72-204(2)(a)(lll) Document Privileged in its Entirety 175 C.R.S. Sent: Subject: Location: Mon 1/13/2014 3:58 PM (GMT-00:00) Accepted: Scott Martin His office Start: End: Mon 1/13/2014 6:30 PM (GMT-00:00) Mon 1/13/2014 7:30 PM (GMT-00:00) Organizer: Richard Wobbekind Required Attendees: Brian R. Lewandowski Optional Attendees: No food for me? 164 Sent: Subject: Location: Mon 11/11/2013 4:42 PM (GMT-00:00) Tentative: (Tentative) Scott Martin, Patty Limerick, Joseph Ryan, Rich Wobbekind TBD (Oil and Gas Meeting) Start: End: Wed 12/18/2013 5:00 PM (GMT-00:00) Wed 12/18/2013 10:00 PM (GMT-00:00) Organizer: Richard Wobbekind Required Attendees: Brian R. Lewandowski Optional Attendees: I am only available after 1 p.m. 159 From: Sent: To: Kristin Strohm Thu 5/21/2015 3:07 PM (GMT-00:00) Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; Tyler W. Graham; ; Courtney Steinford Cc: Bee: Subject: REMINDER REMI Oversight Committee Conference Call Attachments: REMI Oversight Committee Meeting Agenda 5_22.pdf Oversight Committee Members, Reminder we will have a conference call tomorrow, Friday, May 22nd at 10:30AM. Conference Call Numb~ Participant Passcode: - - - - - Agenda for the call is attached. Thank you. Kristin On Wed, May 6, 2015 at 4:09 PM, Kristin Strohm wrote: REMI Oversight Committee, We will have a conference call on Friday, May 22nd at 10:30AM. Participant Passcode: Brian and I will prepare an agenda for the meeting and send it the week prior. Please let us know if you have any discussion items. Best, Kristin _A_ Starboard w_ Group (;f)'(;,u-m, r;flt~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com 160 Web: 160 From: Sent: To: Cc: Kristin Strohm Wed 5/06/2015 10:09 PM (GMT-00:00) Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; Tyler W. Graham; ; Courtney Steinford Bee: Subject: REMI Oversight Committee Conference Call Confirmed REMI Oversight Committee, We will have a conference call on Friday, May 22nd at 10:30AM. Participant Passcode: Brian and r will prepare an agenda for the meeting and send it the week prior. Please let us know if you have any discussion items. Best, Kristin a ~ starboard Group d/Ci:J.ti.n ef/~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 165 REMI Oversight Committee Conference Call Friday, May 22nd 10:30AM Conference Call Number: Participant Passcode: 10:30AM 10:35AM General Updates- Brian A. REMI Conference at CU- modeling conference, everyone is invited to attend. B. DRCOG- Denver Regional Council of Governments 1) Also purchased a REMI Model 2) Will be attending the REMI conference 10:40AM 2015 Projects and Update- Brian & Tom A. Review and recap of 2015 REMI projects thus far B. Tl F Study Discussion 10:50AM Review and Discussion of Colorado Oil & Gas Industry: Updated Economic Assessment of Colorado Oil & Gas: Setbacks and Prices- Brian A. Review latest version of updated study with new pricing 174 C.R.S. 24-72-204(3)(a)(IV) Sent: Subject: Location: Sun 11/10/2013 3:51 PM (GMT-00:00) Accepted: (Tentative) Scott Martin, Patty Limerick, Joseph Ryan, Rich Wobbekind TBD (Oil and Gas Meeting) Start: End: Thu 12/19/2013 5:00 PM (GMT-00:00) Thu 12/19/2013 6:00 PM (GMT-00:00) Organizer: Richard Wobbekind Required Attendees: Brian R. Lewandowski Optional Attendees: 161 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Thu 3/19/2015 2:37 PM (GMT-00:00) Brian R. Lewandowski Tim Pollard; Richard Wobbekind Re: Fiscal cliff study--next phase Thanks for the update on timeline, Brian. Really appreciate it. Have you updated Tom on this timeline and does he still want to proceed? I know it is being heard in the House and a just passed the Senate yesterday, so I am thinking April 10th will make the study too late. Let me know once you speak with him. Also, let me know when you would like me to schedule the next call with the committee, perhaps after the draft of the setback update is complete late April? Thanks, Kristin On Wed, Mar 18, 2015 at 7:05 PM, Brian R. Lewandowski wrote: Tim and Kristin- I talked with Tom Thibodeau today. We are targeting having the construction defects paper done April 101h. I will work on the setback update intermittently simultaneously to the construction defects paper, so l will plan to have it done mid-April to late April. The fiscal cliff update will be completed after these first two requests. Since we submitted the paper to you last fall, we have received updated REMI models and new state economic data is available, so the fiscal cliff study will require a comprehensive update. I suspect we are looking to complete that update in June. I have filled in responses to your suggestions below. I am on holiday for the next week, but I will be working/responding to email. Thanks! 167 167 ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 167 Sent: Subject: Location: Mon 11/11/2013 9:46 PM (GMT-00:00) Declined: (Confirmed) Scott Martin, Patty Limerick, Joseph Ryan, Rich Wobbekind Center, Macky room 229 Start: End: Wed 12/18/2013 6:00 PM (GMT-00:00) Wed 12/18/2013 7:00 PM (GMT-00:00) Organizer: Richard Wobbekind Required Attendees: Brian R. Lewandowski Optional Attendees: I can't make this. I sent her a note. 162 Sent: Subject: Location: Mon 11/11/201311:20 PM (GMT-00:00) Accepted: (Confirmed) Scott Martin, Patty Limerick, Joseph Ryan, Rich Wobbekind Center, Macky room 229 Start: End: Thu 12/19/2013 5:00 PM (GMT-00:00) Thu 12/19/2013 6:00 PM (GMT-00:00) Organizer: Richard Wobbekind Required Attendees: Brian R. Lewandowski Optional Attendees: 163 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Thu 3/19/2015 1:05 AM (GMT-00:00) Tim Pollard Kristin Strohm; Richard Wobbekind RE: Fiscal cliff study--next phase Tim and KristinI talked with Tom Thibodeau today. We are targeting having the construction defects paper done April 10th. I will work on the setback update intermittently simultaneously to the construction defects paper, so I will plan to have it done mid-April to late April. The fiscal cliff update will be completed after these first two requests. Since we submitted the paper to you last fall, we have received updated REMI models and new state economic data is available, so the fiscal cliff study will require a comprehensive update. I suspect we are looking to complete that update in June. I have filled in responses to your suggestions below. I am on holiday for the next week, but I will be working/responding to email. Thanks! Brian 169 From: Sent: To: Cc: Bee: Subject: Richard Wobbekind Thu 4/11/2013 7:51 PM (GMT-00:00) 'Earl L. Wright' RE: CSPR REMI Proposal Earl, Thanks We are enthused as well. Rich From: Earl L.Wright[mailto:ELWright@amgnational.com] Sent: Thursday, April 11, 2013 1:23 PM To: Richard Wobbekind Subject: Re: CSPR REMI Proposal Rich Appreciate updated proposal. Will back to you beginning of next week. Excited about working with you and the future of this endeavor. »>Richard Wobbekind 4/9/201310:11 PM»> Dear Mr. Wright and Ms. Strohm, Please find our updated proposal for the REMI project attached to this email. The Business Research Division is pleased to have the opportunity to work with the partners you have established for this ongoing project. We look forward to your feedback. Best, Richard Wobbekind Richard L. Wobbekind Senior Associate Dean for Academic Programs Leeds School of Business University of Colorado, Boulder (303) 492-1147 170 Scanned by AMG National Trust Bank M+ Guardian Messaging Firewall --Scanned by M+ Guardian Messaging Firewall --- NOTE: If you are not the intended recipient of this e-mail and any attachments ("communication"), please immediately destroy it. You may not retain or use this communication. Any such action may be unlawful. AMG National Trust Bank reserves the right to monitor and review all messages and enclosures sent to or from this email address. IRS CIRCULAR 230 DISCLOSURE: Any tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the hltemal Revenue Code or applicable state or local tax provisions or for promoting, marketing, or recommending to another party any transaction or tax-related matter addressed in this communication. TRADING DISCLOSURE: AMG National Trust Bank docs not accept trade requests via email If you wish to place a trade, please contact your financial advisor. 170 From: Sent: To: Kristin Strohm Thu 2/19/2015 11:15 PM (GMT-00:00) T. Scott Martin; Earl Wright; WAKKOELBEL@aol.com; Richard Wobbekind; Keith E Maskus; Brian R. Lewandowski; Mike Fitzgerald; Steve Klausing Tim Pollard; Tom Clark; Pam Reichert Cc: Bee: Subject: Fwd: Report on Construction Defects REMl Oversight Committee, Please see the email below from Tom, he would like us to do a study on construction defects. He has already sent over data to Brian. Please respond to me by COB tomorrow on approval of our consortium participating in the study. Thanks, Kristin ---------- Forwarded message ---------From: Clark, Tom Date: Thu, Feb 19, 2015 at 3:42 PM Subject: Report on Construction Defects To: Kristin Strohm Kristin I've asked Brian Lewandowski to put together a REMI-like report on Construction Defects. • Can you check with the other partners to sec if this is something they want our REMI partnership to participate in? Thanks. Tom ~Starboard ~ Group d/C;,u-m cflt.Jl().k.n MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 172 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 172 From: Sent: To: Common Sense Policy Roundtable Mon 8/25/2014 4:56 PM (GMT-00:00) Richard Wobbekind Cc: Bee: Subject: News from Common Sense Policy Roundtable COMMON Like us on Facebook!n Newsletter August 2014 Dear Friend, Greetings from Common Sense Policy Roundtable! Last year was a marquee year for CSPR. Since inception, we promised to construct a dynamic econometric model unique to the state of Colorado. We are pleased to say that was accomplished in 2013. We purchased and built a Regional Economic Models, Inc. (REM!) in partnership with the Metro Denver Economic Development Corporation and the Denver South Economic Development Partnership. A unique feature of this consortium was the development of a partnership with University of Colorado's Business Research Division of the Leeds School of Business. CSPR is now at a turning point. Having sustained steady growth over the past three years, conducted a plethora of research publications on jobs and the economy, and educated Coloradans on numerous public policy debates- it is now critical that we continue to expand upon our successes. With so much happening in 2014 in the Colorado public policy arena, we wanted to take a moment to update you on all our work. REMI Dynamic Model We are most excited to report that we have published two REMI studies this year, both on analyzing the importance of fracking to Colorado's economy and jobs. 177 ~~i!ml~ - ~ !ifl!rn1bi?'QJ1iJlfl~~ •flllll' ~ ~~~ ~ -- ~ The first, published in March 2014 titled, Hydraulic Fracturing Ban: The Economic Impact of a Statewide Fracking Ban in Colorado, was the source widely cited in all debates surrounding the potential tracking ballot initiatives (click here for full study). The second was a follow-up study that found that 5,000 Oil & Gas Jobs Would Create Nearly 20,000 New Jobs For Colorado (click here for full study). CSPR Happenings In early 2014, the CSPR Board published a 2014 Strategic Plan to be used as a guiding document as the organization grows and continues our research. (Found here). We are also excited to announce the launch of our new website. In addition, in February 2014, CSPR released our 2013 Annual Report. With several large policy debates still underway, we anticipate the remainder of 2014 will be just as busy. Stay tuned and please continue to check back in and visit our website www.commonsensepolicyroundtable.com for the latest news on several REM! studies underway. Best Regards, Kristin Strohm Executive Director kristin@commonsensepolicyroundtable.com ~b @miI!J.!lmtm~JiM!!> mm~ ~@}, ~(!!) Fracking: Did you know? • 'it 0!!l.DlnliilD aim ~(!!) • • rtml@ra1!!il ~~a& ~(!!) ~ @1!11!11i!li1Q'J~ ~(!!) • Jobs: Considering the full upstream, midstream, and downstream supply chain of the industry, oil and gas in Colorado directly creates 47,800 jobs. Overall, the industry supports over 111,000 jobs statewide. Wages: Colorado's oil and gas industry supports average wages over $104,700, and more than double Colorado's average wage of$50,339. Revenues: The oil and gas industry in Colorado accounts for almost $1.6 billion in revenues to local and state governments. This money goes to fund roads, bridges, schools, first responders, and other services. Im11ortant to Colorado's economy: Colorado ranks fifth in the country in U.S. natural gas production and 9th in oil production. This production is a critical, and growing, component of the state's economy. In 2013, the oil and gas production equaled $11.9 billion - up $2.6 billion from a year earlier. Overall, the oil and gas industry added $29.6 billion to Colorado's economy in 2012. Click here to read the entire Did You Know? series online ~ lifil~'iiimll~(!!) 177 COMMON ~Joinour. SENSE Policy Roum.Jtable ~ Ma_iUng List: COMMON SENSE '~l:.:L"l;i.1l:'/~ FEAR COMMON ~"'FACT SENSE Sources COMMON Policy RoWJdtable SENSE Eco11muk l111pacl$tJfCl.Jl1muff1$ Oilm«IG.a~lml11stry Did you know? Did you ktiow? ff.tlll.Frnd./11$"""1<01!/!IOl<'>if<'l'•dM~IN I Did you kuow? MCilHydJ11M//l!frP1>lUl""'f l IM1ndoi<1<11"4lli<01C>IO<>d"'J ""f'1"'111&Yl,1W,u.\ 11" ..... Q•""''""''""''""(',..,....,....... l""'"' t:::~":i::.1:~~i...1n I ........... - ... llllllll)'Jl'lftlO ... o,.. ,............,..wd"""""'""" ... ~.i.i.,.....,,,.,,., dnaJ~lifl~l!l'.Puol>, Forward this email This email was sent to richard.wobbekind@colorado.edu by kristin@commonsensepolicyroundtable.com Update Profile/Email Address I Rapid removal with SafeUnsubscribe™ I Privacy Policy. :.,_~; rru:;tedfmitlltrom'. ·>:1 ..,. Coruti:u.1tCOntact" Common Sense Policy Roundtable 177 I 9249 South Broadway Blvd, #200-148 I Highlands Ranch I CO I 80129 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Fri 5/22/2015 5:47 PM (GMT-00:00) Fred Treyz; kristin@thestarboardgroup.com Richard Wobbekind; Chris Brown Consortium Lunch on June 3rd FredMeet Kristin Strohm (copied). Kristin manages the consortium in Denver that purchased the REMI model for regional analysis in Colorado. The consortium would like to meet with you on June 3'd, the day prior to our conference. This would include individuals from the Denver Metro EDC, Denver South EDP, and the Common Sense Policy Roundtable. We could plan to have lunch in Denver. Are you available that day? Thanks, Brian Brian Lewandowski Associate Director I Business Research Division Leeds School of Business University of Colorado Boulder Direct: (303) 492-3307 I http://leeds.colorado.edu/brd 420 UCB I Boulder, CO 80309 179 From: Kristin Strohm Sent: Wed 7/17/2013 9:16 PM (GMT-00:00) To: Richard Wobbekind Cc: Bee: Subject: Re: REMI Press Clips and Oversight Committee Meetings Thanks Rich. It must have been entered incorrectly in my contacts. Sent from my iPhone On Jul l 7, 2013, at 3: 13 PM, Richard Wobbekind wrote: >It is Kcith.Maskus@colorado.edu > > > -----Original Message----> From: Kristin Strohm [mailto:k:ristin@thcstarboardgroup.com] >Sent: Wednesday, July 17, 2013 2:53 PM >To: Earl Wright; Buz Koelbel; T. Scott Martin; Richard Wobbekind; Keith E. Markus; Mike Fitzgerald; Tom Clark >Cc: Ruth Hartshorn; Diane M. Grubbs; Jake Zambrano; David L. Tarasi; Brian R. Lewandowski; Adam Fulton; paula. larsen@denverchamber.org; Steve Klausing > Subject: REM£ Press Clips and Oversight Committee Meetings > > Oversight Committee Members, > >Thank you alI for your hard work an participation in the press conference yesterday. > >Attached please find the compiled press clips from our press conference. Overall, it has gotten great coverage and has been very well received. Please let me know if you know of any other articles to include. > >Lastly, I know we had looked at doing a brainstorm meeting next Tuesday, July 23rd at 9AM--this needs to be rescheduled to August due to many individuals traveling. Perhaps we can try Tuesday, August I 3th at 9AM instead? Please let me know if that works for your calendar. > > Lastly, a reminder that our next Oversight Committee meeting is scheduled for Tuesday, September 17th at 8AM at Leeds. > >Please let me know if you have any questions. > >Best, Kristin 180 From: Richard Wobbekind Sent: Wed 7/17/2013 9:17 PM (GMT-00:00) To: 'Kristin Strohm' Cc: Bee: Subject: RE: REMI Press Clips and Oversight Committee Meetings I don't need to reply all on all of this information. I wasn't sure the next oversight committee was at Leeds but we are happy to host if that is the case. -----Original Message----From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, July 17, 2013 2:53 PM To: Earl Wright; Buz Koelbel; T. Scott Martin; Richard Wobbekind; Keith E. Markus; Mike Fitzgerald; Tom Clark Cc: Ruth Hartshorn; Diane M. Grubbs; Jake Zambrano; David L. Tarasi; Brian R. Lewandowski; Adam Fulton; paula.larsen@denverchamber.org; Steve Klausing Subject: REMI Press Clips and Oversight Committee Meetings Oversight Committee Members, Thank you all for your hard work an participation in the press conference yesterday. Attached please find the compiled press clips from our press conference. Overall, it has gotten great coverage and has been very well received. Please let me know if you know of any other articles to include. Lastly, l know we had looked at doing a brainstorm meeting next Tuesday, July 23rd at 9AM--this needs to be rescheduled to AU!:,rust due to many individuals traveling. Perhaps we can try Tuesday, August 13th at 9AM instead? Please let me know if that works for your calendar. Lastly, a reminder that our next Oversight Committee meeting is scheduled for Tuesday, September 17th at 8AM at Leeds. Please let me know if you have any questions. Best, Kristin 181 From: Kristin Strohm Sent: Wed 7/17/2013 9:19 PM (GMT-00:00) To: Richard Wobbekind Cc: Bee: Subject: Re: REMI Press Clips and Oversight Committee Meetings Yes, I think we keep it in the same place if that is okay with you. Kristin Sent from my iPhone On Jul l 7, 2013, at 3: l 7 PM, Richard Wobbekind wrote: >I don't need to reply all on all of this information. > >I wasn't sure the next oversight conmtittee was at Leeds but we are happy to host if that is the case. > > > > -----Original Message----> From: Kristin Strohrn [mailto:kristin@thestarboardgroup. corn] >Sent: Wednesday, July 17, 2013 2:53 PM >To: Earl Wright; Buz Koelbel; T. Scott Martin; Richard Wobbekind; Keith E. Markus; Mike Fitzgerald; Tom Clark > Cc: Ruth Hartshorn; Diane M. Grubbs; Jake Zambrano; David L. Tarasi; Brian R. Lewandowski; Adam Fulton; paula. larsen@denvercharnber.org; Steve Klausing > Subject: REM£ Press Clips and Oversight Committee Meetings > > Oversight Committee Members, > >Thank you alI for your hard work an participation in the press conference yesterday. > >Attached please find the compiled press clips from our press conference. Overall, it has gotten great coverage and has been very well received. Please let me know if you know of any other articles to include. > >Lastly, I know we had looked at doing a brainstorm meeting next Tuesday, July 23rd at 9AM--this needs to be rescheduled to August due to many individuals traveling. Perhaps we can try Tuesday, August I 3th at 9AM instead? Please let me know if that works for your calendar. > > Lastly, a reminder that our next Oversight Committee meeting is scheduled for Tuesday, September 17th at 8AM at Leeds. > >Please let me know if you have any questions. 182 Z) Best, Kristin 182 From: Sent: To: Kristin Strohm Fri 1/09/2015 8:43 PM (GMT-00:00) Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; TylerW. Graham Cc: Bee: Subject: REMI Updates Attachments: REMI Project Review 010215-2.pdf REMI Oversight Committee Members, We have had some good coverage from the release of our study found below. Also, Brian has talked with Grace Hood at KUNC, and they plan to rnn some clips later today or tomorrow morning. Colorado could lose 1,000s of jobs, billions with 2,000-foot oil & gas setback, CU-Leeds study warns,De11ver Business Joumal http://www. bizjoumals. com/den ver/blog/earth to power/20l5/01/colorado-could-lose-1-000s-of-j obs-billionsof.html CU study: 2,000-foot setbacks would decrease state GDP by $6.4 billion, Biz West http://bizwest.com/cu-study-2000-foot-setbacks-would-decrease-state-gdp-by-6-4-billion/ ln addition, Brian put together a REMl Project Review (attached) that highlights all our studies, earned media, and presentations. It is a great synopsis of all our work thus far. We will keep you all updated as we get more coverage. Best Regards, Kristin ~Starboard ~ Group dJ&~i.n c;f/'~J,,;n MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 183 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 183 REMI PROJECT REVIEW A look back at the REMI model In Colorado the Business Research Division Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309-0420 Telephone: 303A92.3307 leeds.colorado.edu/brd January 2, 2015 BUSINESS RESEARCH DIVISION 568 OVERVIEW A partnership of public and private organizations announced in July 2013 the formation of a collaboration to provide Colorado lawmakers, policy makers, and business leaders with greater insight into the economic impact of public policy decisions that face the state and surrounding regions. The parties involved include the Common Sense Policy Roundtable, the Metro Denver Economic Development Corporation, and the Denver South Economic Development Partnership. The Business Research Division (BRO) of the Leeds School of Business at the University of Colorado Boulder was contracted by the consortium to provide third-party, non biased research that objectively analyzes the economic impacts of public policy. This consortium meets quarterly to discuss pressing economic issues impacting the state. The consortium licensed dynamic economic models from Regional Economic Models, Inc. (REMI) to study the economic impacts of policy. For this study, the BRO research team used the single-region, 70sector, Tax-Pl model built for Colorado and calibrated with Colorado revenues, expenditures, employment, and population. The BRO has conducted six studies for the consortium: 1. 2. 3. 4. 5. 6. Economic and Fiscal Impacts of Amendment 66 and the Public School Finance Act on the Colorado Economy Economic Impacts of Improved Educational Performance and the Impacts of Alternative Sources of Education Funding on the Colorado Economy Impact of Adding 5,000 Jobs in Colorado: The Employment Impact of Job Growth for Select Industries in Colorado Hydraulic Fracturing Ban: The Economic Impact of a Statewide Fracking Ban in Colorado Colorado Oil and Gas Industry: Updated Economic Assessment of Colorado Oil and Gas Ballot Initiatives in 2014 Colorado Balanced Budget Analysis: Colorado Fiscal Analysis and Balanced Budget Scenarios using the REMI Model For these studies, BRO staff has engaged in 28 meetings and 33 conference calls. Staff have made formal presentations to 21 audiences about the consortium and the studies' findings. In addition to meetings and presentations, staff regularly talks with media about project findings. A summary of presentations, press, and earned media follow. PRESENTATIONS Annual REM! Conference Coloradans for Responsible Energy Development (CRED) Colorado Association of Commerce & Industry (CACI) Colorado Business Roundtable Colorado Business Roundtable Conference of Western Attorneys General (CWAG) and the Energy Independence Coalition (EiC) Denver Rotary Denver South EDP (multiple) Governor Hickenlooper Business Research Division • Leeds School of Business• University of Colorado Boulder 568 Page 2 Littleton Rotary Club MDEDC Board (multiple) MDEDC Colorado Energy Coalition MDEDC Tax Committee The Michael Brown Show 630KHOW and 850KOA University Club (First Tuesday Club) MEDIA INTERVIEWS Colorado Public Radio Denver Post Colorado Biz Coloradoan KUNC Wyoming Business Report Natural Resources Defense Council Northern Colorado Business Report Daniel Kavouras LINKS TO EARNED MEDIA IN 2014 Wall Street Journal, August 15, 2014. "The Misdeeds of a Few Companies Don't Warrant Fracking Bans," http: II on Ii ne. wsj. com/ art ides/ ch ris-fa ulkn er th e.. misd eeds .. of.. a..few-·compa nies .. dont.. w arrant .. fracki ng~ bans-1408141235?cb=logged0.6305106439416643 KDVR Fox 31, August 4, 2014. "Polis gives in, announces compromise with Hickenlooper on oil, gas control," http://kdvr.com/2014/08/04/polis·gives·in .. will·drop .. local·control··initiatives··to··allow .. stakehold(•!f .. process/ Colorado Biz, April 1, 2014. "What would an anti-fracking statewide amendment look like, Business leaders warn it could pose a threat to the entire business community," http://www.cobizmag.com/articles/what-would-an-anti-fracking-statewide-amendrnent-look-like Colorado Peak Politics, March 26, 2014, "Money Bomb: Dollars and Cents Study Destroys Fractivists' Initiative, httg://coloradogeakpolitics.com/2014/03{26/money-,bomb-dollar-and-cents-studv-destroysfractivists-initiative/ Dunn, Sharon. March 27, 2014. "Study finds Weld County would lose thousands of jobs, millions in taxes if tracking banned statewide," Bakken.com, http://bakken.com/news(id/121592/study·finds·weldcounty-lose-thousands-jobs-rnillions-taxes-fracking-banned-statewide/ Gardner, Kyle. April 10, 2014. "Broomfield Enterprise letter to the editor: Study of impact of tracking bans falls short," Broomfield Enterprise, http://www.broomfieldenterprise.com/broomfieldopinion/ci 25523683/broomfield-enterprise.Jetter-editor .. study .. irnpact .. fracking·bans The Gazette. March 30, 2014, "EDITORIAL: Study finds loss of fracking would cost 68,000 good jobs/' http://gazette.com/editorial-studv-finds-loss-of-fracking-would-cost-68000-good-jobs/article/151733"/ Business Research Division • Leeds School ot Business• University of Colorado Boulder 568 Page 3 Gutowski, Stephen. March 28, 2014. "Study: fracking ban would cost Colorado tens of thousands of jobs and billions of dollars," The Capital City Project, ht!IQl£iJJ2l!2!IL\YQ£Qj~c.t&QIJ'.ll§t\!sJY:frn~JsJng::QilD.:Yll~21li.9.: cost-co Iom do-tens-of-tho usa nds-of-j obs-and-bi 11 io ns-of-dol Iars/ Hana!, Anna. March 28, 2014. "Fracking ban would cost Colorado millions, study finds," Colorado Public Radio, 1~.J!\!JOC&t!L9.tEfngJ!\!2J'.~t9.rYLfr.aL~i!lJ5.:P11n:~QlJld:.~~L'il::<:c9l<2rJJsJ.\l.:mLUL\lm:§:!JLQ:t.:fin.Q,1 Handy, Ryan Maye. March 28, 2014. "Study: Statewide fracking ban would be billion-dollar blow, A ban would cut 93K jobs, billions in tax revenue, CU researchers say," Coloradoan.com htt,,11.:LL'.liYJ!!'.l~U;Q]Qrad.2;an.col1)j!J.r.tL~.lPl4Q32§/!;!EW2QU1Q32.§Q.Q.Et~/,.;itud:t.:,5tatewid.e.:f1£J£~~...: would-billion-dollar-blow Jaffe, Marl<. March 26, 2014. "Worst-case scenario study: Frack ban could cost 68,000 Colorado jobs," The Denver Post, http:ljwww.denverpost.com/business/ci 2.5424969/worst-case-scenario-study-frnck- !?3l.tl::fQYl\l:fQg Lynn, Steve. April 3, 2014. "Colo. fracking ban would knife $12B from state GDP," Wyoming Business Report, titt.J?.:Li.1.~LY\1111U!t~l9.ffiitiE.9.\J.~Lr1g~l'!.QQQI!&Q1'.l1l9J~i£!!?L'.?.QH.Q.'.!Q21!:!£W~L1.'.l.9..4Q~2§.~Q/E.!d§.~l~AI!Ql'i?.G3. Nemec, Richard. April, 3, 2014. "Two State Studies Tout Oil/Gas Economic Benefits," National Gas Intel Iigen ce, bnP..JlV![_WW. n_@j:u ralg wrote: Hi Kristin- I hope you enjoyed the holidays! Per our discussion, I have attached a summary of projects, presentations, and media coverage. I tweaked the presentations list a little bit-did you make some of the presentations in your initial list? Also, I only have the 2014 media coverage. I welcome your feedback! Brian 184 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com 184 From: Sent: To: Cc: Bee: Subject: Tim Pollard Thu 1/08/2015 1:03 PM (GMT-00:00) Brian R. Lewandowski Kristin Strohm; Richard Wobbekind RE: REMI Setback Study That works. Thanks. From: Brian R.Lewandowski[mailto:brian.lewandowski@Colorado.EDU] Sent: Wednesday, January 7, 2015 10:14 PM To: Tim Pollard Cc: Kristin Strohm; Richard Wobbekind Subject: RE: REMI Setback Study Tim- I will get back to you with my other edits in the morning. Thanks, Brian From: Tim Pollard [mailto:trpollard@eissolutions.com] Sent: Tuesday, January 6, 2015 7:34 AM To: Brian R. Lewandowski Cc: Kristin Strohm Subject: FW: REMI Setback Study Brian, Attached is the current draft news release for the setback study and the draft infographic. Can you please review and let me know if you have any questions or suggested edits? The group is planning on releasing the study on Thursday morning. Thanks! This email has been scanned by the Symantec Email Security.cloud service. For more information please visit http://www.symanteccloud.com 185 C.R.S. 24-72-204(3)(a)(Xlll) From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Thu 1/08/2015 5:14 AM (GMT-00:00) Tim Pollard Kristin Strohm; Richard Wobbekind RE: REM! Setback Study Tim- I will get back to you with my other edits in the morning. Thanks, Brian From: Tim Pollard [mailto:trpollard@eissolutions.com] Sent: Tuesday, January 6, 2015 7:34 AM To: Brian R. Lewandowski Cc: Kristin Strohm Subject: FW: REMI Setback Study Brian, Attached is the current draft news release for the setback study and the draft infographic. Can you please review and let me know if you have any questions or suggested edits? The group is planning on releasing the study on Thursday morning. Thanks! 186 C.R.S. 24-72-204(3)(a)(Xlll) From: Sent: To: Cc: Bee: Subject: Attachments: Keith E Maskus Wed 7/17/2013 9:28 PM (GMT-00:00) Russell Moore Steven Leigh; Ann M Carlos; Richard Wobbekind FW: REMI Press Clips and Oversight Committee Meetings REMI Press Clips.pdf Russ, I expect you know this already but these press clippings are the state of play on the project you asked me some months ago to coordinate with Earl Wright. As you can see there's been much progress. Rich Wobbekind in Leeds will take the lead on using the REMI model (his assistant already uses it). Rich and I will also be on the oversight committee and will have the authority/responsibility to approve releases of any working papers from CU using the REMI model. As you can tell from the nature of the media stories, the model will be aimed at touchstone issues in the state so we'll be as careful as we can. Best, Keith Keith E. Maskus Arts and Sciences Professor of Distinction Professor of Economics UCB 256 University of Colorado, Boulder CO 80309-0256 T: 303-492-7588; 303-492-5168 F: 303-492-8960 Keith.Maskus@colorado.edu From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, July 17, 2013 3:19 PM To: Keith E Maskus Subject: Fwd: REM! Press Clips and Oversight Committee Meetings Keith, apologize. I had your email incorrect in my contacts. Please see below. Kristin Sent from my iPhone Begin forwarded message: From: Kristin Strohm To: Earl Wright , Buz Koelbel , "T. Scott Martin" , Richard Wobbekind , "Keith E. Markus" , Mike Fitzgerald , Tom Clark 188 Cc: Ruth Hartshorn , "Diane M. Grubbs" , Jake Zambrano , "David L. Tarasi" , Brian Lewandowski , Adam Fulton , "paula. larsen@denverchamber.org" , Steve Klausing Subject: REMl Press Clips and Oversight Committee Meetings Oversight Committee Members, Thank you all for your hard work an participation in the press conference yesterday. Attached please find the compiled press clips from our press conference. Overall, it has gotten great coverage and has been very well received. Please let me know if you know of any other articles to include. Lastly, I know we had looked at doing a brainstorm meeting next Tuesday, July 23rd at 9AM---this needs to be rescheduled to August due to many individuals traveling. Perhaps we can try Tuesday, August 13th at 9AM instead? Please let me know ifthat works for your calendar. Lastly, a reminder that our next Oversight Committee meeting is scheduled for Tuesday, September 17th at 8AM at Leeds. Please let me know if you have any questions. Best, Kristin 188 REMI Press Clips .July Ii\ 2013 TABLE 01? CONTE~TS Denver Post, "Economic development groups deploy advanced model for Colorado issues," July 17, 2013 (pg. 1) The Colorado Observer, "Coalition .Forms To Bring Better Impact Analysis To Public Policy," July 17, 2013 (jJg. 2) Denver Business Journal, "Dynamic modeling: The debate has just begun," July 16, 2013 (pg. 3) Colorado Sp11ce Coalition, "Econometric model to examine Init. 22 in debut study in CO," .July 16, 2013 (pg. 5) Denver Post, "Economic development groups deploy advanced model for Colorado issues," July 17, 2013 By Aldo Svaldi Three Colorado economic-development groups arc pooling their money to license a statc-of-theart economic model to vet policy issues in Lhe state, starling with an upcoming ballot measure to raise $I billion a year for public schools via higher income taxes. The Common Sense Policy Roundtable, the Metro Denver Economic Development Corp. and the Denver South Economic Development Partnership are dividing the $150,000 cost for a dynamic econometric model developed by Regional Economic Models Inc. The three parl11ern will also pay the University of Colorado at Boulder Leeds School of Business $110,000 a year to nm the model on a third-party basis. REM! will also receive S38,000 a year to maintain and update it. Also, the Colorado Office of' Economic Development and International Trade has contributed $30,000 to tht! model. Although the model's first test case will be Initiative 22, the expectation is that it can be used to study the economic trade-offs ofa wide v'triety of public-policy and economic-devdopment issues. 205 "The real value of the model is in getting ahead of the curve; otherwise, you are always reacting," roundtable chairman Earl Wright said. The roundtable didn't take a side on the tax. "In the era of big data, this will be a tool," added .Ylike Fitzgerald, president and CEO of the Denver South Economic Development Partnership. "IL is a bil ofa truth mai:hine if it is working right." Policy debates in the state have become increasingly p1llarized, said Tom Clark, CEO of the Metro Denver EDC, adding the model can serve as a rational, data-based referee on the big questions Colorado faces. Il could help those dralling new initiatives to understand the effects of their proposals and formulate them in a way that is more beneficial to the economy, he &aid. The state legislature has resisted calls for dynamic modeling in the past, given the 1malytical complexities and political complications involved with going beyond a straightforwal'd cost analysis. Colorado Observer, "Coalition forms To Bring Better Impact Analysis To Public Policy," July li\ 2013 Observer Staff DENVER -As supporters and critics of a controversial $1 billion tax hike prepare to square off, a non-partisan group of influential public and private organizations announced an effort that may help policymakers and voters better understand the real-world impacts of such changes in public policy. The group, which is composed of the Common Sense Policy Roundtablc (CSPR), the Denver South Economic Development Partnership, the Metro Denver Economic Development Corporation, and the University of Colorado Boulder's Leeds School of Business, unveiled an economic modeling proi;,'l·am Tuesday that they say will provide unbiased information about the economic effects of changes in things like spending levels and tax rates. The econometric model comes from Regional Economic Modeling Inc. (REM!), and the partnership says it will provide policy makers a much more sL1bstantive view on the impact of legislation. "Colorado is facing many significant issues that will undoubtedly have substantial impacts on jobs and ouf economy," said CSP R's Earl Wfight, which released its own analysis of a proposed in 2011. "REMI will provide us with accurate analysis and long-term economic impacts of these actions and the data we need to make informed decisions.'' For years, critics have complained about a failure by policymaker& to measure the "dynamic" effects of btatutory changes on the economy. Currently, lawmakers can only gauge the costs of proposed changes through a so-called "Fiscal Note," which only sets forth how many public 2 205 dollars a specific bill might generate or expend without examining a proposal's broader impacts on things like job creation, for example. That's something the group is hoping REM[ will change. "The REM! model has the ability to analyze complex economic questions by considering thousands of variables in response to policy changes as opposed to traditional econometric models that take only input/output into account," read a statement from the group. The dynamic econometric modeling will he overseen hy representatives of each of the four groups, who say they arc optimistic about the opportunity to provide policymakers and the public with a more comprehensive "big picture" look at changes in the law. "The REMI model will aid Colorado decision makers in debating and weighing the impacts of the lm·gcst public policy decisions facing our state," said Tom Clark oft.he Metro Denver Economic Development Corporation. "'REMI will allow us to weigh the full impacts of legislation, ballot initiatives and other projcct.s on Colorado's economy. It will be a valuable tool for our state." According to the gnmp, the first proposal analyzed by the new model will be Initiative 22, a $1 billion tax hike plan that voters may be asked to decide on in November. The report is expected in August. Denver Business ,Journal, "Dynamic modeling: The debate has just begun," July 16, 2013 By Ed Sealover Three major business groups announced Tuesday that they've formed a partnership with the University of Colorado to implement a "dynamic modeling" analysis of bills and initiatives that they hope: to use to increase conversations around job creation ····but they likely still have work to do to influence legislators to take a hard look at the results of their work. Mctm Denver Economic Development Corp. CEO first unveiled the partnership with the Common Sense Policy Rouncltable (CSPR), the Denver South Economic Development Partnership and CU's Leeds School of Business'"' . :':. ,,,v,,,,, "'''"···''~·~u·'""'·'' $3 0, 000 .in fin nncing from the -'''!'·"'"·'''''-'''"-'''"''-..,,_,_,,c:,.\,1.rn,·.w.,;i:...1c's: '-~""' ' !:'' ·"'°"'' "'''~-'·''''''~-"'"'·''·'-'·"·'····'···''"'~toward the effort that day, the group has llcshed out the idea and decided it will use \he Regional faonomic Models Inc. (REM!) loo[ firs\ to analyze Initiative 22, the on the J\ovember statewide ballot. 3 205 "We think the REMI Model will bring us much closer to having an open and honest discussion around some very hard choices we have to make;· Clark said at a news conference Tuesday. Business leaders long have touted dynamic modeling as a better way of determining the impact upon the stale budget of a bill or ballot question than the static modeling cu1Tently done by the nonpartisan Legislative Council. Static modeling takes an issue, like a tax break or tax hike, and simply determines how much revenue it will take away from or genemte for the stste. Dynamic modeling, comparatively, determines indirect repercussions of a tax hike or tax break~- such as an increase or decrease in and factors that in, too. purchases of goods that will result from the policy a bill to allow for limited ttse of dynamic modeling back when Legislators actually as speaker from 2005 to 2008, but budget analysts Democratic Rep. for the Legislative Council and for the governor's Office of State Planning and Budgeting said they were not interested in using the modeling bt0causc no viable model had been developed, Clark said. Since then, however, the REMI model, which analy7cs both short- and long-tcm1 costs of public policy, has become more respected and consulted by more government entities, he said. Metro Denver EDC, CSPR and Denver South will split the costs of developing and maintaining the modeling program, and CU will p<:)rform the imalyscs using the REMI model, explained Earl CSPR chairman. The policies undergoing tmalyses will be limited to a fow major ones each year that can have major economic effects, such as those dealing with water, transportation, higher education or recrnitment and retaining of companies, he said. "Jn the era of big data, in the era of ever-increasing will help us inform our decisions," said 'ccoc"'-~··"··'""'~-~.., .•.c".Oco a bit ofa trnth machine if it's working right." But truth is impactful only i r it is accepted, and the attendance at Tuesday's news conference was noteworihy. Senate Assistant: Minority Leader House Assistant Minority Leader and Secretary of State all Republicans who have supported dynamic modeling were there. No officials from the Democratic Party that controls and cost-bene11t analyses both the state House and Senate were. House Speaker a Denver Democrat who worked as an economic analyst, said afterward that he is not opposed to taking the dynamic-modeling reports produced by CC oilicials into accom1t when looking at bills and initiatives. But he first wants to study the assumptions and calculations used as part of the REMI model to see if there are inherent biases built into it. 4 205 On the issue of the education tax initiative, for example, Femmdino said he must see how the model compares the value of tax dollars to the value of an edltcation. Making wch assumptions is why many Democrats have favored the current static modeling, as it may be imperfect but at least creates an even playing field under which all proposals are considered, he said. 'Tm not completely against dynamic modeling. J think it's a workable endeavor," said Ferrandino, who added that he was not invited to the Tuesday announcement, despite organizers' insistence that he was. "It's one more piece of information for legislators to use, but we have to be caveatted on what the assumptions are." The first modeling on Initiative 22 is expected to be completed within 45 days, Clark said. Colorado Space Coalition, "Econometric model to examine !nit. 22 in debut study in CO," ,July 16, 20l3 Author Unreported A partnership of public and private organizations announced a collaboration on July l6, 2013, to provide Colorado lawmakers, policymakers, and business leaders greater insight into the economic impact of public pol icy decisions that face the state and surrounding regions. The partnership will use an econometric m1idel devel1)ped by Regional Economic Modds Inc., or REMI, for the multi-year project. "Colorado is facing many significa:nt issues that will undoubtedly have substantial impacts on jobs and our economy,'' said Earl Wright, Chairman of the Board of Directors of Common Sense Policy Roundtable. "REYll will provide us with accurnte analysis and long-term economic impacts of these actions and the data we need to make infonned decisions." Conducted by the Business Research Division at the University oJ' Colorado Blrnlder's Le~ds School of Business, the dynamic econometric modeling wil I he overseen by an Oversight Committee with representatives of the Leeds School of Business, the Common Sense Policy Roundtable (CSPR), the Denver South Economic D.cvelopment Partnership (Denwr South EDP) and the Metro Denver Economic Development Corporation (Metro Denver EDC). Tlte Colorado Economic Development Commission is also a major funder of the REM! initiative. "We are excited to enter this patinership bringing REMI's capability to Colorado," said Rich Wobbekind, executive director of CU-Boulder's Business Research Division and senior associate dean for arndemic programs at the Leeds School. "REMT will allow us lo provide unbiased thirdparty research to state and local government, residents, businesses and other key constituencies about the economic impacts related to policy decisions and economic events in Colorado." The REMI model is unique in that it provides in-depth analysis of the impacts public policy has on the economy. The REMI model has the ability to analyze complex economic questions by 5 205 considering thousands of variables in response to policy changes as opposed to traditional econometric models that take only input/output into accOLmt. "The REM! model will aid Colorado decision makers in debating and weighing the impacts of the largest public policy decisions facing our state," said Tom Clark, CEO of the Metro Denver EDC. "REM! will allow us to weigh the full impacts of legislation, ballot initiatives and other projects on Colorado's economy. It will be a valuable tool for our state." The RJ:iMI Oversight Board will put this new tool to use by first analyzing the impact of Tnitiative 22 that is expected to be on the hallot in November 20 I3. Tnitiative 22 would ask voters to increase the income tax rate for taxable income of$75,000 or less from 4.63 percent to 5 percent. Eamings above $75,000 would be taxed at 5 percent up to the first $75,000 and 5.9 percent for income above that. "Initiative 22 is a perfect opportunity to provide an unbiased and complex analysis on the economic impact of a significant public policy proposal," said Mike Fitzgerald, President and CFO of Denver South EOP. "We arc convinced that the REM! model can help determine, with independent analysis, long- and short-term strategies as well as the dinerence between government expenditures and government investments. The capacity and reputation of the Leeds School of Business will provide a clearer perspective of the sh01t and long-term costs and benefits of major projects and public policy issues such as Initiative 22.'' The first report from the REMI model analyzing the impact ofinitiative 22 is expected to be released in AugL1s1. 6 205 From: Sent: To: Cc: Kristin Strohm Tue 3/25/2014 11 :07 PM (GMT-00:00) Tom Clark; Pam Reichert; Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Randy Hildreth; Richard Wobbekind; Keith E Maskus Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org; Bee: Subject: Final Press REM! Press Release & Study Attachments: Final REMI Fracking Press Release 3_26_ 14.pdf; Economic Impact of Fracking Moratorium Final Report March 2014 032414.pdf; Final REMI Fracking Press Release 3_26_ 14.docx REMI Oversight Committee Members, Attached please find the FINAL press release and study. Metro Denver EDC will be sending this out tomorrow first thing. We are encouraging all groups to get the final study on their respective websites first thing tomorrow as well. We have had great meetings thus far, and early next week we will likely discuss modeling other alternative scenarios, mainly the setback scenario. Please do not hesitate to call should you have any questions. Best, Kristin On Fri, Mar 21, 2014 at 12:02 PM, Kristin Strohm wrote: REMI Oversight Committee, Attached please find an updated press release that incorporates language changes from all groups and the new information from the latest study. As we discussed earlier this week we will shoot to have this sent out Thursday, March 27th by the Metro Denver EDC on behalf of our consortium. Please get me any final revisions no later than Tuesday, March 25th at Noon. Thank you for your help! Kristin On Mon, Mar 17, 2014 at 1:34 PM, Kristin Strohm wrote: 189 Oversight Committee Members, Attached please find an updated REMI Fracking Ban full report and an updated press release. lrnportant NOTE: numbers have changed since the first draft, so please review this carefully. Also, CU would prefer that our group releases the press release, so we can discuss which group does that tomorrow (Tom, I believe you all have a great press list?). We will have a conference call tomorrow at 9:30AM for Brian to walk us through the changes from the original report, as he wants to do this prior to the Vital Board meeting. Herc is the call-in information: Call-in number: Access code: Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 189 ~Starboard ~ Group d/Cia.tm c.flt."°'kn MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group d/Cia.tm c.flt."°'kn MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 189 !l!llllNE!lS !11!$1!!\!ICH Ol\l!S!ON FOR IMMEDIATE RELEASE: March 26, 201.4 CONTACT: Brian l.ewandowski, Leeds BRD (303) 492-3307 brian.lewandowski(U)colorado.edu New study shows the statewide economic impact of a f'racking ban DENVER· A study using a calibrated dynamic economic modeling system developed by Regional Economic Models Inc. (REM!) shows that a statewide fracking ban woLtlcl rnsult in 93,000 fewer jobs, $12 billion in lost gross domestic product (GDP) and an annual reduction of $985 million in tax revenue for local and state governments between 2015 and 2040. The REM! model analyzes the ripple eflects of publk policy scenarios on jobs and the economy. According to the study, compared to the baseline scenmio, a fracking ban beginning in 2015 would result in an average $8 billion less in GDP and 68,000 tewer jobs in the first five years alone. Over the long run (2015-2040), GDP would be lower on average by $12 billion (2.6 percent) and employment would be down by 93,000 (2.2 percent) jobs. The study also finds that a statewide fracking ban would cm,t local and slate governments S567 million per year in lost annual tax revenues for each of the first five years, and $985 million annually on average through 2040. The study reveals the many indirect economic impacts of a fracking ban including negative impacts to sectors that supply the energy industry with equipment and benefit from the income of the professionals who work in it. The large impact on jobs is indicative of the far-reaching supply chain in Colorado that provides the industry with goods and services. The negative impact on dispo&able personal income places drag on consmnption-supported industries, such as retail and real estate, as well as on taxes. This study was modeled beginning in 2015, assuming a 95 percent reduction in new activity and continued legacy production from existing wells. The study incorporates the 210 steep depletion rates for oil and gas production observed in Colorado historical data going back to 1970. Hydraulic fracturing or "fracking" is a process used to stimulate oil and natural gas wells to produce more energy. Fracking has been used in the United States for more than 60 years and more than 90 percent of all wells today are "fracked." Although 87 percent of oil and gas activity in Colorado is concentrated in just five counties in Colorado, the employment and tax impacts are much more widespread. The five largest-producing counties represent 35 percent of upstream and midstream employment, the 31 smallestproducing counties represent 29 percent, and the 28 nonproducing counties accomlt for 36 percent. Likewise, while industry taxe~ have the greatest impact on local government spending, the industry also pays taxes that flow to the Colorado general fund, which is then spent on everything from education to infrastrncture in the state of Colorado. Hence, quelling oil and gas activ.ity would have far-reaching consequences on the economy, including employment, wages, and taxes. The study, conducted by the Businesf> Research Division (BRD) of the Leeds School of Business at the University of Colorado Boulder on behalf of a partnership between the Common Sense Policy Roundtable (CSPR), the Denver South Economk Development Partnership (Denver South EDP) and the Metro Denver Economic Development Corporation (Metro Denver EDC), provides the first major analysis of20 l4 using the new economic tool in Colorado. This paper was prepared using the REMI Tax-PI model built for Colorado and calibrated with Colorado revenues, expenditures, employment, and population. Researchers from the BRD examined the known, quantifiable industry metrics, ranging from production and prices to employment, wages, and taxes. This paper docs not model events or impacts, if any, on water, air quality, health, or externalities on quality of life. Nor does the paper analyze the signal sent to the oil and gas industry and other industries in Colorado regarding uncertainty and political risk to doing business in the state. To see the full report, please see attached. ff:/j:.Ji Contacts Tom Clark, Metro Denve1· EDC (303) 620-8092 tom.clark@metrodenver.org Mike F'itzgernld. Denver Sonth EDP (303)792-9447 e.xtl05 mike@denversouthedp.org Tim Pollard, CSPR (303) 916-5450 trpollard@aol.com Brian Lewandowski, Leeds BRD (303) 492-3307 brian.lewandowski(li)colorado.edu 2 210 HYDRAULIC FRACTURING BAN The Economic of a Statewide Ban in Colorado Conducted by: Richard Wobbekind Brian Lewandowski Editor: Cindy DiPersio Student Research Assistants: Jim Dalton, Rick Brubaker, Noah Seidenfeld, and Ryan Thorpe Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309-0420 Telephone: 303.492.3307 leeds.colorado.edu/brd March 2.014 l!UllllNEllS RE!ill!'/l\RCH OIVl!il!ON 214 Business Research Division The Business Research Division (BRO) of the Leeds School of Business at the University of Colorado Boulder has been serving Colorado since 1915. The BRO conducts economic impact studies and customized research projects that assist companies, associations, nonprofits, and government agencies with making informed business and policy decisions. Among the information offered to the public are the annual Colorado Business Economic Outlook Forumnow in its 49°1 year-which provides a forecast of the state's economy by sector, and the quarterly Leeds Business Confidence Index, which gauges Colorado business leaders' opinions about the national and state economies and how their industry will perform in the upcoming quarter. The Colorado Business Review is a quarterly publication that offers decision makers industry-focused analysis and information as it relates to the Colorado economy. BRO researchers collaborate with faculty researchers on projects, and graduate and undergraduate student assistants, who provide research assistance and gain valuable hands-on experience. Visit us at: Business Research Division • Leeds School of Business• University of Colorado Boulder 214 Page ii TABLE OF CONTENTS Table of Contents ......................................................................................................................................... iii Executive Summary ....................................................................................................................................... 1 Introduction .................................................................................................................................................. 3 Fracking ......................................................................................................................................................... 4 National Production ...................................................................................................................................... S Public Information in Colorado ..................................................................................................................... S History of Oil and Gas in Colorado ................................................................................................................ 7 State of the Industry ..................................................................................................................................... 8 Legislation ................................................................................................................................................... 11 Data and Assumptions ................................................................................................................................ 12 Economic Impacts ...... "'""'""""'''""""''""""'"""""""""'"""""' ..................................................................... 14 Conclusion .................................................................................................................................................. 17 Bibliography ................................................................................................................................................ 18 Appendix 1: Overview of REMI Policy Insight ............................................................................................. 22 Appendix 2: FrackingSENSE Speaker Series Discussion Summaries ........................................................... 25 Appendix 3: Recent Ballot Initiatives .......................................................................................................... 28 Business Research Division• Leeds School of Business• University of Colorado Boulder 214 Page iii EXECUTIVE SUMMARY In November 2012, voters in the City of Longmont passed a charter amendment effectively banning the use of hydraulic fracturing (fracking) and the stornge of the resultant waste products by a 59.9% to 40.1% margin. The amendment does not ban drilling per se, but forbids the practice of fracking. This amendment set the stage for citizen initiatives elsewhere, including Boulder, Broomfield, Fort Collins, and Lafayette, that successfully passed moratoriums in November 2013. While legal contests to these bans and moratoriums are currently taking place, it is expected that another anti-fracking measure could be headed to the Colorado ballots this November. These measures fall into two general categories: local control and setbacks. Local Control Colorado has submitted language to the Colorado Legislative Services for a constitutional amendment that would allow Colorado voters a voice over whether hydraulic fracturing should be allowed within the bounds of their communities. Separately, the setback initiatives range between 1,500 feet and one-half mile. Colorado Governor John Hicken looper describes the state's regulation as "the most comprehensive and stringent" in the country. This study focuses on the economic impacts of a statewide ban on fracking. Reporting the industry size in terms of gross domestic product, oil and gas extraction and support activities was nearly equivalent to the construction industry or the accommodations and food services industry in 201L More than 87% of oil and gas activity in Colorado is concentrated in 5 counties, and 31 counties represent the remaining 13% of activity. However, the employment and tax impacts are much more widespread. The five largest-producing counties represent 35% of upstream and midstream employment, the 31 smallest-producing counties represent 29%, and the 28 nonproducing counties account for 36%. Likewise, while industry taxes have the greatest impact on local government spending, the industry also pays taxes that flow to the Colorado general fund, which is then spent on everything from education to infrastructure in the state of Colorado. This study was modeled beginning in 2015, assuming a 95% reduction in new activity and continued legacy production from existing wells. The study incorporates the steep depletion rates for oil and gas production observed in Colorado historical data going back to 1970. Given a fracking ban beginning in 2015, the economic consequence would be an average $8 billion in lower gross domestic product (GDP) and 68,000 fewer jobs in the first five years compared to the baseline scenario, and an average of $12 billion lower GDP and 93,000 fewer jobs between 2015 and 2040. The negative impact on disposable personal income places drag on the consumption-supported industries, such as retail and real estate, as well as on taxes. Extrapolating prior research on fiscal impacts of the industry, the depletion production would leave Colorado jurisdictions with an average direct revenue reduction of $567 million over the first five years, declining $985 million by 2040. The economic impacts are presented as a change from baseline expectations. The fracking ban shifts Colorado's employment base downward, by an average of 68,000 jobs over the first five years, and by an average of 93,000 jobs between 2015 and 2040 (See Figure 1). The legacy production from existing wells and modest new production absent offracking will continue to support direct and indirect upstream, midstream, and downstream employment. The direct industry impacts fall squarely on the Mining Sector, as well as some Construction (e.g., pipeline construction); Professional, Scientific, and Technical Services (engineering, R&D); and Government (regulation). The impacts of fewer jobs and wages result in reduced household spending impacts that affect everything from Construction to Retail Trade. Business Research Division • Leeds School of Business • University of Colorado Boulder 214 Page 1 TABLE 1: STATEWIDE FRACKING BAN, SUMMARY OF IMPACTS, 2015-2040 Category Year Units Total Employment Jobs (Thousands) Change from Baseline Private Non-Farm Employment Jobs (l11ousands) h....a..n ....g._e.. f. . i._o....m .......B__a .. > ...e...1.1.·.n_ e.... ---····-------------- Dollars (Billions)' 1-5 -68 ·L9% ··62 6-10 -113 "2.8% ·102 -2.9% -22 11-15 -118 "'2.8% -107 -2.9% -24 -2.1% --~.l!J!) -3.0% -8 -14 -15 c. . Output Changefrom Base/ine Doll~~s (Bil ii~~;)" · · Average Difference from Baseline Scenario Year Vear Year Vear Years 16-20 -95 ,.z.2% -86 -2.2% -20 -,2'.2%. -13 21-25 -73 ~1.6% -67 2015-2040' -93 "2.2% 84 -:-16 ....-.?_: ::.:... -l.6 1% -2.4% --10 -12 ,__ _ _ _ _ _ _ _ _ _ _ _ _C_ha_n~g_e_fl:'!_'!!_BC/!_efi!'."----t-:2:~2§__:3~~;2_%_.__···2,~2-§__;:lJ_'!:§_~_ ____:_.21. .:c..~----• Personal Income Dollars (Billions)' -5 -9 -10 -9 -8 Change from Baseline ··1.6% u2,7% w2.7% -2.2% -1.7% -2.2% Rel.II Disposable Persont.11 Income Dollars (Billions)"' -4 ·7 -8 -7 -7 ·7 C/1ange from Baseline -1.5% -2.4% -2.4% -2.0% -1.5% -2.0% 'This average impact over the 25-year period (2015-2040) indicates Colorado total employment would be shifted lower by 93,000 jobs on average, and that GDP would be lower by an average of $12 billion over the entire 25-year horl~on. This shift Is illustrated In Figure 1 (below). 'Dollars are fixed (2012) dollars. FIGURE 1: STATEWIDE FRACKING BAN IMPACT ON COLORADO EMPLOYMENT, 2015-2020 3,950 3,850 "'c 'tl m " c 3,750 '" 3,650 0 ..c 1:: E > 0 a. E "' 3,550 --Fracking Ban 3,450 3,350 2015 2016 2017 2018 2019 2020 This paper was prepared using the Regional Economic Models, Inc. (REM I) Tax-Pl model built for Colorado and calibrated with Colorado revenues, expenditures, employment, and population. Researchers from the Business Research Division (BRO) researched the known, quantifiable industry metrics, ranging from production and prices to employment, wages, and taxes. Business Research Division • Leeds School of Business• University of Colorado Boulder 214 Page 2 INTRODUCTION A partnership of public and private organizations announced in July 2013 the formation of a collaboration to provide Colorado lawmakers, policy makers, and business leaders with greater insight into the economic impact of public policy decisions that face the state and surrounding regions, The parties involved include the Common Sense Policy Roundtable, the Metro Denver Economic Development Corporation, and the Denver South Economic Development Partnership. The Business Research Division (BRO) of the Leeds School of Business at the University of Colorado Boulder was contracted by the consortium to provide third"party, non biased research that objectively analyzes the economic impacts of public policy. This consortium meets quarterly to discuss pressing economic issues impacting the state. The group identified the study of a statewide economic impact of hydraulic fracturing ban as both relevant and timely. The consortium licensed dynamic economic models from Regional Economic Models, Inc. (REMI) to study the economic impacts of policy. For this study, the BRO research team used the single"region, 70" sector, Tax"PI model built for Colorado and calibrated with Colorado revenues, expenditures, employment, and population. Since embarking on the project, BRD researchers studied the oil and gas industry in Colorado, collecting data and talking with industry stakeholders in order to understand what is known and able to be modeled. No primary research, such as public surveys, was warranted for this study. When modeling the impact of any policy change, a number of assumptions must be made, The model used for economic analysis illustrates scenarios of what could happen under the policy change, everything else held equal in the economy. Economies are inherently complex, and unanticipated changes caused by shifts (e.g., technology, energy discoveries, recessions) cause the economy to grow faster or slower than anticipated. The collective knowledge shared with the research team helped shape the assumptions that are transparently presented in this report. This study started on the heels of fracking moratoriums passed by voters in four Colorado jurisdictions in 2013 and one in 2012. Expectations indicate that a statewide ban or moratorium may be presented to voters in 2014. Such language will likely be softened to allow for "local control," whereby local jurisdictions could decide what is allowed and disallowed. Local jurisdictional bans would have a comparatively smaller economic consequence than a statewide fracking ban. This study focuses on the impacts of a statewide ban on fracking. The purpose of this study is to provide objective, third"party insight into the economic impacts of a statewide fracking ban on the Colorado economy. This paper provides nn overview of the political landscape surrounding the industry, quantifies the current production and economic activities as reported via public sources, and quantifies the economic impacts of a statewide ban on fracking activities, As the FrackingSENSE speaker series hosted by the Center of the American West partitions the their discussions into what is known versus what is not known about hydraulic fracturing, this paper models what is currently known about production, prices, employment, wages, and taxes. This paper does not model events or impacts, if any, on water, air quality, health, or externalities on quality of life. Nor does the paper analyze the signal sent to the oil and gas industry and other industries in Colorado regarding uncertainty and political risk to doing business in the state. While this paper does not attempt to measure market reaction, it does quantify the economic implications of reducing a high-output, high- Business Research Division • Leeds School of Business• University of Colorado Boulder 214 Page 3 wage industry to a fraction of current production. Universities and industry are currently researching many of the environmental and societal questions in multiyear, multimillion-dollar studies. The University of Colorado was awarded lead on a $12 million National Science Foundation grant to study the effects of natural gas development, examining impacts on ecosystems and communities. Likewise, the U.S. Environmental Protection Agency (EPA) will publish a paper in 2014 on the study of the potential impacts of hydraulic fracturing on drinking water resources (www.epa.gov/hfstudy). FRACKING Hydraulic fracturing ("fracking") is the method of pumping water, chemicals, and sand deep into the ground in order to release oil and gas trapped in rock. The process increases oil and gas production, elevating project feasibility and profitability. In some cases, as production declines, wells are restimulated using fracking techniques, th us extending the life of existing wells. The practice of fracking dates back to the late 1940s and is applied to roughly 90% of wells. According to the Baker Hughes rig count, 80% of hydraulically fracked wells are oil, and 20% are gas. The Colorado Oil and Gas Conservation Commission (COGCC) of the Colorado Department of Natural Resources indicates that fracking in Colorado dates back to the 1970s. FIGURE 2: HYDRAULIC FRACTURING PROCESS Source: EPA, Study oftht.~ POtQntial lmpacts of Hydrnulic Fr~cturlng on Drinking Wat¢r R¢somccs, Briskin, Research Coordinator, accessed from NABE website February 25, 2014. COG CC summarizes the fracking process in prns~ntntion by J¢()nnc a staff report titled Information on Hydraulic Fracturing. Hydroullc fracturing is the process of creating small cracks, or fractures, in deep, underground geological formations to liberate oil or natural gas and allow it to flow up the well for capture and use in heating our homes, fueling our cars and providing the electricity we all use for our televisions, computers and other devices. Business Research Division • Leeds School of Business • University of Colorado Boulder 214 Page 4 To fracture the formation, fracturing fluids mostly water and sand, with a small percentage of chemical additives - are injected down the well bore into the formation. The fluid, injected under pressure, causes the rock to fracture along weak areas. The fluids that create the initial fractures are then mixed with thicker fluids that include sand and gelatin. These thicker fluids lengthen the openings in the rock. When the fractures are complete, and pressure is relieved, the fluids flow back up the well where they are captured and stored for later treatment or disposal. As the fluids flow back up, sand remains in the fractures and props the rock open, maintaining an open pathway ta the well. This allows the oil and gas ta seep from the rock into the pathway, up the well and ta the surface for collection. In Colorado, the targeted formations for hydraulic fracturing are often more than 7,000 feet underground, and some 5,000 feet below any drinking water aquifers. NATIONAL PRODUCTION The International Energy Agency (IEA) and the Energy Information Administration (EIA) of the U.S. Department of Energy (DOE) provide annual energy outlooks. The International Energy Agency's World Energy Outlook 2013 states, Whatever the policy landscape for the next quarter of a century, natural gas is set to grow in importance globally thanks to its widespread availability, competitive supply costs and environmental advantages aver the other fossil fuels. (Page 100) Nationally, roughly 30,000 wells were drilled in 2013. Revised expectations in recent forecasts speaks ta the dynamic technological factors increasing reserves and production estimates. Natural gas and oil production estimates by the EIA were revised upward between the 2013 and 2014 AEO reports. According to the Annual Energy Outlook 2014 Early Release by the EIA, natural gas production in the lower 48 states will increase by 52% between 2013 and 2040, and production in the Rocky Mountain region will rise 48%. Crude oil production is also projected to increase 27% in the lower 48 states between 2013 and 2019 before peaking. The Rocky Mountain region is expected to peak later (2024) after a 29% increase. The Henry Hub price for gas is expected to climb 2.8% annually, ta $7.65 by 2040, while wellhead oil prices will increase at an annual rate of 1.3%, to $137.63 per barrel (2012 dollars). Public sentiment on unconventional gas will have a material impact on gas production in coming years. According ta the International Energy Agency's World Energy Outlook 2012, such social and environmental concerns as land use, surface and groundwater contamination, and air pollution must be addressed successfully in order to realize unconventional gas production's potential. The report suggests that policy makers, regulators, operators, and others apply principles that emphasize full transparency, rigorous efforts ta reduce environmental impacts, and engagement with local communities. PUBLIC INFORMATION IN COLORADO Describing the regulatory environment in Colorado, Governor Hickenlooper wrote, "We were drawing attention ta the fact that Colorado has created the most comprehensive and stringent set of regulations around ail ond gas production in the country." Business Research Division • Leeds School of Business• University of Colorado Boulder 214 Page 5 On a state level, Colorado is working with oil and gas producers to establish methane controls. Locally, the Arapahoe County Commissioners created a memorandum of understanding (MOU) that fasMracks permitting in return for agreed upon regulation. Discussions and information about industry impacts are being shared through such organizations as the Center of the American West at the University of Colorado Boulder, which is hosting a series titled FrackingSENSE as a venue for discussing a wide range of industry issues, and the COGCC, which has an online library ranging from industry statistics on wells and production to regulations and public presentations. While the debate ensues, some progress to find common ground has been made in Colorado. The industry faces a rigorous permitting process with state and local jurisdictions. Efforts by the state and industry to increase the flow of information and reduce the environment and community impacts of oil and gas development include facilitating: greater information about the chemical contents used in the fracking progress, efforts to capture methane from wellheads, and the development of integrated pipelines to reduce the infrastructure and environmental impacts of over-the-road transportation of product. As well, the industry is charged with timely reporting of spills made public through the Colorado Oil and Gas Information System (COGIS) database. Methane Standards Colorado's largest oil and gas producers, including Anadarko Petroleum Corp., Noble Energy Inc., and Encana Corp., worked with environmentalists from the Environmental Defense Fund to form measures recently approved by the Colorado Air Quality Control Commission that would repair persistent methane leaks from their tanks and pipes. Emissions from methane leaks, a source of climate-changing greenhouse gas, have contributed to the worsening smog along the Rocky Mountains that exceeds the federal ozone guidelines. The mandates are the first attempt by a state to regulate methane emissions from fracking. Methane is 20 times more potent at trapping heat in the atmosphere than carbon dioxide according to the EPA. New rules provide guidance and technology for Colorado oil and gas businesses to find leaks and fix them in order to lower their emissions. The new regulations will require companies to install equipment to minimize leakage of methane and to control or capture 95% of emissions. Energy producers are subjected to routine inspections, as often as once a month, and when leaks are discovered, they must be repaired within 15 days. Chevron and members of the Colorado Oil & Gas Association and the Colorado Petroleum Association calculated that the cost to comply with the rules could be up to $100 million for the industry, while the Air Pollution Control Division estimated costs at $40 million. Noble Energy estimated that compliance with the new regulations could cost the company $3 million a year and it will have to hire an additional 16 employees to tackle the new regulations. Arapahoe County Memorandum of Understanding One example of an open process is the memorandum of understanding (MOU) developed by the Arapahoe County Commissioners. This brief MOU establishes a set of conditions, stricter than those imposed by the state, that, if followed, fast-tracks the permitting process for producers. Arapahoe County approved the MOU for oil and gas companies in April 2013. Working with the COGCC, industry representatives, experts, and citizens, county commissioners, created a MOU that creates high standards for oil and gas companies beyond the already strict regulations in place at the state level. Unanimously approved, this MOU incentivizes companies to accept the new terms set by allowing the company to utilize a shorter and less costly administrative permitting process that can be completed Business Research Division • Leeds School of Business • University of Colorado Boulder 214 Page 6 within 30 working days. If a company does not want to sign the MOU, then it is subject to COGCC's normal review process that typically requires three to five months. The MOU is intended to supplement and add to the commission's rules and regulations. If any requirements of the MOU are in conflict with COG CC requirements, the stricter standards will take precedence. The standards addressed in the MOU include: operator pit practices, berms, water supply and quality, water quality testing, spill and release management, weed control, noise, emergency response planning, erosion control, private and public roads, floodplain encroachment, painting of oil and gas facilities, facility lighting, and county approvals and inspections. This MOU only applies to oil and gas facilities that have applied for permits as of the date the MOU was approved. Arapahoe County's oil and gas MOU stands as an example of sustainable oil and gas development in Colorado. By working with oil companies, Arapahoe County commissioners have come to an agreement that meets both the environmental and economic needs of the community. Other Data Sources Numerous sources in Colorado disseminate industry information to the public. Three objective sources of data include the Center of the American West at the University of Colorado Boulder, COGCC, and FracFocus. COGCC is a state-run receptacle far industry data (e.g., wells, production) as well as newsletters, research papers, and presentations. FracFocus is a searchable national registry of hydraulic fracturing chemicals. Data from other sources, such as the Colorado Department of Revenue, the EIA, and the Colorado Land Board, are presented later in this paper. FrackingSENSE In 2013, CU-Boulder's Center of the American West began hosting an ongoing series of moderated discussions on the topic of tracking with the goal of learning "what we know, what we don't know, and what we hope to learn about natural gas development." As of February 2014, presenters have included industry experts, government officials, and social rights activists. Among those topics discussed so far are surface and subsurface boundaries, water pollution, air quality concerns, health risks, and government control. Appendix 2 includes a summary of speaker viewpoints. HISTORY OF OIL AND GAS IN COLORADO Oil and gas activity in Colorado began near the Front Range in the Denver Basin, known as the DenverJulesburg Basin (the DJ Basin). In 1901, the McKenzie Well #1 was drilled into the Pierre Shale formation within the Denver Basin, specifically in the Boulder Oil Field. Several years later, in 1947, a well in Grant County, Kansas, received hydraulic fracturing treatment in order to stimulate natural gas development. This well was the first hydraulically fractured well in the United States. In 1969, a device was detonated in a well drilled in the Piceance Basin near Rifle, Colorado, called Project Rulison. This attempt to fracture the rock and enable commercial extraction of the natural gas failed. In 1970, the Wattenberg Gas Field was discovered in the Denver Basin. Three years later, Amoco introduced massive hydraulic fracturing to the Wattenberg Gas Field in order to rt~cov<~r gas from a low-permeability sandstone formation. This was one of the first places massive hydraulic fracturing was performed both routinely and successfully. At this time, experts thought the field contained 1.1 trillion cubic feet of gas. Through 2008, the Wattenberg Field had produced 2.8 trillion cubic feet of gas, far surpassing the estimate in 1973. Since the late 1970s, the San Juan Basin has grown to become one of the largest coal-bed methane reservoirs in the world. Business Research Division • Leeds School of Business• University of Colorado Boulder 214 Page 7 In 2007, the Wattenberg Gas Field accounted far 11 million barrels of ail and 170 billion cubic feet of gas from more than 14,000 wells. These production numbers made the Wattenberg Gas Field the ninthlargest source of natural gas in the United States according to a report by EIA. Also, in 2007, the Piceance Basin contained S of the top 50 gas fields in the nation in terms of proved reserves. Operators in the ail and gas industry discovered in 2009 that hydraulic fracturing, paired with horizontal drilling in the chalk of the Niobrara formation, yielded better quantities of gas and condensate. In 2009, U.S. Congresswoman Diana DeGette and U.S. Congressman Maurice Hinchey introduced the FRAC Act, which would allow the EPA to evaluate hydraulic fracturing processes and make the practice enforceable under the Safe Drinking Water Act. The FRAC Act has not yet been passed through Congress. Currently, hydraulic fracturing is not enforceable under the Energy Policy Act of 2005 due to the "Halliburton Loophole," which has kept the EPA from regulating fracturing operations. A year later, the Raton Basin in Las Animas County was included in the 2010 EPA hydraulic fracturing study, which is expected to be released in 2014. Voters in three Colorado cities (Boulder, Fort Collins, and Loveland) approved ballot initiatives to impose or extend moratoria on hydraulic fracturing in November 2013. Today, 75% of Colorado homes are fueled by natural gas produced in the state, and Colorado's oil production accounts far 30% of the state's needs for transportation fuel. Currently, nearly 95% of completed oil and gas wells in the United States are being hydraulically fractured. STATE OF THE INDUSTRY With the proliferation of the services sectors, the goods-producing sectors of the Colorado economy (agriculture, mining, construction, and manufacturing) has fallen from 29% of state GDP in 1963 to 15.5% of nominal GDP in Colorado in 2012. While the production value of the mining industry has been impacted by price and production volatility over this period, the industry's share of GDP in 2012 was nearly equal ta the market share in 1963 (around 3.7%). Colorado oil and gas applications for permits to drill (APDs) peaked in 2008 with 8,027 approved permits, coinciding with record high prices far many commodities and preluding the soft demand during and following the recession. Drilling permits preceded a general trajectory of decline, hitting a multiyear low in 2012 before increasing 6.7% in 2013. While APDs remain a market indicator, technological advancements, such as horizontal drilling and permitting changes, make APDs less of an indicator of the health of the industry. Horizontal wells allow for a greater amount of a reservoir to be drained than vertical wells because they can be manipulated to extract more from thin, shallow reservoirs. According to the 2012 Colorado Business Economic Outlook, the Natural Resources and Mining committee explained that, "This decrease in total permits is due primarily to a new two-year permit scheme that became effective in late 2009." A Denver Business Journal .e.•.1..i.n_<~ ---····-------------- Dollars (Billions)' Changefrom Base/ine Doll~~~ (Bilii~ns)" · ·.. -2.1% -8 Average Difference from Baseline Scenario Year Vear Year Vear Years 6-10 11-15 16-20 -113 "2.8% -118 "'2.8% ·102 -107 -95 ,.z.2% -86 -2.9% -22 -2.9% -24 -2.2% -20 -:-16 ....-.?_: ::.:... --~.l!J!) -3.0% -15 -,2'.2%. -13 -l.6 1% -10 -2.4% -12 -14 21-25 -73 2015-2040' -93 ~1,6% -67 84 ,__ _ _ _ _ _ _ _ _ _ _ _ _ C_ha~Q_e frof_!'_B_~~eJi_g__"---t----:2:~2§__:3~~:2_%_.__···2,~2-§__;:lJ_'!:§_~_ ___:_ .21. . :c..~----• Personal Income Dollars (Billions)' -5 -9 -10 -9 -8 Chongefrom Baseline ·-1.6% ·2.7% -2.7% -2.2% -1.7% -2.2% Real rnsposable Persont.11 Income Dollars (Billions)"' -4 ·7 -8 -7 -7 -7 Change from Baseline -1.5% -2.4% -2.4% -2.0% -1.5% -2.0% 'This average impact over the 25-year period (2015-2040) indicates Colorado total employment would be shifted lower by 93,000 jobs on average, and that GDP would be lower by an average of $12 billion over the entire 25-year horl~on. This shift Is illustrated in Figure 7 (below). 'Dollars are fixed (201.2) dollars. The impact of the fracking ban is a shift in employment downward from a baseline scenario. That average change over the first five years is 68,000 jobs compared to the baseline expectation for Colorado employment. FIGURE 7: STATEWIDE FRACKING BAN IMPACT ON COLORADO EMPLOYMENT, 2015-2020 The negative implication for industry employment are most absorbed by five sectors: Mining; Construction; Retail Trade; Professional, Scientific, and Technical Services; and Government. The legacy production from existing wells and modest new production absent offracking will continue to support direct and indirect upstream, midstream, and downstream employment. The direct industry impacts fall squarely on the Mining Sector, as well as some Construction (e.g., pipeline construction); Professional, Scientific, and Technical Services (engineering, R&D); and Government (regulation). The impacts of Business Research Division • Leeds School of Business• University of Colorado Boulder 214 Page 15 fewer jobs and wages result in reduced household spending impacts that affect everything from Construction to Retail Trade. TABLE 5: STATEWIDE FRACKING BAN, EMPLOYMENT IMPACTS, 2015-2040, IN THOUSANDS Average (Thousands) Year 1-5 Industry Vear Vear Vear 6-10 11-15 16-20 Year 21-25 0 0 0 0 0 fy1i_ninfS -14 -22 -16 -12 Utilities Construction 0 -22 0 -26 -15 0 -7 -2 -3 -10 -1 -1 -1 -5 -8 0 -5 -1 -7 0 -24 -2 0 ~15 ~orcstry 1 -~i.shing 1 zmd Rc)~_tcd A~tl_vitic.s. Manuf_a_~tu.r_i~g -1 Wholesale Trade -2 Ret~Po.~i_es and Enterpri_s~s ...9~~-~t ?,~.~"'..i.ces1. ~-~~-~pt ~--~, ~1.i.~. f\~.~~.i.~~-'-~-~r~,~.\9.0. 0 --3 Government Years 2015-2040 0 -17 0 -17 -1 -1 -1 -1 -2 -10 -1 -1 0 -2 -8 0 -1 0 -5 -5 -3 -4 -10 -9 -8 -8 0 0 0 -4 -4 -2 0 -5 -2 -8 -8 -2 -7 -7 -2 -2 -2 -2 -2 -6 -7 -7 -6 -5 -4 -11 -3 ·3 -3 -3 -11 -1 -1 -5 -2 -1 -1 -9 All occupations are negatively impacted by the tracking ban. The impacts mostly affect five occupations: Sales, Construction and Extraction, Management, are most absorbed by five sectors: • • • Sales and related, office and administrative support Construction and extraction Management, business, and financial Computer, mathematical, architecture, and engineering Food preparation and serving related Business Research Division• Leeds School of Business• University of Colorado Boulder 214 Page 16 TABLE 6: STATEWIDE FRACKING BAN, OCCUPATION IMPACTS, 2015-2040, IN THOUSANDS Average (Thousands) Occupations Year Year Vear Year Year Years 1-5 6-10 11-15 16-20 21-25 2015-2040 CONCLUSION This report shows the estimated economic impacts associated with a statewide tracking ban. It is based on currently known economic factors of the industry related to production, prices, employment, and taxes. A statewide tracking ban would prove damaging to the Colorado economy, setting the state back an average of 68,000 jobs in the first five years and $8 billion in GDP. Over the long term (2015-2040), the impact of a ban would result in average 93,000 fewer jobs and $12 billion in lower GDP when compared to a baseline scenario. Business Research Division • Leeds School of Business• University of Colorado Boulder 214 Page 17 BIBLIOGRAPHY Aguilar, John. "Another anti·fracking measure could be headed to November ballot," The Denver Post, http://www.denverpost.com/localpolitks/ci 25222991/another-anti-fracking-rneasure-couldQs::hg.i!.~igst:rlQlL§n:lQJi'.I, accessed February 25, 2014. American Petroleum Institute, Exploring for America's Energy Future. http://www.api.org/N/media/Files/Policy/Exploration/EnergyResources/StrategicEnergyResources_Wattenberg.pdf. Accessed February 24, 2014. Baker Hughes. Baker Hughes Rig Counts, http://www.bakerhughes.com/rig-count. Accessed February 24, 2014. Ballotpedia, City of Fort Collins Five Year Fracking Suspension Initiative, Question 2A (November 2013), http://ballotpedia.org/Citv of Fort Collins Five Year Fracking Suspension Initiative. Questio f.LftLt!'!.mmunities-cc1ntrnl-fracking. Accessed February 25, 2014. League of WC>men Voters of Boulder County, http://lwvbc.org/files/2012 Ballotlongmont(luestion300.pdf. Accessed February 25, 2014. Lewandowski, Brian and Richard Wobbekind. July 2013. Assessment of Oil and Gas Industry 2012 Industry Economic and Fiscal Impacts in Colorado. Business Research Division, Leeds School of Business, University of Colorado Boulder. McClure, Rich. EE3, Inc. E-mail correspondence with BRD researchers. Middle East Well Evaluation Review. 1995. Horizontal Highlights. httP..:LLliY.>C>Ll!.\l.,.§J.b.,~9.t:Dl:lnH:.9.!lllfii!l.~Lrn?.9!A.t£iil2L!.ll..!iil.rfLYilgf.'.!§LrnLfl.!J.b_Jng~gr1§."J.d1\lf. Accessed February 27, 2014. Proctor, Cathy. December 2, 2009. Colorado extends gas, oil drilling permits to 2 years. Denver Business Jou rn aI. htthl.JL1:1Lvtl6d.l.l~i\l.WLO.~J2.,~Q!ll.L.£!.gny.!?J.L2.t.grJ.~.~2.QQ.9.LlU~.QL.9.2Ilv:i?Lbtml?ll~R\il.::illJ.. Accessed February 27, 2014. Oldham, Jennifer. Colorado First State to Clamp Down on Fracking Methane Pollution, Bloomberg Su sta i na bi Iity, http://www. blo o mberg.com/ news/2014"02-24 / colorado·fi rst -state·to·c Iamp· down-on-fracking-methane-pollution.html. Accessed February 25, 2014. Business Research Division • Leeds School of Business• University of Colorado Boulder 214 Page 20 United States Environmental Protection Agency. EPA's Study of Hydraulic Fracturing and Its Potential Impact on Drinking Water Resources, www.epa.gov/hfstudy. Accessed February 24, 2014. U.S. Department of Energy. Project Rulison, https://www.osti.gov/opennet/forms.jsp ?formurl:fi lms/data/0800036.htm I. Accessed February 17, 2014. U.S. Energy Information Agency. Top 100 Oil and Gas Fields of 2009, http://www.eia.gov/pub/oil_gas/natural_gas/data_publications/crude_oil_natural_gas_reserv es/current/pdf/toplOOfields.pdf. Accessed February 24, 2014. U.S. Energy Information Administration. June 2012. Annual Energy Outlook 2012 with Projections to 2035. http://www.eia.gov/forecasts/aeo/chapter_market_trends.cfm (accessed June 28, 2013). _ _ _ _ _ .April 2013. Annual Energy Outlook 2013 with Projections to 2035. http://www.eia.gov/forecasts/aeo/ (accessed July 6, 2013). _ _ _ _ _ .December 16, 2013. AE02014 Early Release Overview. http://www.eia.gov/forecasts/aeo/er/index.cfm (accessed February 3, 2014). Wobbe kind, Richard and Brian Lewandowski. December 2011. Assessment of Oil and Gas Industry Economic and Fiscal Impacts in Colorado in 2010. Business Research Division, Leeds School of Business, University of Colorado Boulder. Business Research Division • Leeds School of Business• University of Colorado Boulder 214 Page 21 APPENDIX 1: OVERVIEW OF REMI POLICY INSIGHT This summary was provided by REMI, Inc. Policy Insight is a structural economic forecasting and policy analysis model. It integrates input-output, computable general equilibrium, econometric, and economic geography methodologies. The model is dynamic, with forecasts and simulations generated on an annual basis and behavioral responses to wage, price, and other economic factors. The REM! model consists of thousands of simultaneous equations with a structure that is relatively straightforward. The exact number of equations used varies depending on the extent of industry, demographic, demand, and other detail in the model. The overall structure of the model can be summarized in five major blocl wrote: >I don't need to reply all on all of this information. > > l wasn't sure the next oversight committee was at Leeds but we are happy to host ifthat is the case. > > > >-----Original Message----> From: Kristin Strohm [mailto:k:ristin@thestarboardgroup. com] >Sent: Wednesday, July 17, 2013 2:53 PM >To: Earl Wright; Buz Koelbel; T. Scott Martin; Richard Wobbekind; > Keith E. Markus; Mike Fitzgerald; Tom Clark > Cc: Ruth Hartshorn; Diane M. Grubbs; Jake Zambrano; David L. Tarasi; >Brian R. Lewandowski; Adam Fulton; paula.larsen@denverchamber.org; > Steve Klausing > Subject: REM£ Press Clips and Oversight Committee Meetings > > Oversight Committee Members, > >Thank you aII for your hard work an participation in the press conference yesterday. > >Attached please find the compiled press clips from our press conference. Overall, it has gotten great coverage and has been very well received. Please let me know if you know of any other articles to include. > 190 >Lastly, I know we had looked at doing a brainstorm meeting next Tuesday, July 23rd at 9AM--this needs to be rescheduled to August due to many individuals traveling. Perhaps we can try Tuesday, August 13th at 9AM instead? Please let me know if that works for your calendar. > > Lastly, a reminder that our next Oversight Committee meeting is scheduled for Tuesday, September 17th at 8AM at Leeds. > >Please let me know if you have any questions. > > Best, Kristin 190 From: Sent: To: Cc: Bee: Subject: kristin@commonsensepolicyroundtable.com on behalf of Common Sense Policy Roundtable Mon 10/21/2013 3:43 PM (GMT-00:00) Richard Wobbekind POTENTIAL SPAM: CSPR Voter Education Edition COMMON Like us on Face book in ) Voter Education Edition October 2013 Dear Friend, Greetings from the Commons Sense Policy Roundtable! With the upcoming November election, we wanted to dedicate this newsletter to education on Colorado's key ballot initiative, Amendment 66. We are writing you today with crucial information on Amendment 66. In June, we formed a partnership with the Metro Denver EDC and Denver South EDP and purchased a state of the art econometric dynamic modeling tool called REM!, which is housed at the Leeds School of Business at the University of Colorado Boulder. Recently, we used REM! and commissioned Leeds researchers to complete two studies on the economic implications of Amendment 66. We not only measured the economic impact in terms of GDP, jobs, and disposable income, but we also studied what if scenarios that modeled economic impacts based on hypothetical metrics such as graduation rates. First and foremost, a reminder on what Amendment 66 is exactly: • 192 Statewide ballot initiative that is a two-tiered tax. o $75,000 household earners tax rate would increase from 4.63% to 5%. o Over $75,000 household earners would increase to 5.9%: a 27.4% • • tax increase and the largest in Colorado history. o Amendment 66 does NOT include corporations. By increasing income taxes, Amendment 66 DOES impact small businesses filing as LLCs and S-corps. Amendment 66 would become a pennanent tax increase, BUT it is tied to Senate Bill 13-213, which is statutory. This means that the manner in which the money is spent can change at any time by vote of a future General Assembly. From our studies, the key economic impacts of Amendment 66 are as follows: • • • • 'i~ 'i~ -- Colorado's economy would lose $224 million on average first 5 years . Colorado's economy would lose $993 million on average 2019-2040 . Decrease private-sector employment by 6,500 jobs first 5 years . Decrease private-sector employment by 13,400 between 2019-2040 . The second part of our study analyzed several hypothetical wider economic implications of increased graduation rate and/or reduced drop out rates. The study projected forward these metrics in lowering incarceration rates, lowering social assistance costs, and increasing college matriculation rates. Amendment 66 does not include any benchmarks or requirements, but we wanted to know what a best-case scenario entailed. ~lliS And so we analyzed: @i.1il!l.!l!lil!ltmM€!> What If. .. Colorado's graduation rate of 75% increased to the highest in the country-88% like Iowa? OR What If. .. Colorado's current drop out rate of 2.9% was lowered to the lowest in the country-1.2% like New Hampshire? Both are goals that all of us, as Coloradans, would hope to see in the future. Still, these highly generous assumptions only generated a neutral to marginally positive economic benefit for Colorado when weighed against that of the negative economic drain from Amendment 66. While the intent of Amendment 66 may be good, the execution and logic behind it is flawed. As these studies show, Amendment 66 slows GDP and job creation at a time when Colorado's economy is on far from even footing. Please visit our website to read the full studies on Amendment 66. Sincerely, rtml@ra1!!il ~~a& ~001 Board Chair Earl Wright Chair-Elect Buz Koebel Read the Economic and Fiscal Impacts of Amendment 66 and the Public School Finance Act on the Colorado Economy. Read the Economic Impacts of Improved Educational Performance and the Impacts of Alternative Sources of Education Funding on the Colorado Economy. 192 What does Amendment 66 Mean for Colorado Taxpayers, Schools ""' and Jobs? Cl 2014 2()19 2024 2034 ,03, 2044 ·100 ·200 "·S224MIWON .300 -400 .... ·500 Colorado's economy would lose $224 million in economic activity on average over the first 5 years and $993 million from 2019-2040. Also, Colorado can expect to see 6,500 fewer private sector jobs on average in the first 5 years and 13,400 fewer between 2019-2014. ·700 ·800 ·900 ·1000 l •$99:1MllLJOrt ·~ '• How would Amendment 66 affect COLORADO'S ECONOMY? For the entire report, click here. ~g1m1111t1•"1A•"1~ DOUGLAS COUNTY: The Impact of a World Class Education By: The Honorable Peter C. Goff MCG2 Consulting r I K:7h Join our. ] I ~ Ma_\Ung List l The state of Colorado is among the national leaders and pacesetters in educational change and transformation. As Colorado Children's Campaign reported (2009), "[O]ver the last several decades, the state often has been ahead of the curve in implementing reforms like standards, accountability measures, and school choice." Yet, as successful as Colorado has been in policy creation, Carolyn Woemper's Analysis of Stakeholder Perceptions of Education Reform in Colorado reported that, "some innovations seem to die on contact with the institutional reality of school(s)" and districts. Despite steady acceptance of school choice in Colorado, many districts within Colorado have struggled to implement the visionary statutes created by the last two decades of state legislators and the last four Governors. Furthermore, some school districts have been outright hostile toward extending choice and embracing accountability and standards. The Colorado districts that have been most successful have found that innovative efforts have to accommodate the unique needs and challenges of the district and the expectations of the parents. Douglas County is one such district. In 2011, DCSD scored the highest in the state in reading and was 13 percentage points above the state average on the entire test. The district's composite score the last two years on the ACT is the highest it has ever been at 21.7, and 69% of the AP exams taken were college credit qualified. Whereas many districts with that type of relative success would be satisfied, DSCD has pursued a transformative effort to overturn a system it has seemingly mastered because it realized the current results are not preparing its graduates to compete in the global economy. 192 Learn more about how Douglas County School District is providing a world class education for its students by full regort here. ®lmrimil~~m~~flim'1itGD ~~®liilimm~m.111,1m;!!RA.1.i1Il~m41¥Jfili.L Forward this email :,..~_;; r=ted Emilll from · ~ ·"' ConstantContact"' This email was sent to richard.wobbekind@colorado.edu by kristin@commonsensegolicyroundtable.com Update Profile/Email Address I Instant removal with SafeUnsubscribe™ I Privacy Policy. I Common Sense Policy Roundtable I 9249 South Broadway Blvd, #200-148 I Highlands Ranch I CO I 80129 192 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Thu 7/18/2013 1:29 PM (GMT-00:00) Richard Wobbekind RE: REMI Press Clips and Oversight Committee Meetings RichI should have elaborated. I talked with Beth, but she decided to wait on a story until we do a project. Brian -----Original Message----From: Richard Wobbekind Sent: Wednesday, July l 7, 2013 3: 11 PM To: Kristin Strohm; Earl Wright; Buz Koelbel; T. Scott Martin; Keith E. Markus; Mike Fitzgerald; Tom Clark Cc: Ruth Hartshorn; Diane M. Grubbs; Jake Zambrano; David L. Tarasi; Brian R. Lewandowski; Adam Fulton; paula.larsen@denverchamber.org; Steve Klausing Subject: RE: REMI Press Clips and Oversight Committee Meetings The Boulder County Business report interviewed Brian today. They will be running an article for sure. The 13th works for me. -----Original Message----From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, July 17, 2013 2:53 PM To: Earl Wright; Buz Koelbel; T. Scott Martin; Richard Wobbekind; Keith E. Markus; Mike Fitzgerald; Tom Clark Cc: Ruth Hartshorn; Diane M. Grubbs; Jake Zambrano; David L. Tarasi; Brian R. Lewandowski; Adam Fulton; paula.larsen@denverchamber.org; Steve Klausing Subject: REMl Press Clips and Oversight Committee Meetings Oversight Committee Members, Thank you all for your hard work an participation in the press conference yesterday. Attached please find the compiled press clips from our press conference. Overall, it has gotten great coverage and has been very well received. Please let me know if you know of any other articles to include. Lastly, I know we had looked at doing a brainstorm meeting next Tuesday, July 23rd at 9AM--- 193 this needs to be rescheduled to AU!:,JUSt due to many individuals traveling. Perhaps we can try Tuesday, August 13th at 9AM instead? Please let me know if that works for your calendar. Lastly, a reminder that our next Oversight Committee meeting is scheduled for Tuesday, September 17th at SAM at Leeds. Please let me know if you have any questions. Best, Kristin 193 From: Sent: To: Richard Wobbekind Thu 7/18/2013 4:36 PM (GMT-00:00) Kristin Strohm (kristin@thestarboardgroup.com) Cc: Bee: Subject: I spoke too soon The Boulder County Business report decided not to run an article since they were late to the game. They said they would write the article with the first project. Richard L. Wobbckind Senior Associate Dean for Academic Programs Leeds School of Business University of Colorado, Boulder (303) 492-1147 195 Brian R. Lewandowski Sun 11/03/2013 4:10 PM (GMT-00:00) Kristin Strohm Richard Wobbekind; Earl Wright; Buz Koelbel; T. Scott Martin From: Sent: To: Cc: Bee: Subject: Re: Capitol and Capital Interview KristinDo you know the time for the Monday interview? Brian Sent from my iPhone On Nov 2, 20 l 3, at 11 :52 AM, "Kristin Strohm" wrote: Brian and Rich, Any chance either of you can do this show on our studies on Monday? Lou had never heard back and he is a CSPR board member. If either of you cannot accommodate we will have an oversight committee member fill in. Also, please send me some dates/times that work post election for our next in person meeting. I will give you a ca11 on Monday to fo1Iow up as well. Hope you are having a great weekend. Thanks, Kristin Sent from my iPhone Begin forwarded message: From: Lou Hutchison Date: November 2, 2013 at 11:38:14 AM MDT To: Kristin Strohm Subject: Fwd: Capitol and Begin forwarded message: From: Lou Hutchison Subject: Re: Capitol and Capital Interview Date: October 24, 2013 at 7:16:40 AM MDT 199 To: "Brian R. Lewandowski" Brian, I understand. What about Monday? Lou Sent from my iPad. Please forgive any misspelled words, especially those generated by AutoCorrect. On Oct 24, 2013, at 5:14 AM, "Brian R. Lewandowski" wrote: LouThanks for the invite. I am at an economics conference in Denver, therefore, [ cannot participate in the segment. Thanks, Brian Sent from my iPhone On Oct 23, 2013, at 5:27 PM, "lou.hutchison@capitalandcapitol.com" wrote: Kristin - thanks for the intro. Brian - I do an hour segment each Monday with Michael Brown from 6 - 7 on KHOW 630 AM. We also pre-record some segments. We are doing a pre-record tomorrow (10/24) at 11:00 a.m. We'd like to invite you to join us to discuss the study you did regarding the Amendment 66 tax increase. Tomorrow would be perfect, but as it is such late notice, we understand if another time would be better for you. Please let me know if you'd be interested and what your schedule might look like. The studio is located near Monaco and Belleview (near Belleview and 125 in the Tech Center). Thanks, 199 Lou On Oct 23, 2013, at 5: 11 PM, Kristin Strohm wrote: Brian, please meet Lou Hutchison, one ofCSPR's board members. He was wondering if you might be available for an interview on his show about our Amend 66 studies. I'll let you two connect. Kristin Sent from my iPhone 199 From: Sent: To: Cc: Kristin Strohm Mon 10/13/2014 3:23 PM (GMT-00:00) Earl Wright; T. Scott Martin; WAKKOELBEL@aol.com; Steve Klausing; Mike Fitzgerald; Tom Clark; Pam Reichert; Richard Wobbekind; Brian R. Lewandowski; Keith E Maskus Angela C. Roberts; Tim Pollard; Tyler W. Graham; Ruth Hartshorn; Hannah Heavrin; ; Courtney Steinford Bee: Subject: REMI CALL CONFIRMED All, Per the email below, our ca11 wiII be this FRIDAY, October 17th at 9:30AM. Here is the caII-in information: Ca11-in number: Access code: Thanks, Kristin On Fri, Oct 10, 2014 at 1:36 PM, Kristin Strohm wrote: Oversight Committee Members, Attached please find a CONFIDENTIAL draft report of the balanced budget study Brian has been working on. He wanted everyone to be aware of where we currently stand on the project, but understand this is a preliminary draft. I have also attached the original scope proposal for your reference. Please note that there are some refinements Brian is already working on that include the In order to streamline the revision process and initial feedback we are going to have a Oversight Committee call next Friday, I will let you know the time after I coordinate everyone's calendars. Please be prepared to discuss the draft and provide Brian with comments, questions, and thoughts on other scenarios. As always, a reminder to keep this confidential. Thank you and have a great weekend. 200 C.R.S. 24-72-204(2)(a)(lll) Kristin ---------- Forwarded message ---------From: Brian R. Lewandowski Date: Mon, Oct 6, 2014 at 4:52 PM Subject: Balanced Budget Draft Report To: ''kristin@thestarboardgroup.com" Cc: Richard Wobbekind Kristin- I have attached the confidential balanced budget draft report. Please share with the consortium and schedule a call to debrief the group. Thanks, Brian Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 303.492.3307 200 C.R.S. 24-72-204(2)(a)(lll) ~Starboard ~ Group d/C;eid'vn r;f/i-.u;,J,,m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group d/C;eid'vn r;f/i-.u;,J,,m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 200 C.R.S. 24-72-204(2)(a)(lll) From: Sent: To: Kristin Strohm Tue 3/18/2014 3:33 PM (GMT-00:00) Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Richard Wobbekind; Keith E Maskus; Brian R. Lewandowski Hannah@denversouthedp.org Heavrin; Tim Pollard; amanda.melroy@metrodenver.org Cc: Bee: Subject: Re: CRED & Vital Meetings- TIME CHANGE Please note: Vital meeting has changed to 4:30PM tomorrow, instead of 4PM. Meeting Details March 19th 4:30pm: CSPR briefing on fracking ban economic study Polsinelli Law Firm 1515 Wynkoop, Suite 600 Denver, CO 80202 Parking is available in the building and can be validated by Polsinelli On Thu, Mar 13, 2014 at 5:13 PM, Kristin Strohm wrote: Oversight Committee, Per our call, we have reached out to present our initial study at both the Vital for Colorado and CRED board meetings. I know that Tom is taking the lead on the meeting with the Governor. Below are the meeting times/dates. I should have more details on the CRED meeting early next week I think just one member from each group will suffice for the meetings, as I know seating is limited. Please let me know who wiII be attending. Lastly, thank you everyone for all your comments on the press release. CU is finishing their comments tomorrow morning, then I will have a revised draft to everyone tomorrow afternoon. Meeting Details: CRED: 3/25 at 3pm Vital for Colorado: March 19th, 4:00PM Polsinelli Office 1515 Wynkoop, Suite 600 Denver, CO 80202 Parking is available in the building and can be validated by PolsineIIi Please let me know if you have any questions. Thank you for all your help! Kristin 201 Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard w_ Group (;fl{;i&fv& r;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 201 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Sun 11/03/2013 4:38 PM (GMT-00:00) Brian R. Lewandowski Richard Wobbekind; Lou Hutchison Re: Capitol and Capital Interview 6-7pm. I have ccd Lou in as well. He said it could be the entire show or half of it. Sent from my iPhone On Nov 3, 2013, at 9:10 AM, "Brian R. Lewandowski" wrote: KristinDo you know the time for the Monday interview? Brian Sent from my iPhone On Nov 2, 2013, at 11 :52 AM, "Kristin Strohm" wrote: Brian and Rich, Any chance either of you can do this show on our studies on Monday? Lou had never heard back and he is a CSPR board member. If either of you cannot accommodate we will have an oversight committee member fill in. Also, please send me some dates/times that work post election for our next in person meeting. r will give you a calI on Monday to foliow up as well. Hope you are having a great weekend. Thanks, Kristin Sent from my iPhone Begin forwarded message: From: Lou Hutchison Date: November 2, 2013 at 11:38:14 AM MDT To: Kristin Strohm 204 Subject: Fwd: Capitol and Begin forwarded message: From: Lou Hutchison Subject: Re: Capitol and Capital Interview Date: October 24, 2013 at 7:16:40 AM MDT To: "Brian R. Lewandowski" Brian, l understand. What about Monday? Lou Sent from my iPad. Please forgive any misspelled words, especialiy those generated by AutoCorrect. On Oct 24, 2013, at 5: 14 AM, "Brian R. Lewandowski" wrote: LouThanks for the invite. I am at an economics conference in Denver, therefore, I cannot participate in the segment. Thanks, Brian Sent from my iPhone On Oct 23, 2013, at 5:27 PM, "lou.hutchison@capitalandcapitol.com" wrote: Kristin - thanks for the intro. Brian - I do an hour segment each Monday with 204 Michael Brown from 6 - 7 on KHOW 630 AM. We also pre-record some segments. We are doing a prerecord tomorrow (10/24) at 11:00 a.m. We'd like to invite you to join us to discuss the study you did regarding the Amendment 66 tax increase. Tomorrow would be perfect, but as it is such late notice, we understand if another time would be better for you. Please let me know if you'd be interested and what your schedule might look like. The studio is located near Monaco and Belleview (near Belleview and 125 in the Tech Center). Thanks, Lou On Oct 23, 2013, at 5:11 PM, Kristin Strohm wrote: Brian, please meet Lou Hutchison, one of CSP R's board members. He was wondering if you might be available for an interview on his show about our Amend 66 studies. I'll let you two connect. Kristin Sent from my iPhone 204 From: Sent: To: Cc: Bee: Subject: Richard Wobbekind Sun 11/03/2013 4:42 PM (GMT-00:00) 'Kristin Strohm'; Brian R. Lewandowski Lou Hutchison RE: Capitol and Capital Interview I am at the Kansas City Fed meeting from noon-9. From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Sunday, November 03, 2013 9:39 AM To: Brian R. Lewandowski Cc: Richard Wobbekind; Lou Hutchison Subject: Re: Capitol and Capital Interview 6-7pm. [ have ccd Lou in as well. He said it could be the entire show or half of it. Sent from my iPhone On Nov 3, 2013, at 9: 10 AM, "Brian R. Lewandowski" wrote: KristinDo you know the time for the Monday interview? Brian Sent from my iPhone On Nov 2, 2013, at 11:52 AM, "Kristin Strohm" wrote: Brian and Rich, Any chance either of you can do this show on our studies on Monday? Lou had never heard back and he is a CSPR board member. lf either of you cannot accommodate we will have an oversight committee member fill in. Also, please send me some dates/times that work post election for our next in person meeting. I will give you a call on Monday to follow up as well. Hope you are having a great weekend. 207 Thanks, Kristin Sent from my iPhone Begin forwarded message: From: Lou Hutchison Date: November 2, 2013 at 11:38:14 AM MDT To: Kristin Strohm Subject: Fwd: Capitol and Begin forwarded message: From: Lou Hutchison Subject: Re: Capitol and Capital Interview Date: October 24, 2013 at 7:16:40 AM MDT To: "Brian R. Lewandowski" Brian, I understand. What about Monday? Lou Sent from my iPad. Please forgive any misspelled words, especially those generated by AutoCorrect. On Oct 24, 2013, at 5:14 AM, "Brian R. Lewandowski" wrote: LouThanks for the invite. I am at an economics conference in Denver, therefore, I cannot participate in the segment. Thanks, Brian 207 Sent from my iPhone On Oct 23, 2013, at 5:27 PM, "lou.hutchison@capitalandcapitol.com" wrote: Kristin - thanks for the intro. Brian - I do an hour segment each Monday with Michael Brown from 6 - 7 on KHOW 630 AM. We also pre-record some segments. We are doing a prerecord tomorrow (10/24) at 11:00 a.m. We'd like to invite you to join us to discuss the study you did regarding the Amendment 66 tax increase. Tomorrow would be perfect, but as it is such late notice, we understand if another time would be better for you. Please let me know if you'd be interested and what your schedule might look like. The studio is located near Monaco and Belleview (near Belleview and 125 in the Tech Center). Thanks, Lou On Oct 23, 2013, at 5:11 PM, Kristin Strohm wrote: Brian, please meet Lou Hutchison, one of CSPR's board members. He was wondering if you might be available for an interview on his show about our Amend 66 studies. I'll let you two connect. Kristin Sent from my iPhone 207 Document Privileged in its Entirety 254 C.R.S. From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Sun 11/03/2013 8:01 PM (GMT-00:00) Lou Hutchison Kristin Strohm; Richard Wobbekind Re: Capitol and Capital Interview Noon to 3:00 is preferred. Otherwise, I am free between 3 &5. I need to pick the kids up just past 5. Brian Sent from my iPhone On Nov 3, 2013, at 12:38 PM, "Lou Hutchison" wrote: Brian - Let me check. The phone aspect would be fine but I need to check schedules. Would somewhere between noon and three work for you? If not could you do sometime between 3 and 6? And if that doesn't work, I'll see about just you and Michael doing it before noon (I'm tied up taking my dad for a medical procedure). Thanks! - Lou Sent from my iPhone. Please excuse any typo's or misspelling, especially those caused by AutoCorrect! On Nov 3, 2013, at 10:45 AM, "Brian R. Lewandowski" wrote: LouCan we do this by phone earlier in the day? Brian Sent from my iPhone On Nov 3, 2013, at 9:38 AM, "Kristin Strohm" wrote: 6-7pm. I have ccd Lou in as well. He said it could be the entire show or half of it. Sent from my iPhone On Nov 3, 2013, at 9: I0 AM, "Brian R. Lewandowski" wrote: 211 KristinDo you know the time for the Monday interview? Brian Sent from my iPhone On Nov 2, 2013, at 11 :52 AM, "Kristin Strohm" wrote: Brian and Rich, Any chance either of you can do this show on our studies on Monday? Lou had never heard back and he is a CSPR board member. If either of you cannot accommodate we will have an oversight committee member fill in. Also, please send me some dates/times that work post election for our next in person meeting. I will give you a call on Monday to follow up as well. Hope you are having a great weekend. Thanks, Kristin Sent from my iPhone Begin forwarded message: 211 From: Lou Hutchi son Date: Novcm ber 2, 2013 at 11:38: L4AM MDT To: Kristin Strohm Subjec t: Fwd: Capito land Begin forwar ded messag e: From: Lou Hutchi son Subje ct: Re: Cap it oland Cap it al lnterv iew Date: Octob er 24, 2013 at 7:16:4 OAM MDT To: "Brian R. Lewan dowsk i" Brian, I underst and. What about Monda y? Lou Sent from 211 my iPad. Please forgive any misspe lled words, especia lly those gene rat ed by AutoC orreet. OnOet 24, 20l3, at 5:14 AM, "Brian R. Lewan dowski " wrote: LouThanks for the invite. ram at an eeono mies eonfere nee m 211 Denver thcrcfo re, l cannot partici pate in the segme nt. Thanks Brian Sent from my iPhone On Oct 23, 2013, at 5:27 PM, "lou.hu tchison @cap it alandc apitol.c om" wrote: Kristin thanks for the intro. Brian - 211 I do an hour segme nt each Monda ywith Michae 1 Brown from6 - 7 on KHO W630 AM. We also prerecord some segme nts. Weare doing a prerecord tomorr ow (10/24) at 11:00 a.m. We'd like to invite you to join us to discuss the study you did regardi ngthe Amend ment 211 66 tax mcreas c. Tomor row would be perfect , but as it is such late notice, we undcrst and if another time would be better for you. Please let me know if you'd be interest ed and what your schedu le might look like. The studio is located near Monac o and Bellevi 211 ew (near Bcllcvi ewand 125 in the Tech Center) Thanks Lou On Oct 23, 2013, at 5: l l PM, Kristin Strohm wrote: Brian, please meet Lou Hutchi son, one of CSPR' s board rnernbe rs. He was wonder ing if you might 211 be availab le for an intervi ewon his show about our Amend 66 studies I'll let you two conncc t. Kristin Sent from my iPhone 211 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Mon 10/06/2014 10:53 PM (GMT-00:00) Brian R. Lewandowski Richard Wobbekind Re: Balanced Budget Draft Report Thanks Brian. Will do. On Mon, Oct 6, 2014 at 4:52 PM, Brian R.Lewandowski wrote: Kristin- I have attached the confidential balanced budget draft report. Please share with the consortium and schedule a call to debrief the group. Thanks, Brian Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 303.492.3307 212 ~Starboard ~ Group d/C;eid'vn r;f/i-.u;,J,,m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 212 From: Sent: To: Cc: Bee: Subject: Lou Hutchison Sun 11/03/201310:54 PM (GMT-00:00) Brian R. Lewandowski Kristin Strohm; Richard Wobbekind Re: Capitol and Capital Interview Brian, how docs l :30 sound? I'll let you know about the phone number tomorrow. Thanks again. Sent from my iPhone. Please excuse any typo's or misspelling, especially those caused by AutoCorrect! On Nov 3, 2013, at 1:01 PM, "Brian R. Lewandowski" wrote: Noon to 3:00 is preferred. Otherwise, I am free between 3 &5. I need to pick the kids up just past 5. Brian Sent from my iPhonc On Nov 3, 2013, at 12:38 PM, "Lou Hutchison" wrote: Brian - Let me check. The phone aspect would be fine but I need to check schedules. Would somewhere between noon and three work for you? ff not could you do sometime between 3 and 6? And if that doesn't work, I'll see about just you and Michael doing it before noon (I'm tied up taking my dad for a medical procedure). Thanks! - Lou Sent from my iPhone. Please excuse any typo's or misspelling, especially those caused by AutoCorrect! On Nov 3, 2013, at 10:45 AM, "Brian R. Lewandowski" wrote: LouCan we do this by phone earlier in the day? Brian Sent from my iPhone 213 On Nov 3, 2013, at 9:38 AM, "Kristin Strohm" wrote: 6-7pm. I have ccd Lou in as well. He said it could be the entire show or halfof it. Sent from my iPhone On Nov 3, 2013, at 9:10 AM, "Brian R. Lewandowski" wrote: KristinDo you know the time for the Monday interview? Brian Sent from my iPhone On Nov 2, 2013, at 11 :52 AM, "Kristin Strohm" wrote: Brian and Rich, Any chance either of you can do this show on our studies on Monda y? Lou 213 had never heard back and he 1s a CSPR board membe r. If either of you cannot accom mo date we will have an oversig ht commi ttee membe rfill in. Also, please send me some dates/ti mes that work post electio n for our next in person meet in g. r will give 213 you a call on Monda yto follow up as well. Hope you are having a great weeke nd. Thanks Kristin Sent from my iPhone Begin forwar D a t e N 0 v e 111 b e r 2 213 20113 00 AM MDT 0 I ?1.1 St.1 StTOhm 213 sat_.Sub.l..ect OD Fwd. 213 forward?d m?ssage. From: 213 H u t c h i s 0 n < Q !! - h !! ! .Q h i .§ Q n @ g m £! .:. .Q Q m > s u b j e c t R 213 cap-ItOI and Capital October 213 24 2013 at AM Br.lan Lewand 213 0 w s k II < Q r i £ D. - ! .@ w £ D. Q Q w .§ !s i @ c Q ! Q r £ Q Q - s D u > B r a 11 213 I Und?rsta n10 What abOUt Mondayn! 0 11 213 fro my .1P ad Please forg.lve a m.lsspelled W0 213 r d s e s p e c a 1 1 y t h 0 s e g e 11 e r a t e d b y A u t 0 c 0 r r e c t 213 On 24 20113 114 AM Brilan 213 .9 ?1 a n. a_ n_d_ o. w_ 91 0_ r_ a_d_ 0_ Wro 213 . Lou Thank 213 CODO 111 Denver 3 therefore 3 213 partul 041 00 Thank 3 213 sent 111 my Get 2 3 3 20113 3 213 5 2 7 p M " 1 _Q 11 - h 11 t .Q h ! ~ _Q !! @ .Q ! t f! 1 f! 11 _d .Q f! J2 ! t _Q 1 .Q _Q 111 " 213 mail. o. m_ Kr.13t.1n 213 hank Brulan hour 213 each Monday M.1 BTOWD from 6 213 1111 213 d0.1ng a pre .Tecord 17171 OTTOW (110/124) 213 .1nv-1te V..0 .Joi 213 0 th StUdy YO 213 Ame dme. 11 ,Crease would 213 3 bUt a SuCh late H0..lvu.l.?vnn.u. 3 213 CTStand Other t.1me would 6 better 213 Please let me know if You?d be interested 213 n10 What your mil. 1 213 a T, Monaco a n10. (near 213 Bellevqlew 11 th Centaur). Tha UK 213 23 20113 3 PM 3 213 StTOhm ?x k_ ?17.1 na@t_h_ nu; a_ T_b_ 0_ an: T_d_ 0? nu? 0_ 213 Briana Please meet LOU. Hutchisona one Of CSPR 213 board 11 yo mi gh 213 a 3.11 3101 0 T. 11 ,terVieW 0 ,ul 310 213 Stud.les 213 ?eet Kr.ISt.1n sent 1711 my 213 From: Kristin Strohm Sent: Wed 9/24/2014 4:55 PM (GMT-00:00) To: Richard Wobbekind Cc: Brian R. Lewandowski Bee: Subject: Re: Meeting w Rich et all Great- let's move forward with 8:30 on the 16th. Kristin On Wed, Sep 24, 2014 at 10:53 AM, Richard Wobbekind wrote: Kristin, It looks like the earliest Brian and I are available is 8:30. Rich From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, September 22, 2014 9:49 AM To: Richard Wobbekind Cc: Brian R. Lewandowski Subject: Re: Meeting w Rich et all Check the 1OAM meeting. Earl and Buz actually want to do 8 or 8:30AM at CU now on the L6th. Lhour is plenty of time. Docs that work? Kristin On Thu, Sep 18, 2014 at 1:33 PM, Kristin Strohm wrote: 215 I'm sure it is. Thanks much! Sent from my iPhonc On Sep 18, 2014, at 1:31 PM, Richard Wobbekind wrote: I am good from 10-10:50 which hopefully is sufficient. From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 1:16 PM To: Richard Wobbekind Cc: Brian R. Lewandowski Subject: Re: Meeting w Rich et all Yes, in Boulder. lOamon 16th? Sent from my iPhone On Sep 18, 2014, at l:lO PM, Richard Wobbekind wrote: I have a 10:30 on the 15th and an 11 on the 161h. Are we talking about here? Denver would be difficult those days From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 12:57 PM To: Brian R. Lewandowski Cc: Richard Wobbekind Subject: Re: Meeting w Rich et all Rich- let me know what might work best for you too. Thanks! Kristin Sent from my iPhone 215 On Sep 18, 2014, at 9:55 AM, "BrianR. Lewandowski" wrote: Kristin- I can do the morning of the 15th or the 16th. I have something at 11:00 both days, so we could meet at 10:00 or prior. If need be, I think we could do a conference call, too. Rich - what is your availability? Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 9:45 AM To: Brian R. Lewandowski Subject: Meeting w Rich et all Looking ahead at calendars. Does either of the below work for you and Rich to talk invoicing/contract/2015? Wednesday, Oct 15: Morning is wide open Thursday, Oct 16: Morning is available 1Oam 215 a ~ starboard Group d/Ci&ti.n r;f/'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com a starboard ~ Group d/Ci&ti.n cf/i,,eo.£1.n MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com 215 Web: www.thestarboardqroup.com ~Starboard ~ Group dJCei&t'vn c;f/'~£.m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 215 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Mon 11/04/2013 3:56 AM (GMT-00:00) Lou Hutchison Kristin Strohm; Richard Wobbekind RE: Capitol and Capital Interview That will work. Thanks, Brian From: Lou Hutchison [mailto:lou.hutchison@apokalyyis.com] Sent: Sunday, November 3, 2013 3:54 PM To: Brian R. Lewandowski Cc: Kristin Strohm; Richard Wobbekind Subject: Re: Capitol and Capital Interview Brian, how docs l :30 sound? I'll let you know about the phone number tomorrow. Thanks again. Sent from my iPhone. Please excuse any typo's or misspelling, especially those caused by AutoCorrect! On Nov 3, 2013, at 1:01 PM, "Brian R. Lewandowski" wrote: Noon to 3:00 is preferred. Otherwise, I am free between 3 &5. I need to pick the kids up just past 5. Brian Sent from my iPhone On Nov 3, 2013, at 12:38 PM, "Lou Hutchison" wrote: Brian - Let me check. The phone aspect would be fine but I need to check schedules. Would somewhere between noon and three work for you? Ifnot could you do sometime between 3 and 6? And if that doesn't work, I'll see about just you and Michael doing it before noon (I'm tied up taking my dad for a medical procedure). Thanks! - Lou Sent from my iPhone. Please excuse any typo's or misspelling, especially those caused by AutoCorrcct! 216 On Nov 3, 2013, at 10:45 AM, "Brian R. Lewandowski" wrote: LouCan we do this by phone earlier in the day? Brian Sent from my iPhone On Nov 3, 2013, at 9:38 AM, "Kristin Strohm" wrote: 6-7pm. I have ccd Lou in as well. He said it could be the entire show or halfof it. Sent from my iPhone On Nov 3, 2013, at 9:10 AM, "Brian R. Lewandowski" wrote: KristinDo you know the time for the Monday interview? Brian Sent from my iPhone On Nov 2, 2013, at 11 :52 AM, "Kristin Strohm" wrote: Brian and Rich, 216 Any chance either of you can do this show on our studies on Monda y? Lou had never heard back and he 1s a CSPR board membe r. If either of you cannot accom mo date we will have an oversig ht com mi ttee membe rfill in. Also, please send me some dates/ti mes that 216 work post elcctio n for our next in person meetin g. I will give you a call on Monda yto follow up as well. Hope you are having a great weeke nd. Thanks Kristin Sent from my iPhone Begin forwar D a t e 216 November 2 3 20113 00 AM MDT 0 I KruISt 216 :1 sat_.1_ 6. a_ r_b_ o_ a. r_d_ r_ 0_ u_ c_ m; Subj. 216 Fwd. ?d Beg.1n forwarded message 216 e F r 0 m L 0 u H u t c h i s 0 n < Q !! - h !! ! Q h i §. Q n @ g m 9. .:. Q Q 216 ct. Re. cap-ItOI and Capital InterviewDa 216 . October 24 2013 at :16 :40 AM 216 a n R L e w a n d 0 w s k II < Q_ r i g n - ! §. w g n Q Q w §. ls i @ c Q ! Q r g Q Q 216 3 I underSt and What abOUt Mondayn! 216 0 U. sent fro my .1P ad Please forg.lve a 216 .lsspell?d Words: especially those generated 216 24 20113 214 AM 3 216 r a n R L e w a 11 d 0 w s k " < .b_ I ! f! !! l ~ w f! 11 d Q w ~ k ! @ Q Q l Q I f! 216 d_ 0_ Lou Thank .1nv.1te 216 a m a t a 11 c c 0 11 0 m c s c 0 11 f e r c 11 c c 11 D e 11 v c r t h e r 216 efore artulc.1pate 216 hank Brila sent 1111 my On OCT. 23 216 2.1. t? ?21. a_ n_d_ a_ 216 ]2 ! 1 Q l Q Q 111 " < l Q !! h !! 1 Q h ! ~ Q !1 @ g 111 £!: ! l Q Q 111 > w r 0 t e K 216 ?1.1 Stu]. 6 .Intro Br.1nu 216 hour Saung each Monday W-1th Mil. Ch ael Brown 216 0 KHOW 6 3 0 AM We also 216 0 m c s c g 111 e n t s w e a r e d 0 11 g a p r e r c c 0 r d t 0 m 0 r r 216 0W (10/24) a 216 .Joi 0 discuss 6 Study V..0 216 a r d 11 g t h e A 111 e 11 d 111 e 11 t 6 6 t a x 11 c r e a s e T 0 111 0 r r 0 w 216 would 9 bUt late net.1 216 would 216 Please 1 1711 you, 10 .1 216 tubules.th a Dd What your m.1 100k 1 .1k 216 Studqlo II. located near Monaco 3 ?d Belle 216 v.1nuW (near a ?d 2 5 th 6 Tech Ce 216 Get 2 3 3 20113 3 PM 3 216 Kr.1St.1n StTOhm k_ ITL a_ 0_ a_ T_d_ T. D. 0_ 216 wrote. Brian Hutchiso 1?1 lease 216 0f CSPR- board 216 a 3.11 3101 0 ,terVieW 0 ,ul 216 nubOUt 0 U. ml, Ame H10 66 Stud.163 ['11 216 ?eet Kr.ISt.1n sent 1711 my 216 From: Sent: To: Kristin Strohm Thu 7/18/2013 6:00 PM (GMT-00:00) Richard Wobbekind Cc: Bee: Subject: Re: I spoke too soon Thanks for the update Rich. Kristin ~ §,tJ:aJrboal'r,d ~ Group 27C.;ee6ttn ,g9;.~,z_ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com On Jul 18, 2013, at 10:36 AM, Richard Wobbekind wrote: The Boulder County Business report decided not to run an article since they were late to the game. They said they would write the article with the first project. Richard L. Wobbekind Senior Associate Dean for Academic Programs Leeds School of Business University of Colorado, Boulder (303) 492-1147 224 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Mon 9/22/2014 3:48 PM (GMT-00:00) Richard Wobbekind Brian R. Lewandowski Re: Meeting w Rich et all Check the l OAM meeting. Earl and Buz actually want to do 8 or 8:30AM at CU now on the l 6th. l hour is plenty of time. Does that work? Kristin On Thu, Sep 18, 2014 at 1:33 PM, Kristin Strohm wrote: I'm sure it is. Thanks much! Sent from my iPhone On Sep 18, 2014, at 1:31 PM, Richard Wobbekind wrote: I am good from 10-10:50 which hopefully is sufficient. From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 1:16 PM To: Richard Wobbekind Cc: Brian R. Lewandowski Subject: Re: Meeting w Rich et all Yes, in Boulder. 1Oam on 16th? Sent from my iPhonc On Sep 18, 2014, at 1:10 PM, Richard Wobbekind wrote: I have a 10:30 on the 15th and an 11 on the 161h. Are we talking about here? Denver would be difficult those days 225 From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 12:57 PM To: Brian R. Lewandowski Cc: Richard Wobbekind Subject: Re: Meeting w Rich et all Rich- let me know what might work best for you too. Thanks! Kristin Sent from my iPhonc On Sep 18, 2014, at 9:55 AM, "Brian R. Lewandowski" wrote: Kristin- I can do the morning of the 151h or the 161h. I have something at 11:00 both days, so we could meet at 10:00 or prior. If need be, I think we could do a conference call, too. Rich - what is your availability? Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 9:45 AM To: Brian R. Lewandowski Subject: Meeting w Rich et all 225 Looking ahead at calendars. Does either of the below work for you and Rich to talk invoicing/contract/2015? Wednesday, Oct 15: Morning is wide open Thursday, Oct 16: Morning is available lOam ~Starboard ~ Group dJCei&t'vn c;f/'~£.m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group dJCei&t'vn c;f/'~£.m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 225 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 225 From: Sent: To: Cc: Bee: Subject: Earl L. Wright Thu 4/11/2013 7:23 PM (GMT-00:00) Richard Wobbekind Re: CSPR REMI Proposal Rich Appreciate updated proposal. Will back to you beginning of next week. Excited about working with you and the future of this endeavor. »>Richard Wobbekind 4/9/201310:11 PM»> Dear Mr. Wright and Ms. Strohm, Please find our updated proposal for the REMI project attached to this email. The Business Research Division is pleased to have the opportunity to work with the partners you have established for this ongoing project. We look forward to your feedback. Best, Richard Wobbekind Richard L. Wobbekind Senior Associate Dean for Academic Programs Leeds School of Business University of Colorado, Boulder (303) 492-1147 Scanned by AMG National Trust Bank M+ Guardian Messaging Firewall --Scanned by M+ Guardian Messaging Firewall --- NOTE: If you are not the intended recipient of this e-mail and any attachments ("communication"), please immediately destroy it. You may not retain or use this communication. Any such action may be unlawful. AMG National Trust Bank reserves the right to monitor and review all messages and enclosures sent to or from this email address. IRS CIRCULAR 230 DISCLOSURE: Any tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the lntemal Revenue Code or applicable state or local tax provisions or for promoting, marketing, or recommending to another party any transaction or tax-related matter addressed in this communication. TRADING DISCLOSURE: AMG National Trust Bank does not accept trade requests via email If you wish to place a trade, please contact your financial advisor. 227 From: Sent: To: Richard Wobbekind Thu 8/01/2013 10:33 PM (GMT-00:00) Kristin Strohm (kristin@thestarboardgroup.com) Cc: Bee: Subject: August 13th ... brainstorming session Kristin, My boss has put me in a meeting at that time that I can't change. Brian is still available. Richard L. Wobbekind Senior Associate Dean for Academic Programs Leeds School of Business University of Colorado, Boulder (303) 492-1147 230 From: Kristin Strohm Sent: Wed 2/26/2014 6:22 PM (GMT-00:00) To: Brian R. Lewandowski Cc: Richard Wobbekind Bee: Subject: Re: Status Excellent thanks Brian. I will circulate to group and also schedule a call for next week. That work? On Feb 26, 2014, at 10:27 AM, "Brian R. Lewandowski" wrote: KristinHere is a draft of the report. As we continue to edit, we welcome feedback from the group. Thanks, Brian From: Kristin Strohm [kristin@thestarboardgroup.com] Sent: Monday, February 24, 2014 3:40 PM To: Brian R. Lewandowski Subject: Re: Status Any chance I can get the draft before Thurs at 7AM? We have a CSPR board meeting and I wanted to review the highlights with them. Yes, I can arrange a conf call for early next week. What date/times work for you? Hope you are enjoying DCI On Feb 24, 2014, at 11:16 AM, Brian R. Lewandowski wrote: I will send it this week. It is currently being edited. I am currently in Washington, so I will send it by the end of the week. Do you want to have a conference call with the group early next week? Brian Sent from my iPhone 231 On Feb 24, 2014, at 12:50 PM, "Kristin Strohm" wrote: Hi Brian, Hope you had a great weekend, just wanted to check-in on status of the draft report? Thanks! Kristin Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 231 From: Sent: To: Cc: Bee: Subject: Lou Hutchison Sun 11/03/2013 9:51 PM (GMT-00:00) Brian R. Lewandowski Kristin Strohm; Richard Wobbekind Re: Capitol and Capital Interview Thx! Let me work on it and get back to you as soon as I can. Sent from my iPhone. Please excuse any typo's or misspelling, especially those caused by AutoCorrect! On Nov 3, 2013, at 1:01 PM, "Brian R. Lewandowski" wrote: Noon to 3:00 is preferred. Otherwise, I am free between 3 &5. I need to pick the kids up just past 5. Brian Sent from my iPhone On Nov 3, 2013, at 12:38 PM, "Lou Hutchison" wrote: Brian - Let me check. The phone aspect would be fine but I need to check schedules. Would somewhere between noon and three work for you? ff not could you do sometime between 3 and 6? And if that doesn't work, I'll see about just you and Michael doing it before noon (I'm tied up taking my dad for a medical procedure). Thanks! - Lou Sent from my iPhone. Please excuse any typo's or misspelling, especially those caused by AutoCorrect! On Nov 3, 2013, at 10:45 AM, "Brian R. Lewandowski" wrote: LouCan we do this by phone earlier in the day? Brian Sent from my iPhone 234 On Nov 3, 2013, at 9:38 AM, "Kristin Strohm" wrote: 6-7pm. I have ccd Lou in as well. He said it could be the entire show or halfof it. Sent from my iPhone On Nov 3, 2013, at 9:10 AM, "Brian R. Lewandowski" wrote: KristinDo you know the time for the Monday interview? Brian Sent from my iPhone On Nov 2, 2013, at 11 :52 AM, "Kristin Strohm" wrote: Brian and Rich, Any chance either of you can do this show on our studies on Monda y? Lou 234 had never heard back and he 1s a CSPR board membe r. If either of you cannot accom mo date we will have an oversig ht commi ttee membe rfill in. Also, please send me some dates/ti mes that work post electio n for our next in person meet in g. r will give 234 you a call on Monda yto follow up as well. Hope you are having a great weeke nd. Thanks Kristin Sent from my iPhone Begin forwar D a t e N 0 v e 111 b e r 2 234 20113 00 AM MDT 0 I ?1.1 St.1 StTOhm 234 sat_.Sub.l..ect OD Fwd. 234 forward?d m?ssage. From: 234 H u t c h i s 0 n < Q !! - h !! ! .Q h i .§ Q n @ g m £! .:. .Q Q m > s u b j e c t R 234 cap-ItOI and Capital October 234 24 2013 at AM Br.lan Lewand 234 0 w s k II < Q r i £ D. - ! .@ w £ D. Q Q w .§ !s i @ c Q ! Q r £ Q Q - s D u > B r a 11 234 I Und?rsta n10 What abOUt Mondayn! 0 11 234 fro my .1P ad Please forg.lve a m.lsspelled W0 234 r d s e s p e c a 1 1 y t h 0 s e g e 11 e r a t e d b y A u t 0 c 0 r r e c t 234 On 24 20113 114 AM Brilan 234 .9 ?1 a n. a_ n_d_ o. w_ 91 0_ r_ a_d_ 0_ Wro 234 . Lou Thank 234 CODO 111 Denver 3 therefore 3 234 partul 041 00 Thank 3 234 sent 111 my Get 2 3 3 20113 3 234 5 2 7 p M " 1 _Q 11 - h 11 t .Q h ! ~ _Q !! @ .Q ! t f! 1 f! 11 _d .Q f! J2 ! t _Q 1 .Q _Q 111 " 234 mail. o. m_ Kr.13t.1n 234 hank Brulan hour 234 each Monday M.1 BTOWD from 6 234 1111 234 d0.1ng a pre .Tecord 17171 OTTOW (110/124) 234 .1nv-1te V..0 .Joi 234 0 th StUdy YO 234 Ame dme. 11 ,Crease would 234 3 bUt a SuCh late H0..lvu.l.?vnn.u. 3 234 CTStand Other t.1me would 6 better 234 Please let me know if You?d be interested 234 n10 What your mil. 1 234 a T, Monaco a n10. (near 234 Bellevqlew 11 th Centaur). Tha UK 234 23 20113 3 PM 3 234 StTOhm ?x k_ ?17.1 na@t_h_ nu; a_ T_b_ 0_ an: T_d_ 0? nu? 0_ 234 Briana Please meet LOU. Hutchisona one Of CSPR 234 board 11 yo mi gh 234 a 3.11 3101 0 T. 11 ,terVieW 0 ,ul 310 234 Stud.les 234 ?eet Kr.ISt.1n sent 1711 my 234 From: Sent: To: Kristin Strohm Fri 8/02/2013 12:06 AM (GMT-00:00) Richard Wobbekind Cc: Bee: Subject: Re: August 13th... brainstorming session Thanks for letting me know Rich. I will call you after and update you on the session. Sent from my iPhone On Aug 1, 2013, at 3:33 PM, Richard Wobbekind wrote: Kristin, My boss has put me in a meeting at that time that I can't change. Brian is still available. Richard L. Wobbekind Senior Associate Dean for Academic Programs Leeds School of Business University of Colorado, Boulder (303) 492-1147 235 Iime 236 From: Sent: To: Cc: Bee: Subject: Lou Hutchison Sun 11/03/2013 7:38 PM (GMT-00:00) Brian R. Lewandowski Kristin Strohm; Richard Wobbekind Re: Capitol and Capital Interview Brian - Let me check. The phone aspect would be fine but I need to check schedules. Would somewhere between noon and three work for you? lfnot could you do sometime between 3 and 6? And if that doesn't work, I'll see about just you and Michael doing it before noon (I'm tied up taking my dad for a medical procedure). Thanks! - Lou Sent from my iPhone. Please excuse any typo's or misspelling, especially those caused by AutoCorrect! On Nov 3, 2013, at 10:45 AM, "Brian R. Lewandowski" wrote: LouCan we do this by phone earlier in the day? Brian Sent from my iPhone On Nov 3, 2013, at 9:38 AM, "Kristin Strohm" wrote: 6-7pm. I have ccd Lou in as well. He said it could be the entire show or halfof it. Sent from my iPhone On Nov 3, 2013, at 9:10 AM, "Brian R. Lewandowski" wrote: KristinDo you know the time for the Monday interview? Brian Sent from my iPhone On Nov 2, 2013, at 11:52 AM, "Kristin Strohm" wrote: 239 Brian and Rich, Any chance either of you can do this show on our studies on Monday? Lou had never heard back and he is a CSPR board member. If either of you cannot accommodate we will have an oversight committee member fill in. Also, please send me some dates/times that work post election for our next in person meeting. I will give you a call on Monday to follow up as well. Hope you are having a great weekend. Thanks, Kristin Sent from my iPhone Begin forwarded message: From: Lou Hutchison Date: November 2, 20l3 at ll:38:l4AM MDT To: Kristin Strohm Subject: Fwd: Capitol and Begin forwarded message: From: Lou Hutchison 239 Subject: Re: Capitol and Capital Interview Date: October 24, 2013 at 7:16:40 AM MDT To: "Brian R. Lewandowski" Brian, I understand. What about Monday? Lou Sent from my iPad. Please forgive any misspelled words, especially those generated by Auto Correct. On Oct 24, 2013, at 5:14 AM, "Brian R. Lewandowski" wrote: LouThanks for the invite. I am at an economics conference in Denver, therefore, I cannot participate in the segment. Thanks, Brian 239 Sent from my iPhone On Oct 23, 2013, at 5:27 PM, "lou.hutchison@capit a landcap ito 1. com" wrote: Kristin - thanks for the intro. Brian - I do an hour segment each Monday with Michael Brown from 6 - 7 on KHOW 630 AM. We also prerecord some segments. We arc doing a pre-record tomorrow (10/24) at 11:00 a.m. We'd like to invite you to join us to discuss the study you did regarding the Amendment 66 tax increase. Tomorrow would be perfect, but as it is such late notice, we understand if another time would be better for you. Please let me know if you'd be interested and what your schedule might look like. The studio is located near Monaco and Belleview (near Belleview and 125 in the Tech Center). Thanks, Lou 239 On Oct 23, 2013, at 5: 11 PM, Kristin Strohm wrote: Brian, please meet Lou Hutchison, one of CSPR's board members. He was wondering if you might be available for an interview on his show about our Amend 66 studies. I'll let you two connect. Kristin Sent from my iPhone 239 From: Sent: To: Cc: Bee: Subject: Attachments: Keith E Maskus Sun 8/11/2013 9:52 PM (GMT-00:00) Richard Wobbekind; Brian R. Lewandowski FW: Reminder: REMI Oversight Committee Brainstorm Meeting REMI Oversight Committee Meeting Agenda 8_ 14.pdf; REMI Study List June 2013.xlsx Rich and Brian, Are you going to this meeting? I'm contemplating it; I do have other deadlines looming this coming week but could make it if needed. And would you want to carpool? Keith From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, August 07, 2013 2:44 PM To: Tom Clark; Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Brian R. Lewandowski; Richard Wobbekind; Keith E Maskus Cc: Diane M. Grubbs; Ruth Hartshorn; paula.larsen@denverchamber.org; David L. Tarasi; Jake Zambrano; Hannah Heavrin Subject: Reminder: REMI Oversight Committee Brainstorm Meeting Oversight Committee Members, Just a friendly reminder that we are scheduled for a brainstorming meeting next Tuesday, August L3th from 9AM-l0:30AM at AMG National Trust Bank: 650 l E Belleview Ave,# 400, Englewood. I have attached a brief agenda and the initial modeling tracking from our June meeting for your reference. Please let me know if you will not be able to make the meeting. We have some general business to cover and then will spend ample time discussing our next priorities to model. Thank you, Kristin __Dki_s11:arboard ¥_ Group i1YCH4tim ,g9;.~t- MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 243 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: 243 REMI Oversight Committee Brainstorming Meeting Tuesday, August 131h 9:00AM - 10:30AM AMG National Trust Bank 6501 E Belleview Ave# 400 Englewood, CO I) General Business· Kristin a. Current C O H : · · · · · i. Review current balance sheet ii. iii. ' b. MOU- Need final signed copy from Denver South EDP c. Application process- we have had a lot of feedback from legislators and stakeholders wanting to apply to have their study modeled. Kristin is working on a website template and application form. II) Press Conference Feedback- Group a. Press clips- sent to group, good overall coverage b. Next press conference/release on Initiative 22 Ill) Initiative 22 Modeling Update- Brian a. Update on how modeling is going? b. Meeting with Senator Johnston c. Group turned in 160,000 signatures (double required) d. Bluebook timing- September 1ih is when the final Bluebook draft is due. IV) Brainstorm Session- Next study? - Group a. Review attached tracking spreadsheet Next Overi;ight Meeting: Tuesday,_Ser:>Jemb~rJ7th_filMM a1_.Leeds: 995 Rerumi.Dr . .~C>ll.lc:lt!IJ,J~e>!orac:loJ39~9~ 286 C.R.S. 24-72-204(3)(a)(IV) Proposed Study Submitted By Priority Level Timing Intensity SB213 Proposition Entire Group High August Intense Baseline Forecast Study Xcel Energy Rates CSPR Denver South High 3rd Qtr Fair Water Denver South Notes Proposition is still in title setting. Right now speculation is either Prop 22, which is two-tiered increas of a flat tax. Need to turn in 86,105 signatures by 3PM August 5th Good foundation for other studies CU also agrees water is a crucial issue to forecast Aertropolis Metro Denver SE Rail Station Denver South Low Smaller study Fiscal Cliff- Medicaid CSPR Intense Need to make sure study includes alternatives End of Higher Ed Funding cu Energy Jobs Entire Group Good to forecast higher ed funding ending Look at multiplier and inmigration of this industry No other body or organization is dealing with this issue and looking a what infastructure Critical Factors for Economic Success over next 20 years 293 we need to succeed down the Entire Group road From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Sun 11/03/2013 5:45 PM (GMT-00:00) Kristin Strohm Richard Wobbekind; Lou Hutchison Re: Capitol and Capital Interview LouCan we do this by phone earlier in the day? Brian Sent from my iPhone On Nov 3, 20 l 3, at 9:38 AM, "Kristin Strohm" wrote: 6-7pm. I have ccd Lou in as well. He said it could be the entire show or half of it. Sent from my iPhone On Nov 3, 2013, at 9:10 AM, "Brian R. Lewandowski" wrote: KristinDo you know the time for the Monday interview? Brian Sent from my iPhone On Nov 2, 2013, at 11:52 AM, "Kristin Strohm" wrote: Brian and Rich, Any chance either of you can do this show on our studies on Monday? Lou had never heard back and he is a CSPR board member. lf either of you cannot accommodate we will have an oversight committee member fill in. Also, please send me some dates/times that work post election for our next in person meeting. 244 I will give you a call on Monday to follow up as well. Hope you are having a great weekend. Thanks, Kristin Sent from my iPhone Begin forwarded message: From: Lou Hutchison Date: November 2, 2013 at 11:38:14 AM MDT To: Kristin Strohm Subject: Fwd: Capitol and Begin forwarded message: From: Lou Hutchison Subject: Re: Capitol and Capital Interview Date: October 24, 2013 at 7:16:40 AM MDT To: "Brian R. Lewandowski" Brian, I understand. What about Monday? Lou Sent from my iPad. Please forgive any misspelled words, especially those generated by AutoCorrect. On Oct 24, 2013, at 5:14 AM, "Brian R. Lewandowski" wrote: 244 LouThanks for the invite. I am at an economics conference in Denver, therefore, I cannot participate in the segment. Thanks, Brian Sent from my iPhone On Oct 23, 2013, at 5:27 PM, "lou.hutchison@capitalandcapito Leo m" wrote: Kristin - thanks for the intro. Brian - I do an hour segment each Monday with Michael Brown from 6 - 7 onKHOW 630 AM. We also prerecord some segments. We are doing a pre-record tomorrow (I 0/24) at 11:00 a.m. We'd like to invite you to join us to discuss the study you did regarding the Amendment 66 tax increase. Tomorrow would be perfect, but as it is such late notice, we understand if another time would be better for you. Please let me know if you'd be interested and what your schedule might look like. The studio is located near Monaco and Belleview (near Belleview and 125 in the Tech Center). Thanks, Lou On Oct 23, 2013, at 5:11 PM, Kristin Strohm wrote: 244 Brian, please meet Lou Hutchison, one ofCSPR's board members. He was wondering if you might be available for an interview on his show about our Amend 66 studies. I'll let you two connect. Kristin Sent from my iPhone 244 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Mon 6/01/2015 4:25 PM (GMT-00:00) Brian R. Lewandowski Re: REMI Lunch with REMI CEO Fred Treyz Precisely. Double Checking. Thanks. On Mon, Jun 1, 2015 at 10:21 AM, Brian R.Lewandowski wrote: lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllThatisthe crux of the conversation, correct? Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, June 1, 2015 10:19 AM To: Brian R. Lewandowski Subject: Re: REMI Lunch with REMI CEO Fred Treyz Sorry, was on a call. It is a private room, so I'll do AV. What is his presentation going to be about? On Mon, Jun 1, 2015 at 10:09 AM, Brian R.Lewandowski wrote: Kristin- Don't worry about calling. I was just going to talk through the options. 245 Chris can do either-a PPT presentation, or talk from the printed slides. If the venue has AV, then you may want a PPT. If we are sitting down in a public venue, then you may want him to talk from handouts. I will leave this up to you. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, June 1, 2015 9:16 AM To: Brian R. Lewandowski Subject: Re: REMI Lunch with REMI CEO Fred Treyz Sorry confused, so they do need AV? I think printing slides is fine if you'd rather not have AV. Who all is attending from REMI for my count? On Mon, Jun 1, 2015 at 9: 12 AM, Brian R. Lewandowski wrote: Kristin- They can have AV. I talked with Chris Brown and ask him just to print the slides he plans on sharing. Does that work, rather than a formal PPT? Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, June 1, 2015 9:00 AM To: Hannah Heavrin; ; Brian R. Lewandowski Subject: Fwd: REMI Lunch with REMI CEO Fred Treyz 245 Please let me know final head count/attendees from your organizations by COB today so I can let the Denver Country Club know how many we will have. Brian- also, do you know if Fred will need any AV? Kristin ---------- Forwarded message ---------From: Kristin Strohm Date: Wed, May 27, 2015 at 2:05 PM Subject: REM£ Lunch with REM£ CEO Fred Treyz To: Earl Wright , "WAKKOELBEL@aol.com" , "T. Scott Martin" , Richard Wobbekind , Tom Clark , Pam Reichert , Steve Klausing , Mike Fitzgerald , Keith Maskus Cc: Tim Pollard , "Angela C. Roberts" , "Brian R. Lewandowski" , Ruth Hartshorn , Hannah Heavrin , "Tyler W. Graham" , "" , Courtney Steinford REMI Oversight Committee Members, Per our call last week we have arranged to have a lunch on Wednesday, June 3rd with REMI CEO Fred Treyz. We are finalizing the location, but it will likely be at the Denver Country Club at Noon. (Address is: 1700 E 1st Ave, Denver, CO 80218). 245 Please let me know if you plan on attending. I will let you know ASAP once the location is final. Best, Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 245 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 245 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group d/Cia.tm c.flt."°'kn MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 245 245 From: Sent: To: Cc: Kristin Strohm Thu 9/18/2014 5:04 PM (GMT-00:00) Tom Clark; Pam Reichert; Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Richard Wobbekind; Keith E Maskus Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org; ; Courtney Steinford Bee: Subject: REM! Oversight Committee Call Next Week Attachments: Economic Impact of OG Ballot Initiatives 090814.pdf REMI Oversight Committee Members, We will have a quick all (30 min) on Thursday, September 25th at llAM. The primary purpose of the call is to discuss the final setback study (attached--please keep confidential) and if/when we might want to release it or give it to the Task Force as a tool as they move forward. In addition, we will have an update on time line regarding the balanced budget study that Brian and his team are working on. Access code: Look fo1ward to speaking with you all then. Best, Kristin ~Starboard ~ Group dl&iJ.tv.n ef/'/Jl0.£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 246 COLORADO OIL AND GAS INDUSTRY Economic Assessment Colorado Oil and Gas Ballot Initiatives in 2014 Conducted by: BUSINESS RESEARCH DIVISION Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309-0420 Telephone: 303-492-3307 leeds.colorado.edu/brd Research Team Brian Lewandowski Richard Wobbekind September 8, 2014 l'IU31Nll!IS l'tliS!iAl'ICH DIVISION 304 Business Research Division The Business Research Division (BRO} of the Leeds School of Business at the University of Colorado Boulder has been serving Colorado since 1915. The BRO conducts economic impact studies and customized research projects that assist companies, associations, nonprofits, and government agencies with making informed business and policy decisions. Among the information offered to the public are the annual Colorado Business Economic Outlook Forum-now in its 49th year-which provides a forecast of the state's economy by sector, and the quarterly Leeds Business Confidence Index, which gauges Colorado business leaders' opinions about the national and state economies and how their industry will perform in the upcoming quarter. The Colorado Business Review is a quarterly publication that offers decision makers industry-focused analysis and information as it relates to the Colorado economy. BRO researchers collaborate with faculty researchers on projects, ond graduate and undergraduate student assistants, who provide research assistance and gain valuable hands-on experience. Visit us at: www.leeds.colorado.edu/brd Business Research Division • Leeds School of Business• University of Colorado Boulder 304 Page i TABLE OF CONTENTS Table of Contents ...............................................................................................................................................ii Summary .............................................................................................................................................................1 Economic Impact of Alternative Scenarios .........................................................................................................3 Setback ...........................................................................................................................................................4 Local Control ..................................................................................................................................................6 Production and Drilling ......................................................................................................................................? Employment and Wages .................................................................................................................................. 10 Public Revenue ................................................................................................................................................11 Property Taxes ...................................................................... '"""" .......... '"""" .......................... '''"""''''""",. 12 Severance Taxes ...........................................................................................................................................13 COGCC Taxes .................................................................................................................................................13 Public Leases and Royalties .................................................................................... ,..................................... 14 Income Taxes ...............................................................................................................................................15 Other Taxes ...................................................................................................................................................15 Bibliography ......................................................................................................................................................16 Appendix 1: Four Leading Ballot Initiatives ...................................................................................................... 18 Appendix 2: Industry Discussion of Oil and Gas Risks in Colorado ................................................................... 19 Business Research Division • Leeds School of Business• University of Colorado Boulder 304 Page ii SUMMARY In late 2013, the Business Research Division (BRO) of the Leeds School of Business, University of Colorado Boulder began researching the economic implications of a statewide fracking ban on the state economy. In March 2014, the BRO published a paper titled, Hydraulic Fracturing Ban: The Economic Impact of a Statewide Frocking Ban in Colorado, which described a scenario where a 95% reduction in new activity constituted an average decrease in gross domestic product (GDP) of $8 billion in the first five years and $12 billion between 2015 and 2040. The impact reduced Colorado jobs on average by 68,000 over the first five years and by 93,000 jobs on average between 2015 and 2040. This paper refines the work completed in March and describes the economic impacts of the two ballot initiatives that were frontrunners for restricting industry growth (ballot initiatives 88 and 89) prior to the compromise that was achieved on August 4, 2014, effectively ending all four 2014 oil and gas ballot initiatives. This summary also updates various oil and gas economic and fiscal metrics based on 2013 data to provide context into the industry's economic footprint leading up to 2014. Based on estimates provided by the oil and gas industry, a 2,000-foot setback would curtail drilling locations by 25% to 50%. Extrapolating this to indicate a reduction in new production, coupled with the quickly depleting yields from existing wells, leads to an average decrease in GDP between $2.2 billion and $4.4 billion in the first five years and an average decrease between $3.2 billion and $6.4 billion from 2015 to 2040. The impact on total employment ranges between 18,000 jobs and 36,000 jobs in the first five years on average, and between 24,000 and 49,000 jobs from 2015 to 2040. Under an expanded setback scenario, it is unclear how a reduction in land access would ultimately manifest in reduced production given the variation in production by basin and by well, technological improvements that allow for horizontal drilling, as well as the opportunity for property owners to consent to drill within the setbncks, which wns written into the initiative. Under a local control scenario, the impact on production due to the speculation on which communities would pass moratoriums on fracking is even more unclear. Front Range metropolitan counties' (excluding Weld) accounted for 1.7% of assessed taxable oil and gas activity in 2013, and cities accounted for 4.6% of activity. While the signal from communities that have passed fracking bans or moratoriums indicates an urban, metropolitan movement, the local control initiative is not written exclusively for metropolitan communities. This report does not quantify the potential economic impacts of a local control measure. 1 Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, El Paso, Gilpin, Jefferson, Larimer, Park, Pueblo, and Teller counties. Excludes Weld County. Business Research Division • Leeds School of Business • University of Colorado Boulder 304 Page 1 Overall, Colorado's oil and gas industry continued to expand in 2013, building on growth that transpired following a dip in production during the recession. More drilling permits were recorded in 2013 than in 2012, and oil production increased while gas production fell compared to 2012. Weld County and Garfield County continue to be the center of new activity, garnering more than four out of five drilling permits. Employment and wages grew in the upstream and midstream industry sectors in 2013 (Extraction, Drilling Wells, Support Activities, Oil and Gas Pipeline and Related Structures Construction, and Pipeline Transportation). An estimated 33,897 people worked in the upstream and midstream oil and gas industry in 2013, earning total wages of $3.5 billion, or $104,626 per worker. The year marked the greatest number of industry workers on record in Colorado. Wage growth in the industry outpaced wages growth for the state overall (4% compared to 0.6%). The public revenue stream, related to upstream and midstream activities, was estimated at more than $1.1 billion in 2013, the largest source of which was the tax on production. This paper was prepared using the Regional Economic Models, Inc. (REM!) Tax-Pl model built for Colorado and calibrated with Colorado revenues, expenditures, employment, and population. Researchers from the BRO researched the known, quantifiable industry metrics, ranging from production and prices to employment, wages, and taxes. Business Research Division• Leeds School of Business • University of Colorado Boulder 304 Page 2 ECONOMIC IMPACT OF ALTERNATIVE SCENARIOS This paper is an update to the March 2014, the BRD published a paper titled, Hydraulic Fracturing Ban: The Economic Impact of a Statewide Fracking Ban in Colorado. In early 2014, there were 22 proposed ballot initiatives related to the oil and gas industry. These initiatives can be categorized into three areas: 1. 2. 3. Setbacks (Initiatives 82, 85, 86, 87, 88, 117, 118, 119, 120) Local Control (75, 89, 90, 91, 92, 93, 103, 115, 116) 2 Pro-Industry (121, 137) Many of these initiatives have been withdrawn, and as of July 31, 2014, four ballot initiatives related to the oil and gas industry appeared to have the greatest likelihood of appearing on the November ballot. (See Appendix 1 for • Ballot Ballot Ballot Ballot a summary.) Initiative Initiative Initiative Initiative 88 89 121 137 On August 4, 2014, a compromise was reached on local control of oil and gas drilling that will remove all initiatives from the November ballot. Industry-supported backers agreed to drop both Initiative 121, which would have withheld state oil and gas revenue from communities banning drilling, and Initiative 137, which required a fiscal impact note for all initiatives. On the opposing side, U.S. Rep Jared Polis, agreed to withdraw two initiatives that would have required drilling rigs to be set back 2,000 feet from homes and the addition of an environmental bill of rights to the state constitution. The Colorado Oil and Gas Conservation Commission (COGCC) also agreed to withdraw the lawsuit against Longmont over its oil and gas ordinance. The ballot battle was moving in the direction to be the most expensive campaign in state history. In addition to the compromise, Governor Hickenlooper said he will appoint an 18-member commission that will be chaired by La Plata County Commissioner Gwen Lachelt and by XTO Energy president Randy Cleveland. The commission will make recommendations to the legislature on ways "to minimize land-use conflicts that can occur when siting oil and gas facilities near homes, schools, businesses and recreational facilities." He also said that he will more rigorously enforce a 1,000-foot setback. This distance is currently encouraged but not required. The state enforces a 500-foot setback in most circumstances. This compromise drew support from both political parties, as well as Anadarko Petroleum Corp. and Noble Energy Inc., the two largest operators in the state. 'Ballot initiativ,1s 89 and 115 are environmental, but are local control in nature. Business Research Division • Leeds School of Business• University of Colorado Boulder 304 Page 3 The two industry-restricting ballot initiatives that presumably would have made it onto the November ballot can be divided into two topic areas: setbacks and local controL The impact of the initiatives in either area is elusive. Under an expanded setback scenario, it is unclear how a reduction in land access would ultimately manifest in reduced production given the variation in production by basin and by well, technological improvements that allow for horizontal drilling, as well as the opportunity for property owners to consent to drill within the setbacks, which was written into the initiative. That is, the impact of the setbacks rule could vary widely by location. Under a local control scenario it is unclear which communities would pass moratoriums on fracking. To illustrate the variation in impacts, holding quality of production equal across the state, the following scenarios model reduced production based on industry reports and public filings, The economic impacts presented below are deviations from the baseline scenario. The reductions in production were modeled in REMI as changes in industry sales/exogenous production in the oil and gas industry beginning in 2015, assuming a 25% reduction and a 50% reduction in new activity and continuing but depleting, production in existing wells. Blended depletion rates from 40 years of historical data on oil and gas well production in Colorado were applied based on the current split of industry activity between oil and gas. On a per employee basis, oil and gas is a high-output, high-wage industry, resulting in an increase of the magnitude of the multiplier effect. While the resulting economic impact is notably positive during times of industry expansion, it is equally negative during times of industry contraction. This analysis is based on the current distribution of production across Colorado, but there are indications that production will expand into areas that are currently non producing or low-producing counties. In 2013, Weld County accounted for four-fifths of oil production in Colorado and one-sixth of gas production, but the county's market share will change over time. A ban on activity in areas such as Douglas County would be considered lost opportunity, and are not explicitly modeled with regard to the setback or local control initiatives. Setback An ideal methodology for modeling the economic impact of the setbacks initiative would include GIS mapping of each parcel of land. The mapping exercise would identify spatial setbacks from structures, adding a probability of setback based on structure type (e.g., 100% for schools, 100% for hospitals, 70% for homes). This information would be coupled with existing production in nearby parcels as an indication of well activity in order to convert the land restriction to a production restriction. Business Research Division • Leeds School of Business • University of Colorado Boulder 304 Page 4 Absent of such an exercise, percentages were derived based on signals from the industry: (1) Noble Energy publicly indicated that a 2,000-foot setback would curtail locations by 25% (Seeking Alpha, July 2014), and (2) another energy company provided estimated reductions of 50%. Comparatively, in January 2013 Anadarko Petroleum, Encana Oil & Gas, Noble Energy, and POC Energy provided a presentation at a COGCC setback hearing, stating that the impact of a 1,000-foot setback would affect 30% of the wells in the greater Wattenberg area. Therefore, two production scenarios under a 2,000-foot setback include reductions in production between 25% and 50%. Other public information, notably the 10-Q filings by public companies, illuminate the presence of negative impacts due to policy changes in Colorado, without quantifying the value at risk (See Appendix 2 for more summaries). Anadarko 10-QJune 30, 2014 "In the event state or local restrictions or prohibitions are adopted in areas where we currently conduct operations (such as in the Wattenberg field, which is among the largest and most cost efficient oil and natural gas development projects in Anadarko's U.S. onshore portfolio) or in the future plan to conduct operations, we may incur significant costs to comply with such requirements or we may experience delays or curtailment in the pursuit of exploration, development, or production activities, and possibly be limited or precluded in the drilling of wells or in the amounts that we are ultimately able to produce from our reserves." Noble 10-Q June 24, 2014 "In particular, a statewide drilling setback will likely delay or otherwise limit our drilling and development activities in certain parts of the DJ Basin. This could result in a reduction in our proved reserves and negatively impact our results of operations, cash flows, and stock price." 50% Reduct'ion Given a 50% reduction in new production beginning in 2015, the economic consequence would result in a lower GDP by an average of $4.4 billion and 36,000 fewer jobs in the first five years, and a lower GDP by an average of $6.4 billion and 49,000 fewer jobs between 2015 and 2040. The negative impact on disposable personal income places drag on the consumption-supporting industries (e.g., retail, real estate), as well as on taxes. The unemployment rate stays somewhat unaffected as the decline in industry jobs marks a shift in the labor force. Business Research Division • Leeds School of Business• University of Colorado Boulder 304 Page 5 TABLE 1: 50% REDUCTION IN NEW PRODUCTION SCENARIO, SUMMARY OF IMPACTS, 2015-2040 Average Difference from Baseline Scenario Category Units Year Vear l-5 -36.0 6-10 -59.5 ~1.5 1% Year 11-lS -62.1 -1.5% -56.2 ·l.5% -12.4 -1.6% -8.1 -L7% Year 16-20 Vear Years 2015-204-0' 21-25 Total Employment Jobs (Thousands) ______ _ ______ _ . . . . . . . . . . . . . . . . t;_hq~g~f(?'!' ~a_seline Jobs (Thousands) ~1.0% -32.4 -53.7 Change from Baseline Dollars (Billions)" Change from Baseline -1.0% -6.9 -1.1% .. 1,5% -11.5 -1.6% .. 4_4 .. (_4 Dollars (Billions)" ChangefromBasellne Dollars (Billions)b -1..2% -2.5 -0.9% -1.8% -4.7 ~'- -5.5 -1.4% ~ -~ Ta- -=3.7 -·-4.3 -=3.9 ·--.::i.5 --=is Change from Baseline ,..Q.8% "'1.3% "1.3% "'1.0% "0.8% "'l,0% Private Non-Farm Employment Output Grass Domestic Product ·······-···-······-···············-·-··· -·· ·--D~ii·;~~-·(Blffi;;~~-)b···········-···-·· Change from Baselir1e Personal Income Real Disposable Personal Income -49 9 -38,3 ~1.1% -0.8% ·········-····· -34.8 -0.8% -8.2 -0.8% -5.4 -0.9% -4.3 -45.3 ~1.2% -10.3 -1.2% -6.1 -l.3% -5.0 -48.9 -1,2% -44.3 ·1.2% -9.8 -l.2% -6.4 -1.3% -4.4 -1.1% 'This average impact over the 25-year period (2015-2040) indicates Colorado total employment would be shifted lower by 49,000 jobs on average and that GDP would be lower by an average of $6 bill Ion over the entire 25-year horizon. bDollars are fixed (2012) dollars. 25% Reduction Given a 25% reduction in new production beginning in 2015, the economic consequence would result in a lower GDP by an average of $2.2 billion and 18,000 fewer jobs in the first five years, and a lower GDP by an average of $3.2 billion and 24,400 fewer jobs between 2015 and 2040. TABLE 2: 25% REDUCTION IN NEW PRODUCTION SCENARIO, SUMMARY OF IMPACTS, 2015-2040 Category Total Employment ·-··-·-··-·····----·-- Private Non,.F!!"_L_J!.'ifE~J!.<::iECQU_l\l!Y_lyilLL_LE\,'1~~!20~-~----- Business Research Division • Leeds School of Business• University of Colorado Boulder 304 Page 12 Severance Taxes Severance taxes are those that states charge for the removal of nonrenewable natural resources and are reported by the Colorado Department of Revenue for oil and gas, coal, and metals and molybdenum. Severance taxes related to oil and gas in 2012 and 2013 were reported at $134.9 million and $170.6 million, respectively (Figure 11). From 2008 through 2013, the oil and gas industry paid $959.8 million in severance taxes, which represented 93.6% of total severance taxes paid in Colorado from all resources (i.e., oil and gas, coal, metals and molybdenum) over that period. FIGURE 11: COLORADO OIL AND GAS SEVERANCE TAXES SMHllons I s::100 i COGCCTaxes Oil and gas companies pay COGCC a conservation levy that is designed to offset the expenses of the agency. As of July 2007, the charge is 0.07% of oil, natural gas, and C02 production sales, less exemptions. The COGCC levy totaled $5.8 million in 2012 and $5.9 million in 2013 (Figure 12). Business Research Division • Leeds School of Business• University of Colorado Boulder 304 Page 13 12: COGCC LEVY rFIGURE . ----··-·-. .-·. . --.. . . . -·---· Public Leases and Royalties Oil and gas exploration and development on state and federal lands provide revenue through leases, premiums above rents (bonuses), and royalties. Federal disbursements are reported by the Office of Natural Resources Revenue, and Colorado disbursements are reported by the Colorado State Land Board. Federal and state rents and royalties are estimated at nearly $248 million in 2012 and $204 million in 2013 (Figure 13). FIGURE 13: COLORADO PUBLIC LEASES AND ROYALTIES Business Research Division • Leeds School of Business• University of Colorado Boulder 304 Page 14 Income Taxes Personal income taxes were estimated by multiplying the average tax rate by income cohort (using the Colorado Department of Revenue, Statistics of Income report) by the corresponding average wage by upstream and midstream industry sector in Colorado. The 2013 estimate of income taxes was nearly $98 million, most of which derived from the Extraction and Support Activities sectors (Figure 14). ilGURE ~COLORADO Oil AND GAS, lflOIVIOUAl INCOME TAXES, 2013 Other Taxes Other taxes include commercial and residential property taxes (excluding production), corporate income taxes, and sales taxes. These three revenue streams were estimated using the IMP LAN model based on 2013 employment and projection estimates. Business Research Division • Leeds School of Business• University of Colorado Boulder 304 Page 15 BIBLIOGRAPHY Anadarko Petroleum Corporation. Investor Relations, SEC filings, 10-Q report, July 29, 2014, http://www.anadarko.com/lnvestor/Pages/SECFilings.aspx. Accessed August 3, 2014. Anadarko Petroleum, Encana Oil & Gas (USA) Inc., Noble Energy, Inc., PDC Energy, Inc. COGCC Setback Hearing, January 7-9, 2013, http://cogcc.state.co. us/RR_HF2012/setbacks/Presentatio ns/Anadarko _E ncana_Noble_PDC_ Coaliti on_Setbacks_Presentation_01072013.pdf. Accessed August 1, 2014. Bureau of Labor Statistics, Quarterly Census of Employment and Wages. www.bls.gov (accessed July 20, 2014). Colorado Department of Local Affairs. April 2009. 2008 Thirty-Eighth Annual Report. Division of Property Taxation. _ _ _ _.April 2010. 2009 Thirty-Ninth Annual Report. Division of Property Taxation. _ _ _ _ . April 2011. 2010 Fortieth Annual Report. Division of Property Taxation. _ _ _ _ .April 2012. 2011 Forty-First Annual Report. Division of Property Taxation. - - - - · May 2013. 2012 Forty-Second Annual Report. Division of Property Taxation. _ _ _ _ .May 2014. 2013 Forty-Third Annual Report. Division of Property Taxation. Colorado Department of Revenue. Federal AG/ and Tax, All Full-year Resident Returns, 2009 Individual Income Tax Returns. Office of Research and Analysis. Colorado Department of Revenue. Severance Tax Collections. January 2004-Current [June 2014]. ---·-··-·October 2012. Income & Inventory Report Fiscal Year 2011-12, p. 11. http://www. trust Iands.state .co. us/Documents/FY%202011 • 12%201ncome%20and%201nventory%20Report%20FINAL.pdf (accessed June 20, 2013). _ _ _ _ .October 2012. Income & Inventory Report Fiscal Year 2012-13, p. 11. http://www.trustlands.state.co.us/ (accessed July 28, 2014). Colorado Secretary of State. 2013-2014 Initiative Filings, Agendas & Results. http://www.sos.state.co. us/pubs/ electio ns/lnitiatives/titleBoa rd/index. htm I. Accessed July 31, 2014. Encana Corporation. Annual Information Form, February 20, 2014, http ://www.encana.com/pdf/i nvestors/fina ncia I/an nua l-reports/2013/form40-f. pdf. Accessed August 3, 2014. Jaffe, Mark. Hickenlooper compromise keeps oil and gas measures off Colorado ballot. The Denver Post. August 4, 2014. http://www.denverpost.com/News/ci_26272493/Hickenlooper-compromisekeeps-·oil"and-gas-measures-off-Colorado-ballot. Accessed August 5, 2014. Business Research Division • Leeds School of Business• University of Colorado Boulder 304 Page 16 MIG, Inc. 2013. IMPLAN Economic Modeling, Version 3.0. Hudson, WI. http://implan.com/V4/index.php?option=com_content&view=article&id=694:implan-datacomponents-detailed&catid=241:1 wrote: Kristin- Don't worry about calling. I was just going to talk through the options. Chris can do either-a PPT presentation, or talk from the printed slides. If the venue has AV, then you may want a PPT. If we are sitting down in a public venue, then you may want him to talk from handouts. I will leave this up to you. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, June 1, 2015 9:16 AM To: Brian R. Lewandowski Subject: Re: REMI Lunch with REMI CEO Fred Treyz Sorry confused, so they do need AV? I think printing slides is fine if you'd rather not have AV. Who all is attending from REMl for my count? 247 On Mon, Jun 1, 2015 at 9:12 AM, Brian R. Lewandowski wrote: Kristin- They can have AV. I talked with Chris Brown and ask him just to print the slides he plans on sharing. Does that work, rather than a formal PPT? Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, June 1, 2015 9:00 AM To: Hannah Heavrin; ; Brian R. Lewandowski Subject: Fwd: REMI Lunch with REMI CEO Fred Treyz Please let me know final head count/attendees from your organizations by COB today so I can let the Denver Country Club know how many we will have. Brian- also, do you know ifFred will need any AV? Kristin ---------- Forwarded message ---------From: Kristin Strohm Date: Wed, May 27, 2015 at 2:05 PM Subject: REMI Lunch with REMI CEO Fred Treyz To: Earl Wright , "WAKKOELBEL@aol.com" , "T. Scott Martin" , Richard Wobbekind , Tom Clark , Pam Reichert , Steve Klausing , Mike Fitzgerald , Keith Maskus 247 Cc: Tim Pollard , "Angela C. Roberts" , "Brian R. Lewandowski" , Ruth Hartshorn , Hannah Heavrin , "Tyler W. Graham" , "'' , Courtney Stcinfo rd REMI Oversight Committee Members, Per our call last week we have arranged to have a lunch on Wednesday, June 3rd with REMI CEO Fred Treyz. We are finalizing the location, but it will likely be at the Denver Country Club at Noon. (Address is: 1700 E 1st Ave, Denver, CO 80218). Please let me know if you plan on attending. I will let you know ASAP once the location is final. Best, Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 247 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 247 A ~ starboard Group d/Ci&ti.n r;f/'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com A ~ starboard Group d/Ci&tm r;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 247 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Sat 11/02/2013 5:52 PM (GMT-00:00) Richard Wobbekind; Brian R. Lewandowski Earl Wright; Buz Koelbel; T. Scott Martin Fwd: Capitol and Capital Interview Brian and Rich, Any chance either of you can do this show on our studies on Monday? Lou had never heard back and he is a CSPR board member. If either of you cannot accommodate we will have an oversight committee member fill in. Also, please send me some dates/times that work post election for our next in person meeting. I will give you a call on Monday to follow up as well. Hope you arc having a great weekend. Thanks, Kristin Sent from my iPhonc Begin forwarded message: From: Lou Hutchison Date: November 2, 2013 at 11:38:14 AM MDT To: Kristin Strohm Subject: Fwd: Capitol and Begin forwarded message: From: Lou Hutchison Subject: Re: Capitol and Capital Interview Date: October 24, 2013 at 7:16:40 AM MDT To: "Brian R. Lewandowski" Brian, I understand. What about Monday? Lou Sent from my iPad. Please forgive any misspelled words, especially those generated by AutoCorrect. 248 On Oct 24, 2013, at 5:14 AM, "Brian R. Lewandowski" wrote: LouThanks for the invite. I am at an economics conference in Denver, therefore, I cannot participate in the segment. Thanks, Brian Sent from my iPhone On Oct 23, 2013, at 5:27 PM, "lou.hutchison@capitalandcapitol.com" wrote: Kristin - thanks for the intro. Brian - I do an hour segment each Monday with Michael Brown from 6 - 7 on KHOW 630 AM. We also pre-record some segments. We are doing a pre-record tomorrow (10/24) at 11 :00 a.m. We'd like to invite you to join us to discuss the study you did regarding the Amendment 66 tax increase. Tomorrow would be perfect, but as it is such late notice, we understand if another time would be better for you. Please let me know if you'd be interested and what your schedule might look like. The studio is located near Monaco and Belleview (near Belleview and 125 in the Tech Center). Thanks, Lou On Oct 23, 2013, at 5: 11 PM, Kristin Strohm wrote: Brian, please meet Lou Hutchison, one ofCSPR's board members. He was wondering if you might be available for an interview on his show about our Amend 66 studies. 1'11 let you two connect. Kristin Sent from my iPhone 248 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Mon 8/12/2013 4:08 AM (GMT-00:00) Keith E Maskus; Richard Wobbekind RE: Reminder: REMI Oversight Committee Brainstorm Meeting KeithI do plan to attend on Tuesday. I think it would be great if you could attend, especially given Rich's absence. I live out in Erie, but I am more than happy to swing into Boulder and pick you up if you would like to carpool. Otherwise, I will leave directly from my house. Mapquest puts the drive at 48 minutes from the business school, but it will be rush hour, so we should plan on it taking a little extra time. Let me know if you have any time to chat. I can bring you up to speed on the project. Thanks, Brian From: Keith E Maskus Sent: Sunday, August 11, 2013 3:53 PM To: Richard Wobbekind; Brian R. Lewandowski Subject: FW: Reminder: REMI Oversight Committee Brainstorm Meeting Rich and Brian, Are you going to this meeting? I'm contemplating it; I do have other deadlines looming this coming week but could make it if needed. And would you want to carpool? Keith From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, August 07, 2013 2:44 PM To: Tom Clark; Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Brian R. Lewandowski; Richard Wobbekind; Keith E Maskus Cc: Diane M. Grubbs; Ruth Hartshorn; paula.larsen@denverchamber.org; David L. Tarasi; Jake Zambrano; Hannah Heavrin Subject: Reminder: REMI Oversight Committee Brainstorm Meeting Oversight Committee Members, Just a friendly reminder that we are scheduled for a brainstorming meeting next Tuesday, August l3th from 9AM-10:30AM at AMG National Trust Bank: 6501 E Belleview Ave,# 400, Englewood. I have attached a brief agenda and the initial modeling tracking from our June meeting for your reference. 249 Please let me know if you will not be able to make the meeting. We have some general business to cover and then will spend ample time discussing our next priorities to model. Thank you, Kristin ~Starboard ~ Group ~ht ,g9t~A- MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 249 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Mon 6/01/2015 3:16 PM (GMT-00:00) Brian R. Lewandowski Re: REMI Lunch with REMI CEO Fred Treyz Sorry confused, so they do need AV? I think printing slides is fine if you'd rather not have AV. Who all is attending from REMI for my count? On Mon, Jun l, 2015 at 9:12 AM, Brian R. Lewandowski wrote: Kristin- They can have AV. I talked with Chris Brown and ask him just to print the slides he plans on sharing. Does that work, rather than a formal PPT? Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, June 1, 2015 9:00 AM To: Hannah Heavrin; ; Brian R. Lewandowski Subject: Fwd: REMI Lunch with REMI CEO Fred Treyz Please let me know final head count/attendees from your organizations by COB today so I can let the Denver Country Club know how many we will have. Brian- also, do you know if Fred will need any AV? Kristin 250 ---------- Forwarded message ---------From: Kristin Strohm Date: Wed, May27, 2015 at2:05 PM Subject: REMI Lunch with REMI CEO Fred Treyz To: Earl Wright , "WAKKOELBEL@aol.com" , "T. Scott Martin" , Richard Wobbekind , Tom Clark , Pam Reichert , Steve Klausing , Mike Fitzgerald , Keith Maskus Cc: Tim Pollard , "Angela C. Roberts" , "Brian R. Lewandowski" , Ruth Hartshorn , Hannah Heavrin , "Tyler W. Graham" , "" , Courtney Steinford REMI Oversight Committee Members, Per our call last week we have arranged to have a lunch on Wednesday, June 3rd with REMI CEO Fred Treyz. We are finalizing the location, but it will likely be at the Denver Country Club at Noon. (Address is: 1700 E 1st Ave, Denver, CO 80218). Please let me know if you plan on attending. I will let you know ASAP once the location is final. Best, Kristin 250 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com 250 Web: www.thestarboardqroup.com ~Starboard ~ Group dJCei&t'vn c;f/'~£.m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 250 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Mon 6/01/2015 2:59 PM (GMT-00:00) Hannah Heavrin; ; Brian R. Lewandowski Fwd: REMI Lunch with REMI CEO Fred Treyz Please let me know final head count/attendees from your organizations by COB today so I can let the Denver Country Club know how many we will have. Brian- also, do you know if Fred will need any AV? Kristin ---------- Forwarded message ---------From: Kristin Strohm Date: Wed, May 27, 2015 at 2:05 PM Subject: REMI Lunch with REMI CEO Fred Treyz To: Earl Wright , "WAKKOELBEL@aol.com" , "T. Scott Martin" , Richard Wobbekind , Tom Clark , Pam Reichert , Steve Klausing , Mike Fitzgerald , Keith Maskus Cc: Tim Pollard , "Angela C. Roberts" , "Brian R. Lewandowski" , Ruth Hartshorn , Hannah Heavrin , "Tyler W. Graham" , "" , Courtney Steinford REMI Oversight Committee Members, Per our ca11 last week we have arranged to have a lunch on Wednesday, June 3rd with REMY CEO Fred Treyz. We are finalizing the location, but it will likely be at the Denver Country Club at Noon. (Address is: 1700 E I st Ave, Denver, CO 80218). Please let me know if you plan on attending. I will let you know ASAP once the location is final. Best, Kristin 252 ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group d/C;ei&/in cfli"'°'£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 252 From: Sent: To: janet.fritz@metrodenver.org on behalf of tom.clark@metrodenver.org Wed 3/26/20141:36 PM (GMT-00:00) Undisclosed recipients Cc: Bee: Subject: News Release: New study shows the statewide economic impact of a fracking ban Attachments: Economic Impact of Fracking Moratorium Final Report March 2014 032414.pdf COMMON. SENSE Piilicy Ro11111/111l1lc ~Leeds Sctiool of Busine·ss ~.UNIVERSITY OF COLORADO BOULDER . OUSINESS RESEAllCU Dl\11$10N FOR IMMEDIATE RELEASE: March 26, 2014 CONTACT: Brian Lewandowski, Leeds BRO (303) 492-3307 brian.lewandowski@colorado.edu New study shows the statewide economic impact of a tracking ban DENVER-A study using a calibrated dynamic economic modeling system developed by Regional Economic Models Inc. (REMI) shows that a statewide fracking ban would result in 93,000 fewer jobs, $12 billion in lost gross domestic product (GDP) and an annual reduction of $985 million in tax revenue for local and state governments between 2015 and 2040. The REMI model analyzes the ripple effects of public policy scenarios on jobs and the economy. According to the study, compared to the baseline scenario, a fracking ban beginning in 2015 would result in an average $8 billion less in GDP and 68,000 fewer jobs in the first five years alone. Over the long run (2015-2040), GDP would be lower on average by $12 billion (2.6 percent) and employment would be down by 93,000 (2.2 percent) jobs. The study also finds that a statewide fracking ban would cost local and state governments $567 million per year in lost annual tax revenues for each of the first five years, and $985 million annually on average through 2040. The study reveals the many indirect economic impacts of a fracking ban including negative impacts to sectors that supply the energy industry with equipment and benefit from the income of the professionals who work in it. The large impact on jobs is indicative of the far-reaching supply chain in Colorado that provides the industry with goods and services. The negative impact on disposable personal income places drag on consumption-supported industries, such as retail and real estate, as well as on taxes. This study was modeled beginning in 2015, assuming a 95 percent reduction in new activity and continued legacy production from existing wells. The study incorporates the steep depletion rates for oil and gas production observed in Colorado historical data going back to 1970. 255 Hydraulic fracturing or "tracking" is a process used to stimulate oil and natural gas wells to produce more energy. Fracking has been used in the United States for more than 60 years and more than 90 percent of all wells today are "fracked." Although 87 percent of oil and gas activity in Colorado is concentrated in just five counties in Colorado, the employment and tax impacts are much more widespread. The five largest-producing counties represent 35 percent of upstream and midstream employment, the 31 smallest-producing counties represent 29 percent, and the 28 nonproducing counties account for 36 percent. Likewise, while industry taxes have the greatest impact on local government spending, the industry also pays taxes that flow to the Colorado general fund, which is then spent on everything from education to infrastructure in the state of Colorado. Hence, quelling oil and gas activity would have far-reaching consequences on the economy, including employment, wages, and taxes. The study, conducted by the Business Research Division (BRO) of the Leeds School of Business at the University of Colorado Boulder on behalf of a partnership between the Common Sense Policy Roundtable (CSPR), the Denver South Economic Development Partnership (Denver South EDP) and the Metro Denver Economic Development Corporation (Metro Denver EDC), provides the first major analysis of 2014 using the new economic tool in Colorado. This paper was prepared using the REMI Tax-Pl model built for Colorado and calibrated with Colorado revenues, expenditures, employment, and population. Researchers from the BRO examined the known, quantifiable industry metrics, ranging from production and prices to employment, wages, and taxes. This paper does not model events or impacts, if any, on water, air quality, health, or externalities on quality of life. Nor does the paper analyze the signal sent to the oil and gas industry and other industries in Colorado regarding uncertainty and political risk to doing business in the state. To see the full report, please see attached. ### 255 Tom Clark, Metro Denver EDC (303) 620-8092 tom.clark@metrodenver.org Mike Fitzgerald, Denver South EDP (303) 792-944 7 ext105 mi ke@d e nversouthed p.o rg Tim Pollard, CSPR (303) 916-5450 trpollard@aol.com Brian Lewandowski, Leeds BRO (303) 492-3307 brian.lewandowski@colorado.edu HYDRAULIC FRACTURING BAN The Economic of a Statewide Ban in Colorado Conducted by: Richard Wobbekind Brian Lewandowski Editor: Cindy DiPersio Student Research Assistants: Jim Dalton, Rick Brubaker, Noah Seidenfeld, and Ryan Thorpe Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309-0420 Telephone: 303.492.3307 leeds.colorado.edu/brd March 2.014 l!UllllNEllS RE!ill!'/l\RCH OIVl!il!ON 309 Business Research Division The Business Research Division (BRO) of the Leeds School of Business at the University of Colorado Boulder has been serving Colorado since 1915. The BRO conducts economic impact studies and customized research projects that assist companies, associations, nonprofits, and government agencies with making informed business and policy decisions. Among the information offered to the public are the annual Colorado Business Economic Outlook Forumnow in its 49°1 year-which provides a forecast of the state's economy by sector, and the quarterly Leeds Business Confidence Index, which gauges Colorado business leaders' opinions about the national and state economies and how their industry will perform in the upcoming quarter. The Colorado Business Review is a quarterly publication that offers decision makers industry-focused analysis and information as it relates to the Colorado economy. BRO researchers collaborate with faculty researchers on projects, and graduate and undergraduate student assistants, who provide research assistance and gain valuable hands-on experience. Visit us at: Business Research Division • Leeds School of Business• University of Colorado Boulder 309 Page ii TABLE OF CONTENTS Table of Contents ......................................................................................................................................... iii Executive Summary ....................................................................................................................................... 1 Introduction .................................................................................................................................................. 3 Fracking ......................................................................................................................................................... 4 National Production ...................................................................................................................................... S Public Information in Colorado ..................................................................................................................... S History of Oil and Gas in Colorado ................................................................................................................ 7 State of the Industry ..................................................................................................................................... 8 Legislation ................................................................................................................................................... 11 Data and Assumptions ................................................................................................................................ 12 Economic Impacts ...... "'""'""""'''""""''""""'"""""""""'"""""' ..................................................................... 14 Conclusion .................................................................................................................................................. 17 Bibliography ................................................................................................................................................ 18 Appendix 1: Overview of REMI Policy Insight ............................................................................................. 22 Appendix 2: FrackingSENSE Speaker Series Discussion Summaries ........................................................... 25 Appendix 3: Recent Ballot Initiatives .......................................................................................................... 28 Business Research Division• Leeds School of Business• University of Colorado Boulder 309 Page iii EXECUTIVE SUMMARY In November 2012, voters in the City of Longmont passed a charter amendment effectively banning the use of hydraulic fracturing (fracking) and the stornge of the resultant waste products by a 59.9% to 40.1% margin. The amendment does not ban drilling per se, but forbids the practice of fracking. This amendment set the stage for citizen initiatives elsewhere, including Boulder, Broomfield, Fort Collins, and Lafayette, that successfully passed moratoriums in November 2013. While legal contests to these bans and moratoriums are currently taking place, it is expected that another anti-fracking measure could be headed to the Colorado ballots this November. These measures fall into two general categories: local control and setbacks. Local Control Colorado has submitted language to the Colorado Legislative Services for a constitutional amendment that would allow Colorado voters a voice over whether hydraulic fracturing should be allowed within the bounds of their communities. Separately, the setback initiatives range between 1,500 feet and one-half mile. Colorado Governor John Hicken looper describes the state's regulation as "the most comprehensive and stringent" in the country. This study focuses on the economic impacts of a statewide ban on fracking. Reporting the industry size in terms of gross domestic product, oil and gas extraction and support activities was nearly equivalent to the construction industry or the accommodations and food services industry in 201L More than 87% of oil and gas activity in Colorado is concentrated in 5 counties, and 31 counties represent the remaining 13% of activity. However, the employment and tax impacts are much more widespread. The five largest-producing counties represent 35% of upstream and midstream employment, the 31 smallest-producing counties represent 29%, and the 28 nonproducing counties account for 36%. Likewise, while industry taxes have the greatest impact on local government spending, the industry also pays taxes that flow to the Colorado general fund, which is then spent on everything from education to infrastructure in the state of Colorado. This study was modeled beginning in 2015, assuming a 95% reduction in new activity and continued legacy production from existing wells. The study incorporates the steep depletion rates for oil and gas production observed in Colorado historical data going back to 1970. Given a fracking ban beginning in 2015, the economic consequence would be an average $8 billion in lower gross domestic product (GDP) and 68,000 fewer jobs in the first five years compared to the baseline scenario, and an average of $12 billion lower GDP and 93,000 fewer jobs between 2015 and 2040. The negative impact on disposable personal income places drag on the consumption-supported industries, such as retail and real estate, as well as on taxes. Extrapolating prior research on fiscal impacts of the industry, the depletion production would leave Colorado jurisdictions with an average direct revenue reduction of $567 million over the first five years, declining $985 million by 2040. The economic impacts are presented as a change from baseline expectations. The fracking ban shifts Colorado's employment base downward, by an average of 68,000 jobs over the first five years, and by an average of 93,000 jobs between 2015 and 2040 (See Figure 1). The legacy production from existing wells and modest new production absent offracking will continue to support direct and indirect upstream, midstream, and downstream employment. The direct industry impacts fall squarely on the Mining Sector, as well as some Construction (e.g., pipeline construction); Professional, Scientific, and Technical Services (engineering, R&D); and Government (regulation). The impacts of fewer jobs and wages result in reduced household spending impacts that affect everything from Construction to Retail Trade. Business Research Division • Leeds School of Business • University of Colorado Boulder 309 Page 1 TABLE 1: STATEWIDE FRACKING BAN, SUMMARY OF IMPACTS, 2015-2040 Category Year Units Total Employment Jobs (Thousands) Change from Baseline Private Non-Farm Employment Jobs (l11ousands) h....a..n ....g._e.. f. . i._o....m .......B__a .. > ...e...1.1.·.n_ e.... ---····-------------- Dollars (Billions)' 1-5 -68 ·L9% ··62 6-10 -113 "2.8% ·102 -2.9% -22 11-15 -118 "'2.8% -107 -2.9% -24 -2.1% --~.l!J!) -3.0% -8 -14 -15 c. . Output Changefrom Base/ine Doll~~s (Bil ii~~;)" · · Average Difference from Baseline Scenario Year Vear Year Vear Years 16-20 -95 ,.z.2% -86 -2.2% -20 -,2'.2%. -13 21-25 -73 ~1.6% -67 2015-2040' -93 "2.2% 84 -:-16 ....-.?_: ::.:... -l.6 1% -2.4% --10 -12 ,__ _ _ _ _ _ _ _ _ _ _ _ _C_ha_n~g_e_fl:'!_'!!_BC/!_efi!'."----t-:2:~2§__:3~~;2_%_.__···2,~2-§__;:lJ_'!:§_~_ ____:_.21. .:c..~----• Personal Income Dollars (Billions)' -5 -9 -10 -9 -8 Change from Baseline ··1.6% u2,7% w2.7% -2.2% -1.7% -2.2% Rel.II Disposable Persont.11 Income Dollars (Billions)"' -4 ·7 -8 -7 -7 ·7 C/1ange from Baseline -1.5% -2.4% -2.4% -2.0% -1.5% -2.0% 'This average impact over the 25-year period (2015-2040) indicates Colorado total employment would be shifted lower by 93,000 jobs on average, and that GDP would be lower by an average of $12 billion over the entire 25-year horl~on. This shift Is illustrated In Figure 1 (below). 'Dollars are fixed (2012) dollars. FIGURE 1: STATEWIDE FRACKING BAN IMPACT ON COLORADO EMPLOYMENT, 2015-2020 3,950 3,850 "'c 'tl m " c 3,750 '" 3,650 0 ..c 1:: E > 0 a. E "' 3,550 --Fracking Ban 3,450 3,350 2015 2016 2017 2018 2019 2020 This paper was prepared using the Regional Economic Models, Inc. (REM I) Tax-Pl model built for Colorado and calibrated with Colorado revenues, expenditures, employment, and population. Researchers from the Business Research Division (BRO) researched the known, quantifiable industry metrics, ranging from production and prices to employment, wages, and taxes. Business Research Division • Leeds School of Business• University of Colorado Boulder 309 Page 2 INTRODUCTION A partnership of public and private organizations announced in July 2013 the formation of a collaboration to provide Colorado lawmakers, policy makers, and business leaders with greater insight into the economic impact of public policy decisions that face the state and surrounding regions, The parties involved include the Common Sense Policy Roundtable, the Metro Denver Economic Development Corporation, and the Denver South Economic Development Partnership. The Business Research Division (BRO) of the Leeds School of Business at the University of Colorado Boulder was contracted by the consortium to provide third"party, non biased research that objectively analyzes the economic impacts of public policy. This consortium meets quarterly to discuss pressing economic issues impacting the state. The group identified the study of a statewide economic impact of hydraulic fracturing ban as both relevant and timely. The consortium licensed dynamic economic models from Regional Economic Models, Inc. (REMI) to study the economic impacts of policy. For this study, the BRO research team used the single"region, 70" sector, Tax"PI model built for Colorado and calibrated with Colorado revenues, expenditures, employment, and population. Since embarking on the project, BRD researchers studied the oil and gas industry in Colorado, collecting data and talking with industry stakeholders in order to understand what is known and able to be modeled. No primary research, such as public surveys, was warranted for this study. When modeling the impact of any policy change, a number of assumptions must be made, The model used for economic analysis illustrates scenarios of what could happen under the policy change, everything else held equal in the economy. Economies are inherently complex, and unanticipated changes caused by shifts (e.g., technology, energy discoveries, recessions) cause the economy to grow faster or slower than anticipated. The collective knowledge shared with the research team helped shape the assumptions that are transparently presented in this report. This study started on the heels of fracking moratoriums passed by voters in four Colorado jurisdictions in 2013 and one in 2012. Expectations indicate that a statewide ban or moratorium may be presented to voters in 2014. Such language will likely be softened to allow for "local control," whereby local jurisdictions could decide what is allowed and disallowed. Local jurisdictional bans would have a comparatively smaller economic consequence than a statewide fracking ban. This study focuses on the impacts of a statewide ban on fracking. The purpose of this study is to provide objective, third"party insight into the economic impacts of a statewide fracking ban on the Colorado economy. This paper provides nn overview of the political landscape surrounding the industry, quantifies the current production and economic activities as reported via public sources, and quantifies the economic impacts of a statewide ban on fracking activities, As the FrackingSENSE speaker series hosted by the Center of the American West partitions the their discussions into what is known versus what is not known about hydraulic fracturing, this paper models what is currently known about production, prices, employment, wages, and taxes. This paper does not model events or impacts, if any, on water, air quality, health, or externalities on quality of life. Nor does the paper analyze the signal sent to the oil and gas industry and other industries in Colorado regarding uncertainty and political risk to doing business in the state. While this paper does not attempt to measure market reaction, it does quantify the economic implications of reducing a high-output, high- Business Research Division • Leeds School of Business• University of Colorado Boulder 309 Page 3 wage industry to a fraction of current production. Universities and industry are currently researching many of the environmental and societal questions in multiyear, multimillion-dollar studies. The University of Colorado was awarded lead on a $12 million National Science Foundation grant to study the effects of natural gas development, examining impacts on ecosystems and communities. Likewise, the U.S. Environmental Protection Agency (EPA) will publish a paper in 2014 on the study of the potential impacts of hydraulic fracturing on drinking water resources (www.epa.gov/hfstudy). FRACKING Hydraulic fracturing ("fracking") is the method of pumping water, chemicals, and sand deep into the ground in order to release oil and gas trapped in rock. The process increases oil and gas production, elevating project feasibility and profitability. In some cases, as production declines, wells are restimulated using fracking techniques, th us extending the life of existing wells. The practice of fracking dates back to the late 1940s and is applied to roughly 90% of wells. According to the Baker Hughes rig count, 80% of hydraulically fracked wells are oil, and 20% are gas. The Colorado Oil and Gas Conservation Commission (COGCC) of the Colorado Department of Natural Resources indicates that fracking in Colorado dates back to the 1970s. FIGURE 2: HYDRAULIC FRACTURING PROCESS Source: EPA, Study oftht.~ POtQntial lmpacts of Hydrnulic Fr~cturlng on Drinking Wat¢r R¢somccs, Briskin, Research Coordinator, accessed from NABE website February 25, 2014. COG CC summarizes the fracking process in prns~ntntion by J¢()nnc a staff report titled Information on Hydraulic Fracturing. Hydroullc fracturing is the process of creating small cracks, or fractures, in deep, underground geological formations to liberate oil or natural gas and allow it to flow up the well for capture and use in heating our homes, fueling our cars and providing the electricity we all use for our televisions, computers and other devices. Business Research Division • Leeds School of Business • University of Colorado Boulder 309 Page 4 To fracture the formation, fracturing fluids mostly water and sand, with a small percentage of chemical additives - are injected down the well bore into the formation. The fluid, injected under pressure, causes the rock to fracture along weak areas. The fluids that create the initial fractures are then mixed with thicker fluids that include sand and gelatin. These thicker fluids lengthen the openings in the rock. When the fractures are complete, and pressure is relieved, the fluids flow back up the well where they are captured and stored for later treatment or disposal. As the fluids flow back up, sand remains in the fractures and props the rock open, maintaining an open pathway ta the well. This allows the oil and gas ta seep from the rock into the pathway, up the well and ta the surface for collection. In Colorado, the targeted formations for hydraulic fracturing are often more than 7,000 feet underground, and some 5,000 feet below any drinking water aquifers. NATIONAL PRODUCTION The International Energy Agency (IEA) and the Energy Information Administration (EIA) of the U.S. Department of Energy (DOE) provide annual energy outlooks. The International Energy Agency's World Energy Outlook 2013 states, Whatever the policy landscape for the next quarter of a century, natural gas is set to grow in importance globally thanks to its widespread availability, competitive supply costs and environmental advantages aver the other fossil fuels. (Page 100) Nationally, roughly 30,000 wells were drilled in 2013. Revised expectations in recent forecasts speaks ta the dynamic technological factors increasing reserves and production estimates. Natural gas and oil production estimates by the EIA were revised upward between the 2013 and 2014 AEO reports. According to the Annual Energy Outlook 2014 Early Release by the EIA, natural gas production in the lower 48 states will increase by 52% between 2013 and 2040, and production in the Rocky Mountain region will rise 48%. Crude oil production is also projected to increase 27% in the lower 48 states between 2013 and 2019 before peaking. The Rocky Mountain region is expected to peak later (2024) after a 29% increase. The Henry Hub price for gas is expected to climb 2.8% annually, ta $7.65 by 2040, while wellhead oil prices will increase at an annual rate of 1.3%, to $137.63 per barrel (2012 dollars). Public sentiment on unconventional gas will have a material impact on gas production in coming years. According ta the International Energy Agency's World Energy Outlook 2012, such social and environmental concerns as land use, surface and groundwater contamination, and air pollution must be addressed successfully in order to realize unconventional gas production's potential. The report suggests that policy makers, regulators, operators, and others apply principles that emphasize full transparency, rigorous efforts ta reduce environmental impacts, and engagement with local communities. PUBLIC INFORMATION IN COLORADO Describing the regulatory environment in Colorado, Governor Hickenlooper wrote, "We were drawing attention ta the fact that Colorado has created the most comprehensive and stringent set of regulations around ail ond gas production in the country." Business Research Division • Leeds School of Business• University of Colorado Boulder 309 Page 5 On a state level, Colorado is working with oil and gas producers to establish methane controls. Locally, the Arapahoe County Commissioners created a memorandum of understanding (MOU) that fasMracks permitting in return for agreed upon regulation. Discussions and information about industry impacts are being shared through such organizations as the Center of the American West at the University of Colorado Boulder, which is hosting a series titled FrackingSENSE as a venue for discussing a wide range of industry issues, and the COGCC, which has an online library ranging from industry statistics on wells and production to regulations and public presentations. While the debate ensues, some progress to find common ground has been made in Colorado. The industry faces a rigorous permitting process with state and local jurisdictions. Efforts by the state and industry to increase the flow of information and reduce the environment and community impacts of oil and gas development include facilitating: greater information about the chemical contents used in the fracking progress, efforts to capture methane from wellheads, and the development of integrated pipelines to reduce the infrastructure and environmental impacts of over-the-road transportation of product. As well, the industry is charged with timely reporting of spills made public through the Colorado Oil and Gas Information System (COGIS) database. Methane Standards Colorado's largest oil and gas producers, including Anadarko Petroleum Corp., Noble Energy Inc., and Encana Corp., worked with environmentalists from the Environmental Defense Fund to form measures recently approved by the Colorado Air Quality Control Commission that would repair persistent methane leaks from their tanks and pipes. Emissions from methane leaks, a source of climate-changing greenhouse gas, have contributed to the worsening smog along the Rocky Mountains that exceeds the federal ozone guidelines. The mandates are the first attempt by a state to regulate methane emissions from fracking. Methane is 20 times more potent at trapping heat in the atmosphere than carbon dioxide according to the EPA. New rules provide guidance and technology for Colorado oil and gas businesses to find leaks and fix them in order to lower their emissions. The new regulations will require companies to install equipment to minimize leakage of methane and to control or capture 95% of emissions. Energy producers are subjected to routine inspections, as often as once a month, and when leaks are discovered, they must be repaired within 15 days. Chevron and members of the Colorado Oil & Gas Association and the Colorado Petroleum Association calculated that the cost to comply with the rules could be up to $100 million for the industry, while the Air Pollution Control Division estimated costs at $40 million. Noble Energy estimated that compliance with the new regulations could cost the company $3 million a year and it will have to hire an additional 16 employees to tackle the new regulations. Arapahoe County Memorandum of Understanding One example of an open process is the memorandum of understanding (MOU) developed by the Arapahoe County Commissioners. This brief MOU establishes a set of conditions, stricter than those imposed by the state, that, if followed, fast-tracks the permitting process for producers. Arapahoe County approved the MOU for oil and gas companies in April 2013. Working with the COGCC, industry representatives, experts, and citizens, county commissioners, created a MOU that creates high standards for oil and gas companies beyond the already strict regulations in place at the state level. Unanimously approved, this MOU incentivizes companies to accept the new terms set by allowing the company to utilize a shorter and less costly administrative permitting process that can be completed Business Research Division • Leeds School of Business • University of Colorado Boulder 309 Page 6 within 30 working days. If a company does not want to sign the MOU, then it is subject to COGCC's normal review process that typically requires three to five months. The MOU is intended to supplement and add to the commission's rules and regulations. If any requirements of the MOU are in conflict with COG CC requirements, the stricter standards will take precedence. The standards addressed in the MOU include: operator pit practices, berms, water supply and quality, water quality testing, spill and release management, weed control, noise, emergency response planning, erosion control, private and public roads, floodplain encroachment, painting of oil and gas facilities, facility lighting, and county approvals and inspections. This MOU only applies to oil and gas facilities that have applied for permits as of the date the MOU was approved. Arapahoe County's oil and gas MOU stands as an example of sustainable oil and gas development in Colorado. By working with oil companies, Arapahoe County commissioners have come to an agreement that meets both the environmental and economic needs of the community. Other Data Sources Numerous sources in Colorado disseminate industry information to the public. Three objective sources of data include the Center of the American West at the University of Colorado Boulder, COGCC, and FracFocus. COGCC is a state-run receptacle far industry data (e.g., wells, production) as well as newsletters, research papers, and presentations. FracFocus is a searchable national registry of hydraulic fracturing chemicals. Data from other sources, such as the Colorado Department of Revenue, the EIA, and the Colorado Land Board, are presented later in this paper. FrackingSENSE In 2013, CU-Boulder's Center of the American West began hosting an ongoing series of moderated discussions on the topic of tracking with the goal of learning "what we know, what we don't know, and what we hope to learn about natural gas development." As of February 2014, presenters have included industry experts, government officials, and social rights activists. Among those topics discussed so far are surface and subsurface boundaries, water pollution, air quality concerns, health risks, and government control. Appendix 2 includes a summary of speaker viewpoints. HISTORY OF OIL AND GAS IN COLORADO Oil and gas activity in Colorado began near the Front Range in the Denver Basin, known as the DenverJulesburg Basin (the DJ Basin). In 1901, the McKenzie Well #1 was drilled into the Pierre Shale formation within the Denver Basin, specifically in the Boulder Oil Field. Several years later, in 1947, a well in Grant County, Kansas, received hydraulic fracturing treatment in order to stimulate natural gas development. This well was the first hydraulically fractured well in the United States. In 1969, a device was detonated in a well drilled in the Piceance Basin near Rifle, Colorado, called Project Rulison. This attempt to fracture the rock and enable commercial extraction of the natural gas failed. In 1970, the Wattenberg Gas Field was discovered in the Denver Basin. Three years later, Amoco introduced massive hydraulic fracturing to the Wattenberg Gas Field in order to rt~cov<~r gas from a low-permeability sandstone formation. This was one of the first places massive hydraulic fracturing was performed both routinely and successfully. At this time, experts thought the field contained 1.1 trillion cubic feet of gas. Through 2008, the Wattenberg Field had produced 2.8 trillion cubic feet of gas, far surpassing the estimate in 1973. Since the late 1970s, the San Juan Basin has grown to become one of the largest coal-bed methane reservoirs in the world. Business Research Division • Leeds School of Business• University of Colorado Boulder 309 Page 7 In 2007, the Wattenberg Gas Field accounted far 11 million barrels of ail and 170 billion cubic feet of gas from more than 14,000 wells. These production numbers made the Wattenberg Gas Field the ninthlargest source of natural gas in the United States according to a report by EIA. Also, in 2007, the Piceance Basin contained S of the top 50 gas fields in the nation in terms of proved reserves. Operators in the ail and gas industry discovered in 2009 that hydraulic fracturing, paired with horizontal drilling in the chalk of the Niobrara formation, yielded better quantities of gas and condensate. In 2009, U.S. Congresswoman Diana DeGette and U.S. Congressman Maurice Hinchey introduced the FRAC Act, which would allow the EPA to evaluate hydraulic fracturing processes and make the practice enforceable under the Safe Drinking Water Act. The FRAC Act has not yet been passed through Congress. Currently, hydraulic fracturing is not enforceable under the Energy Policy Act of 2005 due to the "Halliburton Loophole," which has kept the EPA from regulating fracturing operations. A year later, the Raton Basin in Las Animas County was included in the 2010 EPA hydraulic fracturing study, which is expected to be released in 2014. Voters in three Colorado cities (Boulder, Fort Collins, and Loveland) approved ballot initiatives to impose or extend moratoria on hydraulic fracturing in November 2013. Today, 75% of Colorado homes are fueled by natural gas produced in the state, and Colorado's oil production accounts far 30% of the state's needs for transportation fuel. Currently, nearly 95% of completed oil and gas wells in the United States are being hydraulically fractured. STATE OF THE INDUSTRY With the proliferation of the services sectors, the goods-producing sectors of the Colorado economy (agriculture, mining, construction, and manufacturing) has fallen from 29% of state GDP in 1963 to 15.5% of nominal GDP in Colorado in 2012. While the production value of the mining industry has been impacted by price and production volatility over this period, the industry's share of GDP in 2012 was nearly equal ta the market share in 1963 (around 3.7%). Colorado oil and gas applications for permits to drill (APDs) peaked in 2008 with 8,027 approved permits, coinciding with record high prices far many commodities and preluding the soft demand during and following the recession. Drilling permits preceded a general trajectory of decline, hitting a multiyear low in 2012 before increasing 6.7% in 2013. While APDs remain a market indicator, technological advancements, such as horizontal drilling and permitting changes, make APDs less of an indicator of the health of the industry. Horizontal wells allow for a greater amount of a reservoir to be drained than vertical wells because they can be manipulated to extract more from thin, shallow reservoirs. According to the 2012 Colorado Business Economic Outlook, the Natural Resources and Mining committee explained that, "This decrease in total permits is due primarily to a new two-year permit scheme that became effective in late 2009." A Denver Business Journal .e.•.1..i.n_<~ ---····-------------- Dollars (Billions)' Changefrom Base/ine Doll~~~ (Bilii~ns)" · ·.. -2.1% -8 Average Difference from Baseline Scenario Year Vear Year Vear Years 6-10 11-15 16-20 -113 "2.8% -118 "'2.8% ·102 -107 -95 ,.z.2% -86 -2.9% -22 -2.9% -24 -2.2% -20 -:-16 ....-.?_: ::.:... --~.l!J!) -3.0% -15 -,2'.2%. -13 -l.6 1% -10 -2.4% -12 -14 21-25 -73 2015-2040' -93 ~1,6% -67 84 ,__ _ _ _ _ _ _ _ _ _ _ _ _ C_ha~Q_e frof_!'_B_~~eJi_g__"---t----:2:~2§__:3~~:2_%_.__···2,~2-§__;:lJ_'!:§_~_ ___:_ .21. . :c..~----• Personal Income Dollars (Billions)' -5 -9 -10 -9 -8 Chongefrom Baseline ·-1.6% ·2.7% -2.7% -2.2% -1.7% -2.2% Real rnsposable Persont.11 Income Dollars (Billions)"' -4 ·7 -8 -7 -7 -7 Change from Baseline -1.5% -2.4% -2.4% -2.0% -1.5% -2.0% 'This average impact over the 25-year period (2015-2040) indicates Colorado total employment would be shifted lower by 93,000 jobs on average, and that GDP would be lower by an average of $12 billion over the entire 25-year horl~on. This shift Is illustrated in Figure 7 (below). 'Dollars are fixed (201.2) dollars. The impact of the fracking ban is a shift in employment downward from a baseline scenario. That average change over the first five years is 68,000 jobs compared to the baseline expectation for Colorado employment. FIGURE 7: STATEWIDE FRACKING BAN IMPACT ON COLORADO EMPLOYMENT, 2015-2020 The negative implication for industry employment are most absorbed by five sectors: Mining; Construction; Retail Trade; Professional, Scientific, and Technical Services; and Government. The legacy production from existing wells and modest new production absent offracking will continue to support direct and indirect upstream, midstream, and downstream employment. The direct industry impacts fall squarely on the Mining Sector, as well as some Construction (e.g., pipeline construction); Professional, Scientific, and Technical Services (engineering, R&D); and Government (regulation). The impacts of Business Research Division • Leeds School of Business• University of Colorado Boulder 309 Page 15 fewer jobs and wages result in reduced household spending impacts that affect everything from Construction to Retail Trade. TABLE 5: STATEWIDE FRACKING BAN, EMPLOYMENT IMPACTS, 2015-2040, IN THOUSANDS Average (Thousands) Year Industry 1-5 Vear 6-10 Vear 11-15 Vear 16-20 Year 21-25 0 0 0 0 0 fy1i_ninfS -14 -22 -16 -12 Utilities Construction 0 -22 0 -26 0 -24 -2 0 ~15 -15 0 -7 ~orcstry 1 -~i.shing 1 zmd Rc)~_tcd A~tl_vitic.s. Manuf_a_~tu.r_i~g -1 Wholesale Trade -2 Ret~Po.~i_es and Enterpri_s~s 0 Educational Services Health Care and Social Assistance -4 Arts, _Ent~~~~-i~.".1~~~· ~~~- -~~~re?~_io_~. Accommodation and Food Services -1 -3 ...9~~-~t ?,~.~"'..i.ces1. ~-~~-~pt ~--~, ~1.i.~. f\~.~~.i.~~-'-~-~r~,~.\9.0. --3 Government Years 2015-2040 0 -17 0 -17 -1 -1 -1 -1 -2 -10 -1 -1 0 -2 -8 0 -1 0 -5 -5 -5 -3 -4 -8 0 -5 -1 -7 -10 -9 -8 -8 0 0 0 -4 -4 -2 0 -5 -2 -8 -8 -2 -7 -7 -2 -2 -2 -2 -2 -6 -7 -7 -6 -5 -4 -11 -3 ·3 -3 -3 -11 -1 -1 -5 -2 -1 -1 -9 All occupations are negatively impacted by the tracking ban. The impacts mostly affect five occupations: Sales, Construction and Extraction, Management, are most absorbed by five sectors: • • • Sales and related, office and administrative support Construction and extraction Management, business, and financial Computer, mathematical, architecture, and engineering Food preparation and serving related Business Research Division• Leeds School of Business• University of Colorado Boulder 309 Page 16 TABLE 6: STATEWIDE FRACKING BAN, OCCUPATION IMPACTS, 2015-2040, IN THOUSANDS Average (Thousands) Occupations Year Year Vear Year Year Years 1-5 6-10 11-15 16-20 21-25 2015-2040 CONCLUSION This report shows the estimated economic impacts associated with a statewide tracking ban. It is based on currently known economic factors of the industry related to production, prices, employment, and taxes. A statewide tracking ban would prove damaging to the Colorado economy, setting the state back an average of 68,000 jobs in the first five years and $8 billion in GDP. Over the long term (2015-2040), the impact of a ban would result in average 93,000 fewer jobs and $12 billion in lower GDP when compared to a baseline scenario. Business Research Division • Leeds School of Business• University of Colorado Boulder 309 Page 17 BIBLIOGRAPHY Aguilar, John. "Another anti·fracking measure could be headed to November ballot," The Denver Post, http://www.denverpost.com/localpolitks/ci 25222991/another-anti-fracking-rneasure-couldQs::hg.i!.~igst:rlQlL§n:lQJi'.I, accessed February 25, 2014. American Petroleum Institute, Exploring for America's Energy Future. http://www.api.org/N/media/Files/Policy/Exploration/EnergyResources/StrategicEnergyResources_Wattenberg.pdf. Accessed February 24, 2014. Baker Hughes. Baker Hughes Rig Counts, http://www.bakerhughes.com/rig-count. Accessed February 24, 2014. Ballotpedia, City of Fort Collins Five Year Fracking Suspension Initiative, Question 2A (November 2013), http://ballotpedia.org/Citv of Fort Collins Five Year Fracking Suspension Initiative. Questio f.LftLt!'!.mmunities-cc1ntrnl-fracking. Accessed February 25, 2014. League of WC>men Voters of Boulder County, http://lwvbc.org/files/2012 Ballotlongmont(luestion300.pdf. Accessed February 25, 2014. Lewandowski, Brian and Richard Wobbekind. July 2013. Assessment of Oil and Gas Industry 2012 Industry Economic and Fiscal Impacts in Colorado. Business Research Division, Leeds School of Business, University of Colorado Boulder. McClure, Rich. EE3, Inc. E-mail correspondence with BRD researchers. Middle East Well Evaluation Review. 1995. Horizontal Highlights. httP..:LLliY.>C>Ll!.\l.,.§J.b.,~9.t:Dl:lnH:.9.!lllfii!l.~Lrn?.9!A.t£iil2L!.ll..!iil.rfLYilgf.'.!§LrnLfl.!J.b_Jng~gr1§."J.d1\lf. Accessed February 27, 2014. Proctor, Cathy. December 2, 2009. Colorado extends gas, oil drilling permits to 2 years. Denver Business Jou rn aI. htthl.JL1:1Lvtl6d.l.l~i\l.WLO.~J2.,~Q!ll.L.£!.gny.!?J.L2.t.grJ.~.~2.QQ.9.LlU~.QL.9.2Ilv:i?Lbtml?ll~R\il.::illJ.. Accessed February 27, 2014. Oldham, Jennifer. Colorado First State to Clamp Down on Fracking Methane Pollution, Bloomberg Su sta i na bi Iity, http://www. blo o mberg.com/ news/2014"02-24 / colorado·fi rst -state·to·c Iamp· down-on-fracking-methane-pollution.html. Accessed February 25, 2014. Business Research Division • Leeds School of Business• University of Colorado Boulder 309 Page 20 United States Environmental Protection Agency. EPA's Study of Hydraulic Fracturing and Its Potential Impact on Drinking Water Resources, www.epa.gov/hfstudy. Accessed February 24, 2014. U.S. Department of Energy. Project Rulison, https://www.osti.gov/opennet/forms.jsp ?formurl:fi lms/data/0800036.htm I. Accessed February 17, 2014. U.S. Energy Information Agency. Top 100 Oil and Gas Fields of 2009, http://www.eia.gov/pub/oil_gas/natural_gas/data_publications/crude_oil_natural_gas_reserv es/current/pdf/toplOOfields.pdf. Accessed February 24, 2014. U.S. Energy Information Administration. June 2012. Annual Energy Outlook 2012 with Projections to 2035. http://www.eia.gov/forecasts/aeo/chapter_market_trends.cfm (accessed June 28, 2013). _ _ _ _ _ .April 2013. Annual Energy Outlook 2013 with Projections to 2035. http://www.eia.gov/forecasts/aeo/ (accessed July 6, 2013). _ _ _ _ _ .December 16, 2013. AE02014 Early Release Overview. http://www.eia.gov/forecasts/aeo/er/index.cfm (accessed February 3, 2014). Wobbe kind, Richard and Brian Lewandowski. December 2011. Assessment of Oil and Gas Industry Economic and Fiscal Impacts in Colorado in 2010. Business Research Division, Leeds School of Business, University of Colorado Boulder. Business Research Division • Leeds School of Business• University of Colorado Boulder 309 Page 21 APPENDIX 1: OVERVIEW OF REMI POLICY INSIGHT This summary was provided by REMI, Inc. Policy Insight is a structural economic forecasting and policy analysis model. It integrates input-output, computable general equilibrium, econometric, and economic geography methodologies. The model is dynamic, with forecasts and simulations generated on an annual basis and behavioral responses to wage, price, and other economic factors. The REM! model consists of thousands of simultaneous equations with a structure that is relatively straightforward. The exact number of equations used varies depending on the extent of industry, demographic, demand, and other detail in the model. The overall structure of the model can be summarized in five major blocl wrote: Hey there- heard how the meeting ended yesterday. Sorry I had to leave early. Have a second to touch base today? Kristin ~Starboard ~ Group dJCei&t'vn c;f/'~£.m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 256 From: Sent: To: Kristin Strohm Mon 8/18/2014 4:39 PM (GMT-00:00) Tom Clark; Pam Reichert; Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Richard Wobbekind; Keith E Maskus Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org; Courtney Steinford Cc: Bee: Subject: REMINDER: REMI Oversight Committee Meeting Reminder: We will be having an in-person meeting TOMORROW, Tuesday, August 19th from HAM- Noon at the Metro Denver EDC office: 1445 Market St, Denver, CO. We will also have a call-in for those not able to join. Here is the calI-in information: Call-in number: Access code: Brian will be walking us through the setback study. for the year. rn addition, I will pass out current financials Thanks, Kristin On Fri, Aug 8, 2014 at 10:51 AM, Kristin Strohm wrote: REMI Oversight Committee Members, We will be having an in-person meeting on Tuesday, August 19th from HAM- Noon at the Metro Denver EDC office: 1445 Market St, Denver, CO. We will also have a call-in for those not able to join. Here is the call-in information: Access code: Brian has been hard at work on the setback study and has a draft he would like to go through with us. In addition, we need to discuss the budget study. Hope you have a great weekend. Kristin ~Starboard w_ Group (;fl(;idv& r;f/'~ MANAGING PARTNER 257 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard w_ Group (;fl{;i&fv& r;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com 257 From: Sent: To: Cc: Bee: Subject: Attachments: Brian R. Lewandowski Wed 2/04/2015 3:20 PM (GMT-00:00) Kristin Strohm Fwd: Colorado Oil and Gas Update 011315 v1 Colorado Oil and Gas Update 011315 v1 .docx; ATT00001.htm Sent from my iPhone Begin forwarded message: From: "Brian R. Lewandowski" Date: February4, 2015 at 1:15:50 AM MST To: "Brian R. Lewandowski" Subject: Colorado Oil and Gas Update 011315 vl 259 January 13, 2015 Oil and Gas Prices - the Upside and the Downside :Leeds School of Business NIVERSITY OF COLOflADO BOULDER BUSINESS RESEARCH DIVISION Oil and gas prices recorded a precipitous decline in 2014 that has extended into early 2015. Oil prices peaked on June 20, 2014, before declining 53.6% as of January 5, 2015. Oil price volatility doubled in the last four months of 2014 compared to the prior three years. WTI has now recorded six months of year-over-year declines, with prices falling at an increasing rate. Drilling permits and starts are up for the year, but the rig count is down in Colorado. Natural gas prices are also off peak from 2014. The average monthly price topped out at $6.00 per million BTUs in February before falling to $3.48 in December-the lowest monthly price of the year. The impact of gasoline prices is readily observable to consumers. Prices topped $3.71 per gallon on August 18, 2014, before falling 43%, to $2.12, on January 5, 2015, according to the Energy Information Administration (EIA). The steep decline began in October, but the seasonality in gasoline prices warrants yearover-year comparisons. July, August, and September all recorded higher gasoline prices year-over-year, while October (-3.5%), November (-6.5%), and December (-18.4%) all recorded year-over-year declines. The consumer impact of falling gasoline prices is significant in absolute dollars. In December 2013, Colorado recorded 178,156,133 gross gallons of gasoline/gasohol sales according to the Colorado Department of Revenue, Office of Research and Analysis. Assuming gasoline consumption at the state level was at least the same in December 2014 as it was in December 2013, an 18.4% drop in average gasoline prices resulted in an extra $102 million to consumers that was available to be spent on other goods and services in the economy that month alone. If prices stay 18.4% lower for 12 months, this will result in at least a $1.4 billion transfer from the energy industry to consumers in Colorado. While lower prices are a boost to the consumer (income effect), the downside risk of these lower prices is that Colorado's energy economy slows, dragging down some of the strong growth that the state has benefited from post-recession. The energy industry pays above-average wages ($104,626 in 2013) and employs almost 34,000 workers upstream and midstream (30,000 employees, 4,000 sole proprietors). While many of these workers may not be impacted by falling prices, the exploration and drilling jobs will be among the first to be impacted. During the last major price event in 2009, extraction jobs remained stable, pipeline transportation jobs increased (13%), but drilling (-49%), support activities (-19%), and pipeline construction (-27%) jobs decreased sharply. Industry wages declined by $604 million in Business Research Division • Leeds School of Business• University 649 a single year. However, employment rebounded strongly, and led the state in the employment recovery following the recession. Analyzing the impact of price declines does not simply warrant a look-back at previous commodity price contractions given the uniqueness of the environment surrounding these price events, including the improved technology for extracting shale oil (fracking) and revised estimates for potential production in Colorado's DJ basin. However, signals from the market indicate that drilling is slowing down, which will immediately impact drilling and support activities jobs and have multiplier effects on the supply chain of goods and services purchased by the industry. A 15% reduction in upstream and midstream employment results in a $0.5 billion decrease in wages. National occupational data show that about 40% of oil and gas industry employment is in office jobs (e.g., business and financial, computer and mathematical, architecture and engineering, etc.) and 60% of employment is in more laborintensive occupations (e.g., construction and extraction, maintenance and repair, etc.). The segmentation of occupations is illustrative of the dispersion of jobs in rural areas as well as in urban areas where little production exists. One difficulty in projecting the impact of decreasing prices and value of production is the weak correlation between total value and employment. Value of production is volatile because of price volatility, but production has increased in Colorado every year since 2001. Severance taxes generally track the direction of the value of production, albeit with a correlation of 0.56. Colorado severance taxes reached a new peak in December 2014, with $330 million in oil and gas severance taxes over the prior 12 months. Severance taxes are based on the value of production, but this liability is reduced by property tax offsets. Severance taxes will be one of the first public revenue streams to be impacted by falling oil prices. Local communities are one of the largest beneficiaries of local oil and gas development in so much that they are paid property taxes on the value of production. However, this tax liability is based on the value of production from the prior year. The steep decline in prices did not begin until August, meaning that the full-year 2014 value of production will be propped up by the first seven months, when the average increase averaged 6.1% above the prior year. If prices remain low, however, the property tax impact of low prices will hit in 2016. Our research division estimated property taxes of $357 million related to oil and gas production (excluding midstream activities) in 2013. If the 18% year-over-year price decline persists, this implies a property tax decrease of nearly {but less than) 18% (because of the property taxes paid on equipment), or $64 million. Other public revenue streams impacted include corporate and personal income taxes, sales taxes, and royalties. n Business Research Division • Leeds School of Business• University of Colorado Boulder 649 Page I2 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Tue 8/12/2014 7:08 PM (GMT-00:00) Richard Wobbekind Re: REMI Oversight Committee Meeting Thanks Rich. On Tue, Aug 12, 2014 at 12:21 PM, Richard Wobbekind wrote: At this time I plan on calling in. That could change. From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, August 08, 2014 10:55 AM To: Tom Clark; Pam Reichert; Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Richard Wobbekind; Keith E Maskus Cc: Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org; Courtney Steinford Subject: Re: REMI Oversight Committee Meeting Apologies--Tuesday the 19th. On Fri, Aug 8, 2014 at I 0:51 AM, Kristin Strohm wrote: REMI Oversight Committee Members, We will be having an in-person meeting on Tuesday, August 18th from HAM- Noon at the Metro Denver EDC office: 1445 Market St, Denver, CO. We will also have a call-in for those not able to join. Here is the call-in information: Call-in number: 260 Access code: - Brian has been hard at work on the setback study and has a draft he would like to go through with us. In addition, we need to discuss the budget study. Hope you have a great weekend. Kristin ~Starboard ~ Group d/C;ei&t'vn c!l't;;eo,£.m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 260 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group dX;,;u-,;n, cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 260 From: Sent: To: Cc: Bee: Subject: Attachments: Brian R. Lewandowski Wed 2/04/2015 3:20 PM (GMT-00:00) Kristin Strohm Fwd: Colorado Oil and Gas Update 012915 v2 Colorado Oil and Gas Update 012915 v2.docx; ATT00001.htm Sent from my iPhone Begin forwarded message: From: "Brian R. Lewandowski" Date: February4, 2015 at 1:17:19 AM MST To: "Brian R. Lewandowski" Subject: Colorado Oil and Gas Update 012915 v2 262 January 28, 2015 Oil and Gas Prices - the Upside and the Downside Leeds Scl1ool of Business UNIVERSITY OF COLORADO BOULDER Falling oil and natural gas prices have the potential to have a dampening effect on the Colorado economy, while lower gasoline prices are a boost to consumers. Our contention is that lower energy prices are a net negative to the Colorado economy since the state is a top 10 producer of both oil and gas. The severity of the dampening depends on the duration of the low price environment. The employment and economic impact of an industry slowdown may have a greater impact on the Denver Metro region than on the core production counties. Background Oil and gas prices recorded a precipitous decline in 2014 that has extended into early 2015. Oil prices peaked on June 20, 2014, before declining 57% as of January 20, 2015. Oil price volatility doubled in the last four months of 2014 compared to the prior three years. WTI has now recorded six months of year-over-year declines, with prices falling at an increasing rate. Drilling permits and starts are up for the year, but the rig count is down in Colorado. Natural gas prices are also off peak from 2014. The average monthly price topped out at $6.00 per million BTUs in February before falling to $3.04 in January 2015. Natural Baker-Hughes Month Oil Gas Gasoline Ri Count -5.1% 8.1% June 2014 10.5% 19.9% July2014 -1.0% 11.8% 1.8% 1.5% August2014 -9.4% 14.2% 3.4% 5.8% -12.3% 8.4% 1.2% 10.1% September 2014 -16.1% 2.8% -3.5% 5.6% October 2014 -19.3% 13.3% -6.5% 5.8% November 2014 -39.3% -17.9% -18.4% 7.8% December 2014 January 2015* -49.0% -35.4% -38.4% NA : Source: Energy Information Administration, Henry Hub Natural Gas Spot Price ; (Dollars per Million Btu; Cushing, OK Wrl Spot Price FOB (Dollars per Barrel); Weekly Colorado All Grades All Formulations Retail Gasoline Prices (Dollars per Gallon). COGCC Slaff Rreport (January 26, 2015). 'Current through The impact of gasoline prices is readily observable to consumers. [J~nu,~ry 2~: .~915. Prices topped $3.71 per gallon on August 18, 2014, before falling 48%, to $1.93, on January 26, 2015, according to the Energy Information Administration (EIA). The steep decline began in October, but the seasonality in gasoline prices warrants year-overyear comparisons. July, August, and September all recorded higher gasoline prices year-over-year, while October (-3.5%L November (-6.5%), December (-18.4%), and January year-to-date (-38.4%) all recorded year-over-year declines. Historical Perspective During the last major price event in 2009, extraction jobs remained stable, pipeline transportation jobs increased (13%), but drilling (-49%L support activities (-19%), and pipeline construction (-27%) jobs decreased sharply. Industry wages declined by $604 million in a single year. However, employment rebounded strongly, and led the state in the employment recovery following the recession. Analyzing the impact of price declines does not simply warrant a look-back at previous commodity price contractions given the uniqueness of the environment surrounding these price events, including the improved technology for extracting shale oil (tracking) and revised estimates for potential production in Colorado's DJ basin. However, signals from the market indicate that drilling is slowing down, which will immediately impact drilling and support activities jobs and have multiplier effects on the Business Research Division • Leeds School of Business• University of Colorado Boulder 648 Page 11 supply chain of goods and services purchased by the industry. A 15% reduction in upstream and midstream employment results in a $0.5 billion decrease in wages. Assumptions The consumer impact of falling gasoline prices is significant in absolute dollars. In December 2013, Colorado recorded 178,156,133 gross gallons of gasoline/gasohol sales according to the Colorado Department of Revenue, Office of Research and Analysis. Assuming gasoline consumption at the state level was at least the same in December 2014 as it was in December 2013, an 18.4% drop in average gasoline prices resulted in an extra $102 million to consumers that was available to be spent on other goods and services in the economy that month alone. If prices stay 18.4% lower for 12 months, this will result in at least a $1.4 billion transfer from the energy industry to consumers in Colorado. Apportioning this out by county employment share of state employment, the Denver Metro region would get an $870 million boost while the rest of Colorado would get a $552 million boost from consumers in a single year to be spent on other goods and services (or even more gasoline). Other energy benefits are likely to be slow to impact consumers. Diesel prices remain 34% higher than gasoline prices, and electricity, which has a lagged price response, is largely generated using coal and natural gas. While lower prices are a boost to the consumer (income effect), the downside risk of these lower prices is that Colorado's energy economy slows, dragging down some of the strong growth that the state has benefited from post-recession. The energy industry pays above-average wages ($104,626 in 2013) and employs almost 34,000 workers upstream and midstream (30,000 employees, 4,000 sole proprietors). While many of these workers may not be impacted by falling prices, the exploration and drilling jobs will be among the first to be impacted. However, monthly data through December 2014 show the contrary-Mining and Logging employment, which is comprised mostly of oil and gas jobs, demonstrated accelerated growth in the second half of 2014, increasing on average 12.4% year-over-year for the last six months and 13.1% in December alone. The research team used the REM! model to project out the economic impact of the price decline over the next three years (2015-2017). While the events surrounding this price decline differ from the financial recession that plagued the global economic in 2007-2009, there are important signals about the production response to prices. The team examined the price decline that began in 2008, similarly falling by 50% year-over-year to below $50 per barrel. The change in global demand elicited a price response, but did not result in a decrease in production in Colorado. Oil production increased from 26.2 million barrels in 2007 to 29.9 million in 2008, 30.3 million in 2009, and 32.4 million in 2010. However, price can curtail new production (see Frocking paused on Business Research Division • Leeds School of Business• University of Colorado Boulder 648 Page I2 gas wells in Western Colorado Business Research Division • Leeds School of Business• University of Colorado Boulder 648 Page I3 Economic Impact Scenario 1-Price Response Similar to 2008-2010 This analysis models the net effect of the consumer gasoline price benefit and the oil and gas industry price decline cost. Applying the price/output relationship from 2009-2011 to the current period (2015-2017), state GDP grows at a slower rate, but the impact of the lower prices is not recessionary. GDP rebounds strongly in 2016 and recoups the baseline growth by 2017. Total employment grows 1.5 percentage points slower in the state due to the oil price decline in 2015, but employment grows faster in 2016 and 2017 as oil prices rebound above $80 per barrel. The Denver Metro region suffers slower growth of 1. 7 percentage points in 2015 due to the decline, but the Denver South subset of the region (Arapahoe and Douglas counties) experiences slower growth of only 1.2 percentage points. Under this scenario, employment fully rebounds by 2017. Oil and gas industry employment, under this scenario, declines by 1,000 in the Denver Metro region in 2015, but overall employment, and specifically construction employment, continues to expand, albeit at a more modest pace. Compared to the baseline growth scenario in energy and other industries generated prior to the price decline, the slowing energy sector could lead to 38,000 fewer private nonfarm created in the state in 2015. Office vacancy logically seems to be at risk examining the vacancy rates in Denver and the central business district from 2007-2009. However, this time period was marked by job declines of 87,000 (-6.1%) in the Denver Metro region and 151,400 (-6.4%) in the state. The job losses were broad and deep, impacting many office sectors and driving up the vacancy rate. The model forecasts a decrease in direct oil and gas jobs with the price decline, but other office-occupying industries continue to grow employment. Scenario 2-Slower Price Rebound The futures markets currently suggest sub-$50 oil through August. Under an alternative scenario, prices rebound less quickly than the 2008-2010 price response. If prices rebound more slowly, to $60 in 2016 and $70 in 2017, the model forecasts the greatest economic impact in 2015 (1.5 percentage point slower growth in employment in the state, 1.7 percentage point slower growth in the Denver Metro region), and a similar but slower rebound in employment growth in 2016 and 2017. Employment growth remains positive throughout the three years (2015-2017). Scenario 3-Greater Employment Response Modeling a scenario with a greater employment response to falling prices, total private nonfarm employment grows 2.1 percentage points slower than the baseline scenario in 2015, and the Denver Metro region grows 2.5 percentage points slower. For both Colorado and the metro region, employment grows at a faster pace in 2016 and 2017. Oil and gas industry employment in this scenario decreases by 3,300 in the Denver Metro region and 5,500 statewide in 2015. What to Watch Indicators to watch for signs of an industry slowdown in Colorado include: • Baker-Hughes rig count published in the monthly Colorado Oil and Gas Conservation Commission Staff Report. • Drilling permits published in the monthly Colorado Oil and Gas Conservation Commission Staff Report. • Total employment and Mining and Logging employment published in the monthly state and metropolitan statistical area employment report published by the Bureau of Labor Statistics, Current Employment Statistics. • Oil and gas industry employment published in the quarterly county-level employment report published by the Bureau of Labor Statistics, Quarterly Census of Employment and Wages. • WTI oil daily spot prices and Henry Hub daily natural gas spot prices published by the Energy Information Administration. • WTI and Henry Hub futures contracts published by the CME Group. • Severance taxes provided by the Colorado Department of Revenue and assessed property values published by the Colorado Department of Local Affairs. • Office vacancy rates provided by Newmark Grubb Knight Frank and CBRE. Business Research Division • Leeds School of Business• University of Colorado Boulder 648 Page I4 About the Consortium A partnership of public and private organizations announced in July 2013 the formation of a collaboration to provide Colorado lawmakers, policy makers, and business leaders with greater insight into the economic impact of public policy decisions that face the state and surrounding regions. The parties involved include the Common Sense Policy Roundtable, the Metro Denver Economic Development Corporation, and the Denver South Economic Development Partnership. The Business Research Division (BRD) of the Leeds School of Business at the University of Colorado Boulder was contracted by the consortium to provide third-party, nonbiased research that objectively analyzes the economic impacts of public policy. This consortium meets quarterly to discuss pressing economic issues impacting the state. The consortium licensed dynamic economic models from Regional Economic Models, Inc. (REMI) to study the economic impacts of policy. For this study, the BRO research team used the single-region, 70-sector, Pl+ model built for Colorado and the Denver Metro region (Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, and Jefferson counties). The Business Research Division (BRO) of the Leeds School of Business at the University of Colorado Boulder has been serving Colorado since 1915. The BRO conducts economic impact studies and customized research projects that assist companies, associations, nonprofits, and government agencies with making informed business and policy decisions. 1 Among the information offered to the public are the annual Colorado Business Economic Outlook Forum-now in its 50 h year-which provides a forecast of the state's economy by sector, and the quarterly Leeds Business Confidence Index, which gauges Colorado business leaders' opinions about the national and state economies and how their industry will perform in the upcoming quarter. The Colorado Business Review is a quarterly publication that offers decision makers industry-focused analysis and information as it relates to the Colorado economy. BRO researchers collaborate with faculty researchers on projects, and graduate and undergraduate student assistants, who provide research assistance and gain valuable hands-on experience. Business Research Division •Leeds School of Business• University of Colorado Boulder 648 Page I5 From: Sent: To: Cc: Kristin Strohm Fri 8/08/2014 4:55 PM (GMT-00:00) Tom Clark; Pam Reichert; Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Richard Wobbekind; Keith E Maskus Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org; Courtney Steinford Bee: Subject: Re: REMI Oversight Committee Meeting Apologies--Tuesday the 19th. On Fri, Aug 8, 2014 at 10:51 AM, Kristin Strohm wrote: RE Ml Oversight Committee Members, We will be having an in-person meeting on Tuesday, August 18th from llAM- Noon at the Metro Denver EDC office: 1445 Market St, Denver, CO. We will also have a call-in for those not able to join. Here is the call-in information: Call-in number: Access code: Brian has been hard at work on the setback study and has a draft he would like to go through with us. In addition, we need to discuss the budget study. Hope you have a great weekend. Kristin ~Starboard ~ Group d/Gi:J.tvn rJ/t.u;,Jni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 263 ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 263 From: Brian R. Lewandowski Sent: Wed 2/04/2015 12:27 PM (GMT-00:00) To: Kristin Strohm Cc: Bee: Subject: Re: REMI Oversight Committee Meeting Agenda KristinHow many copies do I need to print for this morning? Thanks, Brian Sent from my iPhone On Feb 2, 2015, at 2:46 PM, Kristin Strohm wrote: REMI Oversight Committee Members, Attached please find the meeting agenda and supplemental documents for Wednesday. Please come prepared with your feedback and thoughts on Brian's updated Colorado Oil and Gas updated, as well as ideas on projects for 2015/2016. Please let me know if you have any questions. Best, Kristin On Tue, Jan27, 2015 at 10:52 AM, Kristin Strohm wrote: REMI Oversight Committee Members, We will have an in-person meeting on Wednesday, February 4th at l lAM at the Metro Denver EDC office (1445 Market St. I Denver, CO 80202). For those of you not able to attend, here is the call-in information: Call-in number: Access code: We will be discussing current studies and our priorities for 2015. Please come prepared with your organization's thoughts on these topics. 267 Thank you, Kristin ~Starboard ~ Group d/Cia.tm r:f/l..u;.Jni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group d/Cia.ti.n r;f/'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 267 From: Sent: To: Cc: Kristin Strohm Fri 8/08/2014 4:51 PM (GMT-00:00) Tom Clark; Pam Reichert; Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Richard Wobbekind; Keith E Maskus Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org; Courtney Steinford Bee: Subject: REMI Oversight Committee Meeting REMI Oversight Committee Members, We will be having an in-person meeting on Tuesday, August 18th from 11AM- Noon at the Metro Denver EDC office: 1445 Market St, Denver, CO. We will also have a call-in for those not able to join. Here is the call-in information: Call-in number Access code: Brian has been hard at work on the setback study and has a draft he would like to go through with us. ln addition, we need to discuss the budget study. Hope you have a great weekend. Kristin a ~ starboard Group d/Ci:J.ti.n ef/~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 268 269 From: Sent: To: Brian R. Lewandowski Tue 2/03/2015 3:23 AM (GMT-00:00) kristin@thestarboardgroup.com Cc: Bee: Subject: RE: Updated O&G Economic Impact Study Kristin- I should also mention that I interviewed with a reporter from Greeley (Tracy Hume) last Wednesday for over an hour discussing the oil and gas report that the consortium released in January. Brian From: Brian R. Lewandowski Sent: Thursday, January 29, 2015 4:46 PM To: Kristin Strohm Subject: Re: Updated O&G Economic Impact Study Sure. How many? Sent from my iPhone On Jan 29, 2015, at 4:39 PM, Kristin Strohm wrote: Thanks Brian, I will let you know if we have any feedback. Can you bring copies to our mtg next week? On Thu, Jan 29, 2015 at 10:23 AM, Brian R. Lewandowski wrote: 271 I look forward to your feedback! Thanks, Brian ~Starboard ~ Group (;fJ{;i-Jt"in efi'tJ<.O-£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 271 Fax: 720-420-1386 Email: kristin@thestarboardgrougcom Web: 271 From: Sent: To: Cc: Kristin Strohm Thu 3/27/2014 4:06 PM (GMT-00:00) Tom Clark; Pam Reichert; Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Randy Hildreth; Richard Wobbekind; Keith E Maskus Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org; Bee: Subject: Fracking Press Clips Attachments: Press Clips REM! 3.26.14.pdf; Press Clips REM! 3.26.14.docx Great press yesterday! We should have a few other outlets covering the study today as well. I'll keep you posted on others. Thanks! Kristin On Tue, Mar 25, 2014 at 5:07 PM, Kristin Strohm wrote: REMI Oversight Committee Members, Attached please find the FINAL press release and study. Metro Denver EDC will be sending this out tomorrow first thing. We are encouraging all groups to get the final study on their respective websites first thing tomorrow as well. We have had great meetings thus far, and early next week we will likely discuss modeling other alternative scenarios, mainly the setback scenario. Please do not hesitate to call should you have any questions. Best, Kristin On Fri, Mar 21, 2014 at 12:02 PM, Kristin Strohm wrote: REMI Oversight Committee, Attached please find an updated press release that incorporates language changes from all groups and the new information from the latest study. As we discussed earlier this week we will shoot to have this sent out Thursday, March 27th by the Metro Denver EDC on behalf of our consortium. Please get me any final revisions no later than Tuesday, March 25th at Noon. 275 C.R.S. 24-72-204(2)(a)(lll) Thank you for your help! Kristin On Mon, Mar 17, 2014 at 1:34 PM, Kristin Strohm wrote: Oversight Committee Members, Attached please find an updated REMI Frack:ing Ban full report and an updated press release. Important NOTE: numbers have changed since the first draft, so please review this carefully. Also, CU would prefer that our group releases the press release, so we can discuss which group does that tomorrow (Tom, I believe you all have a great press list?). We will have a conference call tomorrow at 9:30AM for Brian to walk us through the changes from the original report, as he wants to do this prior to the Vital Board meeting. Here is the call-in information: Call-in number: Access code: Here are important notes from Brian. Thanks, Kristin 275 C.R.S. 24-72-204(2)(a)(lll) Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group d/Cia.tm r:f/l..u;.Jni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group d/Cia.tin r:f/l..u;.Jni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 275 C.R.S. 24-72-204(2)(a)(lll) A W, starboard Group d/&Mm <;fl'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 275 C.R.S. 24-72-204(2)(a)(lll) 13U$1NESS AESl2Al!CH DIVISION Table of Contents Denver Post "Worst-case scenario study: Frack ban could cost 68,000 Colorado ,jobs: March 26, 2014 Denver Business ,Journal, "University of Colorado study suggests major ,job loss from proposed fracking ban" March 26, 2014 The Coloradoan "Study: Colorado fracking ban would be billion-dollar blow" March 26, 2014 The Colorado Observer "Study: Statewide F'racking Ban Would Cost $12 Billion, 93,000 .fobs By 2040" March 26, 2014 Northern Colorado Business Report "Statewide fracking ban would reduce state GDP by $12 billion" March 26, 2014 KUNC "CU Report Estimates Economic Impact Of Statewide F'racking Ban" March 26, 2014 Denver Post "Worst-case scenario study: Frack ban could cost 68,000 Colorado jobs: March 26, 2014 By Mark Jaffe [)eny"r J>gst A statewide ban on hydraulic fracturing would cost Colorado 68,000 jobs and S8 billion in economic activity over five years, according to an analysis released Wednesday. The economic modeling study by the University of Colorado's Leeds School of Business describes job losses rippling into sectors as disparate as health care and fanning. 1 315 The analysis was conducted on behalf of the \-ietro Denver Economic Development Corp., Denver South Economic Development Parl11ership and the Common Sense Policy Roundtable, a free-enterprise think tank in Highlands Ranch. While five municipalities and Boulder County have adopted fracking bans or moratoriums, there is no statewide ballot initiative to ban fracking. "It is a worst-ease scenario," Metro Denver EDC chief Tom Clark said. "We wanted the public to understand the Since 95 percent of the wells in Colorado arc frackcd, the study assumes that drilling activity would be reduced 95 percent. Fracking, a key step in oil and gas production, pumps millions of gallons of water, sand and trace chemicals down wells to fracture rock in order to release oil and gas. The oil and gas ballot initiatives proposed for the November ballot focus on giving communities control over siting drilling and requiring greater setbacks from homes and bLtildings. or "This is part of an expensive campaign by the industry to scare voters," said Laura Fronckiewicz, a leader in Local Control Colorado, the sponsor of 011':: "This isn't about banning fracking, it is about giving communities the ability to put some controls on development- community by community." The setback initiatives from to four arc proposed - would require wells be drilled anywhere from homes. The state's setback requirement is 500 feet. The CU study, which begm1 when rhere was a possibility of a statewide ban initiative, doesn't reflect the more nuanced proposals, said Brian Lewandowski, author of the Leeds analysis. "When it comes to local control, it is likely that communities that have bendited from development wouldn't ban it and population centers, which might not have oil and gas reserves, would," Lewandowski said. Five counties account for 87 percent of the oil and gas activity in the state. Additional modeling on the economic impacts oflocal control and increased setbacks needs t.o be done, Lewandowski said. "What the study does do is give a profile of the oil and gas industry's role in the state's economy," he said. The mining sector, dominated by oil and gas, made up 3.7 percent of Colorado's gross domestic product in 2012, or about SlO billion. Mark.Jaffe: 303-954-1912, mjaffe@denverpost.com or twitter.com/bymarkja[fe 2 315 Title hearings set for april 2 The Colorado secretary ofstate's Title Board has set April 2 hearings/or 10 related to regulating oil and gas activity in Colorado. Once the board sets the language qf the ballot questions, supporters may begin collecting signatures. Backers will need to collect about 86,000 valid signatures to get any of the measures on the fail ballot. The initiatives up for eonslderation lnclnde: No. 82: Local control of oil and gas development No. 89: Local government regulation of environment No. 90: Local government control of oil and gas development No. 91: Local government control of oil and gas operations No. 92: Local government control of oil and gas development No. 93: Local government control of oil and gas development No. 85: Oil and gas operations, 1,500-foot setback No. 86: Oil and gas operations, 2,000-foot setback No. 87: Oil and gas operations, 2,640-foot setback No. 88: Oil and gas operations, 2,000-foot setback Denver Business .Journal, "University of Colorado study suggests major .iob loss from proposed fracking ban" March 26, 2014 By \feil Westergaard and Heather Draper D,:nvcr Rusi11css Joctrnal Fracking draws the ire of environmental activists, many of whom envision a world without the controversial process. But economists from the University of Colorado (CC) predict job losses of93,000, and Sl2 billion in lost gross domestic product (GDP), if proposed bans on hydraulic: fracturing in Colorado become law, according to a study released Wednesday. In just the first five years of a ban on fracking, the hlss in GDP would be $8 billion and 68,000 fewer jobs, according to the study. 3 315 The implications for local and state governments are huge, too. The study put the losses in tax revenue for local and state governments at S985 million during the period from 2015 and 2040. The study was based on a new dynamic modeling system bdng deployed by economic development agencies to measure the economic impact ofpublie policy changes, such as the proposed ban on fracking. Fracking bans, which have been adopted in a fow communities, would extend such bans to oil and gas fields statewide as part of a proposed citizen initiatives for the November ballot. Hydraulic fracturing, or fracking, pumps a mixture of mostly water and sand and some chemicals deep into layers of shale to extract oil and natural gas. Fracking has been used in the United States for more than 60 years and more than 90 percent of all wells today are fracked. And although previously fracked wells would be allowed to continue operating even under the proposed ban, the gradual tapering off of production would continue to siphon off jobs as the oil and gas fields are depleted, the study said. The smdy also reveals the many indirect economic impacts of a fracking ban, including negative impacts to sectors that supply the energy industry with equipment and benefit from the income of the professionals who work in it. The large impact on jobs is indicative of the far-reaching supply chain in Colorado that provides the industry with goods and services. The ripple effect of fewer jobs and wages resulted in cuts in household spending that hurt sectors ranging from constrnction to retail, the study found. The study, conducted by the Business Researcb Division (BRD) of the Leeds School of Business at CU l3oulder on behalf of a partnership between the Common Sense Policy (Denver Roundtablc (CSPR), the Denver South South EDP) and the Denver EDC}, provides the first major 2014 analysis in The tool was developed by R,;igi9r1gl_Ec:9n9mi~~]\1Q~i§!~Jr19, (REMI) of Amherst, Mas,. The Coloradoan "Study: Colorado fracking ban would be billion-dollar blow" March 26, 2014 By Ryan Maye Handy I!ie Col9rad~lliJ'.\ A ban would cut 93.[(jobs, $985M in annual tax revenue, CU researchers say. 4 315 Colorado could lose billions of dollars of gross domestic product and thousands ofjobs if the state decides to ban the controversial gas-drill.ing technique known as hydraulic fractming, according to a study released Wcdncsday by the Leeds School of Business at the Cnivcrsity of Colorado Boulder. The study's results were sobering for Weld County Commissioner Sean Conway, who is well-acquainted with the county's tax revenue dependence on oil and gas development. But the study underscored his belief that oil and gas money benefits all Coloradans. "It would be devastating, there's just no way aroundit," he said of statewide economic impact.s that could follow a frackiug ban. "I don't think people would have a clue of the ripple effect it would have." Although there is no movement in the Legislature to ban fracking, researchers compiled the study with the expectation that a "statewide ban or moratorirnn may be presented to voters in 2014," the study said. Put together to help lawmakers understand the economic impacts of policy, the study comes after five Colorado communities passed fracking restrictions since 2012. Fort Collins was one of four communities that passed restrictions during the November 2013 election. 1n February, environmental activists from across the state announced their intention to pursue a change to the state's constitl1tio11 that would afford counties and municipalities "local control" over fracking. Supporters must collect more than 86,000 signatures to place their question on the November ballot. The health impacts of fracking outweigh the economic dangers of a Colorado without it, said Gaty Wockner, a Foti Collins-based activist supporting the proposal. "This study 100 percent fails to analyze the societal, economic and cultural costs of continuing to cxtrnet and burn fossil fuels, given that those fuels arc destroying our air, water, property values and global dimate," Wockner wrote in an email. In the 2014 legislative session, there me at least a dozen proposals aimed at restricting oil and gas development, two of which researchers say could have serious economic impacts for cornmunities. The impacts likely would be felt far beyond counties such as Weld, the state's most heavily drilled county, and could impact tax revenue in places like Boulder and Fo1i Collins, said researcher Brian Lewamlowski. The Colorado Observer "Study: Statewide (•'racking Ban Would Cost $12 Billion, 93,000 Jobs By 2040" March 16, 2014 By Valerie Richardson Jhe Colorado Observer 5 315 DENVER -A study released Wednesday frmnd that a statewide ban on hydraulic fracturing would cost SJ 2 billion in lost gross-domestic product, 93,000 fewer jobs and a tax hit of $985 million between 2015 and 2040. The research, conducted by the Leeds School of Business at the University of Colorado Boulder on behalf of local economic-development groups, comes as the first 1m\jor analysis of the impact of proposed anti-fracking initiatives on the state's economy as Colorado voters dig in for a statewide fracking feud. A slew of proposed anti-fracking initiatives aimed at allowing localities to ban fracking arc moving toward the Nov. 4 ballot. Supporters of oil-and-gas development have countered with proposals that would, for example, prevent towns that ban fracking from reaping the economic benefits. While debate rages on whether fracking is hamrfol to the environment -the Environmental Proteetion Agency has yet to find an example of groundwater contamination resulting from fracking ·the study leaves little doubt that a fracking ban would be devastating to the state's economy. Starting in 2015, a fracking prohibition would result in an economic hit of $8 billion and 68,000 fewer jobs in the first five years. "Over the long run (2015-2040), GDP would be lower on average by$ 12 billion (2.6 percent) and employment would be down by 93,000 (2.2 percent) jobs," said a press release accornp wrote: We can discuss the oil and gas update, including the content, format, dissemination. Discuss next steps with the state budget model. Talk about project ideas. I think it would be a good general discussion to find out what the group thinks are pressing economic issues we will face in 2015/2016. Does this help? 281 Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, February 2, 2015 10:10 AM To: Brian R. Lewandowski Subject: Agenda Items What would you like on the REMI agenda for this week? ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 281 From: Sent: To: Brian R. Lewandowski Mon 2/02/2015 6:29 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: Agenda Items We can discuss the oil and gas update, including the content, format, dissemination. Discuss next steps with the state budget model. Talk about project ideas. I think it would be a good general discussion to find out what the group thinks are pressing economic issues we will face in 2015/2016. Does this help? Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, February 2, 2015 10:10 AM To: Brian R. Lewandowski Subject: Agenda Items What would you like on the REMI agenda for this week? 283 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 283 From: Sent: To: Brian R. Lewandowski Thu 1/29/2015 11 :46 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: Re: Updated O&G Economic Impact Study Sure. How many? Sent from my iPhone On Jan 29, 2015, at 4:39 PM, Kristin Strohm wrote: Thanks Brian, [will let you know if we have any feedback. Can you bring copies to our mtg next week? On Thu, Jan 29, 2015 at 10:23 AM, Brian R. Lewandowski wrote: I look forward to your feedback! Thanks, Brian 285 ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 285 From: Sent: To: Cc: Bee: Subject: Attachments: Brian R. Lewandowski Wed 6/18/2014 3:55 PM (GMT-00:00) Kristin Strohm Tim Pollard RE: Sobanet Meeting REM I_Consortium_OSPB_Balanced_Budget_Meeting_061614.docx See attached. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, June 16, 2014 1:57 PM To: Brian R. Lewandowski Cc: Tim Pollard Subject: Sobanet Meeting Brian, Can you put together a quick email summary on the meeting today that I could then forward to the Oversight Committee? Just want to make sure we keep everyone in the loop. Thanks! Kristin 290 Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 290 Document Privileged in its Entirety 656 C.R.S. From: Sent: To: Kristin Strohm Wed 8/07/2013 8:44 PM (GMT-00:00) Tom Clark; Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Brian R. Lewandowski; Richard Wobbekind; Keith E Maskus Diane M. Grubbs; Ruth Hartshorn; paula.larsen@denverchamber.org; David L. Tarasi; Jake Zambrano; Hannah Heavrin Cc: Bee: Subject: Reminder: REMI Oversight Committee Brainstorm Meeting Attachments: REMI Oversight Committee Meeting Agenda 8_ 14.pdf; REMI Study List June 2013.xlsx Oversight Committee Members, Just a friendly reminder that we are scheduled for a brainstorming meeting next Tuesday, August 13th from 9AM-10:30AM at AMG National Trust Bank: 6501 E Belleview Ave,# 400, Englewood. I have attached a brief agenda and the initial modeling tracking from our June meeting for your reference. Please let me know if you will not be able to make the meeting. We have some general business to cover and then will spend ample time discussing our next priorities to model. Thank you, Kristin A \5p(_ Starboard Group ~fm, ,g9j.~A MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 294 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Tue 1/27/2015 4:02 PM (GMT-00:00) Kristin Strohm Tim Pollard RE: REM! Oversight Comm Mtg Yes, this works for me. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, January 27, 2015 9:01 AM To: Brian R. Lewandowski Cc: Tim Pollard Subject: Re: REM! Oversight Comm Mtg Brian, any chance you have been able to check your calendar and see if this works? Kristin Sent from my iPhone On Jan 26, 2015, at 1:24 PM, Kristin Strohm wrote: Brian, To start the year we want to do an in-person Oversight Comm Mtg to discuss the plan for studies for 2015. Would Wednesday, Feb 4th at 1 lAM at Metro Denver EDC work for you by chance? That works for CSPR and Metro Denver. 295 Thanks, Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 295 From: Brian R. Lewandowski Sent: Wed 1/21/201510:18 PM (GMT-00:00) To: Kristin Strohm Cc: Bee: Subject: RE: Mike's Qs- follow-up Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, January 21, 2015 2:10 PM 296 To: Brian R. Lewandowski Subject: Mike's Qs- follow-up Brian- A ~ starboard Group (;JX;idvA- c;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 296 297 297 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Fri 8/30/2013 10:08 PM (GMT-00:00) Brian R. Lewandowski Richard Wobbekind; Keith E Maskus Re: Revised Summary Impacts of Initiative 22 Thanks for the quick turnaround Brian. Kristin Sent from my iPhone On Aug 30, 2013, at 3:47 PM, "Brian R. Lewandowski" wrote: KristinI have attached the revised document. We look forward to your feedback. Thanks, Brian 298 From: Sent: To: Brian R. Lewandowski Fri 1/16/2015 6:26 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: 2014 Invoice Attachments: REMI July-December 2014 lnvoice.pdf Kristin- Here is the invoice. Thanks! Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, January 16, 2015 10:40 AM To: Brian R. Lewandowski Subject: 2014 Invoice Brian, Can you get me a invoice for the rest of your 2014 services for REMI? Want to make sure that gets paid early this year. Also, do you need us to issue you a 1099? Thanks! Kristin 299 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 299 Leeds School of Business IJNIV1'f1SIT'I OF COLORADO l:llJS!NESS l'lllSllARCH DM$10N BUSINESS RESEARCH DIVISION 420 UCB Leeds School of Business University of Colorado Boulder Boulder, CO 80309-0420 303-492-3307 January 16, 2015 Common Sense Policy Roundtable c/o Starboard Group 7720 East Belleview Ave, Ste B-325 Greenwood Village, CO 80111 Invoice# 2014-3 .July-September October-December Current Pro,jcct Balance $ 27,500.00 $ 13,750.00 $ 41,250.00 Services rendered to run REM£ model for forecasting projects, work performed July through December 2014 by the Business Research Division, University of Colorado Boulder Total Amount Due: Pl.ease make checks payable to the UNIVfil:RSi.TY OF COLORADO Vendor fdentificatio Colorado Tax Exempt 666 $ 41,250.00 From: Sent: To: Kristin Strohm Thu 6/20/2013 4:11 PM (GMT-00:00) T. Scott Martin; Buz Koelbel; Earl Wright; Mike Fitzgerald; Tom Clark; Keith E Maskus; Richard Wobbekind Ruth Hartshorn; Diane M. Grubbs; Brian R. Lewandowski; Jake Zambrano; David L. Tarasi; Steve Klausing; Hannah Heavrin; paula.larsen@denverchamber.org Cc: Bee: Subject: REMI Oversight Committee Meeting Minutes Attachments: REMI Oversight Committee Meeting Minutes 6_18.pdf; REMI Study List June 2013.xlsx Oversight Committee Members, Attached please find the meeting minutes from Tuesday's meeting along with a compiled list of potential studies. We have a call scheduled this coming Monday with all of the PR/Marketing departments within all the partner's organizations to discuss the launch press conference. I will keep you posted as details are finalized. A few dates to get on your calendars: 1. Brainstorming Session: Tuesday, July 23rd from 9-1 lAM at Earl Wright's office: AMG National Trust: 6501 E Belleview Ave,# 400, Englewood 2. NEXT Oversight Committee Meeting: Tuesday, September 17th at 8AM at Leeds As always, please let me know if you have any questions. Best, Kristin ~Starboard v_ Group (;[JC~l/Jz, ,~~A MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. 301 C.R.S. C.R.S. 357 C.R.S. C.R.S. 357 C.R.S. 6 357 C.R.S. Proposed Study Submitted By Priority Level Timing Intensity Notes Proposition is still in title setting. Right now speculation is either Prop 22, which is two-tiered increas of a flat tax. Need to turn in 86,105 signatures by 3PM SB213 Proposition Entire Group High August Intense August 5th High 3rd Qtr Fair Good foundation for other studies Baseline Forecast Study CSPR Xcel Energy Rates Denver South Water Denver South Aertropolis Metro Denver SE Rail Station Denver South Low Smaller study Fiscal Cliff- Medicaid CSPR Intense includes alternatives End of Higher Ed Funding cu Good to forecast higher ed funding ending Look at multiplier and in- Energy Jobs Entire Group migration of this industry Entire Group No other body or organization is dealing with this issue and looking a what infastructure we need to succeed down the road CU also agrees water is a crucial issue to forecast Need to make sure study Critical Factors for Economic Success over next 20 years From: Sent: To: Brian R. Lewandowski Thu 1/15/2015 10:22 PM (GMT-00:00) Kristin Strohm Cc: Bee: Su~ect:RE:REMIUpd~es Kristin- Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, January 15, 2015 2:17 PM To: Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Cc: Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; Tyler W. Graham Subject: Re: REMI Updates All- Per Mike's email and suggestion, Brian put together the attached Colorado Oil and Gas Update. l think it has some great information. Please let me/Brian know if you have any other thoughts/comments. Brian can then finalize and make sure all of your organization's have it as a resource to distribute to members. 308 Best, Kristin On Fri, Jan 9, 2015 at 1:43 PM, Kristin Strohm wrote: REMI Oversight Committee Members, We have had some good coverage from the release ofour study found below. Also, Brian has talked with Grace Hood at KUNC, and they plan to rnn some clips later today or tomorrow morning. Colorado could lose 1,000s of jobs, billions with 2,000-foot oil & gas setback, CU-Leeds study warns,De11ver Business Journal http://www.bizjoumals.com/dt,nver/blog/earth to power/20 l 5/0 l/colorado-could-lose- l -OOOs-of-j obs-billionsof. htm 1 CU study: 2,000-foot setbacks would decrease state GDP by $6.4 billion, Rh.West http://bizwest.com/cu-study-2000-foot-setbacks-would-decrease-state-gdp-by-6-4-billion/ In addition, Brian put together a REMI Project Review (attached) that highlights all our studies, earned media, and presentations. It is a great synopsis of all our work thus far. We will keep you all updated as we get more coverage. Best Regards, Kristin 308 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com 308 Web: 308 Document Privileged in its Entirety 31o C.R.S. Document Privileged in its Entirety 425 C.R.S. Document Privileged in its Entirety 438 C.R.S. Document Privileged in its Entirety 446 C.R.S. IMPACT OF ADDING 5,000 JOBS IN COLORADO of Job Growth for Select Industries in Colorado Conducted by: Brian Lewandowski Richard Wobbekind Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309-0420 Telephone: 303.492.3307 leeds.colorado.edu/brd May 2014 314 Business Research Division The Business Research Division (BRO) of the Leeds School of Business at the University of Colorado Boulder has been serving Colorado since 1915. The BRO conducts economic impact studies and customized research projects that assist companies, associations, nonprofits, and government agencies with making informed business and policy decisions. Among the information offered to the public ore the annual Colorado Business Economic Outlook Forumnaw in its 49th year-which provides a forecast of the state's economy by sector, and the quarterly Leeds Business Confidence Index, which gauges Colorado business leaders' opinions about the national and state economies and how their industry will perform in the upcoming quarter. The Colorado Business Review is a quarterly publication that offers decision makers industry-focused analysis and information as it relates to the Colorado economy. BRO researchers collaborate with faculty researchers on projects, and graduate and undergraduate student assistants, who provide research assistance and gain valuable hands-on experience. Visit us at: Business Research Division • Leeds School of Business• University ot Colorado Boulder 314 Page ii SUMMARY Firms have a ripple effect in the economy when they buy goods and services from other firms and when employees spend their earnings. This is often termed the multiplier effect. The difference in magnitude of the multiplier effect depends on a few variables-importantly, the availability of a local supply chain, the level of wages, and access to productive labor. This brief summarizes the employment multiplier effect in 2014 of adding jobs in six industries using the REMI Tax-Pl model: 5,000 professional, scientific, and technical jobs; 5,000 oil and gas extraction jobs; 5,000 state government jobs; 5,000 computer and electronic product manufacturing jobs; 5,000 general jobs; and 5,000 retail trade jobs spread across all sectors of the economy. These scenarios assume a change from a baseline economic forecast. Growth of 5,000 jobs in ail and gas extraction and in computer and electronic product manufacturing would represent large growth an a small base of total sector employment in 2014, while growth of 5,000 jabs in state government; in retail trade; in professional, scientific, and technical services; and in all private nanfarm employment would represent relatively small growth on a large base of sector employment. When new jobs are created, the impact is felt on the area's economy and demographics. The demand for new jabs is either met by the existing labor farce, new entrants to the labor force from the existing population, or by migration into the area. A shortage of workers leads to upward pressure on wages. High-wage industries have a greater impact on the economy as employees spend their earnings on local consumption items (e.g., house, vehicles, food, entertainment, services, etc.). As a company or industry grows, it demands goads and services from other industries. The broader impact of these supply chain purchases depends an the extent that local industries can satisfy additional demand versus haw much needs to be purchased from outside the region. When 5,000 additional ail and gas extraction jabs are added ta the economy in 2014, the total impact on Colorado employment is an estimated 19,048 supported jabs, including intermediate demand, local consumption, government demand, and investment activity. Oil and gas extraction is one of the highest paying industries in the state, with average annual earnings totaling an estimated $108,000 per worker. Additionally, with this level of direct growth, the industry is expected ta induce high levels of investment activity in capital goods. Growth in the computer and electronic product manufacturing sector, with average wages of $119,000, leads ta employment growth of similar magnitude, having a total employment impact of 20,588 jabs in Colorado in 2014. MULTIPLIER EFFECT OF 5,000 NEW OIL AND GAS EXTRACTION JOBS Business Research Division • Leeds School of Business• University of Colorado Boulder 314 Page 1 In contrast, adding 5,000 jobs in the retail trade sector and in state government have lower multiplier effects on employment. Both induce smaller impacts from capital investment activity and smaller impacts from intermediate demand. The average earnings for the retail sector is $32,721in2014 and for state and local government, $58,851. MULTIPLIER EFFECT OF 5,000 NEW STATE GOVERNMENT JOBS Investment Activity Employment: The employment needed ta satisfy demand for capital goods. Government Demand Employment: The employment needed ta satisfy demand for goods and services by governrmmt expenditures. local Consumption Demand Employment: The employment needed to satisfy demand for consumer goods. Intermediate Demand Employment: The employment needed to satisfy demand for material inputs to the production of final goods. Source: REMI. SUMMARY OF IMPACTS BY INDUSTRY Direct Employment Intermediate Demand Employment Local Consumption Demand Employment Government Demand Employment Investment Activity Demand Employment 5,000 5,000 5,000 5,000 877 1,138 47 1,451 1,913 2,275 2,790 3,978 3,849 30 338 89 153 230 263 282 505 1,001 3,387 1,366 Total .?!~~- ~~:!. -~-·-,..~,.,.~,.,-~.--~-~""'"-"""'"'""'~~'"~"'~"'"'"~~--.,··~·~'""'~'"" ,10,66~ ........ . .!.3.!?.! wrote: Thanks Brian. This is good information. Do you want me to send to the committee for their approval on releasing under our banner? Kristin Sent from my iPhone On Jan 14, 2015, at 3:51 PM, Brian R. Lewandowski wrote: Kristin- I shared this with Mike yesterday. Consider this a confidential draft. What do you think about this corning from the consortium? Just a thought. I am available to discuss. Thanks, Brian 316 IMPACT OF ADDING 5,000 JOBS IN COLORADO of Job Growth for Select Industries in Colorado Conducted by: Brian Lewandowski Richard Wobbekind Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309-0420 Telephone: 303-492-3307 leeds.colorado.edu/brd May 2014 ll!Jll!Nliili REl!IEAl'ICH DIVISION 319 Business Research Division The Business Research Division (BRO) of the Leeds School of Business at the University of Colorado Boulder has been serving Colorado since 1915. The BRO conducts economic impact studies and customized research projects that assist companies, associations, nonprofits, and government agencies with making informed business and policy decisions. Among the information offered to the public ore the annual Colorado Business Economic Outlook Forumnow in its 49th year-which provides a forecast of the state's economy by sector, and the quarterly Leeds Business Confidence Index, which gauges Colorado business leaders' opinions about the notional and state economies and how their industry will perform in the upcoming quarter. The Colorado Business Review is a quarterly publication that offers decision makers industry-focused analysis and information as it relates to the Colorado economy. BRO researchers collaborate with faculty researchers on projects, and graduate and undergraduate student assistants, who provide research assistance and gain valuable hands-on experience. Visit us at: Business Research Division • Leeds School of Business• University of Colorado Boulder 319 Page ii SUMMARY Firms have a ripple effect in the economy when they buy goods and services from other firms and when employees spend their earnings. This is often termed the multiplier effect. The difference in magnitude of the multiplier effect depends on a few variables-importantly, the availability of a local supply chain, the level of wages, and access to productive labor. This brief summarizes the employment multiplier effect in 2014 of adding jobs in five industries using the REMI Tax-Pl model: 5,000 professional, scientific, and technical jobs; 5,000 oil and gas extraction jobs; 5,000 computer and electronic product manufacturing jobs; 5,000 general jobs; and 5,000 retail trade jobs spread across all sectors of the economy, These scenarios assume a change from a baseline economic forecast. Growth of 5,000 jobs in oil and gas extraction and in computer and electronic product manufacturing would represent large growth on a small base of total sector employment in 2014, while growth of 5,000 jobs in retail trade; in professional, scientific, and technical services; and in all private nonfarm employment would represent relatively small growth on a large base of sector employment. When new jobs are created, the impact is felt on the area's economy and demographics. The demand for new jobs is either met by the existing labor force, new entrants to the labor force from the existing population, or by migration into the area. A shortage of workers leads to upward pressure on wages. High-wage industries have a greater impact on the economy as employees spend their earnings on local consumption items (e.g., house, vehicles, food, entertainment, services, etc.). As a company or industry grows, it demands goods and services from other industries. The broader impact of these supply chain purchases depends on the extent that local industries can satisfy additional demand versus how much needs to be purchased from outside the region. When 5,000 additional oil and gas extraction jobs are added to the economy in 2014, the total impact on Colorado employment is an estimated 19,048 supported jobs, including intermediate demand, local consumption, government demand, and investment activity. Oil and gas extraction is one of the highest paying industries in the state, with average annual earnings totaling an estimated $108,000 per worker. Additionally, with this level of direct growth, the industry is expected to induce high levels of investment activity in capital goods. Growth in the computer and electronic product manufacturing sector, with average wages of $119,000, leads to employment growth of similar magnitude, having a total employment impact of 20,588 jobs in Colorado in 2014. MULTIPLIER EFFECT OF 5,000 NEW OIL AND GAS EXTRACTION JOBS Business Research Division • Leeds School ot Business • University of Colorado Boulder 319 Page 1 In contrast, adding 5,000 jobs in the retail trade sector has lower multiplier effects on employment and induces smaller impacts from capital investment activity and smaller impacts from intermediate demand. The average earnings for the retail sector is $32,721 in 2014. Retail is nonetheless an important sector to the economy, connecting consumers with goods and services demanded, and serving as a conduit for retail sales taxes. MULTIPLIER EFFECT OF S,000 NEW RETAILJOBS Investment Activity Employment: The employment needed to satisfy demand for capital goods. Government Demond Employment: The employment needed to satisfy demand for goods and services by government expenditures. local Consumption Demond Employment: The employment needed to satisfy demand for consumer goods. Intermediate Demand Employment: The employment needed to satisfy demand for material inputs to the production of final goods. Source: REMI. SUMMARY OF IMPACTS BY INDUSTRY Direct Employment Intermediate Demand Employment Local Consumption Demand Employment Government Demand Employment lnvestmi~nt Activity D<~mand Employment Total 5,000 877 1,138 5,000 2,275 2,790 47 89 7.82. 7,345 505 10,660 5,000 3,978 3,849 153 l,001 13,980 5,000 4,740 5,692 230 263 3,387 19,048 l,366 Business Research Division • Leeds School of Business • University of Colorado Boulder 319 5,000 7,522 6,436 20,588 Page 2 From: Sent: To: Brian R. Lewandowski Fri 1/09/2015 3:32 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: REMI Project Review Please sent it for me. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, January 9, 2015 8:19 AM To: Brian R. Lewandowski Cc: Richard Wobbekind; Tim Pollard Subject: Re: REMI Project Review Brian- This is excellent and exactly what I had in mind. Do you want to send to the consortium or would you like me to send to everyone? Thanks for putting this together, l think it does a good job showing all you did. Best, Kristin On Mon, Jan 5, 2015 at 2:45 PM, Brian R. Lewandowski wrote: Hi Kristin- 321 I hope you enjoyed the holidays! Per our discussion, I have attached a summary of projects, presentations, and media coverage. I tweaked the presentations list a little bit-did you make some of the presentations in your initial list? Also, I only have the 2014 media coverage. I welcome your feedback! Brian Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 321 Subject Brian Hosting- REMl Webinar Business Round Table REMJ presentation Caci Caci Call w Brian Lewandowski re: REMI Common Sense Roundtable IREMJ) Denver REMI meeting FW: Updated Invitation: Tim Pollard w/ EIS Solutions@ Mon Jun 16, 201411:30am 12:30pm (michelle.more@state.co.us) GoToV'.Jeb1nar - Economic and Fiscal Impacts of Amendment 66 and the Public School Finance Act on the Colorado Economy Hold· Denver Rotar{ Kristin Strohm and Tim Pollard REMI REMI REMI REMI REMl- lnit. 22 REMI - speaking at conference REMI (Tentativej REMI (Tentative) REMI Board Meeting REMI Board Meeting REMI Board Meeting REMlcall REMICall REMI Consortium Meeting REMI Consortium Meeting (Tentati\.'e} REMI Consortium Meeting (Tentative} REMI CSPR Invoice Due REMI CSPR Invoice Due REMI CSPR Invoice Due REMI Discussion REMI Discussion REMI Fracking Study Findings REMI Meeting REMI MFG Call REMI O\.'ersight Committee Meeting REMI Oversight Committee ~..-1eeting REMI Press Release Conference Call REMI TIF Conference Call REMI Training REMI Training REMI Training and Budget Reviev~ Location Denver South Chamber For REM! For REM! Dial-in {605J 475-6720, code 178-4698 S31S GO\/ - 111_RM_OSPB GoT0Web1nar - See conference call information below Details Attached calling my office Conference Call Denver Denver Metro Chamber Conference Call Online Denver Metro EDC AMG National Trust. 6501 E Belleview Ave, #400, Englewood Leeds Conference Call Online Start Wed 1/22/201412.00 PM Wed 4/16/2014 4:00 PM Thu 5/15/2014 10:00 AM Thu 5/15/2014 10:00 AM Thu 4/24/201410·30AM Thu 4/25/2013 S.00 AM Fri 7/19/2013 7:30 AM Mon 6/16/201411:30 AM Wed 1/22/2014 12:00 PM Thu 7/31/2014 8·00 AM Tue S/12/2014 3.30 PM Mon 6/24/2013 2:00 PM Mon 7/8/2013 2:00 PM Mon 10/7/2013 <1-:00 PM Thu 2/27/2014 4·00 PM Fri S/30/2013 12.00 PM Wed 10/23/2013 12:30 PM Tue 6/18/2013 8:00 AM Thu 6/20/2013 8:00 AM Tue 6/11/2013 8"00 AM Fri 10/4/2013 S.00 AM Mon 1/27/20141:45 PM Fri 4/11/2014 1:00 PM Fri 5/2/2014 2:30 PM Fri 11/1/201310·00 AM Thu 10/31/2013 1.00 PM Thu 10/31/2013 3:30 PM Tue 9/3/2013 8:00 AM Tue 12/3/2013 8:00 AM Mon 3f3f2014 8:00 AM Mon 7/S/2013 2:00 PM Thu 5/22/2014 10:00 AM Thu 3/6/2014 2:30 PM Tue 8/19/2014 11:00 AM Tue 5f6f201412·00 PM Tue S/13/2013 S.00 AM Tue 9/17/2013 8:00 AM Wed 9/4/2013 10:00 AM Thu 10/17/201312:00 PM Wed 7/17f20139·00AM Thu 7/18/2013 9.00 AM Thu 7/11/2013 2:00 PM End Wed 1/22/2014 1:00 P~;l Wed 4/16/2014 6:00 PM Thu 5,'15,'201412:00 PM Thu 5/15/201<1-12:00 PM Thu 4/24/2014 ll:OOAM Thu 4/25/201311:30 AM Fri 7/19/2013 9:00AM Mon 6/16/2014 12:30 PM Wed 1/22/2014 1:00 PM Thu 7/31/2014 5:00 P~;l Tue 8/1212014 4:00 PM Mon 6/24/2013 3:00 PM Mon 7/8/2013 3:00 PM Mon 10/7/2013 5:00 PM Thu 2l27f2014 6:00 P~;l Fri 8/30/2013 12:30 PM Wed 10/23/2013 3:00 PM Tue 6/18,'2013 lO:OOAM Thu 6/20/201310:00 AM Tue 6/11/2013 lO:OOAM Fri 10/4/2013 lO:OOAM Mon 1/27/2014 2:45 PM Fri 4/11/2014 2:00 PM Fn 5/2/2014 3:00 PM Fri 11/1/2013 ll:OOAM Thu 10/31/2013 2:00 PM Thu 10/31/2013 4:30 PM Tue 9/3/2013 8:30AM Tue 12/3/2013 8:30 AM Mon 3/3/2014 8·30AM Mon 7/8/2013 3.30 PM Thu 5/22/201411:00 AM Thu 3,'6,'2014 3:30 PM Tue 8/19/201412:00 PM Tue 5/6/2014 12:30 PM Tue 8/131201312:00 PM Tue 9/17/2013 9:30.AM \.Ved 9/4/201311:00.F.M Thu 10/17/20131:00 PM Wed 7/17/20134:00 PM Thu 7118/201312:00 PM Thu 7/11/2013 3:30 PM irrird,riri:r~~~~~:~ ;:~~~:~:~~~:a;:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::n~=~~~=:MM:::~V:::..-:J~~~;"!.~1-~:~::~~ Scott ~...1artin Tentative REMI Meeting Tentative REMI Meeting Metro Denver EDC REMI Board Meeting Metro Denver EDC Board of Governors Meeting MetroDenverEDC REMI Meeting Adam Fulton, REM! Adam Fulton, REM! Adam Fulton REMITraining Adam Fulton, Conference Call REMI Discussion REMI Training and Budget Review Dinner in San Francisco Lunch Lunch 1kith Adam Fulton (REMI) Call re: Data for REMl DOT, CU and REMI Discussion Updated Invitation: DOT, CU and REMI Discussion@ Adam Fulton REMI Conference REMI Conference REMI and CU Meeting adamfulton Adam Fulton REMI Project Denver Metro Chamber DMCC, 1445 Market St., 4th floor, board room Denver Metro EDC Phone call The Sink Online Online Online WayfareTavern Brasserie Ten Ten TBD ~;lon May 5, 2014 lOam - llam [Jewandow@colorado.edu) Dial-in {605j 475-6720, code 178-4698 4201 E Arkansas Ave, east building DOT - HQ_DTDWilderness_ConfRoom Thu 11/7/2013 1·00 PM Thu 11/21/2013 S.00 AM Thu 11/21/2013 1:00 PM Fri 2/1/2013 7:30 AM Fri 10/4/2013 8:00 AM Wed 10f23/2013 7·30 AM Thu 2/20/2014 7.00 AM Tue 8/19/2014 11:00 AM Wed 1/30/2013 2:00 PM Thu 3/21/2013 12:30 PM Tue 6f11/2013 11·30 AM Wed 6/19/2013 3.00 PM Fri 6/21/2013 9:00 AM Mon 7/8/2013 2:00 PM Thu 7/11/2013 2:00 PM Fri 9/6/201310·00 PM Tue 2/4/20141.00 PM Tue 2/4/20141:00 PM Fri 5/2/2014 8:00 AM Mon 5/5/2014 10:00 AM Mon 5/5/201410·00 AM Tue 7/22/2014 11.30 AM Fri 6/5/2015 8:00 AM Thu 6/4/2015 8:00 AM Tue 2/10/2015 10:30 AM Tue 2f10/2015 11·00 AM Wed 6/10/20154.00 PM Thu 11f7f2013 2:00 P~;l Thu 11/21/2013 9:00 AM Thu 11/21/2013 2:00 PM Fri 2/1/2013 8:30 AM Fn 10/4/2013 10:00 AM Wed 10/23/2013 9:00AM Thu 2120/201410:00 AM Tue 8/19/201412:00 PM \.Ved 1/30/2013 2:30 PM Thu 3/21/20131:30 PM Tue 6/11/20131:00 PM Wed 6/19/2013 4:30 PM Fri 6/21/2013 10:00.AM Mon 7/8/2013 3:30 PM Thu 7/11/2013 3:30 PM Sat 9/7/201312:00 AM Tue 2/4/2014 2:30 PM Tue 2/4/2014 2:00 PM Fri 5/2/2014 9:00 AM Mon 5/5/2014 11:00 AM Mon 5/5/2014 ll:OOM;l Tue 7/221201412:30 PM Fri 6/5/2015 5:00 PM Thu 6,'4,'2015 5:00 PM Tue 2/10/20151:00 PM Tue 2/10/20151:00 PM Wed 6/10/2015 4:30 PM From: Sent: To: Brian R. Lewandowski Thu 12/18/2014 6:30 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: Talking today? Great! I will try you at 2:30. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, December 18, 2014 11:04 AM To: Brian R. Lewandowski Subject: Re: Talking today? Between 2:30 and 3:30? Sent from my iPhone On Dec 18, 2014, at 10:44 AM, Brian R. Lewandowski wrote: Sure. What time is ideal for you? From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, December 18, 2014 8:41 AM To: Brian R. Lewandowski Subject: Re: Talking today? 326 Brian- Want to try me on my cell later this afternoon to discuss the end of year recap report? 303-518-8970. On Mon, Dec 15, 2014 at 7:18 AM, Brian R. Lewandowski wrote: Kristin- I thought the summary was one of the agenda items for our conversation. You said you had some ideas. I am happy to start putting the summary together, but please share your thoughts. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, December 12, 2014 10:05 AM To: Brian R. Lewandowski Subject: Re: Talking today? Hey there. Sorry for the delay. Tim and I haven't had a chance to circle back on this. We have been preparing for our year end retreat and our focus has now shifted back to the setback study and potentially releasing it given the Task Force meetings. We arc circling back with Tom and Mike on potentially releasing the setback early January and will let you know ASAP ifthe group wants to do that. 326 In the meantime, have you given thought to your annual recap report for the Oversight Comm we had discussed with Rich? I think that would be good to send end of Dec/early Jan. On Wed, Dec 10, 2014 at 1:01 PM, Brian R. Lewandowski wrote: Okay. I can clear time tomorrow, Friday, or any time next week. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, December 10, 2014 9:42 AM To: Brian R. Lewandowski Subject: Re: Talking today? Hey Brian- sorry I am swamped today. Let me look at other options. Kristin On Wed, Dec 10, 2014 at 7:00 AM, Brian R. Lewandowski wrote: KristinJust checking in on the two times I suggested for today. Do either work for you? 326 Brian Sent from my iPhone lI Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com lI Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 326 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com lI Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 326 From: Sent: To: Brian R. Lewandowski Thu 12/18/2014 5:44 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: Talking today? Sure. What time is ideal for you? From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, December 18, 2014 8:41 AM To: Brian R. Lewandowski Subject: Re: Talking today? Brian- Want to try me on my cell later this afternoon to discuss the end of year recap report? 303-518-8970. On Mon, Dec 15, 2014 at 7:18 AM, Brian R.Lewandowski wrote: Kristin- I thought the summary was one of the agenda items for our conversation. You said you had some ideas. I am happy to start putting the summary together, but please share your thoughts. Thanks, Brian 327 From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, December 12, 2014 10:05 AM To: Brian R. Lewandowski Subject: Re: Talking today? Hey there. Sorry for the delay. Tim and I haven't had a chance to circle back on this. We have been preparing for our year end retreat and our focus has now shifted back to the setback study and potentially releasing it given the Task Force meetings. We arc circling back with Tom and Mike on potentially releasing the setback early January and will let you know ASAP if the group wants to do that. In the meantime, have you given thought to your annual recap report for the Oversight Comm we had discussed with Rich? r think that would be good to send end of Dec/early Jan. On Wed, Dec 10, 2014 at 1:01 PM, Brian R. Lewandowski wrote: Okay. I can clear time tomorrow, Friday, or any time next week. Thanks, Brian 327 From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, December 10, 2014 9:42 AM To: Brian R. Lewandowski Subject: Re: Talking today? Hey Brian- sorry I am swamped today. Let me look at other options. Kristin On Wed, Dec 10, 2014 at 7:00 AM, Brian R. Lewandowski wrote: KristinJust checking in on the two times I suggested for today. Do either work for you? Brian Sent from my iPhone Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com 327 Web: www.thestarboardqroup.com Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 327 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 327 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Mon 12/15/2014 2:18 PM (GMT-00:00) Kristin Strohm RE: Talking today? Kristin- I thought the summary was one of the agenda items for our conversation. You said you had some ideas. I am happy to start putting the summary together, but please share your thoughts. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, December 12, 2014 10:05 AM To: Brian R. Lewandowski Subject: Re: Talking today? Hey there. Sorry for the delay. Tim and I haven't had a chance to circle back on this. We have been preparing for our year end retreat and our focus has now shifted back to the setback study and potentially releasing it given the Task Force meetings. We arc circling back with Tom and Mike on potentially releasing the setback early January and will let you know ASAP if the group wants to do that. In the meantime, have you given thought to your annual recap report for the Oversight Comm we had discussed with Rich? r think that would be good to send end of Dec/early Jan. 329 On Wed, Dec 10, 2014 at 1:01 PM, Brian R. Lewandowski wrote: Okay. I can clear time tomorrow, Friday, or any time next week. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, December 10, 2014 9:42 AM To: Brian R. Lewandowski Subject: Re: Talking today? Hey Brian- sorry I am swamped today. Let me look at other options. Kristin On Wed, Dec 10, 2014 at 7:00 AM, Brian R. Lewandowski wrote: KristinJust checking in on the two times I suggested for today. Do either work for you? Brian Sent from my iPhone 329 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 329 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardqroup.com 329 From: Sent: To: Brian R. Lewandowski Wed 12/10/2014 8:01 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: Talking today? Okay. I can clear time tomorrow, Friday, or any time next week. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, December 10, 2014 9:42 AM To: Brian R. Lewandowski Subject: Re: Talking today? Hey Brian- sorry I am swamped today. Let me look at other options. Kristin On Wed, Dec 10, 2014 at 7:00 AM, Brian R.Lewandowski wrote: KristinJust checking in on the two times I suggested for today. Do either work for you? Brian Sent from my iPhone 330 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 330 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Thu 7/03/2014 1:38 AM (GMT-00:00) kristin@commonsensepolicyroundtable.com Re: [FWD: RE: Denver Rotary Speaker Confirmation - K. Strohm/July 31] Yep! I'm on it! Sent from my iPhone On Jul 2, 2014, at 4:33 PM, "k:ristin@commonscnscpolicyroundtablc.com" wrote: Brian- Just checking to see if you got all of this to Denver Rotary for the 31st? Than ks, Kristin -------- Original Message -------Subject: RE: Denver Rotary Speaker Confirmation - K. Strohm/July 31 From: "Quiat, Melinda" Date: Fri, June 13, 2014 9:11 am To: "kristin@commonsensepolicyroundtable.com" < kristin@commonsensepolicyroundtable.com >, Darlene Mast Cc: James Mack , Jamie Demmitt , Brian Lewandowski Thanks Kristin! Melinda Quiat Chief Executive Officer Quiat Companies, LLC 1873 South Bellaire Street Suite 900 Denver, CO 80222 Direct: 720-723-2777 Tel: (303) 759-1000 Fax: (303) 757-8268 melinda@quiatcompanies.com ~ Think Before You Print This message (and any attachment) is intended only for the use of the individual entity to which it is addressed and may contain information that is privileged, confidential and exempt from disclosure under applicable law. If the reader of this message is not the intended recipient, you are notified that any dissemination, 331 distribution, or copying of this communication or its attachments is prohibited. If you receive this message in error, please notify me. From: kristin@commonsensepolicyroundtable.com [mailto:kristin@commonsensepolicyroundtable.com] Sent: Thursday, June 12, 2014 4:10 PM To: Darlene Mast Cc: Quiat, Melinda; James Mack; Jamie Demmitt; Brian Lewandowski Subject: RE: Denver Rotary Speaker Confirmation - K. Strohm/July 31 Hi Darlene, Thank you so much for your email and the details on July 31st. It actually will not be me speaking, it will be our researcher with CU Leeds School of Business, Brian Lewandowski. Brian is copied above and will make sure to get you all the below information ASAP. Please do not hesistate to call Brian or me should you have any other questions. Thank you. Kristin Strohm CSPR 720-524-7332 -------- Original Message -------Subject: Denver Rotary Speaker Confirmation - K. Strohm/July 31 From: "Darlene Mast" Date: Wed, June 11, 2014 11: 55 am To: < kristin@commonsensepolicyroundtable.com > Cc: , "James Mack" , "Jamie Demmitt" Ms. Kristin Strohm Executive Director Commonsense Policy Round table 4950 S Yosemite Street F2 #314 Greenwood Village, CO 80111 Dear Ms. Strohm, Thank you for accepting our invitation to speak before the Rotary Club of Denver on Thursday, July 31st about the Economics of a Fracking Ban. The meeting will be held at The Denver Athletic Club, 1325 Glenarm Place, in the 4th floor Ballroom, in downtown Denver. Their phone number is 303-534-1211 in the event you need to call someone at the DAC prior to or while on site. You can also reach me that morning at or on my cell phone at 331 Our meeting attendance ranges from 130 to 150 members and guests, most of whom are company executives and civic leaders in Denver. Our Rotarian members begin arriving at 11:30 am. The luncheon meeting will begin at 11:45 am and adjourn sharply at 1:00 pm. Our Rotary business meeting begins at approximately 12:10 pm, depending on the agenda. The time allotted for your program presentation is a total of 25 minutes, beginning at 12:30 pm. Our members always enjoy some Q&A so, if possible, please try to allow 5 - 10 minutes at the end of your presentation for questions. It is important that you conclude by 12:55 pm to allow time for our Club President to formally thank you and make some final remarks before adjourning the meeting at 1:00 pm. So that we may promote your presentation to our members in our bi-weekly newsletter and website, please e-mail the following items to our Meeting Coordinator Jamie Demmitt in our Rotary office (jamie@denverrotary.org / 303.893.1919, x108) at your earliest convenience, as well as copying your Rotarian Host, Melinda Quiat, at melinda@quiatcompanies.com. Together they will assist you with the arrangements for your presentation. I am always available to help as well. • • • • • Short biography-two paragraphs in length, to be used for your introduction. Actual title of your talk, along with a brief summary of your presentation and /or benefit statement as to what our members can expect to receive. Digital photo of yourself and/or any co-presenters. Names of Guest, if any. Any special audio/visual requirements, to be coordinated in advance of the meeting. Attached AV Film Release (to be signed the day of your presentation or in advance). Again, Denver Rotary is honored to have you present to our Club on July 31st. Please do not hesitate to contact any one ofus should you have questions or need additional help relative to your upcoming speaking engagement. We are looking forward to your presentation. Kind Regards, Darlene Mast Executive Director THE ROTARY CLUB OF DENVER 1900 Grant Street, Suite 850 Denver, CO 80203 303-893-1919, ext. 105 Fax: 303-893-5702 www.denverrotary.org 331 From: Sent: To: Brian R. Lewandowski Wed 12/10/2014 2:00 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: Talking today? KristinJust checking in on the two times I suggested for today. Do either work for you? Brian Sent from my iPhone 334 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Fri 12/05/2014 10:20 PM (GMT-00:00) Kristin Strohm Tim Pollard (trpollard@eissolutions.eom) RE: Call Tuesday Kristin- How about Wednesday at 2:00? Tim - A couple weeks ago Kristin mentioned that you were going to contact me with your thoughts on the report. Do you want to go through your list during the call, or do we need to set an additional time? Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, December 5, 2014 3:10 PM To: Brian R. Lewandowski Cc: Tim Pollard Subject: Call Tuesday Brian, We had a conflict come up and need to reschedule the call Tuesday. What are other options for the following week? I'll see you Monday at the presentation. 335 Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 335 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Tue 11/25/2014 5:19 PM (GMT-00:00) Kristin Strohm RE: Call next week? How about early afternoon (~1:00ish)? From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, November 25, 2014 9:33 AM To: Brian R. Lewandowski Subject: Re: Call next week? Sure thing. What time works on the 9th? Kristin On Mon, Nov 24, 2014 at 1:24 PM, Brian R. Lewandowski wrote: Kristin- I can talk next week, or if it is all the same to you, the week after would be better. We are finishing up our materials for our economic forecast event on December 81h. Let me know your preference. Thanks, 337 Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, November 24, 2014 12:47 PM To: Brian R. Lewandowski Subject: Call next week? Brian, Have time for a call next week on the budget report and also to discuss they year in review recap report? Sorry l haven't gotten you comments or feedback on the report--been taking some R&R then am out the rest of this week for Thanksgiving. Let me know when might work. Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 337 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 337 Document Privileged in its Entirety 343 C.R.S. Oil and Gas Industry Economic and Fiscal Contributions in Colorado by County, 2008-2012 Conducted by: BUSINESS RESEARCH DIVISION Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309-0420 Telephone: 303.492.3307 leeds.colorado.edu/brd Research Team Richard Wobbekind Brian Lewandowski Ernie Chung Report for the American Petroleum Institute May 2014 llVllNI!$$ Rl!$EAl'ICH Dl\ll!;llON 353 TABLE OF CONTENTS Table of Contents ............................ , ............... ,,,, ...............................................................................................................................i List of Tables........... .......................... .................................. .. ...............................................i List of Figures ......................................................................... ,........................................................ ,,, .................................................... ii Executive Summary. .. ............................................................................................................................................. 1 Services Supported by Oil and Gas Production................................................................... ...................... .5 Impact of Oil and Gas Activity on Colorado Schaal Districts....................................... .................... .5 Employment Impact of Oil and Gas Activity in Colorado ..... ,, ,,,, .. ,,,,,,,,,,,,, ,8 Methodology.......................................... .......... .............. ....... .......... .......... ........ ... 12 Jurisdictional Impacts....................................................... 13 State of Colorado .........................................................................................................,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, .. ,,,, .............. 14 La Plata County ............................................................................................................................................................................... 15 Weld County....................................................... .. .................................................................................................. 16 Mesa County.................................. .. .................................................................................... , .......... 17 Pueblo County ..........................................................................,, .................................................................................................... 18 City and County of Denver................................... ....... .................... .. ............... 19 Boulder County ................................................................................................................................................................................ 20 Garfield County ............................................................................................................................................................................... 21 City and County of Broomfield .................................................................................................................................................... 22 City of Greeley................................................................................................................................................. .. .......... 23 City of Pueblo .................................................................................................................................................... 24 Oil and Gas Proceeds for School Districts............................................................................................... .. ..................... 25 Aims Community College .......................................................................................................................................................... 26 Oil and Gas Industry Public Revenue ................................................................................................................................................... 27 Property Taxes.......................................................................................................... .. ................................................ 27 Public Leases and Royalties..................................................................................... .. ..................................................... 29 Severance Taxes ....... .............. ............ .... ........ .... .. ........ .... .... .... ........ ...... .... ........ .... ... .. ................................................. 30 Distribution of Federal Mineral Lease Proceeds and State Severance Tax Revenue ............................................................. 31 Colorado Oil and Gas Converation Commission Taxes........ .. .......................................................... 39 Income and Sales Taxes .............................................................................................................................................................. 39 Conclusion ............................................ .,............... .......................... .......... ............................. .. .......... 39 Bibliography........................................... .. ......... 41 Appendix 1: Production Values............................... ...45 Appendix 2: Firms by County.......................................................................................... ...................... ...46 Appendix 3: Employment by County........................................................................................................... .. .............. 48 Appendix 4: Employee Income by County.................................................................. .. .. 50 Appendix 5: Severance Tax and Federal Mineral Lease Oistributions. 2012 ............................................................................. 54 Appendix 6: Oil and Gas Production Property Taxes for Local Jurisdictions.................... .... ......................... ...... 65 Appendix 7: Economic Impact by County..................................................................................... ..................... .... 75 LIST OF TABLES Table 1: Oil and gas revenue by source and type of taxing jurisdiction. 2012 ............................................... , ........... 3 Table 2: Value of Oil and Gas Production by Resource, 2008-2012, in Millions (Nominal) ....................................... 14 Table 3 Upstream and Midstream Total Economic Impacts (Direct, Indirect, Induced) ................................................................. 14 Table 4: La Plata County, Oil and Gas Revenue and Est. Expenditures, in Thousands, 2012 ......................................................... 15 Table 5: Weld County, Oil And Gas Revenue And Estimated Expenditures, in Thousands, 2012 ....................................................... 16 Table 6: Mesa County, Oil And Gas Revenue And Estimated Expenditures, in Thousands, 2012 ...................................................... 17 Table 7: Pueblo County, Oil And Gas Revenue And Est. Expenditures, in Thousands. 2012 ....................................................... 18 Table 8: Denver, Oil and Gas Revenue And Estimated Expenditures, in Thousands, 2012 .............................................................. 19 Table 9: Boulder County, Oil And Gas Revenue And Est. Expenditures, in Thousands, 2012 ............................................................ 20 Table 10: Garfield County, Oil And Gas Revenue And Est. Expenditures, in Thousands, 2012 ...................................................... 21 Table 11: City and County of Broomfield, Oil And Gas Revenue And Est. Expenditures. in Thousands, 2012 ................................. 22 Table 12: City Of Greeley. Oil And Gas Revenue And Est. Expenditures, in Thousands, 2012...... .......... ......... .. ... 23 Table 13: Ctty Of Pueblo. Oil And Gas Revenue And Est. Expenditures, in Thousands, 2012 .......... ...... ......................... .. .......... 24 Table 14: Property Tax Revenue And Estimated Outlays for Select school districts, 2012 .................. ,, ................................. ,,, 25 Table 15: Aims Community College Estimated Oil And Gas Proceeds. 2012 .............. .................................................... .. ........ 26 Business Research Division • Leeds School of Business• University of Colorado Boulder 353 Page i Table 16: Oil and Gas Assessed Property, Levies, and Taxes, 2008-2012, in Millions (Nominal),., ............................ ,., .................. 29 Table 17: Revenue from Activities on Public Land, FY2008-FY2012, in Thousands (Nominal) .................................................... 30 Table 18: Severance Tax Rates ......................................................................................................................................................... 30 Table 19: Severance Taxes, FY2008-FY2012, in Thousands (Nominal)........................................... .. ................ 31 Table 20: Top 10 Recipients of Federal Mineral Lease proceeds (FML) and Severance Tax (ST) (Combined), 2012 ..... ... .. ... 32 Table 21: Legend to Colorado School District Federal Mineral Lease Distibution Map..................................................... .. ......... 38 Table 22: COGCC Conservation 2008-2012, Jn Thousands (Nominal) .................................................................................... 39 Table 23: Income Taxes, Oil and Gas, 39 Table 24: Estimated County Oil and Gas Taxable Production Values, Thousands of dollars, 2012 ................................................... 45 Table 25: Colorado Oil and Gas Firms, 2008-2012 .............................................................................................................................. 46 Table 26: Oil and Gas Firms, Employers and Nonemployers, 2012 ................................. .. .................................. 46 Table 27: Oil and Gas Firms by County, 2008-2012 (Nominal) .......................................................... 46 Table 28: Colorado Oil and Gas Employment.............. ................................................. ............................... .................... .. ..... 48 Table 29: Colorado Oil and Gas, Employment Summary, 2008-2012 .................................. .. ................ 48 Table 30: Direct Oil and Gas Employment by County, 2008-2012 ................................................................................................... 48 Table 31: Top 10 Counties for Colorado Oil and Gas Wages ............................................................................................................... 50 Table 32: Colorado Oil and Gas Average Upstream and Midstream Wages, Employer and Nonemployer, 2008-2012 (Nominal) .... 51 Table 33: Colorado Oil and Gas Upstream and Midslream Wages, 2008-2012, in Millions (Nominal) ............................................ 52 Table 34: Oil and Gas Upstream and Midstream Wages by County, in Millions (Nominal) .................................................................. 52 Table 35: City Severance Tax and Federal Mineral Lease Distributions............ ................................................. ......................... 54 Table 36: Town Severance Tax and Federal Mineral Lease Distributions, 2012 ................................................................................. 56 Table 37: County Severance Tax and Federal Mineral Lease Distributions, 2012 ............................................................................. 60 Table 38: School Districl Severance Tax and Federal Mineral Lease Distributions, 2012 .... 61 Table 39: Oil and Gas Production Property Taxes for Local Jurisdictions. 2012 ....... ......................... ...... .......... .......... 65 Table 40: 011 and Gas Production Property Taxes for Local Jurisdictions, 2011 .. ... .......... .................. .. ........................... 67 Table 41: Oil and Gas Production Property Taxes for Local Jurisdictions, 201 O...... ......................................... .. ......... 69 Table 42: Oil and Gas Production Property Taxes for Local Jurisdictions, 2009 ........ .. ........ .......... .... ....... ............. .. ................ 71 Table 43: 011 and Gas Production Property Taxes for Local Jurisdictions, 2008 ............................................................................... 73 Table 44: Colorado Oil and Gas, Total Output Summary, 2008·2012, in Millions (Nominal)................................. .. ............... 75 Table 45: Colorado Oil and Gas, Total Impact (Direct, Indirect, and Induced) by County, 2012, in Millions........ .................. 75 LIST OF FIGURES Figure 1: Active Oil, Gas, and Coalbed Methane Wells in Colorado County, 2012 ................................................................................ 2 Figura 2: Estimated Colorado Oil and Gas Properly Tax Revenue, by County, 2012 ............................................................................ 4 Figure 3: Select County and City General Fund Expenditures Directly Supported by Oil and Gas, in Millions, 2012 ............................ 5 Figure 4 Colorado Oil and Gas Property Tax Revenue for School Districts, by County, 2012 ...... .. .. ....... ....... ......... 6 Figure 5· Colorado Severance Tax and Federal Mineral Lease Distributions to School Districts from 011 and Gas Activity, 2012 ........ 7 Figure 6: Select School Districts, Oil and Gas Property Tax Revenue, In thousands, 2012. .................................. .. ...................... 8 Figure 7: Estimated County Employment Supported by Oil and Gas Activity, 2012 ............................................................................. 10 Figura 8: Estimated Colorado Oil and Gas Labor Income by County, 2012 11 Figure 9: La Plata County, Oil and Gas Revenue and Est. Expenditures, in Thousands, 2012 ........................................................... 15 Figure 10: Weld Counly. Oil and Gas Revenue and Est. Expenditures, in Thousands, 2012 ..... .. .......... 16 Figure 11: Mesa County, Oil and Gas Revenue and Est. Expenditures, in Thousands, 2012 ........................................................ 17 Figure 12: Pueblo County, Oil and Gas Revenue and Est. Expond1tur0s, in Thousands, 2012 ............................ .. ................ 18 Figure 13: City and County of Denver, Oil and Gas Revenue and Est. Expenditures, in Thousands, 2012 ......................................... 19 Figure 14: Boulder County. Oil and Gas Revenue and Est. Expenditures, in Thousands, 2012 ......................................................... 20 Figure 15: Garfield County, Oil and Gas Revenue and Est. Expenditures, in Thousands, 2012 .......................................................... 21 Figure 16: City and County of Broomfield, Oil and Gas Revenue and Est. Expenditures, in Thousands, 2012 ................................ 22 Figure 17: City of Greeley, Oil and Gas Revenue and Est. Expenditures, in Thousands, 2012 ........................................................... 23 Figure 18: City of Pueblo, Oil and Gas Revenue and Est. Expenditures, 1n Thousands, 2012 ....................................................... 24 Figure 19: Select School Districts, Oil and Gas Property tax Revenue and Est. Expenditures, in Thousands, 2012... .. .. 26 Figure 20: Colorado Oil and Gas Property Tax Revenue by County. 2012 (includes county, City, schools, special) .......................... 28 Figure 21: Severance Tax Collections, 2008-2012 (Nominal) ............................................................................................................ 31 Figure 22: Severance and FML Distributions from OOLA, 2009-2012 (Nominal) .............................................................................. 32 Figura 23: Total Federal Mineral Impact Assistance Fund distributions per capita ... 33 Figure 24: Colorado Severance Tax and Federal Mineral Lease Distributions to Counties Oil and Gas Activity, 2012 ............... 34 Business Research Division • Leeds School of Business• University of Colorado Boulder 353 Page ii Figure 25: Colorado Severance Tax and Federal Mineral Lease Distributions to Cities from Oil and Gas Activity, 2012 .................... 35 Figure 26: Colorado Severance Tax and Federal Mineral Lease Distributions to Towns from Oil and Gas Activity, 2012 .......... 36 Figure 27: Colorado Severance Tax and Federal Mineral Lease Distributions to School Districts from Oil and Gas Activity. 2012 .... 37 Figure 28: U.S. Oil and Gas Extraction Occupations and Support Activity Occupations ............................................ .. ..... 51 Business Research Division• Leeds School of Business• University of Colorado Boulder 353 Page iii EXECUTIVE SUMMARY This paper quantifies the tax revenue streams generated from oil and gas activity in Colorado by county, and identifies the public services that the tax revenue supports for select jurisdictions. The public revenue stream, which includes rents, royalties, and taxes, funds activities ranging from schools and roads to parks and healthcare. Employment and labor income supported by the oil and gas industry are also reported by county. The oil and gas industry provides economic benefits due to its integrated supply chain, high wage jobs, and propensity to sell nationally and globally. The economic contributions of the upstream and midstream oil and gas industry totaled $126.5 billion in output in Colorado between 2008 and 2012. In 2012 alone, nearly 31,900 workers were spread across the drilling, extraction, support activities, pipeline transportation, and related construction sectors. In total, the industry supported more than 93,500 jobs in Colorado. The direct industry workers garnered $3.2 billion in wages, earning twice the average wage for all industries in Colorado. Examining both extraction and support occupations, industry jobs range from the operational field-worker occupations of construction and extraction to the business support occupations of management, engineering, and financial-thus, leveraging Colorado's skilled workforce. Oil and gas production activity in Colorado is concentrated in 38 of the state's 64 counties. Figure 1 shows the location of active oil and gas wells in Colorado in 2012. Based on assessed taxable value, 88% of production was in 5 counties alone in 2012 (Weld, Garfield, La Plata, Rio Blanco, and Montezuma). Despite this concentration of production, counties that are nonproducers often participate in the supply chain, 1 offering goods, services, and a qualified workforce. The City and County of Denver, for instance, was a very small producer in 2012, but recorded the greatest number of industry jobs in the state. The industry has the largest tax impact on producing counties, but oil and gas revenues impact nearly every citizen in the state through Colorado general fund expenditures on education, transportation, and other public services, as well as through severance tax and federal mineral lease distributions. 1 The Clty and county of Denver is one jurisdiction, Business Research Division • Leeds School of Business • University of Colorado Boulder 353 Page 1 FIGURE 1: ACTIVE OIL, GAS, AND COALBED METHANE WELLS IN COLORADO, BY COUNTY, 2012 Socircos E!A Esrl, Tomforn, l'.lop;:::rtm(lnt ofComrnorc:o, Census Buro0u, USDA NABS, C!A, USGS, Stito /\9oni::b8 such :;ie, WY Go:ilogical Survoy, llrllilnglnfo Business Research Division • Leeds School of Business• University of Colorado Boulder 353 Page 2 Table 1 shows the total property tax revenue, severance tax and federal mineral lease distributions generated by the oil and gas industry in Colorado at various levels of taxing jurisdictions. The industry generated just over $410.3 million in 2012 for a variety of jurisdictions throughout the state from these three revenue streams. Additional revenues stemming from oil and gas include income taxes; sales taxes; state land leases, bonuses, and royalties; and the Colorado Oil and Gas Conservation levy. TABLE 1: OIL AND GAS REVENUE BY SOURCE AND TYPE OF TAXING JURISDICTION, 2012 County School District City Revenue Source Town Property Tax Severance Tax Federal Mineral Lease Distributions Total $141,068,361. $14,687,167 $18,357,490 $174,113,018 $201,918,775 $2,761,707 $204,680,482 $5,396,121 $7,882,130 $7,552,871 $20,831,122 $4,118,573 $6,580,310 $10,698,883 Total $348,383,257 $26,687,870 $35,252,378 $410,323,505 Sources: Business Research Division analysis based on data from the DOLA, BLS, and JM PLAN, As shown in Figure 2, production property taxes from oil and gas operations were collected in 36 of the state's 64 counties, though production occurred in 38 counties. The areas of highest oil and gas production property tax revenue correspond to the highest producing regions illustrated in Figure 1. These areas include counties on the Western Slope (e.g., Garfield and Rio Blanco County), in the southwest corner (e.g., La Plata County) and in the northeast (e.g., Weld County). In an effort to present a more detailed view of the economic impact of the oil and gas industry in areas of high and low production in Colorado, 16 taxing jurisdictions were selected for further analysis based on population and oil and gas activities. These include the counties of La Plata, Weld, Mesa, Pueblo, Boulder, and Garfield; the cities of Greeley and Puebla; the City and County of Denver, and the City and County of Broomfield; 2 and individual school districts within the city of Durango, the city of Greeley, Mesa County, and Garfield County, and the city and county of Denver. Oil and gas tax proceeds across these sample jurisdictions represent a wide range of values. On the high end, the nearly $51.7 million in oil and gas tax proceeds collected by Weld County covered 31.4% of the county's general fund expenses in 2012. Weld County is the largest producer of oil and third-largest producer of natural gas in the state, and thus it collected the highest revenue from oil and gas property taxes. Conversely, Pueblo County produced neither oil nor gas in 2012, and collected just $8,904 in oil and gas proceeds; this represented the low end of the sample, covering 0.008% of the county's general fund expenses in 2012. In the majority of cases, proceeds are largely attributed to production values. High levels of oil and gas production consistently result in high levels of ail and gas property tax proceeds, while low production tends to result in smaller property tax proceeds for the county While the City and County of Denver had very law production in 2012, it generated $17.9 million in other taxes related to oil and gas activity (e.g., corporate and personal sales taxes, commercial and personal property taxes). 'The City and County of Broomfield is one jtirisdiction. Business Research Division • Leeds School of Business • University of Colorado Boulder 353 Page 3 .,., i!}'fl "" c "' :;~ ;o [); ro OJ n ::r CJ ;;:· v;· c;· . "' r- "'rog- V> n ::r 0 ~ s;, ""fi :;· ~ c "' ;;:· i5 c ~ £" g~ q g ;o m -~~ r'1 ""' 3 f, m -~i ~ ~ ill? ~ill ~ 33 m ~~ 0 8 ~i ~" 5;o ~}'i ~ )> 0 0 g_ 0 _i~ ;::: ~:: ?itf 0 Zm )> )> z cd ~ l';b; ..."' ... ~g ;o >p: 0 m s ~ ~ ~ x Ul "' <"" s;, ;o m < m z n c 0 .!" ~ ~ '"c. 0 n 0 OJ c 0 z -I .:< c a: ~ N ....0 N " ""'"ro "" No Property Taxes Less than $0.25 Million $025 - $1 Million $1.1 - $5 Million Greater than $5 Million Total Property Tax Revenue due to Oil & Natural Gas Activity to Counties: $141 Million Services Supported by Oil and Gas Production Examining the revenue and expenditures of selected city and county jurisdictions, four general fund categories represent most of the spending: public safety, general government, health and human services, and public works. Aggregating the sample jurisdictions, oil and gas funding provided nearly $37 million for public safety, $29 million for general government, about $26 million for health and human services, roughly $18 million for public works, and about $12 million for streets and highways. Oil and gas revenue spent through jurisdiction general funds help support a wide range of additional public services, including parks and recreation, paramedic services, and urban redevelopment and housing. FIGURE 3: SELECT COUNTY AND CITY GENERAL FUND EXPENDITURES DIRECTLY SUPPORTED BY OIL AND GAS, IN MILLIONS, 2012 III I Sources: Jurisdktions' comprehensive annual financial reports, DOLA, and BRO analysis. Impact of Oil and Gas Activity on Colorado School Districts School districts in 36 counties received funds from oil and gas property taxes in 2012. Figure 4 shows the property tax revenue for school districts by county. Again, the areas with higher revenues tend to be those with higher levels of oil and gas production. Revenues from oil and gas property taxes to school districts, in counties that collected such revenue, ranged from as high as $94 million for school districts in Weld County to a low of $12,000 for school districts in Sedgwick County. Additional funding for education is provided indirectly to school districts. As tax revenues from oil and gas activities flow into the state general fund, a portion of that fund is redistributed to schools throughout Colorado based on a school finance formula. Other sources of funding for school districts include the distribution of revenue from federal mineral leases. Nearly 200 school districts across Colorado received revenue from federal mineral lease distributions, totaling nearly $2.8 million in 2012. As with other sources of revenue, the districts in the higher producing areas received a greater proportion of the distributed funds. In this case, the Meeker RE-1, Mesa County Valley 51, and Garfield RE-2 school districts (located in Rio Blanco, Mesa and Garfield counties, respectively) received the highest distributions of federal mineral lease revenue, totaling more than $841,000. Figure 5 shows the federal mineral lease distributions to school districts across Colorado. The districts that received the largest distribution tend to be located on Western Slope of the state. Business Research Division • Leeds School of Business• University of Colorado Boulder 353 Page S "" c "' :;- m "'IB "'~ ::r 0 ..,, ?3¥ Ci c "" *g "'m:f;> ~'g ~-¥:: ~~ n 0 ~-~ 5 ~~ "' )> ~~ 0 ~: ~~ . S'~ §~ 0 0 ;:: ll 0 "'"'~ ~i "'Ci" :::J r- V> n ::r 0 ~~ ca' W3 s;, ?>'~ ~ c :::J ;::· C) G; u 0 "" m ""=< ~m Q_ ""5is· )> z "ti c .. ~;; w-G 00 • );! x Gumi;sun Cc-tmty s_; -$0-.24 Mlmon "" "' ;;;; R $ z c ~ m ..,, "' Ul' < 0 "" "" "' n !;, n :c 0 0 .... 0 0 ii] 0 c.. u; a co -! n "" 0 c yl 0:: ~ ~ n 0 c u """''" "' No Property Taxes Less than $0.25 Million $0.25 - $1 Million $1.1-$5 Million Greater than $5 Million z -! .:< ... N 0 Total Property Tax Revenue due to Oil & Natural Gas Activity to School Districts: $202 Million "' ..,, ..,, mo """' :;· c m "'[); "'"'n ::r CJ ~: "'5· . :0 r- "'"'f;- ;;o 0 i5 c Ii"~~ s ;;o 0 m ;= !-<' J> n z 0 o'o 30 ~~ Jg 5 0 G'l ;;o ~~ ~£5 J> J> 3~ "'J> ..,,00 qm ~~ 2.~ g-r;'> < m0 3 ~ ;;o ~ .... J> IV 0 .2 ~ ..... ~ IV "' n "' -~ 0 s: z m ;;o ::r J> .... fii S, ? .m ""~ :;· -~ m "' 0 ~ D ~ 0 " -I ;;o a; ~ ::> c: @. 9. ~- § S, n Vi 0 ;:· ~ J> z c -I 0 z "'c1 I "' ::r n 0 g 0 0 .... ""c. 0 a ;:;; "'c -I ;;o 0 i=i 0: -I ~ "' IL Less than $5,000 Ill $5,000 - $35,000 II $35,001 - $105,000* II $105,001 - $200,000* II $200,001 - $325,000* *School districts in the highest three classes are labeled here. See the full report for a map labeling each district. Total Severance Tax and Federal Mineral Lease Distributions to Colorado School Districts: $2.8 Million I This study examined six school districts more closely: Bayfield l.O Jt-R in La Plata County, Denver County 1 in Denver County, Durango 9-R in La Plata County, Greeley 6 in Weld County, Garfield Re-2 in Garfield County, and Mesa County Valley 51 in Mesa County. Oil and gas proceeds in three of them, Garfield, Bayfield, and Durango, contributed more than one-third of the total property tax revenue for those districts. Garfield was the largest, where oil and gas accounted for 82% of total property tax revenues. In Bayfield and Durango, oil and gas property tax proceeds accounted for 48% and 32% of total property tax revenues, respectively. These percentages represent $3,771 per pupil for Garfield, $1,342 per pupil for Bayfield, and $1,811 per pupil for Durango. Denver represented the lowest percentage of property tax revenue provided by the oil and gas industry, at just 3%, or $131 per pupil, followed by Mesa County at 6%, or $159 per pupil, and Greeley at 19%, or $349 per pupil. Though the total proceeds for Denver were in fact higher than those in Bayfield, the per pupil spend was higher in Bayfield due to the lower student population. Bayfield had a pupil population of 1,362 compared to Denver's pupil population of 80,000. FIGURE 6: SELECT SCHOOL DISTRICTS, OIL AND GAS PROPERTY TAX REVENUE, IN THOUSANDS, 2012 oavtleld 10.lt·R Denve~ County 1 Garfield He .2 Sources: School district comprehensive annual financial reports or audited financials, Colorado Department of Educatlon1 and BRO analyses. Employment Impact of Oil and Gas Activity in Colorado In addition to providing a steady stn~am of revenue to virtually all taxing jurisdictions in Colorado, the oil and natural gas industry is a source of high wage jobs to residents across the state. In addition to direct employment in Colorado, the oil and gas activity leads to additional indirect and induced employment as the oil and natural gas activity ripples through virtually all sectors of the Colorado economy. In total, the upstream and midstream oil and gas industry recorded 31,895 jobs in 2012, and supported an additional 61,633 jobs in the state of Colorado. These jobs arc spread across 50 of the state's 64 counties as shown in Figure 7. Denver County accounted for the highest employment impact, at more than 9,800 direct jobs and an additional 8,200 indirect and induced jobs in 2012. Apart from Denver, the highest concentration of jobs supported by the oil and gas industry in Colorado tend to be in the higher producing counties, like Weld, Mesa, and Garfield. Together, these three counties account for more than 13,000 direct jobs and more than 20,000 indirect and induced jobs, or 35% of the total employment. Nonetheless, as found with tax Business Research Division • Leeds School of Business• University of Colorado Boulder 353 Page 8 proceeds, the employment impact is not limited to producing counties but is spread across nearly all counties in Colorado. Employee income for the oil and gas industry in Colorado follows a similar pattern. For the state in 2012, direct wages paid to oil and gas industry workers totaled more than $3.2 billion and supported an additional $3.5 billion in wages to other industries, for a total labor income impact of more than $6.7 billion. Denver had the highest labor income impact in 2012, at more than $2.0 billion. Figure 8 shows the labor income associated with oil and gas activities by county across the state. Reflecting the employment impact across nearly all counties, the industry's impact on labor income is not limited to producing counties. Business Research Division • Leeds School of Business• University of Colorado Boulder 353 Page 9 .., Gi c: ;i:i "' ':-! IT! ~ §: ~ IT! 0 n 0 c: ....- z 0 Gl )> "'~ .... < =i :::<. ..."' 0 Nonattributable Employment: 25,401 N Total Employment (Direct, Indirect, Induced) Less than 50 1,001 - 20,000 Total Colorado Employment from Oil & Natural Gas Activity: 93,528 .,.., 15 roo r:JJ ~~ ~ g1 :;· ~~ ;;; m 1:i "" m ~ °'n ::r CJ ~: "'c;· . .... ::J m m fr n "' ::r 0 Q_ S, r:JJ ;;; :;· c :n rn? m !'? ~~ m ~ ~ d"' ~~ o~ @ ::n ::; m H 0 2 8,.... s :n ;:n ;::: ~ ~ 0 > 0 f 0 0 ~ )> z c m 0 ';;' ~ z > "'s;: _ill 0 $ "';:o0 ~ z n 0 c ;;, <'' s:m "' s.n"" n 0 0 .;< m ~ '< c z Q_ ci ...~ 0.. 0 N r:JJ 0 c a: !!; Nonattributable Labor Income: $1 ,681 Million Total Labor Income (Direct, Indirect, Induced) Less than $1 Million $1 - $10 Million $11 - $100 Million $101 - $2,500 Million Total Colorado Oil & Natural Gas Labor Income: $6,743 Million METHODOLOGY This study quantifies the economic impacts of oil and gas industry activity in Colorado by county using publicly available industry data. The Bureau of Economic Analysis quantifies industry gross domestic product (GDP). The Bureau of Labor Statistics and the Colorado Department of Labor and Employment aggregate nonfarm employment and wages by industry and by county, and the U.S. Census Bureau estimates nonemployer firms and receipts in Colorado by metropolitan statistical area (MSA). 3 The Office of Natural Resources Revenue publishes federal land leases, bonuses, and royalties by state, and the State Land Board publishes commensurate data for state lands in Colorado. Other local sources, including the Colorado Geological Survey; the Colorado Department of Local Affairs (DOLA), Division of Property Taxation; and the Colorado Department of Revenue, provide estimates of the value of production, direct industry assessed property values, and severance taxes, respectively, while the Colorado Oil and Gas Conservation Commission (COGCC) publishes well activity and prices for oil and natural gas by county. This study compiles the known economic contributions of the industry in Colorado by county and provides estimates of economic metrics that are not quantified or published by government or by private data repositories. The authors completed a comprehensive Colorado oil and gas economic impact report commissioned by the Colorado Oil & Gas Association (COGA) in 2011 and in 2013, and published in the journal Oil, Gas, and Mining in 2013, that examined the industry, from drilling and extraction to refining and gasoline stations. This 2014 report, commissioned by the American Petroleum Institute, updates and builds on the previous work and derives detailed county-level impacts for all counties in Colorado, focusing on a narrower supply chain that includes only upstream (drilling, extraction, and support activities) and midstream (pipeline transportation) activities.4 This study reports economic indicators and traces economic impacts to the county level, ranging from employment, wages, and well activity to economic and fiscal impacts. Other metrics are available exclusively at the state level, including federal distributions and price indices. An economic impact analysis was conducted using an input-output modeling software, IMPLAN. 5 IMPLAN generates industry multipliers based on trade flows and industry profiles of the study area. Multipliers refer to the interindustry relationships within a study area in terms of input-output (1-0) economic impacts.' Multipliers are useful for analyzing project decisions to understand the incremental impacts that such 1 . ALS definition of wages: "Under most Stc:ite laws or regulations, wages include bonuses, stock options, severance pny, profit distributions, cash value of meals and lodging, tips and other gratuities, and, in some States, employer contributions to certain deferred compensation plans such as 401(k) plans." Census Bureau definition of receipts: "Includes gross receipts, sales, cornrnlssions, and income from trades and businesses, as reported on annual busine:;s income tax returns. Busines~; income consists of all payments received for services rendered, ·rhe composition of nonemp!oyer receipts may differ from receipts data published for ernployer establishments. Nonemployer receipts may include commissions or earnings. In contrast, for employNs the sales and receipts items published (for example, in the Economic Census) represents only the value of the goods involved in the transaction/' 4 1ncludes the following North American Industry Classification System industries and codes: Extraction (211), Drilling wells (7.131 ll), Support activities (Z13ll2), Oil and gas pipeline and related structures construction (73712), and Pipeline transportation (486). 'MIG, Inc., www.irnplan.com. 'Bureau of Economic Analysis, Regional Multipliers, http://www.bea.gov/scb/pdf/regional/perinc/rneth/rirns2.pdf, retrieved January 20, 2010. Business Research Division • Leeds School of Business• University of Colorado Boulder 353 Page 12 activities have on the local economy. IMPLAN multipliers are static and thus do not consider large-scale disruptive impacts on the economic fabric without c;ilculating specific infrastructure changes. For the purpose of this study, all multipliers are comprised of direct, indirect, and induced effects. Direct refers to direct spending or employment in the study industry or firm. Indirect is the spending or employment in related industries impacted by spending or employment in the study industry or firm. Induced refers to changes in household expenditures impacted by spending or employment in the study industry or firm. State and local fiscal impacts are quantified by identifying and aggregating publicly available data on industry and production taxes, and estimating revenues for income and sales taxes. JURISDICTIONAL IMPACTS In an effort to present a balanced view of the economic impact of the oil and gas industry across Colorado, 16 taxing jurisdictions were selected based on population and oil and gas activities. The Colorado counties of La Plata, Weld, Mesa, Pueblo, Boulder, and Garfield; the cities of Greeley and Pueblo; the city and county of Denver and the city and county of Broomfield; and the school districts of Durango 9-R, Denver County 1, Greeley 6, Bayfield 10 Jt-R Garfield Re-2, and Mesa County Valley 51 were chosen for this study. The City and County of Denver was selected not for its production values but as a contrast to counties such as Weld and la Plata that rank among the highest-producing counties in the state. Although Denver was a minimal producer in 2012, the county and city still received funds from the Federal Mineral Assistance Program. This suggests that the oil and gas industry's economic impacts reach well beyond jurisdictions with direct oil and gas production. The economic impact of oil and gas property taxes was traced to expenditures for each of the sample taxing jurisdictions. These jurisdictions were selected to show the impact on producing and non producing areas. Colorado's Department of Local Affairs, Division of Property Taxation, provides annual reports that include tax revenues for various asset categories, including oil and gas. The total property tax values were gathered for each of the taxing jurisdictions, as well as oil and gas specific tax revenues. The IMP LAN model was used to estimate corporate sales tax, personal sales tax, and residential and commercial real estate taxes related to the industry. The oil and gas portion is then divided by the total tax revenues to derive the oil and gas contribution percentage. Presuming that the oil and gas proceeds are distributed as part of the general fund to each taxing jurisdiction, it is assumed that the same percentage of the jurisdictions' expenditures will be paid by these oil and gas tax revenues. Additional county, city, and school district impacts are displayed in the appendices of this report. Business Research Division • Leeds School of Business • University of Colorado Boulder 353 Page 13 State of Colorado Oil and gas production increased from 2011 to 2012, but the value of production decre :I: z 0 Cl Co ~~ "' !Tl"' no "O -0 ~;;; _,,, ~ ~ x "'m~ z c: m Prowers County $0".21 Million ~ t"l 0 c: z -! .:< N ....0 N -0 """'"' "'00 No Property Taxes Less than $1 Million $1 - $10 Million $11 - $100 Million Greater than $100 Million Total Property Tax Revenue Due to Oil & Natural Gas Activity: $372.8 Million TABLE 16: OIL AND GAS ASSESSED PROPERTY, LEVIES, AND TAXES, 2008-2012, IN MILLIONS (NOMINAL) Assessed Value Land Improvements Personal Total 2008 $6,497.00 $16.30 $1,163.90 $7,677.10 2009 $10,177.70 $13.30 $1,667.50 $11,858.60 2010 $4,665.40 $7.30 $1,576.80 $6,249.50 2011 $6,862.50 $6.20 $1,707.40 $8,576.10 2012 $7,885.34 $6.30 $1,854.94 $9,746.58 18.32 7.60 36.49 2.78 17.74 7.34 34.47 18.22 7.39 36.54 2.85 18.95 7.75 37.63 2.92 19.507 7.75 39.129 2.995 Average Mill Levies County Mill Levy City Mill Levy' Average School Levy Average Special Levy 2.69 Property TaxeS' Total Taxes $269.45 $399.70 $232.61 $317.03 $372.77 Sources: D1v1s1on of PropertyToxot1on, Colorado Department of Local Affairs, 2007-2011 Annual Heports, Note: Property tax estimate from BRO. aThe city tax bnse is generally smaller than the county tax base due to the location of production. bCompilatlon of land (production), improvements, and personal property tax(~S, disaggregated by county aSS(.%Scd values and respectiw~ mill levies. Public Leases and Royalties Oil and gas exploration and development on public lands provide additional public revenue through land leases and royalties. Federal onshore leases generated revenue of $7.2 million in 2012 disbursed back to Colorado, up from $4.9 million in 2011(Table17). Federal lease income includes fixed annual rent payments, generally between $1.50 and $2.00 per acre. Additionally, for lands offered by competitive bidding, premiums paid above rent payments are called bonuses. The State of Colorado also leases land. The State Land Board auctions leases to determine the rents oil and gas companies pay for state parcels. The base rate, $1.50 per acre until changed to $2.50 per acre in 2011, is collected and classified as rental income. Similar to federal lease bonuses, premiums bid over the base price, classified as bonus revenue, are also lease income. The State of Colorado received almost $80.7 million in state lease revenue from oil and gas in 2012, by far its highest level over the previous five years (Table 17). In addition to lease revenue, oil and gas activity on public lands provides royalty revenue. On federal lands, minimum annual royalty payments, much like rents, are required until production b<~gins. When production exceeds minimal levels, royalty payments are based on production volume and negotiated sales prices of the oil and gas produced. Companies are allowed to deduct from royalty value costs associated with transporting and processing the oil and gas. Royalties disbursed back to Colorado from oil and gas activities on federal onshore lands in Colorado totaled nearly $115.2 million in 2012 (Table 17). 1 Federal royalties were highest in 2.008, when disbursements reached $125.5 million. When mineral resources are discovered on state land, oil and gas companies pay Colorado monthly royalties based on production volume and sales prices. For the state's ownership share, Colorado charges a 1 1ncludcs carbon dioxide gas, conlbcd methvneJ oil 1 processed (residue) gvs 1 unprocessed (wet) gas, gas plant products, cmd fuel gas. Business Research Division • Leeds School of Business• University of Colorado Boulder 353 Page 29 portion of proceeds from oil and gas sales; the full royalty rate was 12.5% until the State Land Board authorized a change to 16.67% in June 2010. State royalties totaled nearly $44.8 million in 2012 (Table 17). TABLE 17: REVENUE FROM ACTIVITIES ON PUBLIC LAND, FY2008-FY2012, IN THOUSANDS (NOMINAL) Source of Revenue Federal Leases Disbursements State Leases Estimated Total Public Leases Federal Royalty Disbursements State Royalties Estimated Total Public Royalties 2008 $19,223.80 $8,167.30 $27,391 $125,498.70 $32,568.00 $158,067 2009 $64,557.70 $5,447.30 $70,005 $105,621.60 $31,879.10 $137,501 2010 $8,205.70 $16,476.70 $24,682 $96,252.00 $27,509.20 $123,761 2011 $4,903.08 $64,663.49 $69,567 $116,736.02 $33,663.09 $150,399 2012 $7,181.57 $80,698.16 $87,880 $115,161.53 $44,785.32 $159,947 Sources: Office of Natural Resources Revenue; Colorado StJte Land Board, 2012 Annual Income and Inventory Report. Severance Taxes Severance taxes are paid on the production of nonrenewable natural resources. In Colorado, oil and gas wells with production exceeding stripper-well levels incur severance taxes. The marginal rate for this tax ranges from 2% to 5%, depending on the gross income from production (Table 18). Severance tax returns are complicated by the ad valorem property tax credit. When the credit is available, producers deduct from their severance tax bills 87.5% of ad valorem property taxes paid on production (termed the "ad valorem tax credit"), net of ad valorem property taxes on stripper wells. Of the state severance tax revenue, 50% goes to the state trust fund and 50% to the local impact fund. Funds from the state trust fund are then allocated to a fund used to finance loans for state water projects, administered by the Colorado Water Conservation Board and an operational account used for programs administered by the Colorado Department of Natural Resources. The local impact fund share, meanwhile, is distributed either to local government grant projects (70%) or directly to local governments (30%). TABLE 18: SEVERANCE TAX RATES Total Gross Income Range Under $25,000 $25,000 - $99,999 $100,000 - $299,999 $300,000 and over Corresponding Severance Tax 2% of gross income $500 plus 3% of the excess over $24,999 $2,750 plus 4% of the excess over $99,999 $10,750 plus 5% of the excess over $299,999 Source: Colorado Department of Revenue, Form DR 0021D. In 2012, severance taxes fluctuated between a low of $372,000 in March and a peak of $28.3 million in April. The monthly average in 2012 was $11.2 million. Removing seasonality, the 12-month total averaged roughly $157 million from January 2012 to December 2012. These totals may differ from the DOLA totals as the fiscal year may differ from the calendar year. Business Research Division • Leeds School of Business • University of Colorado Boulder 353 Page 30 FIGURE 21: SEVERANCE TAX COLLECTIONS, 2008-2012 (NOMINAL) In 2012, severance taxes in Colorado totaled $163.0 million (Table 19). This is up from 2011 levels, when severance taxes totaled $130.7 million. TABLE 19: SEVERANCE TAXES, FY2008-FY2012, IN THOUSANDS (NOMINAL) • I ' If: I I Severance $139,552 $272,653 $63,705 $130,703 $163,046 ~ ~ ". Source: Colorado Department of Revenue. Distribution of Federal Mineral Lease Proceeds and State Severance Tax Revenue The direct distribution of federal mineral lease proceeds and state severance tax revenues is mandated by Colorado statute and administered by DOLA. Two separate statutes allocate state proceeds generated from the production of mineral resources in Colorado to local governments. Portions of the distribution are allocated based on formulaic calculations and result in the direct distributions to Colorado counties, municipalities, and school districts. The factors used in the distribution are measures of resident energy employees, mining and well permits, amount of mineral production, population, and miles of road. Nearly $62 million in annual severance tax and federal mineral lease funds were distributed ta 502 jurisdictions in Colorado, including counties, municipalities, and school districts in 2012 (school districts receive only federal mineral lease distributions). The amount of severance tax direct distribution that went to local communities in 2012 was $26.7 million, and the total for federal mineral lease distribution was $32.5 million. Severance tax and federal mineral lease revenues were distributed to 190 towns in Colorado, with values ranging from $26 to nearly $2.5 million. There were 74 cities that also received revenue from these streams, with distributions ranging from $322 to more than $2.1 million. School districts received a total of $2.8 million in federal mineral lease direct distribution in 2012. At the county level, only Conejos County did not receive revenue from severance taxes levied on oil and gas operations or federal mineral Business Research Division • Leeds School of Business• University of Colorado Boulder 353 Page 31 leases in 2012. Figures 24 through 26 provide maps of the jurisdictions in Colorado by revenue from severance tax and federal mineral lease distributions. FIGURE 22; SEVERANCE ANO FML DISTRIBUTIONS FROM DOLA, 2009-2012 (NOMINAL) Thousands FML Revenue· $180,000 School Districts $160,000 FML Revenue·· $1.40,000 County/Muni $120,000 Severance Taxes to Local Communities $100,000 $80,396 $80,000 $60,000 $40,000 $20,000 $0 2010 2009 2011 2012 Sources: Colorado Department of Local Affairs, 2012 Comprehensive Annual Financial Report 2012. Of the $6L9 million direct distribution of federal mineral leases and severance taxes, Garfield, Mesa, Rio Blanco, Weld, and Montezuma counties collectively received more than $19.3 million of the fund distributed in 2012. The Town of Rangely, the City of Greeley, and the City of Grand Junction were the top three noncounty recipients of the fund in 2012. The top 10 distributions account for more than $29 million, or 47% of the total. For detailed distributions by specific county, please refer to Appendix 4. TABLE 20: TOP 10 RECIPIENTS OF FEDERAL MINERAL LEASE PROCEEDS (FML) ANO SEVERANCE TAX (ST) (COMBINED), 2012 Entity FML ST Total $2,145,048 $5,914,923 Garfield County $3,769,875 2. Mesa County $1,907,466 $1,814,669 $3,722,135 3. Rio Blanco County $3,079,064 $624,240 $3,703,304 4. Weld County $1,092,565 $2,292,174 $3,384,739 5. Montmuma County $2,147,689 $445,924 $2,593,613 6. Rangely, Town of $2,046,194 $430,817 $2,477,011 7. Greeley, City of $686,816 $1,441,773 $2,128,589 8. Grand Junction, City of $942,627 $895,204 $1,837,831 $969,681 $833,006 $1,802,687 9. Gunnison County 10. Moffat County $1,060,519 $625,795 $1,686,314 Source: Colorado Department of Local Affairs Local Government r:nergy and Mineral Impact Assistance Program Thirty~Sixth AnnuJI Report. 1. From a per capita perspective, 50.4%, or $16.7 million, of funds distributed to counties are to those with a population under 50,000. Rio Blanco and Dolores counties have the highest fund distributed per capita, at $540 and $265, respectively. Rio Blanco has a population of 6,857, and Dolores has a population of 1,994. Error! Reference source not found. plots the total amount of Federal Mineral Impact Assistance Fund distributed to counties (Y-axis) against the county's population (X·axis). The size of the bubble illustrates the relative dollars per capita distributed to constituents for each county. As the bubble chart shows, the larger bubbles are skewed toward the left, indicating higher dollar per capita for smaller communities. This Business Research Division • Leeds School of Business• University of Colorado Boulder 353 Page 32 suggests that the federal mineral lease proceeds and severance taxes have the greatest impact to small communities (<50,000) on a per constituent basis. FIGURE 23: TOTAL FEDERAL MINERAL IMPACT ASSISTANCE FUND DISTRIBUTIONS PER CAPITA· COUNTY (in Business Research Division • Leeds School of Business • University of Colorado Boulder 353 Page 33 FIGURE 24: COLORADO SEVERANCE TAX AND FEDERAL MINERAL LEASE DISTRIBUTIONS TO COUNTIES FROM OIL AND GAS ACTIVITY, 2012 c .2 ::5 0 0 0 M M ~ 6 Ill 0 q_ (!,) w.<: :;:::; £; 0 (\) "C c ;:, 0 (\) .s ~ (!) 0 ... 0 ca 0 0 0 0 0 0 o_ ;:;; 0 0 Ill c 0 ;:, .0 :;:::; - 0q ·c 0 0 .!!! w 0 (!,) Ill 0 0 0 60 ~ "" 0 0 0 0 w. ca (!,) ...J e (!,) c :ii e (!,) "C (!,) 0 0 0 6 w.<: (\) £; (/) (/) Q) _J u. "C c ca >< ~ (!,) (,) c e (!,) > (!,) U) ~ {:. Business Research Division • Leeds School of Business • University of Colorado Boulder 353 Page 34 FIGURE 25: COLORADO SEVERANCE TAX ANO FEDERAL MINERAL LEASE DISTRIBUTIONS TO CITIES FROM OIL ANO GAS ACTIVITY, 2012 0 0 0 6 0 c ~ ,,.,<'i l() :::!: c; ..0 0 0 0 ,,., l() ~ *""" II) Cl) :;::; 0 0 0 u0 ,, 0 ~ ,_ 0 0 ,,.,'° 0 0 60 ;;; 0 - 0 0 II) c 0 :;::; :J 0 0 q 0 0 ,,., 0 0 ,,.,"'0 - .Q 'i:: .~ Cl Q) II) ta Cl) ..J "§ Cl) 0 0 0 6 "'' 0 0 0 6 ;; <:: = Cl1 (/) (/) _,< t!!! Cl) (,.) c ~ Cl) ~ U) ii; 0 !\ASS, C1A Business Research Division • Leeds School of Business • University of Colorado Boulder 353 Page 35 {:. FIGURE 26: COLORADO SEVERANCE TAX ANO FEDERAL MINERAL LEASE DISTRIBUTIONS TO TOWNS FROM Oil AND GAS ACTIVITY, 2012 0 0 iii c @ 0 0 0 0 (iii 0 8 6 0 0 0 l{) .,."1 I® 0 0 0 g i ""'c::) .... ' ti'>- 6 c ~ ~ 0 0 (ti 0 @ == 0 "ti E 0 0 0 0 0 0 0 y; 0 (J ' ....0 .,.ci c 0 VI 0 o') 0 ::; :I .c 0 0 0 6o') .... 'i: VI i5 VI ..0 0 lfi' ctl < i!!! _ to ;;; 5· ~ c ::J <'' ~ • c -~ .." 0 i 9. "' [ Ul ""8.. '< ~ ::;- (') c:>_ 0 iil 0.. 0 to 0 c 0:: ~ .,, """'"'....,w Less than $5,000 $5,000 - $35,000 $35,001 - $105,000 $105,001 - $200,000 $200,001 - $325,000 Total Severance Tax and Federal Mineral Lease Distributions to Colorado School Districts: $2.8 Million TABLE 21: LEGEND TO COLORADO SCHOOL DISTRICT FEDERAL MINERAL LEASE DISTIBUTION MAP 2, 3, 4, 5. 6. 7, l:fa1sdale County School Oi~ttii:t RF>l An::hukta County Schou! Di7itrict50··J"I 49, Ccntc11nird School District R~l Sieua Urandc School District 52 R-30 Salida School District R"32 B1.1e1rn Vista School Di&trkt R31 D1bt.rict 53 54 55 lO 51, Piamview School Ulstl'ict RE-2 Wind!:KH Sd1oul Oi:;l.rid RFA Plactt' Valley Schrnil Di~trict RE·7 Kccn>Jsburg Schm11 Dislrlct RE . JJ Pavmee School District RE~ l 2 Di!mi1..~t RE-I 56 W~hl County School Dirnict RE·8 8, Iloulder Valley School 'l, I>dta County School District 50.J Di~trict RE>2 JO, IL 12, Ifomid 60-11 13, Llmon School District RE . 4J [4, Kiowa Scbool District C~?. ]5, Elizabeth Sch(lo! Dlstrict c . I 16, Eiben School District 100 Dh,1rlci l7. 57 58, 59 Eaton School Dist!'ict RE-2 145, 97, 146. Pfoteau Valley Sd1ool District 50 147. Pl'iffil..)ro Reorganized Schuol School Dh,trict Hayden Scho()l District RE-1 98, Summit School D1slrict RU·· l 99, W"'~tmimtcr School District 50 JIWl. District2 148, Trinidad School Distric1 1 t49. Kim I 05. 106, 151, Branson Rcorgattized School t50, Hoehne Reorganized S<7hool Disttfot3 District82 I08. Dolores Coumy School Oisttict RE·2 109. NotWO\)d School District R-2J 110, Telluride School Di.mict R-1 llL G 6J 156. District J-4 Distl'klRJ-3 157. 158, 159. 160, 161. Park School D1htrict R-3 162, S"vink SchoQJ Distnct 33 163, 164. 165, l66. 167, 168, f{\)Cky Ford Sd1ool Distl'i~1t R~?. Eas1 Ot~~ro Sdlool Di~frict R-l Chcmw Schooi Dis!J'ict .31 Manz:rnola School District 3J DistrictR,·l 169. Karvnl School District R£~23 170. Gc110a,,Hugo School Disnict C~ Ill 17L 172, Silverton School District t 173. Cotopaxi School District RE-3 l'/4. Cal'ion City SchClol District RE~~ I 175. Littleton School D1slric16 176, District I 177. 178. Chcny Crei::k School Dii:.tt·im 5 RE-I Business Research Division • Leeds School of Business• University of Colorado Boulder 353 County Valley School (k;tth~t5l 101. Strasburg School Distnct 3 tJ I02. ,\fapleton School Distnct l I03. Deer 'l'ra1[ Si::hovl District 26J 104, Weldon Valley Sd\t\()\ Disfril)fIU\.20J 63, IJriggsdale School District RD~ 16 JO 64, Pralrie School DistrictRE~l I IL1. 65 Thompson School Dis.trio R~2J 114. District RE'"! 66 St Vram Vi:illey School Distdct 115, Plateau s~'hool Dislrkt RE-5 116, Ft'<::n•:hman &hoot District RE·· JS, Calhan Sd1ool Dist1'ict RJ~ 1 RE IJ 67 Johmtown-Millikcn Sdiuol 19, 3 117, W~st Eud Scho(JJ District RJ::! . 2 20. Disttk:t RE··5J 118, Widefidd Scbool District 3 21. 68 Mou1ttkdn Valley School 22, Di~trict RE"l 119. Lcwis,.Palmt:r School Distri-:t 23. 69. Moffht Consolidvted ~chool Jo Woodland Park School District Dfatrict 2 120, ivfor1itou School RE-2 70 Cilmnison Watershed School DL~trlct (?.!, Harrison School District 2 25, District RE~IJ 71, 122, Hanover School Distnct 28 School 26, Wikiy School District RE . . 13llJ, Fountam Sch\)OI District 8 Woodlin S\.:hool District R-104 124, Falcon School Di;,tdct 49 JT 72. Lamar Sc11ool Distrlr:t RFi-2 73 Otis School District R~J Ellicott School Distrk:t 22 28, Holly Scbool Distlict RE~J 126, Colorado Springs School 74 Umc Star School Distrkt 101 29. Grannda School District Rb% I 75, Arickrin::e School Vistnct H··2 Di,strict ll 76, BtHih School Ofotrid RE~2J 30. Platte Valley School District 127. 7'7, Huffolo S(hool District RE-4 RE-3 128, 31. De1tve1· Coumy Schoo! [fotric1 78, i\~ron School District K· t 79 We.~t Gnmd School DJ::-trict l129, I 32, Center Scl1<1ol Disttict 2(J"JT JJO, JI' Di~trict I District REI 37, Mam:os S<:hool Di~tri<.'l RE-6 134. fort Morgun Schuol Di1;.;trn:t 38, f>.:1kw<:s ~;::111>01 Dislrkt RF-4A 84 Vifo<> S1~hol)i Dish'i<:it Rf.-5 RE-l 39, Mo111ezuma-Corl~~z School School District RE- 135, Hn~rfiL'IO School District RE-I 85 DistrktRE"l 136. La Veta School Dis11'ict RlJ . 2 40, Strutton School District R~4 l 37. McC1avc School District RE-2 86 Prildwtt School Di::o1.rict RE-3 41. Hi-Plain"> School District J{.,23 87 l'ucblo City School Distnct 60 l JS. Las Animas School District 42, Bethuue Sclmol Dhtrict R~5 88 Pueblo County Sc!mo! District RE··I 43. Arriba··Flaglcr School District 70 I 39. Kit Carson School Distrfot R·· t l40, Cheyenne County School C-20 89 E:<:lison S1.~hool District 54-JT 44, 90, Fowler School Di:;trict RAJ District lU.~-5 141, C:u~ter Cwmly Sd.irn1l Di.stri'!l Sl)l\ool Di~hid 45. 91 92 46. Sariford School Di'>trkt 6.J 93. 142. Florence Schtml Di:;trict RE·2 47, North Conejo<> Sd1ool Di,strict 94 141, Lalw County School District R~ Ofatrict RE·LI RE-J I 48. Alamosa School DL~trict RE~ 9:'i Meeker School Di~trict R£1 144. Clear Creek School District 11J Me~a 27) 60, AuJt.. H1ghland School District RE>9 6(, 8cl10<'>1 District RE62, 96, Page 38 Colorado Oil and Gas Converation Commission Taxes Oil and gas companies pay COGCC a conservation levy every quarter for the environmental response fund and for commission expenses. As of July 2007, the charge is 0.07% of oil, natural gas, and C02 production sales, less exemptions. The levy rate is designed to meet the expenses of the agency. In tandem with production values, COGCC levy revenues peaked in 2008, at $8.7 million. After dropping to $4.6 million in 2009, levy revenue rebounded to $6.3 million in 2010 and $7.1 million in 2011. Revenues fell to $4.7 million in FY2012 (Table 22). .. TABLE 22: COGCC CONSERVATION LEVY, 2008-2012, IN THOUSANDS (NOMINAL) . ~ . u: II• I I $8,734.20 $4,612.80 $6,336.10 $7,126.00 Source: Colorado OJI and Gas Conservation Commission, http://cogcc.statc.eo.us/. COGCCTax $4,680.52 Income and Sales Taxes Because average wages for jobs in oil and gas tend to be higher than those of the average job in Colorado, income taxes paid per worker are also higher than average. Although Colorado's state income tax rate is a flat 4.63%, individuals often pay less as a result of deductions. Tax rate estimates were calculated by dividing actual taxes paid per person in each income range by the midpoint of each income range. Income taxes paid by industry were calculated by pairing tax rate estimates with average wages in their corresponding income ranges and then applying estimated tax rates to total wages for the industry. In 2012, income taxes paid by individuals working in oil and gas were estimated to total $89.5 million. The largest contributors included extraction and support activities-the two largest employers (Table 22). Corporate income taxes and sales taxes were estimated using the IMPLAN model, contributing a combined $164 million in revenue. 8 TABLE 23: INCOME TAXES, OIL AND GAS, 2012 - M - W -· Average Wage NAICS 211 213111 213112 23712 486 Industry Extraction Drilling Wells Support Activities Oil and gas pipeline and related structures construction Pipeline transportation $133,335.5 $86,379.1 $80,836.1 $65,065.0 $110,008.2 - Total Wa es •~ Estimated (Millions) (Millions) $1,677.2 $236.4 $1,044.4 $185.7 $88.6 $45.3 $6.9 $30.3 $4.6 $2.4 Income Taxes CONCLUSION This study quantified the economic and fiscal contributions of Colorado's upstream and midstream oil and gas industry bt~tween 2008 and 2012, including drilling, extraction, support activities, pipelines, and related construction. The oil and gas industry contributed $126.5 billion in output to the Colorado economy over the past five years-$23.3 billion in 2012 alone. A major source of economic activity was employment. The 8 Anom,1!ous sales tax estim,1tes for indlvldual counties WN@ adju!;t(~d by the avera~e of all other counties. Business Research Division • Leeds School of Business• University of Colorado Boulder 353 Page 39 upstream and midstream oil and gas sector accounted for some 31,900 direct jobs, all of which earn average w;iges more than twice Colorado's average wage. The industry supported ;in additional 61,600 indirect and induced jobs. A major contributor of the public revenue collected from the oil and gas industry was property taxes. Largely due to a high assessment ratio used to value production, property taxes amounted to $372.8 million in 2012. In 2012, a total of 38 counties recorded production, and taxable production was estimated to occur in 36 of Colorado's 64 counties, though 88% of this activity occurred in 5 counties: Weld, Garfield, La Plata, Rio Blanco, and Montezuma. While these counties are the center of production, Denver, Weld, Mesa, Garfield, and Arapahoe counties are the center of employment for the industry, representing 76% of total direct upstream and midstream jobs. Industry jobs were recorded in 50 of Colorado's 64 counties. The capital investments and industry production create jobs, income, wealth, and taxes, notably concentrated where production exists; however, as tax dollars flow into the state general fund and cash fund, the outflow of these dollars impacts every citizen in the state through investments in education, transportation, and others. Business Research Division • Leeds School of Business• University of Colorado Boulder 353 Page 40 BIBLIOGRAPHY Arapahoe County, Colorado. May 1, 2013, press release. 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Business Research Division • Leeds School of Business• University of Colorado Boulder 353 Page 44 APPENDIX 1: PRODUCTION VALUES Production values are based on assessed property tax valuations in Colorado. An oil and gas property's taxable assessed value is based on its total actual value (market value) adjusted using assessment ratios. The prior year's primary and secondary production values, reported by oil and gas operators, are assessed at 87.5% and 75%, respectively. Equipment, buildings, fixtures, and leasehold improvements are assessed at 29% of actual value, the commercial property assessment ratio. A county's actual share of production may differ from the taxable share of production due to tax credits and the one-year lag in taxable valuations. TABLE 24: ESTIMATED COUNTY OIL AND GAS TAXABLE PRODUCTION VALUES, THOUSANDS OF DOLLARS, 2012 County Adams Arapahoe Archuleta Baca Bent Boulder Broomfield Cheyenne Delta Denver Dolores Elbert Fremont Garfield Gunnison Huerfano Jackson Kiowa Kit Carson La Plata Larimer Las Animas Lincoln Logan Mesa Moffat Montezuma Morgan Phillips Prowers Rio Blanco Routt San Miguel Sedgwick Washineton Weld Yuma Oil $40,571 $5,014 $296 $4,171 $268 $20,315 $14,149 $133,032 $0 $0 $1,669 $2,484 $25,336 $186,326 $113 $0 $14,889 $21,890 $724 $2,752 $13,611 $0 $U,080 $21,805 $8,452 $27,534 $11,742 $10,465 $0 $1,083 $443,329 $6,180 $0 $0 $47,971 $2,590,173 Gas $29,437 $3,009 $22,529 $1,781 $619 $15,131 $9,844 $6,949 $40 $0 $1,188 $1,178 $0 $1,963,369 $4,124 $1,245 $0 $1,194 $116 $751,263 $1,778 $155,983 $970 $1,173 $133,660 $54,668 $4,286 $946 $4,340 $1,581 $270,479 $31 $15,542 $103 $3,677 $1,203,109 $88,653 C02 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $47,497 $0 $0 $0 $0 $2,297 $269 $0 $0 $0 $0 $0 $0 $0 $0 $0 $302,982 $0 $0 $0 $0 $0 $0 $0 $0 $0 Sources: DOLA, 2014 Colorado Busini:;:ss Economic Outlook, ;rnd BRO Total $70,007 $8,023 $22,825 $5,952 $887 $35,446 $23,993 $139,981 $40 $0 $50,354 $3,663 $25,336 $2,149,696 $4,237 $3,542 $15,J.59 $23,085 $840 $754,016 $15,389 $155,983 $~2,050 $22,978 $142,112 $82,202 $319,010 $11,411 $4,340 $2,664 $713,808 $6,211 $15,542 $103 $51,648 $3,793,282 $88,971 ~m(:lly~C:;?s. Business Research Division • Leeds School of Business• University of Colorado Boulder 353 Page 45 APPENDIX 2: FIRMS BY COUNTY The upstream and midstream (pipeline) oil and gas industry is comprised of 5,770 firms and sole proprietorships in the state of Colorado. Of these 5,770 businesses, 4,246, or 73.6% of the firms, were nonemployers (i.e., sole proprietorships). Extraction firms (NAICS 211) account for 67.8% of the total firms. Upstream and midstream oil and gas firms represented 3% of firms in Colorado. TABLE 25: COLORADO OIL AND GAS FIRMS, 2008-2012 NAICS 211 213111 213112 23712 Industry 2008 Extraction Drilling Wells Support Activities Oil and gas pipeline ond related structures construction 486 Pipeline transportation Total Industry Employees Total All Total-All Industries Note: Includes employers and noncmploycrs. 2009 2010 243 1,200 2011 3,651 240 1,282 2012 3,913 268 1,394 132 122 138 131 65 4,947 193,229 69 5,149 190,322 70 5,381 189,365 65 5,770 192,755 3,506 3,360 31516 257 1,106 224 1,167 129 68 5,066 198,227 I Sources: Bure.1au of Labor Statistics, Colorado Department o'f Labor and Employment, and the U.S. Census Bureau. TABLE 26: OIL AND GAS FIRMS, EMPLOYERS AND NONEMPLOYERS, 2012 NonNAICS Industry (Firms) - 2012 Employer employer 211 213111 213112 Extraction Drilling Wells Support Activities Oil and gas pipeline and related structures construction 486 76 820 3,427 192 574 23712 95 36 17 ~.?~ . ---~ip~li.~~.!~~~SP(J'.:t.a!i.(Jn _ _ _ _ _ __ 48···---··-··· Total Firms 1,524 4,246 Sources: Bure8u of L8bor Statistk:s, Colorado Department of Labor 2008 2009 377 <5 <5 111 2010 335 <5 <5 110 <5 2,474 <5 <.5 2012 374 <5 146 477 <5 <5 206 2,392 2,914 2,768 <5 <5 <5 <5 <5 19 <5 <5 385 <5 8 8T7 <5 8 856 <5 11 868 1.7 33 1,271 329 695 1,158 1,110 489 426 367 1,299 503 359 1,347 458 233 4,451 209 3,537 244 3,286 264 3,971 283 4,152 153 142 117 371 <5 7 95 150 91 299 <5 121 168 32. 357 131 191 35 466 13 Fremont Garfield Gilpin Grand Gunnisoh Hinsdale 3,685 Huerfano 29 25 864 Jackson Jefferson Kiowa Kit Carson l.ake La Plata Larimer Las Animas 2011 306 <5 <5 125 <5 nt Change Business Research Division • Leeds School of Business• University of Colorado Boulder 362 Page 15 In addition to graduation rates, performance can be measured based on proficiency. The following figure shows both the change in per pupil funding (PPF) and proficient and advanced scoring on the Transitional Colorado Assessment Program (TCAP) test over a period of five years, from 2007 to 2012 (Colorado Department of Education, TCAP Scores). There was a 0.16% correlation between per pupil funding and the proficient and advanced scoring in the two sets of data. In the last five years, only the Julesburg, Fountain, and Sargent districts have experienced a cut in PPF (Colorado Department of Education, Per Pupil Funding). However, despite the increase in funding to the other districts, the number of students who passed the TCAP reading exam has decreased by an average of 1.2% over the five-year period. The largest changes in proficient and advanced test scoring have been in the Springfield, North Conejos, and Kiowa districts (all with above 30% increases over a five-year period). Despite Clear Creek School District's 23.6% increase in per pupil funding, the district has experienced a 1.9% drop in the number of students who achieved proficient or above test scores. FIGURE 3: TCAP SCORING AND PER PUPIL FUNDING Another measure of performance is ACT composite scores. The following figure shows the change in PPF as well as the change in the Composite ACT score over a period of five years, from 2007 to 2012 (Colorado Department of Education, ACT Composite Scores). There was a -1.5% correlation between the change in PPF and the Composite ACT score. All districts in Colorado, except Julesburg, Fountain, and Sargent, have had an increase in per pupil funding over the last five years, and ACT Composite test scoring has increased 3.2% on average over the past five years. Although Cotopaxi School District received nearly a 36% increase in PPF, the highest in the state, its test scores dropped by 8.3%. Falcon and South Routt showed improvements of more than 30% in ACT Composite scoring, the highest in the state, despite increases in PPF of only 5.6% and 10.2%, respectively. Of the 10 largest districts in Colorado, Jefferson County, Poudre, Mesa County, Denver County, and Boulder Valley districts all had larger increases in ACT Composite Scoring compared to the increases in PPF (Alliance for Excellent Education, Colorado's Ten Largest School Districts). Colorado Springs PPF rose 5.5%, yet its ACT Composite scoring only rose 1.6%. Overall, there has been an increase in statewide PPF and higher Composite ACT Scoring on average. Business Research Division • Leeds School of Business• University of Colorado Boulder 362 Page 16 In 2012, the average ACT test score in Colorado, 20.6, was lower than the national average of 21.1 (ACT.org, 2012 ACT National and State Scores). The highest average Composite ACT score was in Massachusetts, with a statewide average of 24.1. The lowest average Composite ACT score was in Mississippi, with a statewide average of 18.7. The 2012 national average was the same as the 2011 average, a score 0.1 points higher compared with the 2010 national average Composite ACT Score (ACT.erg, ACT National and State Scores). Dropout Rates In 2012, the average dropout rate among Colorado schools stood at 2.9%, with 12,256 pupils recorded as dropping out, according to the CDE. This compares to 2007's average rate of 4.4%, with 18,027 pupils recorded as dropping out-5, 771 more compared with 2012. The rural/urban split across dropout rates Business Research Division • Leeds School of Business• University of Colorado Boulder 362 Page 17 has widened over time, with a rural student dropout rate 4.4% and an urban student dropout rate of 2.6% in 2012, compared to a 2007 rural student dropout rate of 4.3% and a 4.4% rate for students residing in metropolitan areas. Overall, the number of dropouts in MSAs in 2012 fell by 5,831 pupils compared with 2007, while the number of dropouts in rural areas increased by 60. K-12 Employment According to the CDE, in fall 2012, the total number of classroom teachers in Colorado (including regular, special education, permanent substitute, and Title I) totaled 50,947. In 2012, 26.1% of all classroom teachers in Colorado were between the ages of "under 24" and 29 (15.3% were 25-29), 29.5% were 30-39, 25.6% were 40-49, 16.2% were 50-59, and 2.6% were over the age of 60. The overall share of Colorado teaching positions between the ages of "under 24" and 29 has increased over time, rising from 18.3% in 2007 to 26.1% in 2012. The increase was driven by the number of those teaching who are younger than 24-from 1,841 in 2007 to 5,541 in 2012. According to figures provided by the CDE, in fall 2012, there were approximately 6,294 newly hired teachers with full-time equivalency in the state (including regular, special education, permanent substitute, and Title I). As reported by the COE, 12 of those new hires held less than a bachelor's degree, 3,703 held a bachelor's, 2,532 held a master's, and 47 held doctorate degrees. The average salary for teachers in the state in fall 2012 stood at $49,958. Examining salaries according to educational attainment, in fall 2012, teachers with a bachelor's degree received an average salary of $39,800; those with a master's, $57,490; and those with a doctorate, $72, 778. OVERVIEW OF COLORADO ECONOMY Gross Domestic Product and Personal Income Colorado nominal GDP stood at $274 billion in 2012 of which more than 85% was personal income ($234 billion). This unadjusted GDP fell by 2.8% in 2009 during the recession, but began rebounding the following year, growing between 3.5% and 4% annually from 2010 to 2012. FIGURE 6: COLORADO NOMINAL GDP AND PERSONAL INCOME Milhorrs 600 500 300 200 100 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2000 2007 2008 2009 2010 2011 2012 Business Research Division • Leeds School of Business• University of Colorado Boulder 362 Page 18 When adjusting for inflation, Colorado GDP fell 2.2% in 2009, or 1.7 percentage points less than the annualized national decline in 2008 and 2009. Colorado entered the recession late, but has generally lagged the nation in real GDP growth, growing 6.2% from 2009 to 2012 compared to 6.7% for the nation. Nonetheless, Colorado has outperformed the nation since 1997, growing real GDP by 52% compared to 36% for the nation, or 2.9% compound annual growth for Colorado and 2.1% for the nation. FIGURE 7: COLORADO AND U.S. REAL GDP 2005 2006 2007 2008 2009 2010 2011 2012 The services sector, ranging from retail trade to professional and business services, accounts for the vast majority of Colorado GDP (84%), compared to the good-producing sectors (agriculture, mining, construction, and manufacturing). From 1997 to 2012, services have grown 54% compared to 35% growth in goods, with the greatest growth in information (185%), management of companies and headquarters (150%), manufacturing (97%), and professional and business services (87%). However, the greatest market share of industry GDP in Colorado in 2012 was in real estate and rental and leasing, professional and business services, information, and manufacturing. Since 1970, Colorado has recorded higher per capita personal income than the nation in 40 of the past 43 years and every year since 1997. While this premium/gap ebbs and flows, it has generally been narrowing since 2001 (5.7% in 2012 compared to 13.5% in 2001). One explanation is that income is commensurate with education-Colorado has a higher education attainment level than the nation for bachelor's, graduate, and professional degrees (see Table 9). Colorado has a long history of importing workers, with a net migration that sometimes comprises more than 50% of Colorado's population growth in a year. This in-migration is happening, at least anecdotally, in the high"skilled, highly educated cohort, who are typically higher earners commensurate with skill and education. National data, however, demonstrates a great deal of mobility among lower income cohorts, too. Demographic data for Colorado shows migration occurs at similar levels from higher and lower income tax rates compared to Colorado (see Appendix 2), This data will help inform the second paper. Business Research Division • Leeds School of Business• University of Colorado Boulder 362 Page 19 FIGURE 8: COLORADO AND U.S. PER CAPITA NOMINAL PERSONAL INCOME Dollars 45,000 40,001) 35,000 30,000 25,00() 1997 1998 1999 woo 2001 2002 2003 2004 2005 2000 2007 2008 2009 2010 2012 TABLE 10: EDUCATIONAL ATTAINMENT, PERCENTAGE OF POPULATION 25 YEARS AND OVER, 2011 Highest Degree Earned Less than bachelor's degree Bachelor's degree Colorado U.S. 63.3% 71.5% 23.3 17.9 13.4 10.6 Community Survey, foctfinder2.ccnsus.gov, retrl1Ned June 17, 20:1.3. _Graduate _or professional_degree Smm:e: 2011 American FIGURE 9: COLORADO AND U.S. PER CAPITA NOMINAL PERSONAL INCOME so iO ao so 40 30 20 10 2006 Employment In Colorado, seasonally adjusted employment expanded by 2. 7%, or 63,400 jobs, year-over-year in July 2013. State employment surpassed peak employment in June after 59 months. Colorado's seasonally adjusted unemployment rate rose minutely (0.1%), to 7.1%, in July, compared ta 8.1% a year prior and 9.1% at the peak in November 2010. Business Research Division • Leeds School of Business• University of Colorado Boulder 362 Page 20 State Budget In fiscal year 2012, nearly 96% of the Colorado general fund was derived from individual income taxes (61.5%), sales and use taxes (28.2%), and corporate income taxes (6%). According to the Governor's Office of State Planning and Budgeting (OSPB), the June 2013 forecast for Colorado's total available general fund in FY 2012-13 was revised upward by $307.5 million from March's forecast. According to the report, this increase comes from a substantially larger than expected amount of estimated individual income tax payments received by the state in April, appearing to be from tax liabilities on capital gains and other investment income. The surplus this fiscal year is now projected at $1.1 billion, all of which is to be awarded to the State Education Fund. The OSPB does not anticipate the growth in corporate income tax revenue to be sustained in FY 2013-14. Under currently authorized spending levels, in FY 2013-2014, general fund revenue is expected to slow to a growth rate of 0.8%, which is $181.4 million above the required reserve amount. Current law requires that $30 million of this amount be allocated to the Colorado Water Conservation Board Fund, leaving a projected $113.6 million to the State Education Fund. No TABOR refunds are expended through the OSPB forecast horizon of FY 2015. CONCLUSION Analyzing the impacts of taxes and spending an the economy are exercises that may be performed for countless economic and policy proposals, ranging from healthcare and education to roads and bridges. Using the REMI Tax-Pl model provides a consistent analytical framework for modeling economic and fiscal impacts, based on a set of underlying assumptions. The results reported in this paper present a scenario of how education finance reform would impact the Colorado economy, compared to a baseline scenario forecast of the economy. Amendment 66 and the Public School Finance Act stand ta increase Colorado's individual income tax rate to fund capital improvements and educational programs in Colorado schools. The progressive tax increase has negative implications for individual income earners, decreasing disposable personal income. The resulting decrease in consumption and savings directly impacts Colorado businesses providing those goods and services. In isolation, this has reverberating impacts on the economy as lower demand leads to less output, lower employment, and decreased taxes compared to a baseline scenario. The tax increase is not, of course, in isolation. The money is slated to be spent an construction, technology, and educational programs ranging from full-day kindergarten to gifted and talented programs. Aside from construction, software, and hardware, this funding is largely translated as adding P-12 personnel (teachers, staff, administrators) and salaries. It leads to economic benefits, primarily in the education sector and in industries that supply goods and services ta schools and to households. In examining the net impact of the taxes and spending, Colorado ultimately experiences a decrease in output, personal income, disposable personal income, and private-sector employment. Government employment increases, especially in the short term, since substantial funding calls for more teachers. Funding and performance have little correlation among Colorado school districts over the past five years. Graduation rates, TCAP scores, and ACT scores, three metrics that can be viewed for performance, have not universally increased with funding increases. This may be due, in part, ta explicit objectives not targeting these specific outcomes. The natural next step in this research is ta analyze hypothetical achievement scenarios, including such advancements as higher graduation rates or lower remediation rates. This extension will serve to inform readers of the magnitude of change required to break even, in terms of economic impacts, given achievement outcomes. As W(dl, the second paper will study the varying impacts of different forms of taxes (e.g., sales tax, flat income tax, severance tax) in order to illustrate tax sensitivities. Business Research Division • Leeds School of Business• University of Colorado Boulder 362 Page 21 BIBLIOGRAPHY Bell Policy Center. February 2003. "Ten Years ofTABOR." http://bellpolicy.org/sifl)sidefauliJfiles/TABORJO,pdf, accessed July 26, 2013. Bureau of Labor Statistics, Consumer Expenditure Survey, http://dola.colorado.gov/dpt/publications/docs/2011_Annual_Report/SECXl.pdf, retrieved June 11, 2013. "Colorado ACT- Data and Results," Colorado Department of Education, last modified August 22, 2013, http://www.cde.state.eo.us/assessment/coact·dataandresults., accessed August 28, 2013. Colorado Department of Education. "Fiscal Year 2011-2012 Rescissions with Per Pupil Funding," http://www.cde.state.co. us/ cd efinance/School Fina nceFundingFY2 011-12. htm, accessed September 9, 2013. Colorado Department of Education. "Gallagher Amendment Questions." http://www.cde.state.eo.us/cdelib/LibraryDevelopment/Publiclibraries/LibraryDistrictlnformati onLdownlQiaJ;ILQdfl!i~q ,990_ '2012 dollars. Noto: When applicable, a 3% inflation rate was applied to earnings. Table illustrates the first five years of the assumptions between 2014 and 2040. Greater educational attainment results not only in higher wages for the individuals, but workers are presumably more productive, lowering the cost of production and increasing output per worker. Potential earnings increase by 38.4% when the earnings of dropouts and high school graduates are compared. However, the expected change in the number of graduates to the total baseline employment Business Research Division • Leeds School of Business • University of Colorado Boulder 371 Page 5 in Colorado increases at a rate of only 0.015% per year. The accumulation of additional graduates increases productivity linearly throughout the forecast horizon, resulting in a productivity change equal to $26.4 million in the first year and $563.7 million in 2040. TABLE 3: PRODUCTIVITY BENEFITS OF A HIGH SCHOOL DIPLOMA FROM A LOWER DROPUTOUT RATE, 2014-2018 Year Weekly Earnings Change' Additional Graduates/Baseline Employment Increased Productivity ..f'..roductivity Change x. Bas~line.Output (Millions). 2014 2015 2016 2017 0.3843 0.0001 0.0001 0,3843 0.0003 0.0001 0.3843 0.0004 0.0002 0.3843 0.0005 0.0002 2018 0.3843 0.0007 0.0003 $26A~.-J.~.!:.:Z_.}110.4 }139.8 "201.2 dollars. Table illustrates the first five years of the assumptions between 2014 and 2040. The positive impacts on social assistance are accounted for by increased earnings and productivity. The following information demonstrates the positive impact educational performance may have on social assistance expenditures. Higher income results in lower social assistance. The State of Colorado reported spending $6.4 billion ($1,233 per capita) on social assistance in 2011 and $6.7 billion ($1,318 per capita) on social assistance in 2012 (these figures are not reported by income or education). The Bureau of Labor Statistics reports average income from public assistance nationally by income cohort. For income cohorts that align with less than a high school education, public assistance, supplemental security income, and food stamps range between $475 and $1,566 per year, or an average of $1,040. Public assistance for the higher wage earners averaged $385 in 2012 for a differential of $655. Other forms of social assistance quantified average unemployment and workers' compensation between $78 and $384 per year, although the table also includes veterans' benefits. INCOME, & FOOD STAMPS BY INCOME COHORT, -2012 , TABLE_4: PUBLIC_ASSISTANCE, SUPP.----SECURITY -·-· ............ .., , , Less - .... $5,000 $5,000 to $9,999 $475 $1,566 than $io~ooo to $14,999 $1,377 ... .. "' $15,000 to $19,999 20000 To $29,999 $1,029 $753 Source: Bureau of Labor Stat1st1cs 1 Consumer Expenditure s3o;ooo $40,000 to $39,999 to $49,999 $625 "" $396 sso;oao··· to $69,999 $370 ... ... $70,000 and More $150 Smv~y. Unadjusted for inflation, 500 fewer dropouts would yield $327,500 in additional social assistance savings per year in perpetuity. Over the period 2014-2020, this is an additional $98.3 million in savings, or approximately $165.5 million when adjusted for inflation. TABLE 5: SOCIAL ASSISTANCE REDUCTION IN BENEFITS FROM A LOWER DROPOUT RATE, 2014-2018 Vear 2014 2015 2016 2017 2018 Public Assistance, Supplemental Security Income, Food Stamps' Inflation-Adjusted Public Assistance Single Year Additional Graduates Cumulative Additional Graduates Real Potential Social Assistance Differential Potential Social Assistance Differential $655 $675 500 500 $327,500 $337,325 $655 $695 500 1,000 $655,000 $694,890 $655 $716 500 1,500 $982,500 $1,073,604 $655 $737 500 2,000 $1,310,000 $1,474,417 $655 $759 500 2,500 $1,637,500 $1,898,311 c2012 dollars. Note: When vppl1cnblc, a 3% inflation r<:1te was applied to public ossistancc costs. Table illu~trates the first five years of the assumptions between 2014 and 2040. Business Research Division • Leeds School ot Business • University of Colorado Boulder 371 Page 6 Increased funding may also increase student performance, lowering the necessity of college remediation. The following excerpts are from the Colorado Department of Higher Education's 2012 Legislative Report an Remedial Education. • Forty percent (40%) of students in the Colorado high school graduating class of 2011 who enrolled in a state public college or university were either assessed as needing remediation or enrolled in a remedial course in at least one academic subject. • Of the total 9,862 students needing remediation, 7,853 were identified by way of their test scores; the additional 2,009 students were identified by way of their enrolling in a remedial • course. Sixty-six (66%) of students enrolled in institution needed remediation. a two-year college and 24% of students at a four-year • Most students required remediation in math (51%), followed by writing (31%) and reading (18%). • More than a third of students needing math remediation were assigned to the lowest level course. Most students needing remediation in reading and writing needed only a single semester of remedial help before being ready for college work. • In a Department of Higher Education publication on frequently asked questions related to remediation, the department asserts, "Students and their families bear the brunt of the costs. For 2011-12, the estimated total cost of remedial instruction is $58.4 million, with $39.3 million in student tuition and $19.1 million in state funding for the institutions providing the remedial courses. By law, two-year colleges provide most remedial courses." Without the methodology for calculating the $58A million spent on remedial instruction, the research team utilized data reported by the Department of Higher Education that show resident tuition for 30 credit hours ranges from $1,680 to $13,590. Thus, the average, unweighted 3-credit course costs $568. Business Research Division • Leeds School of Business • University of Colorado Boulder 371 Page 7 TABLE 6: COMPARISON OF RESIDENT UNDERGRADUATE TUITION RATES, FY2012-13 FY 2012-13 Estimated Cost Resident Tuition per 3-Credit Institution (30 CHRS) Course ss:os6· ·-· University of Colorado Boulder University of Colorado Colorado Springs $7,050 University of Colorado Denver $7,980 Colorado State University $6,875 $5,494 Colorado State University - Pueblo Fort Lewis College $4,800 University of Northern Colorado $5,464 Adams State University $3,816 $6,102 Colorado Mesa University Metropolitan State University of Denver $4,304 Western State Colorado University $4,627 $13,590 Colorado School of Mines Colorado Community College System $3,383 $2,021 Aims Community College Solo~adol'v'Jguritain_C()llc;!g(! _____________________ $1,680 $sa·6 $705 $798 $688 $549 $480 $546 $382 $610 $430 $463 $1,359 $338 $202 $168 Source: Tuition from the Colorado Department of Educ,1Wm, c11lcult,1tions. by BRO staff. Unadjusted for inflation, reducing the need for just one remedial course for 9,862 Colorado high school graduates entering college yields $5.6 million in savings per year. Over the period 2014-2020, this is an additional $151.2 million in savings, or approximately $234.9 million when adjusted for inflation.' This reduction is not necessarily household savings that is spent on other goods and services, but largely a transfer to another course to fulfill graduation requirements. TABLE 7: REMEDIATION REDUCTION BENEFITS FROM LOWER DROPOUT RATES, 2014-2018 Average 3-Credit Course" Inflation-Adjusted 3-Credit Course Single Year Reduction in Remediation Real Potential Remediation Differential Potential Remediation Differential $603 $621 $639 $658 9,862 9,862 9,862 9,862 $5,601,616 $5,601,616 $5,601,616 $5,601,616 $5,942,754 $6,121,037 $6,304,668 $6,493,808 '2012 dollars. Note: When applicable, a 3% inflation rate was applied to tllition_ rable illustrates the first five years of the assumptions between 2014 and 2040. $585 9,862 $5,601,616 $5,769,664 Another benefit produced by fewer student dropouts includes the reduction in incarceration rates. According to the Colorado Department of Corrections, the average cost per inmate totaled $31,440 in FY2012, down from $32,344 in 2011. Approximately 32% of inmates are categorized as having less than a high school diploma or GED. Comparatively, according to the American Community Survey, only 10.2% of Colorado's population 25 years and older have less than a high school degree. Inmates totaled 22,009 in 2012-meaning an i~stimated 7,042 did not have a high school degree or GED equivalent, or n'~arly 2% of the 25 and older population without a high school diploma. )Assumes inflation of 3%, dcspitQ rocont trend of education prkcs growing fastc~r than pricQs for ;Jll goods and services, Business Research Division • Leeds School ot Business • University of Colorado Boulder 371 Page 8 Unadjusted for inflation, reducing the number of individuals incarcerated yields $94.3 million in savings over the period 2014-2020, or approximately $158.9 million when adjusted for inflation. TABLE S:CR.11\11~ .. ff.~DUCTl()NBENE~ITSFR()flll . LOW.ER DRO()UTRATES,201.4:2018 .... Vear 2014 2015 2016 Cost per Inmate' Inflation-Adjusted 3-Credit Course Single Year Additional Graduates Cumulative Additional Graduates Single Year Reduction in Inmates Cumulative Reduction in Inmates Real Annual Corrections Differential' $31,440 $32,383 500 500 10 10 $314,400 $31,440 $33,355 500 1,000 10 20 $628,800 $31,440 $34,355 500 1,500 10 30 $943,200 _J\ni:i.~.~IS()~Eections Differe~ti~_____ $:J?3,83?._S~Ei?.,09~_$},.030,660 2017 2018 $31,440 $35,386 500 2,000 10 40 $1,257,600 $31,440 $36,448 500 2,500 10 50 $1,572,000 $1,~}.5,4~9_$~!~?~!:37~. '2012 dollars. Note: When applicable, a 3% inflation rate was applied to costs per inmate. Table illustrates the first five years of the assumptions between 2014 and 2040. This analysis assumes that positive impacts begin to accrue in year 1. Higher educational attainment is manifested in higher wages, greater worker productivity, decreases in social assistance, and reductions in incarceration rates. 3 These four combined impacts related to decreased dropout rates result in increases in employment, income, and output between 2014 and 2040 compared to baseline, with GDP increasing on average by $429.5 million (+0.1%). TABLE 9: SUMMARY OF PRODUCTIVITY GAINS, 2014-2040 1 AVERAGE CHANGE FROM BASELINE SCENARIO ""' ........ .. .. ~-·,,·~~,.,..,,......~~~- ~- ··~~'""'"" c~!:l~ry Total Employment Private Non-Farm Employment Gross Domestic Product Personal Income Real Disposable Personcil Income Population Units Thousands (Jobs) Percentage Change Years Years Years 1-5 6·10 11-15 16-20 0.0 0.0 0.0 1.1 1.8 0.0 0.0 1.7 0.0 0.0 a.4 a.o 1.4 0.0 282.9 0.1 482.7 0.1 584.9 0.1 117.6 0.0 197.2 234.8 0.0 157.3 0.0 0.0 188.4 0.0 1.0 0.0 1.1 0.0 Millions of Fixed (2012) Dollars Percentage Change 101.3 Millions of Fixed (2012) Dollars Percentage Change Millions of Fixed (2012) Dollm·s Percentage Change 41.7 Thousands Years 2014-2040 ---·----~-~-·-,.~-~-·---····~ . ··-··" 0.5 1.3 2.0 2.2 1.6 Thousands (Jobs) Percentage Change ...... Fe!~e.fl ta'!.'! ~~a17qe... 3Madeled ""''"""'"""""'""""'"""' >>'WMWm•>M>~M""'""~'"'~ Years 0.0 a.a 33.6 0.0 0.2 0.0 93.8 0.0 0.6 0.0 a.o 429.5 0.1 171.1 0.0 138.0 0.0 0.7 a.o as a change in Industry Sales/Exogenous Production without Employment, Investment, and Compensation (amount), a changu in "Wage Bill" (amount), and a Category Prison Population, All Ages, All Groups (number). Business Research Division • Leeds School ot Business • University of Colorado Boulder 371 Page 9 INCREASED GRADUATION RATES This section examines the economic impacts of increased educational performance measured by increased graduation r~q ,990_ '2012 dollars. Noto: When applicable, a 3% inflation rate was applied to earnings. Table illustrates the first five years of the assumptions between 2014 and 2040. Greater educational attainment results not only in higher wages for the individuals, but workers are presumably more productive, lowering the cost of production and increasing output per worker. Potential earnings increase by 38.4% when the earnings of dropouts and high school graduates are compared. However, the expected change in the number of graduates to the total baseline employment Business Research Division • Leeds School of Business • University of Colorado Boulder 375 Page 5 in Colorado increases at a rate of only 0.015% per year. The accumulation of additional graduates increases productivity linearly throughout the forecast horizon, resulting in a productivity change equal to $26.4 million in the first year and $563.7 million in 2040. TABLE 3: PRODUCTIVITY BENEFITS OF A HIGH SCHOOL DIPLOMA FROM A LOWER DROPUTOUT RATE, 2014-2018 Year Weekly Earnings Change' Additional Graduates/Baseline Employment Increased Productivity ..f'..roductivity Change x. Bas~line.Output (Millions). 2014 2015 2016 2017 0.3843 0.0001 0.0001 0,3843 0.0003 0.0001 0.3843 0.0004 0.0002 0.3843 0.0005 0.0002 2018 0.3843 0.0007 0.0003 $26A~.-J.~.!:.:Z_.}110.4 }139.8 "201.2 dollars. Table illustrates the first five years of the assumptions between 2014 and 2040. The positive impacts on social assistance are accounted for by increased earnings and productivity. The following information demonstrates the positive impact educational performance may have on social assistance expenditures. Higher income results in lower social assistance. The State of Colorado reported spending $6.4 billion ($1,233 per capita) on social assistance in 2011 and $6.7 billion ($1,318 per capita) on social assistance in 2012 (these figures are not reported by income or education). The Bureau of Labor Statistics reports average income from public assistance nationally by income cohort. For income cohorts that align with less than a high school education, public assistance, supplemental security income, and food stamps range between $475 and $1,566 per year, or an average of $1,040. Public assistance for the higher wage earners averaged $385 in 2012 for a differential of $655. Other forms of social assistance quantified average unemployment and workers' compensation between $78 and $384 per year, although the table also includes veterans' benefits. INCOME, & FOOD STAMPS BY INCOME COHORT, -2012 , TABLE_4: PUBLIC_ASSISTANCE, SUPP.----SECURITY -·-· ............ .., , , Less - .... $5,000 $5,000 to $9,999 $475 $1,566 than $io~ooo to $14,999 $1,377 ... .. "' $15,000 to $19,999 20000 To $29,999 $1,029 $753 Source: Bureau of Labor Stat1st1cs 1 Consumer Expenditure s3o;ooo $40,000 to $39,999 to $49,999 $625 "" $396 sso;oao··· to $69,999 $370 ... ... $70,000 and More $150 Smv~y. Unadjusted for inflation, 500 fewer dropouts would yield $327,500 in additional social assistance savings per year in perpetuity. Over the period 2014-2020, this is an additional $98.3 million in savings, or approximately $165.5 million when adjusted for inflation. TABLE 5: SOCIAL ASSISTANCE REDUCTION IN BENEFITS FROM A LOWER DROPOUT RATE, 2014-2018 Vear 2014 2015 2016 2017 2018 Public Assistance, Supplemental Security Income, Food Stamps' Inflation-Adjusted Public Assistance Single Year Additional Graduates Cumulative Additional Graduates Real Potential Social Assistance Differential Potential Social Assistance Differential $655 $675 500 500 $327,500 $337,325 $655 $695 500 1,000 $655,000 $694,890 $655 $716 500 1,500 $982,500 $1,073,604 $655 $737 500 2,000 $1,310,000 $1,474,417 $655 $759 500 2,500 $1,637,500 $1,898,311 c2012 dollars. Note: When vppl1cnblc, a 3% inflation r<:1te was applied to public ossistancc costs. Table illu~trates the first five years of the assumptions between 2014 and 2040. Business Research Division • Leeds School ot Business • University of Colorado Boulder 375 Page 6 Increased funding may also increase student performance, lowering the necessity of college remediation. The following excerpts are from the Colorado Department of Higher Education's 2012 Legislative Report an Remedial Education. • Forty percent (40%) of students in the Colorado high school graduating class of 2011 who enrolled in a state public college or university were either assessed as needing remediation or enrolled in a remedial course in at least one academic subject. • Of the total 9,862 students needing remediation, 7,853 were identified by way of their test scores; the additional 2,009 students were identified by way of their enrolling in a remedial • course. Sixty-six (66%) of students enrolled in institution needed remediation. a two-year college and 24% of students at a four-year • Most students required remediation in math (51%), followed by writing (31%) and reading (18%). • More than a third of students needing math remediation were assigned to the lowest level course. Most students needing remediation in reading and writing needed only a single semester of remedial help before being ready for college work. • In a Department of Higher Education publication on frequently asked questions related to remediation, the department asserts, "Students and their families bear the brunt of the costs. For 2011-12, the estimated total cost of remedial instruction is $58.4 million, with $39.3 million in student tuition and $19.1 million in state funding for the institutions providing the remedial courses. By law, two-year colleges provide most remedial courses." Without the methodology for calculating the $58A million spent on remedial instruction, the research team utilized data reported by the Department of Higher Education that show resident tuition for 30 credit hours ranges from $1,680 to $13,590. Thus, the average, unweighted 3-credit course costs $568. Business Research Division • Leeds School of Business • University of Colorado Boulder 375 Page 7 TABLE 6: COMPARISON OF RESIDENT UNDERGRADUATE TUITION RATES, FY2012-13 FY 2012-13 Estimated Cost Resident Tuition per 3-Credit Institution (30 CHRS) Course ss:os6· ·-· University of Colorado Boulder University of Colorado Colorado Springs $7,050 University of Colorado Denver $7,980 Colorado State University $6,875 $5,494 Colorado State University - Pueblo Fort Lewis College $4,800 University of Northern Colorado $5,464 Adams State University $3,816 $6,102 Colorado Mesa University Metropolitan State University of Denver $4,304 Western State Colorado University $4,627 $13,590 Colorado School of Mines Colorado Community College System $3,383 $2,021 Aims Community College Solo~adol'v'Jguritain_C()llc;!g(! _____________________ $1,680 $sa·6 $705 $798 $688 $549 $480 $546 $382 $610 $430 $463 $1,359 $338 $202 $168 Source: Tuition from the Colorado Department of Educ,1Wm, c11lcult,1tions. by BRO staff. Unadjusted for inflation, reducing the need for just one remedial course for 9,862 Colorado high school graduates entering college yields $5.6 million in savings per year. Over the period 2014-2020, this is an additional $151.2 million in savings, or approximately $234.9 million when adjusted for inflation.' This reduction is not necessarily household savings that is spent on other goods and services, but largely a transfer to another course to fulfill graduation requirements. TABLE 7: REMEDIATION REDUCTION BENEFITS FROM LOWER DROPOUT RATES, 2014-2018 Average 3-Credit Course" Inflation-Adjusted 3-Credit Course Single Year Reduction in Remediation Real Potential Remediation Differential Potential Remediation Differential $603 $621 $639 $658 9,862 9,862 9,862 9,862 $5,601,616 $5,601,616 $5,601,616 $5,601,616 $5,942,754 $6,121,037 $6,304,668 $6,493,808 '2012 dollars. Note: When applicable, a 3% inflation rate was applied to tllition_ rable illustrates the first five years of the assumptions between 2014 and 2040. $585 9,862 $5,601,616 $5,769,664 Another benefit produced by fewer student dropouts includes the reduction in incarceration rates. According to the Colorado Department of Corrections, the average cost per inmate totaled $31,440 in FY2012, down from $32,344 in 2011. Approximately 32% of inmates are categorized as having less than a high school diploma or GED. Comparatively, according to the American Community Survey, only 10.2% of Colorado's population 25 years and older have less than a high school degree. Inmates totaled 22,009 in 2012-meaning an i~stimated 7,042 did not have a high school degree or GED equivalent, or n'~arly 2% of the 25 and older population without a high school diploma. )Assumes inflation of 3%, dcspitQ rocont trend of education prkcs growing fastc~r than pricQs for ;Jll goods and services, Business Research Division • Leeds School ot Business • University of Colorado Boulder 375 Page 8 Unadjusted for inflation, reducing the number of individuals incarcerated yields $94.3 million in savings over the period 2014-2020, or approximately $158.9 million when adjusted for inflation. TABLE S:CR.11\11~ .. ff.~DUCTl()NBENE~ITSFR()flll . LOW.ER DRO()UTRATES,201.4:2018 .... Vear 2014 2015 2016 Cost per Inmate' Inflation-Adjusted 3-Credit Course Single Year Additional Graduates Cumulative Additional Graduates Single Year Reduction in Inmates Cumulative Reduction in Inmates Real Annual Corrections Differential' $31,440 $32,383 500 500 10 10 $314,400 $31,440 $33,355 500 1,000 10 20 $628,800 $31,440 $34,355 500 1,500 10 30 $943,200 _J\ni:i.~.~IS()~Eections Differe~ti~_____ $:J?3,83?._S~Ei?.,09~_$},.030,660 2017 2018 $31,440 $35,386 500 2,000 10 40 $1,257,600 $31,440 $36,448 500 2,500 10 50 $1,572,000 $1,~}.5,4~9_$~!~?~!:37~. '2012 dollars. Note: When applicable, a 3% inflation rate was applied to costs per inmate. Table illustrates the first five years of the assumptions between 2014 and 2040. This analysis assumes that positive impacts begin to accrue in year 1. Higher educational attainment is manifested in higher wages, greater worker productivity, decreases in social assistance, and reductions in incarceration rates. 3 These four combined impacts related to decreased dropout rates result in increases in employment, income, and output between 2014 and 2040 compared to baseline, with GDP increasing on average by $429.5 million (+0.1%). TABLE 9: SUMMARY OF PRODUCTIVITY GAINS, 2014-2040 1 AVERAGE CHANGE FROM BASELINE SCENARIO ""' ........ .. .. ~-·,,·~~,.,..,,......~~~- ~- ··~~'""'"" c~!:l~ry Total Employment Private Non-Farm Employment Gross Domestic Product Personal Income Real Disposable Personcil Income Population Units Thousands (Jobs) Percentage Change Years Years Years 1-5 6·10 11-15 16-20 0.0 0.0 0.0 1.1 1.8 0.0 0.0 1.7 0.0 0.0 a.4 a.o 1.4 0.0 282.9 0.1 482.7 0.1 584.9 0.1 117.6 0.0 197.2 234.8 0.0 157.3 0.0 0.0 188.4 0.0 1.0 0.0 1.1 0.0 Millions of Fixed (2012) Dollars Percentage Change 101.3 Millions of Fixed (2012) Dollars Percentage Change Millions of Fixed (2012) Dollm·s Percentage Change 41.7 Thousands Years 2014-2040 ---·----~-~-·-,.~-~-·---····~ . ··-··" 0.5 1.3 2.0 2.2 1.6 Thousands (Jobs) Percentage Change ...... Fe!~e.fl ta'!.'! ~~a17qe... 3Madeled ""''"""'"""""'""""'"""' >>'WMWm•>M>~M""'""~'"'~ Years 0.0 a.a 33.6 0.0 0.2 0.0 93.8 0.0 0.6 0.0 a.o 429.5 0.1 171.1 0.0 138.0 0.0 0.7 a.o as a change in Industry Sales/Exogenous Production without Employment, Investment, and Compensation (amount), a changu in "Wage Bill" (amount), and a Category Prison Population, All Ages, All Groups (number). Business Research Division • Leeds School ot Business • University of Colorado Boulder 375 Page 9 INCREASED GRADUATION RATES This section examines the economic impacts of increased educational performance measured by increased graduation r ...e...1.1.·.n_ e.... ---····-------------- Dollars (Billions)' 1-5 -68 ·L9% ··62 6-10 -113 "2.8% ·102 -2.9% -22 11-15 -118 "'2.8% -107 -2.9% -24 -2.1% --~.l!J!) -3.0% -8 -14 -15 c. . Output Changefrom Base/ine Doll~~s (Bil ii~~;)" · · Average Difference from Baseline Scenario Year Vear Year Vear Years 16-20 -95 ,.z.2% -86 -2.2% -20 -,2'.2%. -13 21-25 -73 ~1.6% -67 2015-2040' -93 "2.2% 84 -:-16 ....-.?_: ::.:... -l.6 1% -2.4% --10 -12 ,__ _ _ _ _ _ _ _ _ _ _ _ _C_ha_n~g_e_fl:'!_'!!_BC/!_efi!'."----t-:2:~2§__:3~~;2_%_.__···2,~2-§__;:lJ_'!:§_~_ ____:_.21. .:c..~----• Personal Income Dollars (Billions)' -5 -9 -10 -9 -8 Change from Baseline ··1.6% u2,7% w2.7% -2.2% -1.7% -2.2% Rel.II Disposable Persont.11 Income Dollars (Billions)"' -4 ·7 -8 -7 -7 ·7 C/1ange from Baseline -1.5% -2.4% -2.4% -2.0% -1.5% -2.0% 'This average impact over the 25-year period (2015-2040) indicates Colorado total employment would be shifted lower by 93,000 jobs on average, and that GDP would be lower by an average of $12 billion over the entire 25-year horl~on. This shift Is illustrated In Figure 1 (below). 'Dollars are fixed (2012) dollars. FIGURE 1: STATEWIDE FRACKING BAN IMPACT ON COLORADO EMPLOYMENT, 2015-2020 3,950 3,850 "'c 'tl m " c 3,750 '" 3,650 0 ..c 1:: E > 0 a. E "' 3,550 --Fracking Ban 3,450 3,350 2015 2016 2017 2018 2019 2020 This paper was prepared using the Regional Economic Models, Inc. (REM I) Tax-Pl model built for Colorado and calibrated with Colorado revenues, expenditures, employment, and population. Researchers from the Business Research Division (BRO) researched the known, quantifiable industry metrics, ranging from production and prices to employment, wages, and taxes. Business Research Division • Leeds School of Business• University of Colorado Boulder 376 Page 2 INTRODUCTION A partnership of public and private organizations announced in July 2013 the formation of a collaboration to provide Colorado lawmakers, policy makers, and business leaders with greater insight into the economic impact of public policy decisions that face the state and surrounding regions, The parties involved include the Common Sense Policy Roundtable, the Metro Denver Economic Development Corporation, and the Denver South Economic Development Partnership. The Business Research Division (BRO) of the Leeds School of Business at the University of Colorado Boulder was contracted by the consortium to provide third"party, non biased research that objectively analyzes the economic impacts of public policy. This consortium meets quarterly to discuss pressing economic issues impacting the state. The group identified the study of a statewide economic impact of hydraulic fracturing ban as both relevant and timely. The consortium licensed dynamic economic models from Regional Economic Models, Inc. (REMI) to study the economic impacts of policy. For this study, the BRO research team used the single"region, 70" sector, Tax"PI model built for Colorado and calibrated with Colorado revenues, expenditures, employment, and population. Since embarking on the project, BRD researchers studied the oil and gas industry in Colorado, collecting data and talking with industry stakeholders in order to understand what is known and able to be modeled. No primary research, such as public surveys, was warranted for this study. When modeling the impact of any policy change, a number of assumptions must be made, The model used for economic analysis illustrates scenarios of what could happen under the policy change, everything else held equal in the economy. Economies are inherently complex, and unanticipated changes caused by shifts (e.g., technology, energy discoveries, recessions) cause the economy to grow faster or slower than anticipated. The collective knowledge shared with the research team helped shape the assumptions that are transparently presented in this report. This study started on the heels of fracking moratoriums passed by voters in four Colorado jurisdictions in 2013 and one in 2012. Expectations indicate that a statewide ban or moratorium may be presented to voters in 2014. Such language will likely be softened to allow for "local control," whereby local jurisdictions could decide what is allowed and disallowed. Local jurisdictional bans would have a comparatively smaller economic consequence than a statewide fracking ban. This study focuses on the impacts of a statewide ban on fracking. The purpose of this study is to provide objective, third"party insight into the economic impacts of a statewide fracking ban on the Colorado economy. This paper provides nn overview of the political landscape surrounding the industry, quantifies the current production and economic activities as reported via public sources, and quantifies the economic impacts of a statewide ban on fracking activities, As the FrackingSENSE speaker series hosted by the Center of the American West partitions the their discussions into what is known versus what is not known about hydraulic fracturing, this paper models what is currently known about production, prices, employment, wages, and taxes. This paper does not model events or impacts, if any, on water, air quality, health, or externalities on quality of life. Nor does the paper analyze the signal sent to the oil and gas industry and other industries in Colorado regarding uncertainty and political risk to doing business in the state. While this paper does not attempt to measure market reaction, it does quantify the economic implications of reducing a high-output, high- Business Research Division • Leeds School of Business• University of Colorado Boulder 376 Page 3 wage industry to a fraction of current production. Universities and industry are currently researching many of the environmental and societal questions in multiyear, multimillion-dollar studies. The University of Colorado was awarded lead on a $12 million National Science Foundation grant to study the effects of natural gas development, examining impacts on ecosystems and communities. Likewise, the U.S. Environmental Protection Agency (EPA) will publish a paper in 2014 on the study of the potential impacts of hydraulic fracturing on drinking water resources (www.epa.gov/hfstudy). FRACKING Hydraulic fracturing ("fracking") is the method of pumping water, chemicals, and sand deep into the ground in order to release oil and gas trapped in rock. The process increases oil and gas production, elevating project feasibility and profitability. In some cases, as production declines, wells are restimulated using fracking techniques, th us extending the life of existing wells. The practice of fracking dates back to the late 1940s and is applied to roughly 90% of wells. According to the Baker Hughes rig count, 80% of hydraulically fracked wells are oil, and 20% are gas. The Colorado Oil and Gas Conservation Commission (COGCC) of the Colorado Department of Natural Resources indicates that fracking in Colorado dates back to the 1970s. FIGURE 2: HYDRAULIC FRACTURING PROCESS Source: EPA, Study oftht.~ POtQntial lmpacts of Hydrnulic Fr~cturlng on Drinking Wat¢r R¢somccs, Briskin, Research Coordinator, accessed from NABE website February 25, 2014. COG CC summarizes the fracking process in prns~ntntion by J¢()nnc a staff report titled Information on Hydraulic Fracturing. Hydroullc fracturing is the process of creating small cracks, or fractures, in deep, underground geological formations to liberate oil or natural gas and allow it to flow up the well for capture and use in heating our homes, fueling our cars and providing the electricity we all use for our televisions, computers and other devices. Business Research Division • Leeds School of Business • University of Colorado Boulder 376 Page 4 To fracture the formation, fracturing fluids mostly water and sand, with a small percentage of chemical additives - are injected down the well bore into the formation. The fluid, injected under pressure, causes the rock to fracture along weak areas. The fluids that create the initial fractures are then mixed with thicker fluids that include sand and gelatin. These thicker fluids lengthen the openings in the rock. When the fractures are complete, and pressure is relieved, the fluids flow back up the well where they are captured and stored for later treatment or disposal. As the fluids flow back up, sand remains in the fractures and props the rock open, maintaining an open pathway ta the well. This allows the oil and gas ta seep from the rock into the pathway, up the well and ta the surface for collection. In Colorado, the targeted formations for hydraulic fracturing are often more than 7,000 feet underground, and some 5,000 feet below any drinking water aquifers. NATIONAL PRODUCTION The International Energy Agency (IEA) and the Energy Information Administration (EIA) of the U.S. Department of Energy (DOE) provide annual energy outlooks. The International Energy Agency's World Energy Outlook 2013 states, Whatever the policy landscape for the next quarter of a century, natural gas is set to grow in importance globally thanks to its widespread availability, competitive supply costs and environmental advantages aver the other fossil fuels. (Page 100) Nationally, roughly 30,000 wells were drilled in 2013. Revised expectations in recent forecasts speaks ta the dynamic technological factors increasing reserves and production estimates. Natural gas and oil production estimates by the EIA were revised upward between the 2013 and 2014 AEO reports. According to the Annual Energy Outlook 2014 Early Release by the EIA, natural gas production in the lower 48 states will increase by 52% between 2013 and 2040, and production in the Rocky Mountain region will rise 48%. Crude oil production is also projected to increase 27% in the lower 48 states between 2013 and 2019 before peaking. The Rocky Mountain region is expected to peak later (2024) after a 29% increase. The Henry Hub price for gas is expected to climb 2.8% annually, ta $7.65 by 2040, while wellhead oil prices will increase at an annual rate of 1.3%, to $137.63 per barrel (2012 dollars). Public sentiment on unconventional gas will have a material impact on gas production in coming years. According ta the International Energy Agency's World Energy Outlook 2012, such social and environmental concerns as land use, surface and groundwater contamination, and air pollution must be addressed successfully in order to realize unconventional gas production's potential. The report suggests that policy makers, regulators, operators, and others apply principles that emphasize full transparency, rigorous efforts ta reduce environmental impacts, and engagement with local communities. PUBLIC INFORMATION IN COLORADO Describing the regulatory environment in Colorado, Governor Hickenlooper wrote, "We were drawing attention ta the fact that Colorado has created the most comprehensive and stringent set of regulations around ail ond gas production in the country." Business Research Division • Leeds School of Business• University of Colorado Boulder 376 Page 5 On a state level, Colorado is working with oil and gas producers to establish methane controls. Locally, the Arapahoe County Commissioners created a memorandum of understanding (MOU) that fasMracks permitting in return for agreed upon regulation. Discussions and information about industry impacts are being shared through such organizations as the Center of the American West at the University of Colorado Boulder, which is hosting a series titled FrackingSENSE as a venue for discussing a wide range of industry issues, and the COGCC, which has an online library ranging from industry statistics on wells and production to regulations and public presentations. While the debate ensues, some progress to find common ground has been made in Colorado. The industry faces a rigorous permitting process with state and local jurisdictions. Efforts by the state and industry to increase the flow of information and reduce the environment and community impacts of oil and gas development include facilitating: greater information about the chemical contents used in the fracking progress, efforts to capture methane from wellheads, and the development of integrated pipelines to reduce the infrastructure and environmental impacts of over-the-road transportation of product. As well, the industry is charged with timely reporting of spills made public through the Colorado Oil and Gas Information System (COGIS) database. Methane Standards Colorado's largest oil and gas producers, including Anadarko Petroleum Corp., Noble Energy Inc., and Encana Corp., worked with environmentalists from the Environmental Defense Fund to form measures recently approved by the Colorado Air Quality Control Commission that would repair persistent methane leaks from their tanks and pipes. Emissions from methane leaks, a source of climate-changing greenhouse gas, have contributed to the worsening smog along the Rocky Mountains that exceeds the federal ozone guidelines. The mandates are the first attempt by a state to regulate methane emissions from fracking. Methane is 20 times more potent at trapping heat in the atmosphere than carbon dioxide according to the EPA. New rules provide guidance and technology for Colorado oil and gas businesses to find leaks and fix them in order to lower their emissions. The new regulations will require companies to install equipment to minimize leakage of methane and to control or capture 95% of emissions. Energy producers are subjected to routine inspections, as often as once a month, and when leaks are discovered, they must be repaired within 15 days. Chevron and members of the Colorado Oil & Gas Association and the Colorado Petroleum Association calculated that the cost to comply with the rules could be up to $100 million for the industry, while the Air Pollution Control Division estimated costs at $40 million. Noble Energy estimated that compliance with the new regulations could cost the company $3 million a year and it will have to hire an additional 16 employees to tackle the new regulations. Arapahoe County Memorandum of Understanding One example of an open process is the memorandum of understanding (MOU) developed by the Arapahoe County Commissioners. This brief MOU establishes a set of conditions, stricter than those imposed by the state, that, if followed, fast-tracks the permitting process for producers. Arapahoe County approved the MOU for oil and gas companies in April 2013. Working with the COGCC, industry representatives, experts, and citizens, county commissioners, created a MOU that creates high standards for oil and gas companies beyond the already strict regulations in place at the state level. Unanimously approved, this MOU incentivizes companies to accept the new terms set by allowing the company to utilize a shorter and less costly administrative permitting process that can be completed Business Research Division • Leeds School of Business • University of Colorado Boulder 376 Page 6 within 30 working days. If a company does not want to sign the MOU, then it is subject to COGCC's normal review process that typically requires three to five months. The MOU is intended to supplement and add to the commission's rules and regulations. If any requirements of the MOU are in conflict with COG CC requirements, the stricter standards will take precedence. The standards addressed in the MOU include: operator pit practices, berms, water supply and quality, water quality testing, spill and release management, weed control, noise, emergency response planning, erosion control, private and public roads, floodplain encroachment, painting of oil and gas facilities, facility lighting, and county approvals and inspections. This MOU only applies to oil and gas facilities that have applied for permits as of the date the MOU was approved. Arapahoe County's oil and gas MOU stands as an example of sustainable oil and gas development in Colorado. By working with oil companies, Arapahoe County commissioners have come to an agreement that meets both the environmental and economic needs of the community. Other Data Sources Numerous sources in Colorado disseminate industry information to the public. Three objective sources of data include the Center of the American West at the University of Colorado Boulder, COGCC, and FracFocus. COGCC is a state-run receptacle far industry data (e.g., wells, production) as well as newsletters, research papers, and presentations. FracFocus is a searchable national registry of hydraulic fracturing chemicals. Data from other sources, such as the Colorado Department of Revenue, the EIA, and the Colorado Land Board, are presented later in this paper. FrackingSENSE In 2013, CU-Boulder's Center of the American West began hosting an ongoing series of moderated discussions on the topic of tracking with the goal of learning "what we know, what we don't know, and what we hope to learn about natural gas development." As of February 2014, presenters have included industry experts, government officials, and social rights activists. Among those topics discussed so far are surface and subsurface boundaries, water pollution, air quality concerns, health risks, and government control. Appendix 2 includes a summary of speaker viewpoints. HISTORY OF OIL AND GAS IN COLORADO Oil and gas activity in Colorado began near the Front Range in the Denver Basin, known as the DenverJulesburg Basin (the DJ Basin). In 1901, the McKenzie Well #1 was drilled into the Pierre Shale formation within the Denver Basin, specifically in the Boulder Oil Field. Several years later, in 1947, a well in Grant County, Kansas, received hydraulic fracturing treatment in order to stimulate natural gas development. This well was the first hydraulically fractured well in the United States. In 1969, a device was detonated in a well drilled in the Piceance Basin near Rifle, Colorado, called Project Rulison. This attempt to fracture the rock and enable commercial extraction of the natural gas failed. In 1970, the Wattenberg Gas Field was discovered in the Denver Basin. Three years later, Amoco introduced massive hydraulic fracturing to the Wattenberg Gas Field in order to rt~cov<~r gas from a low-permeability sandstone formation. This was one of the first places massive hydraulic fracturing was performed both routinely and successfully. At this time, experts thought the field contained 1.1 trillion cubic feet of gas. Through 2008, the Wattenberg Field had produced 2.8 trillion cubic feet of gas, far surpassing the estimate in 1973. Since the late 1970s, the San Juan Basin has grown to become one of the largest coal-bed methane reservoirs in the world. Business Research Division • Leeds School of Business• University of Colorado Boulder 376 Page 7 In 2007, the Wattenberg Gas Field accounted far 11 million barrels of ail and 170 billion cubic feet of gas from more than 14,000 wells. These production numbers made the Wattenberg Gas Field the ninthlargest source of natural gas in the United States according to a report by EIA. Also, in 2007, the Piceance Basin contained S of the top 50 gas fields in the nation in terms of proved reserves. Operators in the ail and gas industry discovered in 2009 that hydraulic fracturing, paired with horizontal drilling in the chalk of the Niobrara formation, yielded better quantities of gas and condensate. In 2009, U.S. Congresswoman Diana DeGette and U.S. Congressman Maurice Hinchey introduced the FRAC Act, which would allow the EPA to evaluate hydraulic fracturing processes and make the practice enforceable under the Safe Drinking Water Act. The FRAC Act has not yet been passed through Congress. Currently, hydraulic fracturing is not enforceable under the Energy Policy Act of 2005 due to the "Halliburton Loophole," which has kept the EPA from regulating fracturing operations. A year later, the Raton Basin in Las Animas County was included in the 2010 EPA hydraulic fracturing study, which is expected to be released in 2014. Voters in three Colorado cities (Boulder, Fort Collins, and Loveland) approved ballot initiatives to impose or extend moratoria on hydraulic fracturing in November 2013. Today, 75% of Colorado homes are fueled by natural gas produced in the state, and Colorado's oil production accounts far 30% of the state's needs for transportation fuel. Currently, nearly 95% of completed oil and gas wells in the United States are being hydraulically fractured. STATE OF THE INDUSTRY With the proliferation of the services sectors, the goods-producing sectors of the Colorado economy (agriculture, mining, construction, and manufacturing) has fallen from 29% of state GDP in 1963 to 15.5% of nominal GDP in Colorado in 2012. While the production value of the mining industry has been impacted by price and production volatility over this period, the industry's share of GDP in 2012 was nearly equal ta the market share in 1963 (around 3.7%). Colorado oil and gas applications for permits to drill (APDs) peaked in 2008 with 8,027 approved permits, coinciding with record high prices far many commodities and preluding the soft demand during and following the recession. Drilling permits preceded a general trajectory of decline, hitting a multiyear low in 2012 before increasing 6.7% in 2013. While APDs remain a market indicator, technological advancements, such as horizontal drilling and permitting changes, make APDs less of an indicator of the health of the industry. Horizontal wells allow for a greater amount of a reservoir to be drained than vertical wells because they can be manipulated to extract more from thin, shallow reservoirs. According to the 2012 Colorado Business Economic Outlook, the Natural Resources and Mining committee explained that, "This decrease in total permits is due primarily to a new two-year permit scheme that became effective in late 2009." A Denver Business Journal .e.•.1..i.n_<~ ---····-------------- Dollars (Billions)' Changefrom Base/ine Doll~~~ (Bilii~ns)" · ·.. -2.1% -8 Average Difference from Baseline Scenario Year Vear Year Vear Years 6-10 11-15 16-20 -113 "2.8% -118 "'2.8% ·102 -107 -95 ,.z.2% -86 -2.9% -22 -2.9% -24 -2.2% -20 -:-16 ....-.?_: ::.:... --~.l!J!) -3.0% -15 -,2'.2%. -13 -l.6 1% -10 -2.4% -12 -14 21-25 -73 2015-2040' -93 ~1,6% -67 84 ,__ _ _ _ _ _ _ _ _ _ _ _ _ C_ha~Q_e frof_!'_B_~~eJi_g__"---t----:2:~2§__:3~~:2_%_.__···2,~2-§__;:lJ_'!:§_~_ ___:_ .21. . :c..~----• Personal Income Dollars (Billions)' -5 -9 -10 -9 -8 Chongefrom Baseline ·-1.6% ·2.7% -2.7% -2.2% -1.7% -2.2% Real rnsposable Persont.11 Income Dollars (Billions)"' -4 ·7 -8 -7 -7 -7 Change from Baseline -1.5% -2.4% -2.4% -2.0% -1.5% -2.0% 'This average impact over the 25-year period (2015-2040) indicates Colorado total employment would be shifted lower by 93,000 jobs on average, and that GDP would be lower by an average of $12 billion over the entire 25-year horl~on. This shift Is illustrated in Figure 7 (below). 'Dollars are fixed (201.2) dollars. The impact of the fracking ban is a shift in employment downward from a baseline scenario. That average change over the first five years is 68,000 jobs compared to the baseline expectation for Colorado employment. FIGURE 7: STATEWIDE FRACKING BAN IMPACT ON COLORADO EMPLOYMENT, 2015-2020 The negative implication for industry employment are most absorbed by five sectors: Mining; Construction; Retail Trade; Professional, Scientific, and Technical Services; and Government. The legacy production from existing wells and modest new production absent offracking will continue to support direct and indirect upstream, midstream, and downstream employment. The direct industry impacts fall squarely on the Mining Sector, as well as some Construction (e.g., pipeline construction); Professional, Scientific, and Technical Services (engineering, R&D); and Government (regulation). The impacts of Business Research Division • Leeds School of Business• University of Colorado Boulder 376 Page 15 fewer jobs and wages result in reduced household spending impacts that affect everything from Construction to Retail Trade. TABLE 5: STATEWIDE FRACKING BAN, EMPLOYMENT IMPACTS, 2015-2040, IN THOUSANDS Average (Thousands) Year Industry 1-5 Vear 6-10 Vear 11-15 Vear 16-20 Year 21-25 0 0 0 0 0 fy1i_ninfS -14 -22 -16 -12 Utilities Construction 0 -22 0 -26 0 -24 -2 0 ~15 -15 0 -7 ~orcstry 1 -~i.shing 1 zmd Rc)~_tcd A~tl_vitic.s. Manuf_a_~tu.r_i~g -1 Wholesale Trade -2 Ret~Po.~i_es and Enterpri_s~s 0 Educational Services Health Care and Social Assistance -4 Arts, _Ent~~~~-i~.".1~~~· ~~~- -~~~re?~_io_~. Accommodation and Food Services -1 -3 ...9~~-~t ?,~.~"'..i.ces1. ~-~~-~pt ~--~, ~1.i.~. f\~.~~.i.~~-'-~-~r~,~.\9.0. --3 Government Years 2015-2040 0 -17 0 -17 -1 -1 -1 -1 -2 -10 -1 -1 0 -2 -8 0 -1 0 -5 -5 -5 -3 -4 -8 0 -5 -1 -7 -10 -9 -8 -8 0 0 0 -4 -4 -2 0 -5 -2 -8 -8 -2 -7 -7 -2 -2 -2 -2 -2 -6 -7 -7 -6 -5 -4 -11 -3 ·3 -3 -3 -11 -1 -1 -5 -2 -1 -1 -9 All occupations are negatively impacted by the tracking ban. The impacts mostly affect five occupations: Sales, Construction and Extraction, Management, are most absorbed by five sectors: • • • Sales and related, office and administrative support Construction and extraction Management, business, and financial Computer, mathematical, architecture, and engineering Food preparation and serving related Business Research Division• Leeds School of Business• University of Colorado Boulder 376 Page 16 TABLE 6: STATEWIDE FRACKING BAN, OCCUPATION IMPACTS, 2015-2040, IN THOUSANDS Average (Thousands) Occupations Year Year Vear Year Year Years 1-5 6-10 11-15 16-20 21-25 2015-2040 CONCLUSION This report shows the estimated economic impacts associated with a statewide tracking ban. It is based on currently known economic factors of the industry related to production, prices, employment, and taxes. A statewide tracking ban would prove damaging to the Colorado economy, setting the state back an average of 68,000 jobs in the first five years and $8 billion in GDP. Over the long term (2015-2040), the impact of a ban would result in average 93,000 fewer jobs and $12 billion in lower GDP when compared to a baseline scenario. Business Research Division • Leeds School of Business• University of Colorado Boulder 376 Page 17 BIBLIOGRAPHY Aguilar, John. "Another anti·fracking measure could be headed to November ballot," The Denver Post, http://www.denverpost.com/localpolitks/ci 25222991/another-anti-fracking-rneasure-couldQs::hg.i!.~igst:rlQlL§n:lQJi'.I, accessed February 25, 2014. American Petroleum Institute, Exploring for America's Energy Future. http://www.api.org/N/media/Files/Policy/Exploration/EnergyResources/StrategicEnergyResources_Wattenberg.pdf. Accessed February 24, 2014. Baker Hughes. Baker Hughes Rig Counts, http://www.bakerhughes.com/rig-count. Accessed February 24, 2014. Ballotpedia, City of Fort Collins Five Year Fracking Suspension Initiative, Question 2A (November 2013), http://ballotpedia.org/Citv of Fort Collins Five Year Fracking Suspension Initiative. Questio f.LftLt!'!.mmunities-cc1ntrnl-fracking. Accessed February 25, 2014. League of WC>men Voters of Boulder County, http://lwvbc.org/files/2012 Ballotlongmont(luestion300.pdf. Accessed February 25, 2014. Lewandowski, Brian and Richard Wobbekind. July 2013. Assessment of Oil and Gas Industry 2012 Industry Economic and Fiscal Impacts in Colorado. Business Research Division, Leeds School of Business, University of Colorado Boulder. McClure, Rich. EE3, Inc. E-mail correspondence with BRD researchers. Middle East Well Evaluation Review. 1995. Horizontal Highlights. httP..:LLliY.>C>Ll!.\l.,.§J.b.,~9.t:Dl:lnH:.9.!lllfii!l.~Lrn?.9!A.t£iil2L!.ll..!iil.rfLYilgf.'.!§LrnLfl.!J.b_Jng~gr1§."J.d1\lf. Accessed February 27, 2014. Proctor, Cathy. December 2, 2009. Colorado extends gas, oil drilling permits to 2 years. Denver Business Jou rn aI. htthl.JL1:1Lvtl6d.l.l~i\l.WLO.~J2.,~Q!ll.L.£!.gny.!?J.L2.t.grJ.~.~2.QQ.9.LlU~.QL.9.2Ilv:i?Lbtml?ll~R\il.::illJ.. Accessed February 27, 2014. Oldham, Jennifer. Colorado First State to Clamp Down on Fracking Methane Pollution, Bloomberg Su sta i na bi Iity, http://www. blo o mberg.com/ news/2014"02-24 / colorado·fi rst -state·to·c Iamp· down-on-fracking-methane-pollution.html. Accessed February 25, 2014. Business Research Division • Leeds School of Business• University of Colorado Boulder 376 Page 20 United States Environmental Protection Agency. EPA's Study of Hydraulic Fracturing and Its Potential Impact on Drinking Water Resources, www.epa.gov/hfstudy. Accessed February 24, 2014. U.S. Department of Energy. Project Rulison, https://www.osti.gov/opennet/forms.jsp ?formurl:fi lms/data/0800036.htm I. Accessed February 17, 2014. U.S. Energy Information Agency. Top 100 Oil and Gas Fields of 2009, http://www.eia.gov/pub/oil_gas/natural_gas/data_publications/crude_oil_natural_gas_reserv es/current/pdf/toplOOfields.pdf. Accessed February 24, 2014. U.S. Energy Information Administration. June 2012. Annual Energy Outlook 2012 with Projections to 2035. http://www.eia.gov/forecasts/aeo/chapter_market_trends.cfm (accessed June 28, 2013). _ _ _ _ _ .April 2013. Annual Energy Outlook 2013 with Projections to 2035. http://www.eia.gov/forecasts/aeo/ (accessed July 6, 2013). _ _ _ _ _ .December 16, 2013. AE02014 Early Release Overview. http://www.eia.gov/forecasts/aeo/er/index.cfm (accessed February 3, 2014). Wobbe kind, Richard and Brian Lewandowski. December 2011. Assessment of Oil and Gas Industry Economic and Fiscal Impacts in Colorado in 2010. Business Research Division, Leeds School of Business, University of Colorado Boulder. Business Research Division • Leeds School of Business• University of Colorado Boulder 376 Page 21 APPENDIX 1: OVERVIEW OF REMI POLICY INSIGHT This summary was provided by REMI, Inc. Policy Insight is a structural economic forecasting and policy analysis model. It integrates input-output, computable general equilibrium, econometric, and economic geography methodologies. The model is dynamic, with forecasts and simulations generated on an annual basis and behavioral responses to wage, price, and other economic factors. The REM! model consists of thousands of simultaneous equations with a structure that is relatively straightforward. The exact number of equations used varies depending on the extent of industry, demographic, demand, and other detail in the model. The overall structure of the model can be summarized in five major blocl 379 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Wed 5/15/2013 10:30 PM (GMT-00:00) Richard Wobbekind Re: CSPR REMI Agreements Thanks Rich. I'll let you know once I hear back from everyone. Kristin ~ §,tJ:aJrboal'r,d ~ Group 27C.;ee6ttn ,g9;.~,z_ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. On May 15, 2013, at 1:30 PM, Richard Wobbekind wrote: I can do 8-8:45 on the 13th. The 20th is open From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, May 15, 2013 9:55 AM To: Brian R. Lewandowski; Richard Wobbekind; Keith E Maskus Cc: Jon Anderson; Gwen Benevento Subject: CSPR REMI Agreements Brian, Rich & Keith, Attached please find the MOU and partnership agreement for moving forward with REMI. I have copied Jon Anderson, our attorney who can work with your legal team on any issues. We tried to keep it very simple. Also, I just heard from Torn Clark and he cannot make June 11th work for the Oversight Committee meeting. Below are two other options, do either/both work for you all? If so, is there a conference room available at CU for us to use? Tuesday, June 18th SAM 381 Thursday, June 20th SAM Thanks much, Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. 381 HYDRAULIC FRACTURING BAN The Economic of a Statewide Ban in Colorado Conducted by: Richard Wobbekind Brian Lewandowski Editor: Cindy DiPersio Student Research Assistants: Jim Dalton, Rick Brubaker, Noah Seidenfeld, and Ryan Thorpe Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309-0420 Telephone: 303.492.3307 leeds.colorado.edu/brd March 2.014 l!UllllNEllS RE!ill!'/l\RCH OIVl!il!ON 386 Business Research Division The Business Research Division (BRO) of the Leeds School of Business at the University of Colorado Boulder has been serving Colorado since 1915. The BRO conducts economic impact studies and customized research projects that assist companies, associations, nonprofits, and government agencies with making informed business and policy decisions. Among the information offered to the public are the annual Colorado Business Economic Outlook Forumnow in its 49°1 year-which provides a forecast of the state's economy by sector, and the quarterly Leeds Business Confidence Index, which gauges Colorado business leaders' opinions about the national and state economies and how their industry will perform in the upcoming quarter. The Colorado Business Review is a quarterly publication that offers decision makers industry-focused analysis and information as it relates to the Colorado economy. BRO researchers collaborate with faculty researchers on projects, and graduate and undergraduate student assistants, who provide research assistance and gain valuable hands-on experience. Visit us at: Business Research Division • Leeds School of Business• University of Colorado Boulder 386 Page ii TABLE OF CONTENTS Table of Contents ......................................................................................................................................... iii Executive Summary ....................................................................................................................................... 1 Introduction .................................................................................................................................................. 3 Fracking ......................................................................................................................................................... 4 National Production ...................................................................................................................................... S Public Information in Colorado ..................................................................................................................... S History of Oil and Gas in Colorado ................................................................................................................ 7 State of the Industry ..................................................................................................................................... 8 Legislation ................................................................................................................................................... 11 Data and Assumptions ................................................................................................................................ 12 Economic Impacts ...... "'""'""""'''""""''""""'"""""""""'"""""' ..................................................................... 14 Conclusion .................................................................................................................................................. 17 Bibliography ................................................................................................................................................ 18 Appendix 1: Overview of REMI Policy Insight ............................................................................................. 22 Appendix 2: FrackingSENSE Speaker Series Discussion Summaries ........................................................... 25 Appendix 3: Recent Ballot Initiatives .......................................................................................................... 28 Business Research Division• Leeds School of Business• University of Colorado Boulder 386 Page iii EXECUTIVE SUMMARY In November 2012, voters in the City of Longmont passed a charter amendment effectively banning the use of hydraulic fracturing (fracking) and the stornge of the resultant waste products by a 59.9% to 40.1% margin. The amendment does not ban drilling per se, but forbids the practice of fracking. This amendment set the stage for citizen initiatives elsewhere, including Boulder, Broomfield, Fort Collins, and Lafayette, that successfully passed moratoriums in November 2013. While legal contests to these bans and moratoriums are currently taking place, it is expected that another anti-fracking measure could be headed to the Colorado ballots this November. These measures fall into two general categories: local control and setbacks. Local Control Colorado has submitted language to the Colorado Legislative Services for a constitutional amendment that would allow Colorado voters a voice over whether hydraulic fracturing should be allowed within the bounds of their communities. Separately, the setback initiatives range between 1,500 feet and one-half mile. Colorado Governor John Hicken looper describes the state's regulation as "the most comprehensive and stringent" in the country. This study focuses on the economic impacts of a statewide ban on fracking. Reporting the industry size in terms of gross domestic product, oil and gas extraction and support activities was nearly equivalent to the construction industry or the accommodations and food services industry in 201L More than 87% of oil and gas activity in Colorado is concentrated in 5 counties, and 31 counties represent the remaining 13% of activity. However, the employment and tax impacts are much more widespread. The five largest-producing counties represent 35% of upstream and midstream employment, the 31 smallest-producing counties represent 29%, and the 28 nonproducing counties account for 36%. Likewise, while industry taxes have the greatest impact on local government spending, the industry also pays taxes that flow to the Colorado general fund, which is then spent on everything from education to infrastructure in the state of Colorado. This study was modeled beginning in 2015, assuming a 95% reduction in new activity and continued legacy production from existing wells. The study incorporates the steep depletion rates for oil and gas production observed in Colorado historical data going back to 1970. Given a fracking ban beginning in 2015, the economic consequence would be an average $8 billion in lower gross domestic product (GDP) and 68,000 fewer jobs in the first five years compared to the baseline scenario, and an average of $12 billion lower GDP and 93,000 fewer jobs between 2015 and 2040. The negative impact on disposable personal income places drag on the consumption-supported industries, such as retail and real estate, as well as on taxes. Extrapolating prior research on fiscal impacts of the industry, the depletion production would leave Colorado jurisdictions with an average direct revenue reduction of $567 million over the first five years, declining $985 million by 2040. The economic impacts are presented as a change from baseline expectations. The fracking ban shifts Colorado's employment base downward, by an average of 68,000 jobs over the first five years, and by an average of 93,000 jobs between 2015 and 2040 (See Figure 1). The legacy production from existing wells and modest new production absent offracking will continue to support direct and indirect upstream, midstream, and downstream employment. The direct industry impacts fall squarely on the Mining Sector, as well as some Construction (e.g., pipeline construction); Professional, Scientific, and Technical Services (engineering, R&D); and Government (regulation). The impacts of fewer jobs and wages result in reduced household spending impacts that affect everything from Construction to Retail Trade. Business Research Division • Leeds School of Business • University of Colorado Boulder 386 Page 1 TABLE 1: STATEWIDE FRACKING BAN, SUMMARY OF IMPACTS, 2015-2040 Category Year Units Total Employment Jobs (Thousands) Change from Baseline Private Non-Farm Employment Jobs (l11ousands) h....a..n ....g._e.. f. . i._o....m .......B__a .. > ...e...1.1.·.n_ e.... ---····-------------- Dollars (Billions)' 1-5 -68 ·L9% ··62 6-10 -113 "2.8% ·102 -2.9% -22 11-15 -118 "'2.8% -107 -2.9% -24 -2.1% --~.l!J!) -3.0% -8 -14 -15 c. . Output Changefrom Base/ine Doll~~s (Bil ii~~;)" · · Average Difference from Baseline Scenario Year Vear Year Vear Years 16-20 -95 ,.z.2% -86 -2.2% -20 -,2'.2%. -13 21-25 -73 ~1.6% -67 2015-2040' -93 "2.2% 84 -:-16 ....-.?_: ::.:... -l.6 1% -2.4% --10 -12 ,__ _ _ _ _ _ _ _ _ _ _ _ _C_ha_n~g_e_fl:'!_'!!_BC/!_efi!'."----t-:2:~2§__:3~~;2_%_.__···2,~2-§__;:lJ_'!:§_~_ ____:_.21. .:c..~----• Personal Income Dollars (Billions)' -5 -9 -10 -9 -8 Change from Baseline ··1.6% u2,7% w2.7% -2.2% -1.7% -2.2% Rel.II Disposable Persont.11 Income Dollars (Billions)"' -4 ·7 -8 -7 -7 ·7 C/1ange from Baseline -1.5% -2.4% -2.4% -2.0% -1.5% -2.0% 'This average impact over the 25-year period (2015-2040) indicates Colorado total employment would be shifted lower by 93,000 jobs on average, and that GDP would be lower by an average of $12 billion over the entire 25-year horl~on. This shift Is illustrated In Figure 1 (below). 'Dollars are fixed (2012) dollars. FIGURE 1: STATEWIDE FRACKING BAN IMPACT ON COLORADO EMPLOYMENT, 2015-2020 3,950 3,850 "'c 'tl m " c 3,750 '" 3,650 0 ..c 1:: E > 0 a. E "' 3,550 --Fracking Ban 3,450 3,350 2015 2016 2017 2018 2019 2020 This paper was prepared using the Regional Economic Models, Inc. (REM I) Tax-Pl model built for Colorado and calibrated with Colorado revenues, expenditures, employment, and population. Researchers from the Business Research Division (BRO) researched the known, quantifiable industry metrics, ranging from production and prices to employment, wages, and taxes. Business Research Division • Leeds School of Business• University of Colorado Boulder 386 Page 2 INTRODUCTION A partnership of public and private organizations announced in July 2013 the formation of a collaboration to provide Colorado lawmakers, policy makers, and business leaders with greater insight into the economic impact of public policy decisions that face the state and surrounding regions, The parties involved include the Common Sense Policy Roundtable, the Metro Denver Economic Development Corporation, and the Denver South Economic Development Partnership. The Business Research Division (BRO) of the Leeds School of Business at the University of Colorado Boulder was contracted by the consortium to provide third"party, non biased research that objectively analyzes the economic impacts of public policy. This consortium meets quarterly to discuss pressing economic issues impacting the state. The group identified the study of a statewide economic impact of hydraulic fracturing ban as both relevant and timely. The consortium licensed dynamic economic models from Regional Economic Models, Inc. (REMI) to study the economic impacts of policy. For this study, the BRO research team used the single"region, 70" sector, Tax"PI model built for Colorado and calibrated with Colorado revenues, expenditures, employment, and population. Since embarking on the project, BRD researchers studied the oil and gas industry in Colorado, collecting data and talking with industry stakeholders in order to understand what is known and able to be modeled. No primary research, such as public surveys, was warranted for this study. When modeling the impact of any policy change, a number of assumptions must be made, The model used for economic analysis illustrates scenarios of what could happen under the policy change, everything else held equal in the economy. Economies are inherently complex, and unanticipated changes caused by shifts (e.g., technology, energy discoveries, recessions) cause the economy to grow faster or slower than anticipated. The collective knowledge shared with the research team helped shape the assumptions that are transparently presented in this report. This study started on the heels of fracking moratoriums passed by voters in four Colorado jurisdictions in 2013 and one in 2012. Expectations indicate that a statewide ban or moratorium may be presented to voters in 2014. Such language will likely be softened to allow for "local control," whereby local jurisdictions could decide what is allowed and disallowed. Local jurisdictional bans would have a comparatively smaller economic consequence than a statewide fracking ban. This study focuses on the impacts of a statewide ban on fracking. The purpose of this study is to provide objective, third"party insight into the economic impacts of a statewide fracking ban on the Colorado economy. This paper provides nn overview of the political landscape surrounding the industry, quantifies the current production and economic activities as reported via public sources, and quantifies the economic impacts of a statewide ban on fracking activities, As the FrackingSENSE speaker series hosted by the Center of the American West partitions the their discussions into what is known versus what is not known about hydraulic fracturing, this paper models what is currently known about production, prices, employment, wages, and taxes. This paper does not model events or impacts, if any, on water, air quality, health, or externalities on quality of life. Nor does the paper analyze the signal sent to the oil and gas industry and other industries in Colorado regarding uncertainty and political risk to doing business in the state. While this paper does not attempt to measure market reaction, it does quantify the economic implications of reducing a high-output, high- Business Research Division • Leeds School of Business• University of Colorado Boulder 386 Page 3 wage industry to a fraction of current production. Universities and industry are currently researching many of the environmental and societal questions in multiyear, multimillion-dollar studies. The University of Colorado was awarded lead on a $12 million National Science Foundation grant to study the effects of natural gas development, examining impacts on ecosystems and communities. Likewise, the U.S. Environmental Protection Agency (EPA) will publish a paper in 2014 on the study of the potential impacts of hydraulic fracturing on drinking water resources (www.epa.gov/hfstudy). FRACKING Hydraulic fracturing ("fracking") is the method of pumping water, chemicals, and sand deep into the ground in order to release oil and gas trapped in rock. The process increases oil and gas production, elevating project feasibility and profitability. In some cases, as production declines, wells are restimulated using fracking techniques, th us extending the life of existing wells. The practice of fracking dates back to the late 1940s and is applied to roughly 90% of wells. According to the Baker Hughes rig count, 80% of hydraulically fracked wells are oil, and 20% are gas. The Colorado Oil and Gas Conservation Commission (COGCC) of the Colorado Department of Natural Resources indicates that fracking in Colorado dates back to the 1970s. FIGURE 2: HYDRAULIC FRACTURING PROCESS Source: EPA, Study oftht.~ POtQntial lmpacts of Hydrnulic Fr~cturlng on Drinking Wat¢r R¢somccs, Briskin, Research Coordinator, accessed from NABE website February 25, 2014. COG CC summarizes the fracking process in prns~ntntion by J¢()nnc a staff report titled Information on Hydraulic Fracturing. Hydroullc fracturing is the process of creating small cracks, or fractures, in deep, underground geological formations to liberate oil or natural gas and allow it to flow up the well for capture and use in heating our homes, fueling our cars and providing the electricity we all use for our televisions, computers and other devices. Business Research Division • Leeds School of Business • University of Colorado Boulder 386 Page 4 To fracture the formation, fracturing fluids mostly water and sand, with a small percentage of chemical additives - are injected down the well bore into the formation. The fluid, injected under pressure, causes the rock to fracture along weak areas. The fluids that create the initial fractures are then mixed with thicker fluids that include sand and gelatin. These thicker fluids lengthen the openings in the rock. When the fractures are complete, and pressure is relieved, the fluids flow back up the well where they are captured and stored for later treatment or disposal. As the fluids flow back up, sand remains in the fractures and props the rock open, maintaining an open pathway ta the well. This allows the oil and gas ta seep from the rock into the pathway, up the well and ta the surface for collection. In Colorado, the targeted formations for hydraulic fracturing are often more than 7,000 feet underground, and some 5,000 feet below any drinking water aquifers. NATIONAL PRODUCTION The International Energy Agency (IEA) and the Energy Information Administration (EIA) of the U.S. Department of Energy (DOE) provide annual energy outlooks. The International Energy Agency's World Energy Outlook 2013 states, Whatever the policy landscape for the next quarter of a century, natural gas is set to grow in importance globally thanks to its widespread availability, competitive supply costs and environmental advantages aver the other fossil fuels. (Page 100) Nationally, roughly 30,000 wells were drilled in 2013. Revised expectations in recent forecasts speaks ta the dynamic technological factors increasing reserves and production estimates. Natural gas and oil production estimates by the EIA were revised upward between the 2013 and 2014 AEO reports. According to the Annual Energy Outlook 2014 Early Release by the EIA, natural gas production in the lower 48 states will increase by 52% between 2013 and 2040, and production in the Rocky Mountain region will rise 48%. Crude oil production is also projected to increase 27% in the lower 48 states between 2013 and 2019 before peaking. The Rocky Mountain region is expected to peak later (2024) after a 29% increase. The Henry Hub price for gas is expected to climb 2.8% annually, ta $7.65 by 2040, while wellhead oil prices will increase at an annual rate of 1.3%, to $137.63 per barrel (2012 dollars). Public sentiment on unconventional gas will have a material impact on gas production in coming years. According ta the International Energy Agency's World Energy Outlook 2012, such social and environmental concerns as land use, surface and groundwater contamination, and air pollution must be addressed successfully in order to realize unconventional gas production's potential. The report suggests that policy makers, regulators, operators, and others apply principles that emphasize full transparency, rigorous efforts ta reduce environmental impacts, and engagement with local communities. PUBLIC INFORMATION IN COLORADO Describing the regulatory environment in Colorado, Governor Hickenlooper wrote, "We were drawing attention ta the fact that Colorado has created the most comprehensive and stringent set of regulations around ail ond gas production in the country." Business Research Division • Leeds School of Business• University of Colorado Boulder 386 Page 5 On a state level, Colorado is working with oil and gas producers to establish methane controls. Locally, the Arapahoe County Commissioners created a memorandum of understanding (MOU) that fasMracks permitting in return for agreed upon regulation. Discussions and information about industry impacts are being shared through such organizations as the Center of the American West at the University of Colorado Boulder, which is hosting a series titled FrackingSENSE as a venue for discussing a wide range of industry issues, and the COGCC, which has an online library ranging from industry statistics on wells and production to regulations and public presentations. While the debate ensues, some progress to find common ground has been made in Colorado. The industry faces a rigorous permitting process with state and local jurisdictions. Efforts by the state and industry to increase the flow of information and reduce the environment and community impacts of oil and gas development include facilitating: greater information about the chemical contents used in the fracking progress, efforts to capture methane from wellheads, and the development of integrated pipelines to reduce the infrastructure and environmental impacts of over-the-road transportation of product. As well, the industry is charged with timely reporting of spills made public through the Colorado Oil and Gas Information System (COGIS) database. Methane Standards Colorado's largest oil and gas producers, including Anadarko Petroleum Corp., Noble Energy Inc., and Encana Corp., worked with environmentalists from the Environmental Defense Fund to form measures recently approved by the Colorado Air Quality Control Commission that would repair persistent methane leaks from their tanks and pipes. Emissions from methane leaks, a source of climate-changing greenhouse gas, have contributed to the worsening smog along the Rocky Mountains that exceeds the federal ozone guidelines. The mandates are the first attempt by a state to regulate methane emissions from fracking. Methane is 20 times more potent at trapping heat in the atmosphere than carbon dioxide according to the EPA. New rules provide guidance and technology for Colorado oil and gas businesses to find leaks and fix them in order to lower their emissions. The new regulations will require companies to install equipment to minimize leakage of methane and to control or capture 95% of emissions. Energy producers are subjected to routine inspections, as often as once a month, and when leaks are discovered, they must be repaired within 15 days. Chevron and members of the Colorado Oil & Gas Association and the Colorado Petroleum Association calculated that the cost to comply with the rules could be up to $100 million for the industry, while the Air Pollution Control Division estimated costs at $40 million. Noble Energy estimated that compliance with the new regulations could cost the company $3 million a year and it will have to hire an additional 16 employees to tackle the new regulations. Arapahoe County Memorandum of Understanding One example of an open process is the memorandum of understanding (MOU) developed by the Arapahoe County Commissioners. This brief MOU establishes a set of conditions, stricter than those imposed by the state, that, if followed, fast-tracks the permitting process for producers. Arapahoe County approved the MOU for oil and gas companies in April 2013. Working with the COGCC, industry representatives, experts, and citizens, county commissioners, created a MOU that creates high standards for oil and gas companies beyond the already strict regulations in place at the state level. Unanimously approved, this MOU incentivizes companies to accept the new terms set by allowing the company to utilize a shorter and less costly administrative permitting process that can be completed Business Research Division • Leeds School of Business • University of Colorado Boulder 386 Page 6 within 30 working days. If a company does not want to sign the MOU, then it is subject to COGCC's normal review process that typically requires three to five months. The MOU is intended to supplement and add to the commission's rules and regulations. If any requirements of the MOU are in conflict with COG CC requirements, the stricter standards will take precedence. The standards addressed in the MOU include: operator pit practices, berms, water supply and quality, water quality testing, spill and release management, weed control, noise, emergency response planning, erosion control, private and public roads, floodplain encroachment, painting of oil and gas facilities, facility lighting, and county approvals and inspections. This MOU only applies to oil and gas facilities that have applied for permits as of the date the MOU was approved. Arapahoe County's oil and gas MOU stands as an example of sustainable oil and gas development in Colorado. By working with oil companies, Arapahoe County commissioners have come to an agreement that meets both the environmental and economic needs of the community. Other Data Sources Numerous sources in Colorado disseminate industry information to the public. Three objective sources of data include the Center of the American West at the University of Colorado Boulder, COGCC, and FracFocus. COGCC is a state-run receptacle far industry data (e.g., wells, production) as well as newsletters, research papers, and presentations. FracFocus is a searchable national registry of hydraulic fracturing chemicals. Data from other sources, such as the Colorado Department of Revenue, the EIA, and the Colorado Land Board, are presented later in this paper. FrackingSENSE In 2013, CU-Boulder's Center of the American West began hosting an ongoing series of moderated discussions on the topic of tracking with the goal of learning "what we know, what we don't know, and what we hope to learn about natural gas development." As of February 2014, presenters have included industry experts, government officials, and social rights activists. Among those topics discussed so far are surface and subsurface boundaries, water pollution, air quality concerns, health risks, and government control. Appendix 2 includes a summary of speaker viewpoints. HISTORY OF OIL AND GAS IN COLORADO Oil and gas activity in Colorado began near the Front Range in the Denver Basin, known as the DenverJulesburg Basin (the DJ Basin). In 1901, the McKenzie Well #1 was drilled into the Pierre Shale formation within the Denver Basin, specifically in the Boulder Oil Field. Several years later, in 1947, a well in Grant County, Kansas, received hydraulic fracturing treatment in order to stimulate natural gas development. This well was the first hydraulically fractured well in the United States. In 1969, a device was detonated in a well drilled in the Piceance Basin near Rifle, Colorado, called Project Rulison. This attempt to fracture the rock and enable commercial extraction of the natural gas failed. In 1970, the Wattenberg Gas Field was discovered in the Denver Basin. Three years later, Amoco introduced massive hydraulic fracturing to the Wattenberg Gas Field in order to rt~cov<~r gas from a low-permeability sandstone formation. This was one of the first places massive hydraulic fracturing was performed both routinely and successfully. At this time, experts thought the field contained 1.1 trillion cubic feet of gas. Through 2008, the Wattenberg Field had produced 2.8 trillion cubic feet of gas, far surpassing the estimate in 1973. Since the late 1970s, the San Juan Basin has grown to become one of the largest coal-bed methane reservoirs in the world. Business Research Division • Leeds School of Business• University of Colorado Boulder 386 Page 7 In 2007, the Wattenberg Gas Field accounted far 11 million barrels of ail and 170 billion cubic feet of gas from more than 14,000 wells. These production numbers made the Wattenberg Gas Field the ninthlargest source of natural gas in the United States according to a report by EIA. Also, in 2007, the Piceance Basin contained S of the top 50 gas fields in the nation in terms of proved reserves. Operators in the ail and gas industry discovered in 2009 that hydraulic fracturing, paired with horizontal drilling in the chalk of the Niobrara formation, yielded better quantities of gas and condensate. In 2009, U.S. Congresswoman Diana DeGette and U.S. Congressman Maurice Hinchey introduced the FRAC Act, which would allow the EPA to evaluate hydraulic fracturing processes and make the practice enforceable under the Safe Drinking Water Act. The FRAC Act has not yet been passed through Congress. Currently, hydraulic fracturing is not enforceable under the Energy Policy Act of 2005 due to the "Halliburton Loophole," which has kept the EPA from regulating fracturing operations. A year later, the Raton Basin in Las Animas County was included in the 2010 EPA hydraulic fracturing study, which is expected to be released in 2014. Voters in three Colorado cities (Boulder, Fort Collins, and Loveland) approved ballot initiatives to impose or extend moratoria on hydraulic fracturing in November 2013. Today, 75% of Colorado homes are fueled by natural gas produced in the state, and Colorado's oil production accounts far 30% of the state's needs for transportation fuel. Currently, nearly 95% of completed oil and gas wells in the United States are being hydraulically fractured. STATE OF THE INDUSTRY With the proliferation of the services sectors, the goods-producing sectors of the Colorado economy (agriculture, mining, construction, and manufacturing) has fallen from 29% of state GDP in 1963 to 15.5% of nominal GDP in Colorado in 2012. While the production value of the mining industry has been impacted by price and production volatility over this period, the industry's share of GDP in 2012 was nearly equal ta the market share in 1963 (around 3.7%). Colorado oil and gas applications for permits to drill (APDs) peaked in 2008 with 8,027 approved permits, coinciding with record high prices far many commodities and preluding the soft demand during and following the recession. Drilling permits preceded a general trajectory of decline, hitting a multiyear low in 2012 before increasing 6.7% in 2013. While APDs remain a market indicator, technological advancements, such as horizontal drilling and permitting changes, make APDs less of an indicator of the health of the industry. Horizontal wells allow for a greater amount of a reservoir to be drained than vertical wells because they can be manipulated to extract more from thin, shallow reservoirs. According to the 2012 Colorado Business Economic Outlook, the Natural Resources and Mining committee explained that, "This decrease in total permits is due primarily to a new two-year permit scheme that became effective in late 2009." A Denver Business Journal .e.•.1..i.n_<~ ---····-------------- Dollars (Billions)' Changefrom Base/ine Doll~~~ (Bilii~ns)" · ·.. -2.1% -8 Average Difference from Baseline Scenario Year Vear Year Vear Years 6-10 11-15 16-20 -113 "2.8% -118 "'2.8% ·102 -107 -95 ,.z.2% -86 -2.9% -22 -2.9% -24 -2.2% -20 -:-16 ....-.?_: ::.:... --~.l!J!) -3.0% -15 -,2'.2%. -13 -l.6 1% -10 -2.4% -12 -14 21-25 -73 2015-2040' -93 ~1,6% -67 84 ,__ _ _ _ _ _ _ _ _ _ _ _ _ C_ha~Q_e frof_!'_B_~~eJi_g__"---t----:2:~2§__:3~~:2_%_.__···2,~2-§__;:lJ_'!:§_~_ ___:_ .21. . :c..~----• Personal Income Dollars (Billions)' -5 -9 -10 -9 -8 Chongefrom Baseline ·-1.6% ·2.7% -2.7% -2.2% -1.7% -2.2% Real rnsposable Persont.11 Income Dollars (Billions)"' -4 ·7 -8 -7 -7 -7 Change from Baseline -1.5% -2.4% -2.4% -2.0% -1.5% -2.0% 'This average impact over the 25-year period (2015-2040) indicates Colorado total employment would be shifted lower by 93,000 jobs on average, and that GDP would be lower by an average of $12 billion over the entire 25-year horl~on. This shift Is illustrated in Figure 7 (below). 'Dollars are fixed (201.2) dollars. The impact of the fracking ban is a shift in employment downward from a baseline scenario. That average change over the first five years is 68,000 jobs compared to the baseline expectation for Colorado employment. FIGURE 7: STATEWIDE FRACKING BAN IMPACT ON COLORADO EMPLOYMENT, 2015-2020 The negative implication for industry employment are most absorbed by five sectors: Mining; Construction; Retail Trade; Professional, Scientific, and Technical Services; and Government. The legacy production from existing wells and modest new production absent offracking will continue to support direct and indirect upstream, midstream, and downstream employment. The direct industry impacts fall squarely on the Mining Sector, as well as some Construction (e.g., pipeline construction); Professional, Scientific, and Technical Services (engineering, R&D); and Government (regulation). The impacts of Business Research Division • Leeds School of Business• University of Colorado Boulder 386 Page 15 fewer jobs and wages result in reduced household spending impacts that affect everything from Construction to Retail Trade. TABLE 5: STATEWIDE FRACKING BAN, EMPLOYMENT IMPACTS, 2015-2040, IN THOUSANDS Average (Thousands) Year Industry 1-5 Vear 6-10 Vear 11-15 Vear 16-20 Year 21-25 0 0 0 0 0 fy1i_ninfS -14 -22 -16 -12 Utilities Construction 0 -22 0 -26 0 -24 -2 0 ~15 -15 0 -7 ~orcstry 1 -~i.shing 1 zmd Rc)~_tcd A~tl_vitic.s. Manuf_a_~tu.r_i~g -1 Wholesale Trade -2 Ret~Po.~i_es and Enterpri_s~s 0 Educational Services Health Care and Social Assistance -4 Arts, _Ent~~~~-i~.".1~~~· ~~~- -~~~re?~_io_~. Accommodation and Food Services -1 -3 ...9~~-~t ?,~.~"'..i.ces1. ~-~~-~pt ~--~, ~1.i.~. f\~.~~.i.~~-'-~-~r~,~.\9.0. --3 Government Years 2015-2040 0 -17 0 -17 -1 -1 -1 -1 -2 -10 -1 -1 0 -2 -8 0 -1 0 -5 -5 -5 -3 -4 -8 0 -5 -1 -7 -10 -9 -8 -8 0 0 0 -4 -4 -2 0 -5 -2 -8 -8 -2 -7 -7 -2 -2 -2 -2 -2 -6 -7 -7 -6 -5 -4 -11 -3 ·3 -3 -3 -11 -1 -1 -5 -2 -1 -1 -9 All occupations are negatively impacted by the tracking ban. The impacts mostly affect five occupations: Sales, Construction and Extraction, Management, are most absorbed by five sectors: • • • Sales and related, office and administrative support Construction and extraction Management, business, and financial Computer, mathematical, architecture, and engineering Food preparation and serving related Business Research Division• Leeds School of Business• University of Colorado Boulder 386 Page 16 TABLE 6: STATEWIDE FRACKING BAN, OCCUPATION IMPACTS, 2015-2040, IN THOUSANDS Average (Thousands) Occupations Year Year Vear Year Year Years 1-5 6-10 11-15 16-20 21-25 2015-2040 CONCLUSION This report shows the estimated economic impacts associated with a statewide tracking ban. It is based on currently known economic factors of the industry related to production, prices, employment, and taxes. A statewide tracking ban would prove damaging to the Colorado economy, setting the state back an average of 68,000 jobs in the first five years and $8 billion in GDP. Over the long term (2015-2040), the impact of a ban would result in average 93,000 fewer jobs and $12 billion in lower GDP when compared to a baseline scenario. Business Research Division • Leeds School of Business• University of Colorado Boulder 386 Page 17 BIBLIOGRAPHY Aguilar, John. "Another anti·fracking measure could be headed to November ballot," The Denver Post, http://www.denverpost.com/localpolitks/ci 25222991/another-anti-fracking-rneasure-couldQs::hg.i!.~igst:rlQlL§n:lQJi'.I, accessed February 25, 2014. American Petroleum Institute, Exploring for America's Energy Future. http://www.api.org/N/media/Files/Policy/Exploration/EnergyResources/StrategicEnergyResources_Wattenberg.pdf. Accessed February 24, 2014. Baker Hughes. Baker Hughes Rig Counts, http://www.bakerhughes.com/rig-count. Accessed February 24, 2014. Ballotpedia, City of Fort Collins Five Year Fracking Suspension Initiative, Question 2A (November 2013), http://ballotpedia.org/Citv of Fort Collins Five Year Fracking Suspension Initiative. Questio f.LftLt!'!.mmunities-cc1ntrnl-fracking. Accessed February 25, 2014. League of WC>men Voters of Boulder County, http://lwvbc.org/files/2012 Ballotlongmont(luestion300.pdf. Accessed February 25, 2014. Lewandowski, Brian and Richard Wobbekind. July 2013. Assessment of Oil and Gas Industry 2012 Industry Economic and Fiscal Impacts in Colorado. Business Research Division, Leeds School of Business, University of Colorado Boulder. McClure, Rich. EE3, Inc. E-mail correspondence with BRD researchers. Middle East Well Evaluation Review. 1995. Horizontal Highlights. httP..:LLliY.>C>Ll!.\l.,.§J.b.,~9.t:Dl:lnH:.9.!lllfii!l.~Lrn?.9!A.t£iil2L!.ll..!iil.rfLYilgf.'.!§LrnLfl.!J.b_Jng~gr1§."J.d1\lf. Accessed February 27, 2014. Proctor, Cathy. December 2, 2009. Colorado extends gas, oil drilling permits to 2 years. Denver Business Jou rn aI. htthl.JL1:1Lvtl6d.l.l~i\l.WLO.~J2.,~Q!ll.L.£!.gny.!?J.L2.t.grJ.~.~2.QQ.9.LlU~.QL.9.2Ilv:i?Lbtml?ll~R\il.::illJ.. Accessed February 27, 2014. Oldham, Jennifer. Colorado First State to Clamp Down on Fracking Methane Pollution, Bloomberg Su sta i na bi Iity, http://www. blo o mberg.com/ news/2014"02-24 / colorado·fi rst -state·to·c Iamp· down-on-fracking-methane-pollution.html. Accessed February 25, 2014. Business Research Division • Leeds School of Business• University of Colorado Boulder 386 Page 20 United States Environmental Protection Agency. EPA's Study of Hydraulic Fracturing and Its Potential Impact on Drinking Water Resources, www.epa.gov/hfstudy. Accessed February 24, 2014. U.S. Department of Energy. Project Rulison, https://www.osti.gov/opennet/forms.jsp ?formurl:fi lms/data/0800036.htm I. Accessed February 17, 2014. U.S. Energy Information Agency. Top 100 Oil and Gas Fields of 2009, http://www.eia.gov/pub/oil_gas/natural_gas/data_publications/crude_oil_natural_gas_reserv es/current/pdf/toplOOfields.pdf. Accessed February 24, 2014. U.S. Energy Information Administration. June 2012. Annual Energy Outlook 2012 with Projections to 2035. http://www.eia.gov/forecasts/aeo/chapter_market_trends.cfm (accessed June 28, 2013). _ _ _ _ _ .April 2013. Annual Energy Outlook 2013 with Projections to 2035. http://www.eia.gov/forecasts/aeo/ (accessed July 6, 2013). _ _ _ _ _ .December 16, 2013. AE02014 Early Release Overview. http://www.eia.gov/forecasts/aeo/er/index.cfm (accessed February 3, 2014). Wobbe kind, Richard and Brian Lewandowski. December 2011. Assessment of Oil and Gas Industry Economic and Fiscal Impacts in Colorado in 2010. Business Research Division, Leeds School of Business, University of Colorado Boulder. Business Research Division • Leeds School of Business• University of Colorado Boulder 386 Page 21 APPENDIX 1: OVERVIEW OF REMI POLICY INSIGHT This summary was provided by REMI, Inc. Policy Insight is a structural economic forecasting and policy analysis model. It integrates input-output, computable general equilibrium, econometric, and economic geography methodologies. The model is dynamic, with forecasts and simulations generated on an annual basis and behavioral responses to wage, price, and other economic factors. The REM! model consists of thousands of simultaneous equations with a structure that is relatively straightforward. The exact number of equations used varies depending on the extent of industry, demographic, demand, and other detail in the model. The overall structure of the model can be summarized in five major blocl Bee: Subject: REM! Balanced Budget Study Attachments: REM I_Consortium_OSPB_Balanced _Budget_Meeting_061614.docx REMI Oversight Committee Members, A quick update on our next big study as Brian begins his research. We had a good meeting with Henry Sobanet in the Governor's Office of State Planning and Budgeting. The purpose of the meeting was to get his feedback and ideas on the study. It overall was very good and opened the door to dialogue surrounding the study. Attached please find a summary of the meeting from Brian. Please let me know if you have any questions. Best, Kristin ~Starboard ~ Group d/Cia.tm c.flt."°'kn MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 392 COLORADO OIL AND GAS INDUSTRY Economic Assessment Colorado Oil and Gas Ballot Initiatives in 2014 Conducted by: BUSINESS RESEARCH DIVISION Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309-0420 Telephone: 303-492-3307 leeds.colorado.edu/brd Research Team Brian Lewandowski Richard Wobbekind September 8, 2014 l'IU31Nll!IS l'tliS!iAl'ICH DIVISION 393 Business Research Division The Business Research Division (BRO} of the Leeds School of Business at the University of Colorado Boulder has been serving Colorado since 1915. The BRO conducts economic impact studies and customized research projects that assist companies, associations, nonprofits, and government agencies with making informed business and policy decisions. Among the information offered to the public are the annual Colorado Business Economic Outlook Forum-now in its 49th year-which provides a forecast of the state's economy by sector, and the quarterly Leeds Business Confidence Index, which gauges Colorado business leaders' opinions about the national and state economies and how their industry will perform in the upcoming quarter. The Colorado Business Review is a quarterly publication that offers decision makers industry-focused analysis and information as it relates to the Colorado economy. BRO researchers collaborate with faculty researchers on projects, ond graduate and undergraduate student assistants, who provide research assistance and gain valuable hands-on experience. Visit us at: www.leeds.colorado.edu/brd Business Research Division • Leeds School of Business• University of Colorado Boulder 393 Page i TABLE OF CONTENTS Table of Contents ...............................................................................................................................................ii Summary .............................................................................................................................................................1 Economic Impact of Alternative Scenarios .........................................................................................................3 Setback ...........................................................................................................................................................4 Local Control ..................................................................................................................................................6 Production and Drilling ......................................................................................................................................? Employment and Wages .................................................................................................................................. 10 Public Revenue ................................................................................................................................................11 Property Taxes ...................................................................... '"""" .......... '"""" .......................... '''"""''''""",. 12 Severance Taxes ...........................................................................................................................................13 COGCC Taxes .................................................................................................................................................13 Public Leases and Royalties .................................................................................... ,..................................... 14 Income Taxes ...............................................................................................................................................15 Other Taxes ...................................................................................................................................................15 Bibliography ......................................................................................................................................................16 Appendix 1: Four Leading Ballot Initiatives ...................................................................................................... 18 Appendix 2: Industry Discussion of Oil and Gas Risks in Colorado ................................................................... 19 Business Research Division • Leeds School of Business• University of Colorado Boulder 393 Page ii SUMMARY In late 2013, the Business Research Division (BRO) of the Leeds School of Business, University of Colorado Boulder began researching the economic implications of a statewide fracking ban on the state economy. In March 2014, the BRO published a paper titled, Hydraulic Fracturing Ban: The Economic Impact of a Statewide Frocking Ban in Colorado, which described a scenario where a 95% reduction in new activity constituted an average decrease in gross domestic product (GDP) of $8 billion in the first five years and $12 billion between 2015 and 2040. The impact reduced Colorado jobs on average by 68,000 over the first five years and by 93,000 jobs on average between 2015 and 2040. This paper refines the work completed in March and describes the economic impacts of the two ballot initiatives that were frontrunners for restricting industry growth (ballot initiatives 88 and 89) prior to the compromise that was achieved on August 4, 2014, effectively ending all four 2014 oil and gas ballot initiatives. This summary also updates various oil and gas economic and fiscal metrics based on 2013 data to provide context into the industry's economic footprint leading up to 2014. Based on estimates provided by the oil and gas industry, a 2,000-foot setback would curtail drilling locations by 25% to 50%. Extrapolating this to indicate a reduction in new production, coupled with the quickly depleting yields from existing wells, leads to an average decrease in GDP between $2.2 billion and $4.4 billion in the first five years and an average decrease between $3.2 billion and $6.4 billion from 2015 to 2040. The impact on total employment ranges between 18,000 jobs and 36,000 jobs in the first five years on average, and between 24,000 and 49,000 jobs from 2015 to 2040. Under an expanded setback scenario, it is unclear how a reduction in land access would ultimately manifest in reduced production given the variation in production by basin and by well, technological improvements that allow for horizontal drilling, as well as the opportunity for property owners to consent to drill within the setbncks, which wns written into the initiative. Under a local control scenario, the impact on production due to the speculation on which communities would pass moratoriums on fracking is even more unclear. Front Range metropolitan counties' (excluding Weld) accounted for 1.7% of assessed taxable oil and gas activity in 2013, and cities accounted for 4.6% of activity. While the signal from communities that have passed fracking bans or moratoriums indicates an urban, metropolitan movement, the local control initiative is not written exclusively for metropolitan communities. This report does not quantify the potential economic impacts of a local control measure. 1 Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, El Paso, Gilpin, Jefferson, Larimer, Park, Pueblo, and Teller counties. Excludes Weld County. Business Research Division • Leeds School of Business • University of Colorado Boulder 393 Page 1 Overall, Colorado's oil and gas industry continued to expand in 2013, building on growth that transpired following a dip in production during the recession. More drilling permits were recorded in 2013 than in 2012, and oil production increased while gas production fell compared to 2012. Weld County and Garfield County continue to be the center of new activity, garnering more than four out of five drilling permits. Employment and wages grew in the upstream and midstream industry sectors in 2013 (Extraction, Drilling Wells, Support Activities, Oil and Gas Pipeline and Related Structures Construction, and Pipeline Transportation). An estimated 33,897 people worked in the upstream and midstream oil and gas industry in 2013, earning total wages of $3.5 billion, or $104,626 per worker. The year marked the greatest number of industry workers on record in Colorado. Wage growth in the industry outpaced wages growth for the state overall (4% compared to 0.6%). The public revenue stream, related to upstream and midstream activities, was estimated at more than $1.1 billion in 2013, the largest source of which was the tax on production. This paper was prepared using the Regional Economic Models, Inc. (REM!) Tax-Pl model built for Colorado and calibrated with Colorado revenues, expenditures, employment, and population. Researchers from the BRO researched the known, quantifiable industry metrics, ranging from production and prices to employment, wages, and taxes. Business Research Division• Leeds School of Business • University of Colorado Boulder 393 Page 2 ECONOMIC IMPACT OF ALTERNATIVE SCENARIOS This paper is an update to the March 2014, the BRD published a paper titled, Hydraulic Fracturing Ban: The Economic Impact of a Statewide Fracking Ban in Colorado. In early 2014, there were 22 proposed ballot initiatives related to the oil and gas industry. These initiatives can be categorized into three areas: 1. 2. 3. Setbacks (Initiatives 82, 85, 86, 87, 88, 117, 118, 119, 120) Local Control (75, 89, 90, 91, 92, 93, 103, 115, 116) 2 Pro-Industry (121, 137) Many of these initiatives have been withdrawn, and as of July 31, 2014, four ballot initiatives related to the oil and gas industry appeared to have the greatest likelihood of appearing on the November ballot. (See Appendix 1 for • Ballot Ballot Ballot Ballot a summary.) Initiative Initiative Initiative Initiative 88 89 121 137 On August 4, 2014, a compromise was reached on local control of oil and gas drilling that will remove all initiatives from the November ballot. Industry-supported backers agreed to drop both Initiative 121, which would have withheld state oil and gas revenue from communities banning drilling, and Initiative 137, which required a fiscal impact note for all initiatives. On the opposing side, U.S. Rep Jared Polis, agreed to withdraw two initiatives that would have required drilling rigs to be set back 2,000 feet from homes and the addition of an environmental bill of rights to the state constitution. The Colorado Oil and Gas Conservation Commission (COGCC) also agreed to withdraw the lawsuit against Longmont over its oil and gas ordinance. The ballot battle was moving in the direction to be the most expensive campaign in state history. In addition to the compromise, Governor Hickenlooper said he will appoint an 18-member commission that will be chaired by La Plata County Commissioner Gwen Lachelt and by XTO Energy president Randy Cleveland. The commission will make recommendations to the legislature on ways "to minimize land-use conflicts that can occur when siting oil and gas facilities near homes, schools, businesses and recreational facilities." He also said that he will more rigorously enforce a 1,000-foot setback. This distance is currently encouraged but not required. The state enforces a 500-foot setback in most circumstances. This compromise drew support from both political parties, as well as Anadarko Petroleum Corp. and Noble Energy Inc., the two largest operators in the state. 'Ballot initiativ,1s 89 and 115 are environmental, but are local control in nature. Business Research Division • Leeds School of Business• University of Colorado Boulder 393 Page 3 The two industry-restricting ballot initiatives that presumably would have made it onto the November ballot can be divided into two topic areas: setbacks and local controL The impact of the initiatives in either area is elusive. Under an expanded setback scenario, it is unclear how a reduction in land access would ultimately manifest in reduced production given the variation in production by basin and by well, technological improvements that allow for horizontal drilling, as well as the opportunity for property owners to consent to drill within the setbacks, which was written into the initiative. That is, the impact of the setbacks rule could vary widely by location. Under a local control scenario it is unclear which communities would pass moratoriums on fracking. To illustrate the variation in impacts, holding quality of production equal across the state, the following scenarios model reduced production based on industry reports and public filings, The economic impacts presented below are deviations from the baseline scenario. The reductions in production were modeled in REMI as changes in industry sales/exogenous production in the oil and gas industry beginning in 2015, assuming a 25% reduction and a 50% reduction in new activity and continuing but depleting, production in existing wells. Blended depletion rates from 40 years of historical data on oil and gas well production in Colorado were applied based on the current split of industry activity between oil and gas. On a per employee basis, oil and gas is a high-output, high-wage industry, resulting in an increase of the magnitude of the multiplier effect. While the resulting economic impact is notably positive during times of industry expansion, it is equally negative during times of industry contraction. This analysis is based on the current distribution of production across Colorado, but there are indications that production will expand into areas that are currently non producing or low-producing counties. In 2013, Weld County accounted for four-fifths of oil production in Colorado and one-sixth of gas production, but the county's market share will change over time. A ban on activity in areas such as Douglas County would be considered lost opportunity, and are not explicitly modeled with regard to the setback or local control initiatives. Setback An ideal methodology for modeling the economic impact of the setbacks initiative would include GIS mapping of each parcel of land. The mapping exercise would identify spatial setbacks from structures, adding a probability of setback based on structure type (e.g., 100% for schools, 100% for hospitals, 70% for homes). This information would be coupled with existing production in nearby parcels as an indication of well activity in order to convert the land restriction to a production restriction. Business Research Division • Leeds School of Business • University of Colorado Boulder 393 Page 4 Absent of such an exercise, percentages were derived based on signals from the industry: (1) Noble Energy publicly indicated that a 2,000-foot setback would curtail locations by 25% (Seeking Alpha, July 2014), and (2) another energy company provided estimated reductions of 50%. Comparatively, in January 2013 Anadarko Petroleum, Encana Oil & Gas, Noble Energy, and POC Energy provided a presentation at a COGCC setback hearing, stating that the impact of a 1,000-foot setback would affect 30% of the wells in the greater Wattenberg area. Therefore, two production scenarios under a 2,000-foot setback include reductions in production between 25% and 50%. Other public information, notably the 10-Q filings by public companies, illuminate the presence of negative impacts due to policy changes in Colorado, without quantifying the value at risk (See Appendix 2 for more summaries). Anadarko 10-QJune 30, 2014 "In the event state or local restrictions or prohibitions are adopted in areas where we currently conduct operations (such as in the Wattenberg field, which is among the largest and most cost efficient oil and natural gas development projects in Anadarko's U.S. onshore portfolio) or in the future plan to conduct operations, we may incur significant costs to comply with such requirements or we may experience delays or curtailment in the pursuit of exploration, development, or production activities, and possibly be limited or precluded in the drilling of wells or in the amounts that we are ultimately able to produce from our reserves." Noble 10-Q June 24, 2014 "In particular, a statewide drilling setback will likely delay or otherwise limit our drilling and development activities in certain parts of the DJ Basin. This could result in a reduction in our proved reserves and negatively impact our results of operations, cash flows, and stock price." 50% Reduct'ion Given a 50% reduction in new production beginning in 2015, the economic consequence would result in a lower GDP by an average of $4.4 billion and 36,000 fewer jobs in the first five years, and a lower GDP by an average of $6.4 billion and 49,000 fewer jobs between 2015 and 2040. The negative impact on disposable personal income places drag on the consumption-supporting industries (e.g., retail, real estate), as well as on taxes. The unemployment rate stays somewhat unaffected as the decline in industry jobs marks a shift in the labor force. Business Research Division • Leeds School of Business• University of Colorado Boulder 393 Page 5 TABLE 1: 50% REDUCTION IN NEW PRODUCTION SCENARIO, SUMMARY OF IMPACTS, 2015-2040 Average Difference from Baseline Scenario Category Units Year Vear l-5 -36.0 6-10 -59.5 ~1.5 1% Year 11-lS -62.1 -1.5% -56.2 ·l.5% -12.4 -1.6% -8.1 -L7% Year 16-20 Vear Years 2015-204-0' 21-25 Total Employment Jobs (Thousands) ______ _ ______ _ . . . . . . . . . . . . . . . . t;_hq~g~f(?'!' ~a_seline Jobs (Thousands) ~1.0% -32.4 -53.7 Change from Baseline Dollars (Billions)" Change from Baseline -1.0% -6.9 -1.1% .. 1,5% -11.5 -1.6% .. 4_4 .. (_4 Dollars (Billions)" ChangefromBasellne Dollars (Billions)b -1..2% -2.5 -0.9% -1.8% -4.7 ~'- -5.5 -1.4% ~ -~ Ta- -=3.7 -·-4.3 -=3.9 ·--.::i.5 --=is Change from Baseline ,..Q.8% "'1.3% "1.3% "'1.0% "0.8% "'l,0% Private Non-Farm Employment Output Grass Domestic Product ·······-···-······-···············-·-··· -·· ·--D~ii·;~~-·(Blffi;;~~-)b···········-···-·· Change from Baselir1e Personal Income Real Disposable Personal Income -49 9 -38,3 ~1.1% -0.8% ·········-····· -34.8 -0.8% -8.2 -0.8% -5.4 -0.9% -4.3 -45.3 ~1.2% -10.3 -1.2% -6.1 -l.3% -5.0 -48.9 -1,2% -44.3 ·1.2% -9.8 -l.2% -6.4 -1.3% -4.4 -1.1% 'This average impact over the 25-year period (2015-2040) indicates Colorado total employment would be shifted lower by 49,000 jobs on average and that GDP would be lower by an average of $6 bill Ion over the entire 25-year horizon. bDollars are fixed (2012) dollars. 25% Reduction Given a 25% reduction in new production beginning in 2015, the economic consequence would result in a lower GDP by an average of $2.2 billion and 18,000 fewer jobs in the first five years, and a lower GDP by an average of $3.2 billion and 24,400 fewer jobs between 2015 and 2040. TABLE 2: 25% REDUCTION IN NEW PRODUCTION SCENARIO, SUMMARY OF IMPACTS, 2015-2040 Category Total Employment ·-··-·-··-·····----·-- Private Non,.F!!"_L_J!.'ifE~J!.<::iECQU_l\l!Y_lyilLL_LE\,'1~~!20~-~----- Business Research Division • Leeds School of Business• University of Colorado Boulder 393 Page 12 Severance Taxes Severance taxes are those that states charge for the removal of nonrenewable natural resources and are reported by the Colorado Department of Revenue for oil and gas, coal, and metals and molybdenum. Severance taxes related to oil and gas in 2012 and 2013 were reported at $134.9 million and $170.6 million, respectively (Figure 11). From 2008 through 2013, the oil and gas industry paid $959.8 million in severance taxes, which represented 93.6% of total severance taxes paid in Colorado from all resources (i.e., oil and gas, coal, metals and molybdenum) over that period. FIGURE 11: COLORADO OIL AND GAS SEVERANCE TAXES SMHllons I s::100 i COGCCTaxes Oil and gas companies pay COGCC a conservation levy that is designed to offset the expenses of the agency. As of July 2007, the charge is 0.07% of oil, natural gas, and C02 production sales, less exemptions. The COGCC levy totaled $5.8 million in 2012 and $5.9 million in 2013 (Figure 12). Business Research Division • Leeds School of Business• University of Colorado Boulder 393 Page 13 12: COGCC LEVY rFIGURE . ----··-·-. .-·. . --.. . . . -·---· Public Leases and Royalties Oil and gas exploration and development on state and federal lands provide revenue through leases, premiums above rents (bonuses), and royalties. Federal disbursements are reported by the Office of Natural Resources Revenue, and Colorado disbursements are reported by the Colorado State Land Board. Federal and state rents and royalties are estimated at nearly $248 million in 2012 and $204 million in 2013 (Figure 13). FIGURE 13: COLORADO PUBLIC LEASES AND ROYALTIES Business Research Division • Leeds School of Business• University of Colorado Boulder 393 Page 14 Income Taxes Personal income taxes were estimated by multiplying the average tax rate by income cohort (using the Colorado Department of Revenue, Statistics of Income report) by the corresponding average wage by upstream and midstream industry sector in Colorado. The 2013 estimate of income taxes was nearly $98 million, most of which derived from the Extraction and Support Activities sectors (Figure 14). ilGURE ~COLORADO Oil AND GAS, lflOIVIOUAl INCOME TAXES, 2013 Other Taxes Other taxes include commercial and residential property taxes (excluding production), corporate income taxes, and sales taxes. These three revenue streams were estimated using the IMP LAN model based on 2013 employment and projection estimates. Business Research Division • Leeds School of Business• University of Colorado Boulder 393 Page 15 BIBLIOGRAPHY Anadarko Petroleum Corporation. Investor Relations, SEC filings, 10-Q report, July 29, 2014, http://www.anadarko.com/lnvestor/Pages/SECFilings.aspx. Accessed August 3, 2014. Anadarko Petroleum, Encana Oil & Gas (USA) Inc., Noble Energy, Inc., PDC Energy, Inc. COGCC Setback Hearing, January 7-9, 2013, http://cogcc.state.co. us/RR_HF2012/setbacks/Presentatio ns/Anadarko _E ncana_Noble_PDC_ Coaliti on_Setbacks_Presentation_01072013.pdf. Accessed August 1, 2014. Bureau of Labor Statistics, Quarterly Census of Employment and Wages. www.bls.gov (accessed July 20, 2014). Colorado Department of Local Affairs. April 2009. 2008 Thirty-Eighth Annual Report. Division of Property Taxation. _ _ _ _.April 2010. 2009 Thirty-Ninth Annual Report. Division of Property Taxation. _ _ _ _ . April 2011. 2010 Fortieth Annual Report. Division of Property Taxation. _ _ _ _ .April 2012. 2011 Forty-First Annual Report. Division of Property Taxation. - - - - · May 2013. 2012 Forty-Second Annual Report. Division of Property Taxation. _ _ _ _ .May 2014. 2013 Forty-Third Annual Report. Division of Property Taxation. Colorado Department of Revenue. Federal AG/ and Tax, All Full-year Resident Returns, 2009 Individual Income Tax Returns. Office of Research and Analysis. Colorado Department of Revenue. Severance Tax Collections. January 2004-Current [June 2014]. ---·-··-·October 2012. Income & Inventory Report Fiscal Year 2011-12, p. 11. http://www. trust Iands.state .co. us/Documents/FY%202011 • 12%201ncome%20and%201nventory%20Report%20FINAL.pdf (accessed June 20, 2013). _ _ _ _ .October 2012. Income & Inventory Report Fiscal Year 2012-13, p. 11. http://www.trustlands.state.co.us/ (accessed July 28, 2014). Colorado Secretary of State. 2013-2014 Initiative Filings, Agendas & Results. http://www.sos.state.co. us/pubs/ electio ns/lnitiatives/titleBoa rd/index. htm I. Accessed July 31, 2014. Encana Corporation. Annual Information Form, February 20, 2014, http ://www.encana.com/pdf/i nvestors/fina ncia I/an nua l-reports/2013/form40-f. pdf. Accessed August 3, 2014. Jaffe, Mark. Hickenlooper compromise keeps oil and gas measures off Colorado ballot. The Denver Post. August 4, 2014. http://www.denverpost.com/News/ci_26272493/Hickenlooper-compromisekeeps-·oil"and-gas-measures-off-Colorado-ballot. Accessed August 5, 2014. Business Research Division • Leeds School of Business• University of Colorado Boulder 393 Page 16 MIG, Inc. 2013. IMPLAN Economic Modeling, Version 3.0. Hudson, WI. http://implan.com/V4/index.php?option=com_content&view=article&id=694:implan-datacomponents-detailed&catid=241:1 Research Division (BRD) of the Leeds School of Business at the University of Colorado Boulder on behalf of a partnership between the Common Sense Policy Roundtable (CSPR), the Denver South Economk Development Partnership (Denver South EDP) and the Metro Denver Economic Development Corporation (Metro Denver EDC), provides the first major analysis of20 l4 using the new economic tool in Colorado. This paper was prepared using the REMI Tax-PI model built for Colorado and calibrated with Colorado revenues, expenditures, employment, and population. Researchers from the BRD examined the known, quantifiable industry metrics, ranging from production and prices to employment, wages, and taxes. This paper docs not model events or impacts, if any, on water, air quality, health, or externalities on quality of life. Nor does the paper analyze the signal sent to the oil and gas industry and other industries in Colorado regarding uncertainty and political risk to doing business in the state. To see the full report, please see attached. ff:/j:.Ji Contacts Tom Clark, Metro Denve1· EDC (303) 620-8092 tom.clark@metrodenver.org Mike F'itzgernld. Denver Sonth EDP (303)792-9447 e.xtl05 mike@denversouthedp.org Tim Pollard, CSPR (303) 916-5450 trpollard@aol.com Brian Lewandowski, Leeds BRD (303) 492-3307 brian.lewandowski(li)colorado.edu 2 394 From: Sent: To: Brian R. Lewandowski Mon 7/28/2014 8:30 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: Resume Okay. I will get it over to you shortly. I am working on the presentation right now. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, July 28, 2014 2:26 PM To: Brian R. Lewandowski Subject: Re: Resume Yeah saw that on website. Earl wanted more specifics on things you have published. Sent from my iPhone On Jul 28, 2014, at 2:22 PM, 11Brian R. Lewandowski 11 wrote: Kristin- Here is a brief bio: "Brian Lewandowski is a Research Associate at the Business Research Division within the Leeds School of Business, University of Colorado Boulder. He is a Leeds MBA and has worked at CU-Boulder since 2006, 395 working on economic forecasts, econometric models, and market research and real estate studies. Brian has a background in banking, international development, mining, and tourism, working for Fortune 500 companies, as well as with the U.S. Peace Corps. During his time at Leeds, he has studied various subjects, including: employment, industry composition, small business financing, exports, workforce, affordable housing, commercial real estate, film, education, government incentives, tourism, energy, forecasting methodologies, and others." Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, July 28, 2014 11:47 AM To: Brian R. Lewandowski Subject: Resume do you have a pdf of your bio/resume you can send me? thx! Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 395 Fax: 720-420-1386 Email: kristin@thestarboardgrougcom Web: 395 From: Sent: To: Brian R. Lewandowski Mon 7/28/2014 8:58 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: Resume Kristin- Is this for the introduction? Does he want just REMI projects, info over the past year or during my time at CU, specific industries, etc.? This will help me pull together a good list for him. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, July 28, 2014 2:26 PM To: Brian R. Lewandowski Subject: Re: Resume Yeah saw that on website. Earl wanted more specifics on things you have published. Sent from my iPhone On Jul 28, 2014, at 2:22 PM, "Brian R. Lewandowski" wrote: 397 Kristin- Here is a brief bio: "Brian Lewandowski is a Research Associate at the Business Research Division within the Leeds School of Business, University of Colorado Boulder. He is a Leeds MBA and has worked at CU-Boulder since 2006, working on economic forecasts, econometric models, and market research and real estate studies. Brian has a background in banking, international development, mining, and tourism, working for Fortune 500 companies, as well as with the U.S. Peace Corps. During his time at Leeds, he has studied various subjects, including: employment, industry composition, small business financing, exports, workforce, affordable housing, commercial real estate, film, education, government incentives, tourism, energy, forecasting methodologies, and others." Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, July 28, 2014 11:47 AM To: Brian R. Lewandowski Subject: Resume do you have a pdf of your bio/resume you can send me? thx! 397 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 397 13U$1NESS AESl2Al!CH DIVISION Table of Contents Denver Post "Worst-case scenario study: Frack ban could cost 68,000 Colorado ,jobs: March 26, 2014 Denver Business ,Journal, "University of Colorado study suggests major ,job loss from proposed fracking ban" March 26, 2014 The Coloradoan "Study: Colorado fracking ban would be billion-dollar blow" March 26, 2014 The Colorado Observer "Study: Statewide F'racking Ban Would Cost $12 Billion, 93,000 .fobs By 2040" March 26, 2014 Northern Colorado Business Report "Statewide fracking ban would reduce state GDP by $12 billion" March 26, 2014 KUNC "CU Report Estimates Economic Impact Of Statewide F'racking Ban" March 26, 2014 Denver Post "Worst-case scenario study: Frack ban could cost 68,000 Colorado jobs: March 26, 2014 By Mark Jaffe [)eny"r J>gst A statewide ban on hydraulic fracturing would cost Colorado 68,000 jobs and S8 billion in economic activity over five years, according to an analysis released Wednesday. The economic modeling study by the University of Colorado's Leeds School of Business describes job losses rippling into sectors as disparate as health care and fanning. 1 398 The analysis was conducted on behalf of the \-ietro Denver Economic Development Corp., Denver South Economic Development Parl11ership and the Common Sense Policy Roundtable, a free-enterprise think tank in Highlands Ranch. While five municipalities and Boulder County have adopted fracking bans or moratoriums, there is no statewide ballot initiative to ban fracking. "It is a worst-ease scenario," Metro Denver EDC chief Tom Clark said. "We wanted the public to understand the Since 95 percent of the wells in Colorado arc frackcd, the study assumes that drilling activity would be reduced 95 percent. Fracking, a key step in oil and gas production, pumps millions of gallons of water, sand and trace chemicals down wells to fracture rock in order to release oil and gas. The oil and gas ballot initiatives proposed for the November ballot focus on giving communities control over siting drilling and requiring greater setbacks from homes and bLtildings. or "This is part of an expensive campaign by the industry to scare voters," said Laura Fronckiewicz, a leader in Local Control Colorado, the sponsor of 011':: "This isn't about banning fracking, it is about giving communities the ability to put some controls on development- community by community." The setback initiatives from to four arc proposed - would require wells be drilled anywhere from homes. The state's setback requirement is 500 feet. The CU study, which begm1 when rhere was a possibility of a statewide ban initiative, doesn't reflect the more nuanced proposals, said Brian Lewandowski, author of the Leeds analysis. "When it comes to local control, it is likely that communities that have bendited from development wouldn't ban it and population centers, which might not have oil and gas reserves, would," Lewandowski said. Five counties account for 87 percent of the oil and gas activity in the state. Additional modeling on the economic impacts oflocal control and increased setbacks needs t.o be done, Lewandowski said. "What the study does do is give a profile of the oil and gas industry's role in the state's economy," he said. The mining sector, dominated by oil and gas, made up 3.7 percent of Colorado's gross domestic product in 2012, or about SlO billion. Mark.Jaffe: 303-954-1912, mjaffe@denverpost.com or twitter.com/bymarkja[fe 2 398 Title hearings set for april 2 The Colorado secretary ofstate's Title Board has set April 2 hearings/or 10 related to regulating oil and gas activity in Colorado. Once the board sets the language qf the ballot questions, supporters may begin collecting signatures. Backers will need to collect about 86,000 valid signatures to get any of the measures on the fail ballot. The initiatives up for eonslderation lnclnde: No. 82: Local control of oil and gas development No. 89: Local government regulation of environment No. 90: Local government control of oil and gas development No. 91: Local government control of oil and gas operations No. 92: Local government control of oil and gas development No. 93: Local government control of oil and gas development No. 85: Oil and gas operations, 1,500-foot setback No. 86: Oil and gas operations, 2,000-foot setback No. 87: Oil and gas operations, 2,640-foot setback No. 88: Oil and gas operations, 2,000-foot setback Denver Business .Journal, "University of Colorado study suggests major .iob loss from proposed fracking ban" March 26, 2014 By \feil Westergaard and Heather Draper D,:nvcr Rusi11css Joctrnal Fracking draws the ire of environmental activists, many of whom envision a world without the controversial process. But economists from the University of Colorado (CC) predict job losses of93,000, and Sl2 billion in lost gross domestic product (GDP), if proposed bans on hydraulic: fracturing in Colorado become law, according to a study released Wednesday. In just the first five years of a ban on fracking, the hlss in GDP would be $8 billion and 68,000 fewer jobs, according to the study. 3 398 The implications for local and state governments are huge, too. The study put the losses in tax revenue for local and state governments at S985 million during the period from 2015 and 2040. The study was based on a new dynamic modeling system bdng deployed by economic development agencies to measure the economic impact ofpublie policy changes, such as the proposed ban on fracking. Fracking bans, which have been adopted in a fow communities, would extend such bans to oil and gas fields statewide as part of a proposed citizen initiatives for the November ballot. Hydraulic fracturing, or fracking, pumps a mixture of mostly water and sand and some chemicals deep into layers of shale to extract oil and natural gas. Fracking has been used in the United States for more than 60 years and more than 90 percent of all wells today are fracked. And although previously fracked wells would be allowed to continue operating even under the proposed ban, the gradual tapering off of production would continue to siphon off jobs as the oil and gas fields are depleted, the study said. The smdy also reveals the many indirect economic impacts of a fracking ban, including negative impacts to sectors that supply the energy industry with equipment and benefit from the income of the professionals who work in it. The large impact on jobs is indicative of the far-reaching supply chain in Colorado that provides the industry with goods and services. The ripple effect of fewer jobs and wages resulted in cuts in household spending that hurt sectors ranging from constrnction to retail, the study found. The study, conducted by the Business Researcb Division (BRD) of the Leeds School of Business at CU l3oulder on behalf of a partnership between the Common Sense Policy (Denver Roundtablc (CSPR), the Denver South South EDP) and the Denver EDC}, provides the first major 2014 analysis in The tool was developed by R,;igi9r1gl_Ec:9n9mi~~]\1Q~i§!~Jr19, (REMI) of Amherst, Mas,. The Coloradoan "Study: Colorado fracking ban would be billion-dollar blow" March 26, 2014 By Ryan Maye Handy I!ie Col9rad~lliJ'.\ A ban would cut 93.[(jobs, $985M in annual tax revenue, CU researchers say. 4 398 Colorado could lose billions of dollars of gross domestic product and thousands ofjobs if the state decides to ban the controversial gas-drill.ing technique known as hydraulic fractming, according to a study released Wcdncsday by the Leeds School of Business at the Cnivcrsity of Colorado Boulder. The study's results were sobering for Weld County Commissioner Sean Conway, who is well-acquainted with the county's tax revenue dependence on oil and gas development. But the study underscored his belief that oil and gas money benefits all Coloradans. "It would be devastating, there's just no way aroundit," he said of statewide economic impact.s that could follow a frackiug ban. "I don't think people would have a clue of the ripple effect it would have." Although there is no movement in the Legislature to ban fracking, researchers compiled the study with the expectation that a "statewide ban or moratorirnn may be presented to voters in 2014," the study said. Put together to help lawmakers understand the economic impacts of policy, the study comes after five Colorado communities passed fracking restrictions since 2012. Fort Collins was one of four communities that passed restrictions during the November 2013 election. 1n February, environmental activists from across the state announced their intention to pursue a change to the state's constitl1tio11 that would afford counties and municipalities "local control" over fracking. Supporters must collect more than 86,000 signatures to place their question on the November ballot. The health impacts of fracking outweigh the economic dangers of a Colorado without it, said Gaty Wockner, a Foti Collins-based activist supporting the proposal. "This study 100 percent fails to analyze the societal, economic and cultural costs of continuing to cxtrnet and burn fossil fuels, given that those fuels arc destroying our air, water, property values and global dimate," Wockner wrote in an email. In the 2014 legislative session, there me at least a dozen proposals aimed at restricting oil and gas development, two of which researchers say could have serious economic impacts for cornmunities. The impacts likely would be felt far beyond counties such as Weld, the state's most heavily drilled county, and could impact tax revenue in places like Boulder and Fo1i Collins, said researcher Brian Lewamlowski. The Colorado Observer "Study: Statewide (•'racking Ban Would Cost $12 Billion, 93,000 Jobs By 2040" March 16, 2014 By Valerie Richardson Jhe Colorado Observer 5 398 DENVER -A study released Wednesday frmnd that a statewide ban on hydraulic fracturing would cost SJ 2 billion in lost gross-domestic product, 93,000 fewer jobs and a tax hit of $985 million between 2015 and 2040. The research, conducted by the Leeds School of Business at the University of Colorado Boulder on behalf of local economic-development groups, comes as the first 1m\jor analysis of the impact of proposed anti-fracking initiatives on the state's economy as Colorado voters dig in for a statewide fracking feud. A slew of proposed anti-fracking initiatives aimed at allowing localities to ban fracking arc moving toward the Nov. 4 ballot. Supporters of oil-and-gas development have countered with proposals that would, for example, prevent towns that ban fracking from reaping the economic benefits. While debate rages on whether fracking is hamrfol to the environment -the Environmental Proteetion Agency has yet to find an example of groundwater contamination resulting from fracking ·the study leaves little doubt that a fracking ban would be devastating to the state's economy. Starting in 2015, a fracking prohibition would result in an economic hit of $8 billion and 68,000 fewer jobs in the first five years. "Over the long run (2015-2040), GDP would be lower on average by$ 12 billion (2.6 percent) and employment would be down by 93,000 (2.2 percent) jobs," said a press release accornp • ~ QJ c: ·v; :J c:o -0 c: b F .s:: V> Q) ~ 0 Q) Q) -1-1 0 ~ VI "'C QJ ..c:: -1-1 • c: 11 [!}_ Cl 1111 111 c: 0 ·v; I 1111111 . I Ill II J t I Ill I I 111 m :::J :::J OU 399 .s:: ~ -1-1 · - 0 c: c..P 0 c: L.. 0 '> Cl ~ VI VI QJ c: 'Vi Cl Cl ~ Cl N Cl Cl Cl «:) Cl Cl Cl «i Cl Cl o ... N Cl :J c:o 2014 2015 2016 2017 2018 Beginning Number of Dropouts 12,256 11,756 11,256 10,756 10,256 Single year additional graduates 500 500 500 500 500 Cumulative additional graduates 500 1,000 1,500 2,000 2,500 Ending Number of Dropouts Dropout Rate HS Diploma Weekly Earnings Less than HS Diploma Weekly Earnings Earnings Difference 11,756 2.79% 652 471 181 11,256 2.68% 652 471 181 10,756 2.56% 652 471 181 10,256 2.44% 652 471 181 9,756 2.32% 652 471 181 Difference X 52 Weeks $9,412 $9,412 $9,412 $9,412 $9,412 $10,285 $9,412,000 $10,284,747 $10,593 $14,118,000 $15,889,933 $10,911 $18,824,000 $21,822,175 $11,238 $23,530,000 $28,096,051 Year Inflation-Adj. Difference X 52 Weeks $9,985 Real Potential Annual Earnings Differential $4,706,000 Potential Annual Earnings Differential $4,992,595 Business Research Division • Leeds School of Business • University of Colorado -... 0 0 0 0 0 0 0 0 I'-- f;fl- 399 0 0 0 0 0 0 0 0 • (/) (/) QJ c: 'Vi ::J co 4-- 0 0 0 ..c: u CJ) (/) "'CJ QJ ~ • c: 0 'Vi '> b ..c: ~ LO 0 0 N - ( /) c:: .Q 0 0 ~ c.o ~ 399 f!:P.>- 0 0 ~ f!:P.>- --0 f!:P.>- l'tl QJ (/) ~ (/) (/) QJ c: 'Vi ::J co 2014 2015 2016 2017 2018 $31,440 $32,383 $31,440 $33,355 $31,440 $34,355 $31,440 $35,386 $31,440 $36,448 Single year additional graduates 500 500 500 500 500 Cumulative additional graduates 500 1,000 1,500 2,000 2,500 Single year reduction in inmates 10 10 10 10 10 Cumulative reduction in inmates 10 20 30 40 50 $314,400 $323,832 $628,800 $667,094 $943,200 $1,030,660 $1,257,600 $1,415,440 $1,572,000 $1,822,379 Year Cost Per Inmate Inflation-Adjusted 3-Credit Course Real Potential Annual Corrections Diff. Potential Annual Corrections Diff. Business Research Division • Leeds School of Business • University of Colorado i 0 0 0 0 o_ o_ q o_ 0 0 0 N 0 0 0 0 0 0 <.O 0 0 0 0 0 o_ ~ I ~ ~ I 0 0 ~ I 0 0 c:o ~ I 0 0 o_ o_ 0 0 o_ N 0 ~ ~ ~ ~ I 399 0 0 I • • • • • • 40o/o of Colorado high school students needed remedial courses - 9,862 students Sixty-six (66°/o) of students enrolled in a two-year college and 24 % of students at a four-year institution needed remediation. Most students required remediation in math (51°/o), followed by writing (31°/o) and reading (18°/o). More than a third of students needing math remediation were assigned to the lowest level course. Most students needing remediation in reading and writing needed only a single semester of remedial help before being ready for college work. For 2011-12, the estimated total cost of remedial instruction is $58.4 million Source: Colorado Department of Higher Education's 2012 Legislative Report on Remedial Education Business Research Division • Leeds School of Business • University of Colorado Units Thousands (Jobs) ____________ ---------~---~-----------J!_~rE_~fl_!<;t_g_~__f_~~f1_9e _ Years Years Years Years 1-5 6-10 11-15 16-20 0.5 0.0 1.3 0.0 2.0 0.0 2.2 0.0 Private Non-Farm Employment Thousands (Jobs) 0.4 ________________ __p_~~~~r_1_tag__~_f_f_1.CJ_r_1_g_~_ __________________________________ o._o Gross Domestic Product ,____ --------------------------------------------»~,,, _ Personal Income Millions of Fixed (2012) Dollars _ ,,,,,,,,, ,,,~,,-~,~-- 1.1 ___ Millions of Fixed (2012) Dollars Real Disposable Personal Income Millions of Fixed (2012) Dollars 101.3 1.8 482.7 0.1____ __________ , 41.7 0.0 117.6 0.0 197.2 0.0 33.6 0.0 93.8 0.0 157.3 188.4 0.0 ------------------ --------------------------~ Thousands Percentage Change 1.7 ______O._Q ____o:9 __ 282.9 ______f_ercentqg_e ChqfJ.g_e____ ______________________________ p.Q___ _____ 0.1 ___________________________ ·············-- ____ Perc~fJ.tage f__b_gf},g_~ Population ___ , , _ , , 0.2 0.0 ------------~----- 0.6 0.0 Business Research Division • Leeds School of Business • University of Colorado 1.0 0.0 234.8 0.0 1.1 0.0 SCENARIO 2: INCREASED GRADUATION RATE State Rankings Colorado- 74°/o (Ranked 37th) Graduation Rate 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Source: U.S. Department of Education. State Business Research Division • Leeds School of Business • University of Colorado 399 Graduation Rates Busisess Reseai'ch Division 0 Leeds Scheoi sf Business - University of Ceisrado 0 '"O ~ 0 8 0 ~ ·~ .~ c: :::> • ~ (]) c: 'Vi :J -0 co c: 0 ~F .s:::. u 0 0 Q) -1-1 (./) Vl '"O (]) Q) ~ ~£ • c: 0 'Vi '> c: 01 0 c: b .s:::. ·-1-1 ·:::J ~ m ro c: ~ ~ c: :::J ·-1-1 -0 ro c: 1- 0 l!JU 399 (]) 'Vi :J co Cl en Cl co Cl -1--' ~ tJ Q) en.: Q) c: 0 ·0 CJ) I -1--' l!) Q) Q) en co ::J Q) 1:::J =0 u 399 co L. l!) Cate o Total Units Years 1-5 Thousands (Jobs) Years 6-10 Years 11-15 Years 16-20 2.7 2.5 2.4 465.2 0.1 462.9 0.1 Gross Domestic Millions of Fixed (2012) Dollars Product __ ~--~~~~~Pc;rcentage Change 201.9 0.1 458.9 0.1 Personal Income Millions of Fixed (2012) Dollars 103.9 0.0 254.3 0.1 272.8 0.1 282.0 0.1 Real Disposable Personal Income Millions of Fixed (2012) Dollars 83.3 0.0 200.9 0.1 215.7 0.1 226.2 0.1 Population Thousands Percentage Change 0.6 0.0 2.1 0.0 3.2 0.0 3.6 0.1 "'"'"'"",2"2"&"",282"&"",282"&""-= -------= -- Business Research Division • Leeds School of Business • University of Colorado mtmemm UHZOZOUM Net Economic Benefits of Taxes, Spending, & Graduation Matriculation Rates Cate o Total Employment Private Non-Farm Emp. Gross Domestic Product Personal Income Real Disposable Personal Income Po u!ation Units Thousands (Jobs) Thousands (Jobs) Millions of Fixed (2012) Dollars Millions of Fixed (2012} Dollars Millions of Fixed (2012) Dollars Thousands Years Years Years Years 1-5 12.7 -4.8 162.6 302.8 -899.6 -4.7 6-10 10.0 -7.0 358.5 373.2 -1,072.4 -13.3 11-15 7.6 -8.8 358.4 323.9 -1,321.3 -21.1 16-20 3.9 -11.5 63.6 64.8 -1,734.0 -29.5 Business Research Division • Leeds School of Business • University of Colorado mmqu Individual and Corporate Flat Income Tax • 5% Flat Tax • 5.3°/o Flat Tax • 5.6°/o Flat Tax Sales Tax • 3.9°/o Sales Tax Other Potential Sources • Ecommerce • Severance • Property Business Research Division • Leeds School of Business • University of Colorado 0 "O ~ 0 0 u \.!... 0 c ·~ .~ c: ::> • V'l V'l QJ c: 'Vi => co \.!... 0 0 0 .c u CJ) V'l "O QJ ~ • c: 0 'Vi '> b .c ~ l'tl QJ V'l ~ C> C> C> C> C> C> C> C> C> C> C> C> C> N Col>- It) C> 'II('- 'II('- Col>- Col>- Q 399 - c::>"' C> C> C> C> C> C> - Q C> C> C> C> C> C> Q It) Col>- C> Col>- V'l V'l QJ c: 'Vi => co Tax Rate 8.0% 7.0% 6.0% 5.0% 4.0% 2.0% 1.0% 0.0% AKDEMTNHORCOALGA HI LANYSDWYMOOKNCMENDVA WI NM NE OH UT AR FL ID IA KYMD Ml PASC VTWVDC IL MA TX KS CTWAAZNVMN IN MSNJ RI TNCA Source: Tax Foundation. State Business Research Division • Leeds School of Business • University of Colorado Tax Rate 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% DEMTORNHAK HI VAMEWYWI SDMD Ml KYDC ID WVVTMAPACT ND FL UT NEOH IA NC NJGAMS IN RI SCMNNMCOMONV IL TX KSCAALNYAROKWALAAZTN Source: Tax Foundation State Business Research Division • Leeds School of Business • University of Colorado State Rank of the Ratio of Total State and Local Property Taxes to Personal Income, 2011 Rate 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Source: U.S. Census Bureau and Bureau of Economic Analysis. Calculations by BRD Staff. Business Research Division • Leeds School of Business • University of Colorado State Rank of the Ratio of Total State and Local Sales, Property, and Income Taxes to Personal Income, 2011 Rate 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% State Source: U.S. Census Bureau and Bureau of Economic Analysis. Calculations by BRO Staff. Business Research Division • Leeds School of Business • University of Colorado Mi 8 as 399 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Sat 11/15/2014 1:47 PM (GMT-00:00) Kristin Strohm; Josh Penry RE: Intro Hi Josh. Pleased to meet you! I am looking forward to chatting about some ideas for your client. Feel free to contact me at the number below. Thanks, Brian Brian Lewandowski Associate Director I Business Research Division Leeds School of Business University of Colorado Boulder Direct: (303) 492-3307 I http://leeds.colorado.edu/brd 420 UCB I Boulder, CO 80309 -----Original Message----From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Saturday, November 15, 2014 6:45 AM To: Brian R. Lewandowski; Josh Penry Subject: Intro Brian, please meet my husband, Josh Penry. He wanted an intro for a potential project for one of his clients. Kristin Sent from my iPhone 402 Document Privileged in its Entirety 406 C.R.S. va m7) ?th 407 ... r D D ll II II • -4J:111i --1.91. -1,;'911i·ll:111i- .1~ 1A'li Iii 4. - 2ft 71. · Source: Bureau of Labor Statistics, Seasonally Adjusted. Business Research Division• Leeds School of Business• University of Colorado Percent 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% 0 5 10 15 20 25 30 35 40 45 50 Number of Months Since Peak Source: Bureau of Labor Statistics (Seasonally Adjusted). 55 60 65 70 75 80 85 Percent 30.0 ~---------------------------~ 24.0 -+---------------------------~----! 18.0 +-----------------------------~--------1 12.0 -r---------------~~---,~---,-----~-~------, 6.0 +--~;;:--------------------:;,______ 0.0 -6.0 -------- _::.::!~-~---~~~ _,__,______,_ _ _ _ _ ,~_.,,.,"~'~""~----------------1 -12.0 +-----------~-----------#>""----------------------------------------------------------------------! -18.0 ~---~:r- -24.0 ~---------------------------~ 2008 2009 2010 2011 2012 Number of Months Since Colorado Peak 2013 Source: Bureau of Labor Statistics (Seasonally Adjusted). Business Research Division• Leeds School of Business• University of Colorado 2014 2015 March 2015 Employment Growth 1 Year YoY Change by MSA (SA} Unemployment Rate By MSA- February 2015 (NSA} State 2.8% % Growth State 4. 7% (NSA) % Growth Greeley Greeley Denver-AuroraBroomfield Denver-AuroraBroomfield Pueblo Pueblo Fort CollinsLoveland Fort CollinsLoveland Colorado Springs Colorado Springs Boulder Boulder Grand Junction Grand Junction 0% 2% 4% 6% 8% 0% 2% Source: Bureau of Labor Statistics. Business Research Division• Leeds School of Business• University of Colorado 4% 6% 8% Federal Housing Finance Agency Home Prices by MSA Q4 2013- Q4 2014 Federal Housing Finance Agency Home Prices by MSA CAGR Q4 2009 - Q4 2014 Greeley Greeley Denver-Aurora-Lakewood Denver-Aurora-Lakewood Boulder Boulder Fort Collins Fort Collins Pueblo Pueblo Colorado Springs Colorado Springs Grand Junction Grand Junction -1.0 1.0 3.0 5.0 7.0 9.0 11.0 Percent -3.0 ·2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 Percent Source: Federal Housing Finance Agency, All Transactions Indexes. Business Research Division• Leeds School of Business• University of Colorado Barrels 100,000,000 - , . . - - - - - - - - - - - - - - - - - - - - - - - - - --.-M---. 93 9 90,000,000 80 ,000, 000 ~---·------···-··~----·------·-··-·-··---------··------------------·······----·----·-~·---·········----------------------------·-------·-----LM:.ILl V> fii' V> ([) OJ Ci ::J"' 0 <' iii' o· :::l • h)" ([) 0. V> l/) (") ::J"' 0 Q. 0 -h c:o c !:!?. :::l ([) V> V> • c :::l <6' iil !:i 0 -h n 0 0 @ 0. 0 Cl> 0 c"'I ~ ~ 1991 !:s 1992 ~ 1993 3 8.0 1994 : 1995 ~. 1996 DI g.:s 1997 ~ 1998 ~ 1999 c t.:s 2000 ~ 2001 2002 Cl> 2003 "O ,,2 2004 g' 2005 2006 ... g' 2007 ~ 2008 ~ 2009 ~ 2010 ~-· 2011 g. 2012 !!' Q 2013 sn 2014 2015 "'I i g $16,000 •Carben Dioxitle -•NaturalGas ..... •Crude Gil $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 2004 2006 2008 2010 2012 2014a Source: Colorado Geological Survey Mineral and Minerals Fuel Activity Reports, Colorado Oil and Gas Conservation Commission, Business Research Division• Leeds School of Business• University of Colorado 12-Month Sum, Millions $350 ~-----------------------~ $300 $200 $150 $100 $50 $0 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Colorado Department of Revenue. Business Research Division• Leeds School of Business• University of Colorado 2014 2015 Setbacks Price • • • • • • • Restricts production (Quantity) Predictable Increases production costs Impacts price Lagging impact on production Expectations Removes projects on the margin Local Control • • Restricts production Uncertainty Business Research Division• Leeds School of Business• University of Colorado ?g .13 mm gm mmw?pmmw?aw WA 407 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 40.5% 26.7% 17.6% 13.8% 11.7% 10.3% 9.5% 8.8% 8.4% 8.0% 7.7% 7.5% 7.3% 7.1% 7.0% 6.9% 6.9% 13.9% 13.5% 10.9% 9.7% 9.0% 8.6% 8.3% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% Business Research Division• Leeds School of Business• University of Colorado Percent Change 4.0% Baseline 3.5% Slower 3.0°/o 2.5%, 2.0o/o -1.1% ----- - 1.5°/o 1.0% 0.5% 0.0% 2015 2016 Business Research Division• Leeds School of Business• University of Colorado 2017 Percent Change 8.0% Baseline 7.0% Slower Rebound -1.1% -1.7% 4.0o/o 2.0% 1.0% o.0°1o 2015 2016 Business Research Division• Leeds School of Business• University of Colorado 2017 • Baker-Hughes rig count • Drilling permits • Total employment and Mining and Logging Employment • Oil and gas industry employment • WTI oil daily spot prices and Henry Hub daily natural gas spot prices • WTI and Henry Hub futures contracts • Severance taxes • Office vacancy rates • Weekly unemployment claims • Housing data Business Research Division• Leeds School of Business• University of Colorado From: Brian R. Lewandowski Sent: Fri 11/14/2014 9:46 PM (GMT-00:00) To: Angela C. Roberts; Tim Pollard (trpollard@eissolutions.com) Cc: Kristin Strohm (kristin@thestarboardgroup.com) Bee: Subject: RE: Meeting w/Tom Petrie I am available at this time. Thanks, Brian From: Angela C. Roberts [mailto:ACRobcrts@amgnational.com] Sent: Friday, November 14, 2014 2:43 PM To: Brian R. Lewandowski; Tim Pollard (trpollard@eissolutions.com) Cc: Kristin Strohm (kristin@thestarboardgroup.com) Subject: Meeting w/Tom Petrie importance: High Good Afternoon Brian & Tim, Would you be available on Monday, November 171h around 11 :30/12 for a quick call with Earl to prepare for your afternoon meeting with Mr. Petrie? Thank you, 409 GSO:l- E. 13~Ave,., S~400 E"'{J~,CO 80:1-:1-:1- 303-48G-:i.4o:i. o~ 720-3G:l--74GO M~ NOTE: If you are not the intended recipient of this e-mail and any attachments ("communication"), please immediately destroy it. You may not retain or use this communication. Any such action may be unlawful. AMG National Trust Bank reserves the right to monitor and review all messages and enclosures sent to or from this e-mail address. TRADING DISCLOSURE: AMG National Trust Bank does not accept trade requests via email If you wish to place a trade, please contact your financial advisor. 409 From: Sent: To: Brian R. Lewandowski Tue 8/05/2014 2:09 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: POTENTIAL SPAM: Time to talk today on Fracking? Yes. I have the new numbers (even though it may be irrelevant). I am finishing updating and editing the new report and will circulate today. I can late this afternoon. Preferences? Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, August 5, 2014 8:04 AM To: Brian R. Lewandowski; Tim Pollard Subject: POTENTIAL SPAM: Time to talk today on Fracking? Let us know what time works? Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com 411 Web: 411 412 412 412 From: Sent: To: Brian R. Lewandowski Tue 8/05/2014 2:13 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: POTENTIAL SPAM: Time to talk today on Fracking? If that is the case I can talk anytime this morning. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, August 5, 2014 8:13 AM To: Brian R. Lewandowski Cc: Tim Pollard Subject: Re: POTENTIAL SPAM: Time to talk today on Fracking? Don't waste time on it. We won't be moving forward. We need to talk. What time? On Aug 5, 2014, at 8:09 AM, "Brian R. Lewandowski" wrote: Yes. I have the new numbers (even though it may be irrelevant). I am finishing updating and editing the new report and will circulate today. I can late this afternoon. Preferences? Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, August 5, 2014 8:04 AM To: Brian R. Lewandowski; Tim Pollard Subject: POTENTIAL SPAM: Time to talk today on Fracking? 413 Let us know what time works? lI Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 413 ING MORATORIUM RACT IJJ s. U) <1 LL. 0 El. HYDRAULIC 415 415 .... .... en • Voter approved ban - • • Longmont Voter approved moratoriums - Boulder - Broomfield - Fort Collins - Lafayette Statewide (anticipated) - Local Control - Setbacks • 1,500' • 2,000' • 2,640' Business Research Division • Leeds School of Business • University of Colorado .... .... en A statewide moratorium on hydraulic fracturing would result in economic drag on the Colorado economy. Business Research Division • Leeds School of Business • University of Colorado 3585 m5 .... .... en Colorado Energy Production By Source Colorado Energy Production By Source (Trillion Btu) 3,000 Colorado's Energy Rank 2,750 2,500 2,250 2,000 1,750 1,500 1,250 1,000 750 500 250 0 1980 1984 1988 1992 1996 2000 2004 2008 Source: U.S. Energy Information Administration. Business Research Division • Leeds School of Business • University of Colorado .... .... en Mining GDP, Employment, and Wages Share of Colorado Economy, 2012 GDP Total Wages Colorado GDP Per Employee: $85,639 Mining GDP Per Employee: $182,105 Colorado Average Annual Pay: $50,559 Mining Average Annual Pay: $108,004 Source: Bureau of Labor Statistics, CES (NSA), and Bureau of Economic Analysis. Business Research Division • Leeds School of Business • University of Colorado Employment .... .... en Management of Companies & Enterprises Mining Professional & Technical Services Information Financial Activities Manufacturing Trade, Transportation, & Utilities Construction Real Estate Health Care Education Administrative & Waste Services Other Services Arts & Entertainment Agriculture Accommodation & Food Services $0 $40,000 $80,000 Sources: Bureau of Labor Statistics and Colorado Department of Labor and Employment. Business Research Division • Leeds School of Business • University of Colorado $120,000 $160,000 415 c: .2 -l.... .... en Employment Index Colorado Mining vs. Colorado Total January 2000 = 100 260 ~-----·--···-·-····---~~~----------··--··-·-·-···--···---··--·--·-·-~·-·---~~~~~~~ 240 -1-~~~~~~--------·········--···-·····-~---·-····---~---~~~------····-·----------·---------< 220 ~--~~-~~~--~···--·-···---~····-············-··-----··---------·--·······+~----·-··-------··--········-·····----·-·············---; 200 180 160 140 --~~~~~~~~--~~~~~~~~~--~~~--·-----4 120 -+--~~~~~~~~~~~~~~~~~~~~~~~---i 100 ~~~::::::::::::::::::~~~:::::::====::::::~:::~~::::::=======l 80 -----.-~-.-~-,----.-~-,--~-.---r-~-r-----,~-,-~--.-----.-~---,--~~ 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Bureau of Labor Statistics, CES {SA). Business Research Division • Leeds School of Business • University of Colorado .... .... en Colorado vs. Mining Employment Months to Recovery Percent 12.0 9.0 6.0 3.0 0.0 -3.0 -6.0 -9.0 -12.0 -r----r~----------------------~~------=-~;;::::::;;~~----1 -t--~~F---1r---~~~~~-~~-~~-~----~~---~-----~-~~---i 4----~~~~~~-~~~~~~~~-----~---------~~~~~~ -15.0 - - - · -18.0 -21.0 -24.0 ~-------------------------~ 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 Number of Months Since Colorado Peak Source: Bureau of Labor Statistics (Seasonally Adjusted). Business Research Division • Leeds School of Business • University of Colorado .... .... en The Top 10 vs. The Bottom 10 States Jobs Added in 2014 and 2015 Forecast 2014 2015 North Dakota Arizona Texas Texas Nevada Colorado Arizona Florida South Carolina Colorado Mississippi Montana New Mexico Virginia Maine Maine Illinois New Mexico 0.0% Louisiana 1.0% 2.0% 3.0% 4.0% 0.0% 1.0% Source: Moody's Economy.com Business Research Division • Leeds School of Business • University of Colorado 2.0% 3.0% 4.0% .... .... en February 2014 Employment Growth 1 Year Avg. YoY by MSA (SA) % Growth February 2014 Employment Growth 5 Year CAGR by MSA (SA) % Growth Greeley Greeley Fort Collins • Loveland Fort Collins • Loveland Denver-Aurora· Broomfield Denver-Aurora-Broomfield Boulder Boulder Pueblo Pueblo Grand Junction Grand Junction Colorado Springs Colorado Springs 0% 1% 2% 3% 4% 5% 6% -2% -1% 0% 1% 2% 3% Source: Bureau of Labor Statistics. Business Research Division • Leeds School of Business • University of Colorado corusuoi ?6 415 415 .... .... en Severance Tax Revenue Oil and Gas 12-Month Rolling Sum, in thousands $350,000 ~------------------------~ $300,000 -+-----~~"""-----------------------4 $200,000 $150,000 ---------- -+------ $100,000 $50,000 $0 2005 2006 2007 2008 2009 2010 2011 Source: Colorado Department of Revenue. Business Research Division • Leeds School of Business • University of Colorado 2012 2013 2014 .... .... en Oil and Gas Industry Direct Employment and Wages Extraction 12,579 $1,677.2 Drilling Wells 2,737 $236.4 Support Activities 12,920 $1,044.4 Oil and gas pipeline and related structures construction 2,854 $185.7 805 $88.6 Pipeline transportation Business Research Division • Leeds School of Business • University of Colorado .... .... en Oil and Gas Industry Direct Employment and Wages Drilling 2,737 $236.4 Extraction and Support Activities 25,499 $2,721.6 Petroleum Refineries 513 $65.7 Transportation 805 $88.6 Gasoline Stations 12,578 $258.2 All Other 5,662 $369.8 Business Research Division • Leeds School of Business • University of Colorado 52.5 NIH 1m Wm aw .?mmw 415 .... .... en 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 40.5% 26.7% 17.6% 13.8% 11.7% 10.3% 9.5% 8.8% 8.4% 8.0% 7.7% 7.5% 7.3% 7.1% 7.0% 6.9% 6.9% 13.9% 13.5% 10.9% 9.7% 9.0% 8.6% 8.3% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% Business Research Division • Leeds School of Business • University of Colorado .... .... en Category Total Employment Private Non-Farm Employment Output Gross Domestic Product Personal Income Real Disposable Personal Income Units Average Difference from Baseline Scenario Year Year Year Year Years Year 1-5 6-10 Jobs {Thousands) Change from Baseline Jobs (Thousands) Change from Baseline Dollars (Billions)b Change from Baseline Dollars (Billions)b Change from Baseline Dollars (Billions)b Chan_g_e from Baseline Dollars (Billions)b -68 -1.9% -62 -1.9% -13 -2.1% -8 -2.3% -5 -1.6% -4 -113 -2.8% -102 -2.9% -22 -3.1% -14 -3.4% -9 -2.7% -7 Change from Baseline -1.5% -2.4% 11-15 -118 -2.8% -107 -2.9% -24 -3.0% -15 -3.2% -10 -2.7% -8 -2.4% 16-20 21-25 2015-2040a -95 -2.2% -86 -2.2% -20 -2.2% -13 -2.4% -9 -2.2% -7 -73 -1.6% -67 -1.6% -16 -1.6% -10 -1.7% -8 -1.7% -7 -93 -2.2% -84 -2.3% -19 -2.4% -12 -2.6% -8 -2.2% -7 -2.0% -1.5% -2.0% bDollars are fixed (2012) dollars. Business Research Division • Leeds School of Business • University of Colorado Mi 8 as 415 From: Sent: To: Brian R. Lewandowski Tue 8/05/2014 4:14 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: FYI Sounds good. From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, August 5, 2014 10:11 AM To: Brian R. Lewandowski Subject: FYI Talked to a few conm1ittee members, they want to finish the study. They think that it will be used by this commission moving forward. Once you send a draft, I'll review and then send to the committee. Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 416 Fax: 720-420-1386 Email: kristin@thestarboardgrougcom Web: 416 From: Sent: To: Brian R. Lewandowski Fri 10/31/2014 4:03 PM (GMT-00:00) Kristin Strohm; Tim Pollard Cc: Bee: Subject: RE: Meeting with Earl and Tom Petrie Kristin- I can attend. Tom is speaking on a panel at our Economic Outlook Forum in December 3th that is being moderated by John Tobin. I have not met Tom, and I look forward to the meeting! Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, October 31, 2014 9:28 AM To: Brian R. Lewandowski; Tim Pollard Subject: Meeting with Earl and Tom Petrie Brian, Can you attend a meeting with Earl, Tom and Tim on Monday, Nov 17th at l :30PM at Tom's office? The address is: Petrie Partners 419 1700 Lincoln Street, Suite 3900 Denver, 80203 Tom analyzes energy revenue and has been involved in the energy business for a long time. Earl thought he could be helpful to discuss the severance tax issue with. Let me know. Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 419 From: Sent: To: Cc: Kristin Strohm Wed 5/21/2014 8:17 PM (GMT-00:00) Tom Clark; Pam Reichert; Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Richard Wobbekind; Keith E Maskus Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org; Bee: Subject: REM! Oversight Committee Call Tomorrow Attachments: 5000 Jobs Analysis 052014.pdf; REM! Balanced Budget 050114.pdf; REM! Oversight Committee Meeting Agenda 5_22.pdf Oversight Committee Members, Attached please find the meeting agenda for our call tomorrow at l OAM and supplemental documents. Please let me know if you have any questions. Here is the call-in information: Call-in number: Access code: Thanks, Kristin On Tue, May 13, 2014 at 2:14 PM, Kristin Strohm wrote: AllThe date that worked for the majority of the group is Thursdav, May 22 at lOAM. l have also attached Brian's fiscal cliff/balanced budget study proposal for our review on the call. Here is the call-in information: Call-in number: Access code: Thanks, Kristin On Mon, May 12, 2014 at 7:29 AM, Kristin Strohm wrote: RE Ml Oversight Committee Members, We need to schedule a call or in-person meeting in the next 10 days to discuss a few items: 422 Please respond directly to me with your top two choices from the below dates/times and whether you could meet in-person by COB today. Monday, May 19th- 8AM Monday, May 19th- lPM Tuesday, May 20th- 9AM Thursday, May 22nd- lOAM Thanks! Kristin ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group d/C;ei&/in cfli"'°'£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 422 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com 422 IMPACT OF ADDING 5,000 JOBS IN COLORADO of Job Growth for Select Industries in Colorado Conducted by: Brian Lewandowski Richard Wobbekind Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309-0420 Telephone: 303.492.3307 leeds.colorado.edu/brd May 2014 447 Business Research Division The Business Research Division (BRO) of the Leeds School of Business at the University of Colorado Boulder has been serving Colorado since 1915. The BRO conducts economic impact studies and customized research projects that assist companies, associations, nonprofits, and government agencies with making informed business and policy decisions. Among the information offered to the public ore the annual Colorado Business Economic Outlook Forumnaw in its 49th year-which provides a forecast of the state's economy by sector, and the quarterly Leeds Business Confidence Index, which gauges Colorado business leaders' opinions about the national and state economies and how their industry will perform in the upcoming quarter. The Colorado Business Review is a quarterly publication that offers decision makers industry-focused analysis and information as it relates to the Colorado economy. BRO researchers collaborate with faculty researchers on projects, and graduate and undergraduate student assistants, who provide research assistance and gain valuable hands-on experience. Visit us at: Business Research Division • Leeds School of Business• University ot Colorado Boulder 447 Page ii SUMMARY Firms have a ripple effect in the economy when they buy goods and services from other firms and when employees spend their earnings. This is often termed the multiplier effect. The difference in magnitude of the multiplier effect depends on a few variables-importantly, the availability of a local supply chain, the level of wages, and access to productive labor. This brief summarizes the employment multiplier effect in 2014 of adding jobs in six industries using the REMI Tax-Pl model: 5,000 professional, scientific, and technical jobs; 5,000 oil and gas extraction jobs; 5,000 state government jobs; 5,000 computer and electronic product manufacturing jobs; 5,000 general jobs; and 5,000 retail trade jobs spread across all sectors of the economy. These scenarios assume a change from a baseline economic forecast. Growth of 5,000 jobs in ail and gas extraction and in computer and electronic product manufacturing would represent large growth an a small base of total sector employment in 2014, while growth of 5,000 jabs in state government; in retail trade; in professional, scientific, and technical services; and in all private nanfarm employment would represent relatively small growth on a large base of sector employment. When new jobs are created, the impact is felt on the area's economy and demographics. The demand for new jabs is either met by the existing labor farce, new entrants to the labor force from the existing population, or by migration into the area. A shortage of workers leads to upward pressure on wages. High-wage industries have a greater impact on the economy as employees spend their earnings on local consumption items (e.g., house, vehicles, food, entertainment, services, etc.). As a company or industry grows, it demands goads and services from other industries. The broader impact of these supply chain purchases depends an the extent that local industries can satisfy additional demand versus haw much needs to be purchased from outside the region. When 5,000 additional ail and gas extraction jabs are added ta the economy in 2014, the total impact on Colorado employment is an estimated 19,048 supported jabs, including intermediate demand, local consumption, government demand, and investment activity. Oil and gas extraction is one of the highest paying industries in the state, with average annual earnings totaling an estimated $108,000 per worker. Additionally, with this level of direct growth, the industry is expected ta induce high levels of investment activity in capital goods. Growth in the computer and electronic product manufacturing sector, with average wages of $119,000, leads ta employment growth of similar magnitude, having a total employment impact of 20,588 jabs in Colorado in 2014. MULTIPLIER EFFECT OF 5,000 NEW OIL AND GAS EXTRACTION JOBS Business Research Division • Leeds School of Business• University of Colorado Boulder 447 Page 1 In contrast, adding 5,000 jobs in the retail trade sector and in state government have lower multiplier effects on employment. Both induce smaller impacts from capital investment activity and smaller impacts from intermediate demand. The average earnings for the retail sector is $32,721in2014 and for state and local government, $58,851. MULTIPLIER EFFECT OF 5,000 NEW STATE GOVERNMENT JOBS Investment Activity Employment: The employment needed ta satisfy demand for capital goods. Government Demand Employment: The employment needed ta satisfy demand for goods and services by governrmmt expenditures. local Consumption Demand Employment: The employment needed to satisfy demand for consumer goods. Intermediate Demand Employment: The employment needed to satisfy demand for material inputs to the production of final goods. Source: REMI. SUMMARY OF IMPACTS BY INDUSTRY Direct Employment Intermediate Demand Employment Local Consumption Demand Employment Government Demand Employment Investment Activity Demand Employment 5,000 5,000 5,000 5,000 877 1,138 47 1,451 1,913 2,275 2,790 3,978 3,849 30 338 89 153 230 263 282 505 1,001 3,387 1,366 Total .?!~~- ~~:!. -~-·-,..~,.,.~,.,-~.--~-~""'"-"""'"'""'~~'"~"'~"'"'"~~--.,··~·~'""'~'"" ,10,66~ ........ . .!.3.!?.! wrote: Not available for any of these dates Sent from my Galaxy S®Tff -------- Original message -------From: Kristin Strohm Date:05/12/2014 7:29 AM (GMT-07:00) To: Tom Clark ,Pam Reichert ,Earl Wright ,"T. Scott Martin" ,Buz Koelbel ,Mike Fitzgerald ,Steve Klausing ,Richard Wobbekind ,Keith E Maskus Cc: "Angela C. Roberts" ,Tim Pollard ,"Hannah@denversouthedp.org Heavrin" ,Ruth Hartshorn ,"Brian R.Lewandowski",amanda.melroy@metrodenver.org,"" Subject: REMI Oversight Committee- Meeting To Be Scheduled REMI Oversight Committee Members, We need to schedule a call or in-person meeting in the next 10 days to discuss a few items: Please respond directly to me with your top two choices from the below dates/times and whether you could meet in-person by COB today. Monday, May 19th- SAM Monday, May 19th- 1PM Tuesday, May 20th- 9AM Thursday, May 22nd- lOAM Thanks! Kristin 424 A ~ starboard Group (;;t/(;e&tv"' c;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 424 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Tue 10/07/2014 4:26 AM (GMT-00:00) Zachary C. Cikanek Marcus Koblitz (koblitzm@api.org); Richard Wobbekind RE: Colorado oil and natural gas study Hi Zach and MarcusThanks for the email this morning, and the phone calls. I was in work meetings all day today. I am available for a phone call tomorrow (Tuesday) afternoon after 1:30 mountain time. I am available Wednesday any time before noon mountain time. When are you planning on releasing the study? Thanks, Brian From: Zachary C. Cikanek [mailto:CikanekZ@api.org] Sent: Monday, October 6, 2014 9:13 AM To: Brian R. Lewandowski Subject: Colorado oil and natural gas study Mr. Lewandowski, I work in the media relations office at API in Washington. In preparation for the release of your new study on the county-level impact of Colorado's oil and natural gas sector, I was hoping that you might be available around 1pm (Eastern)/11am (MDT) for a brief phone conversation with myself and one of our team members in Colorado. If not, is there another time today that might work for you? Regards, Zach Zachary Cikanek American Petroleum Institute 1220 L Street NW Washington, DC 20005 202.682.8069 (desk) 202.682.8114 (office) cikanekz@api.org 426 ING MORATORIUM RACT IJJ s. U) <1 LL. 0 El. HYDRAULIC 428 428 • Voter approved ban - • • Longmont Voter approved moratoriums - Boulder - Broomfield - Fort Collins - Lafayette Statewide (anticipated) - Local Control - Setbacks • 1,500' • 2,000' • 2,640' Business Research Division • Leeds School of Business • University of Colorado A statewide moratorium on hydraulic fracturing would result in economic drag on the Colorado economy. Business Research Division • Leeds School of Business • University of Colorado 3585 m5 Colorado Energy Production By Source Colorado Energy Production By Source (Trillion Btu) 3,000 Colorado's Energy Rank 2,750 2,500 2,250 2,000 1,750 1,500 1,250 1,000 750 500 250 0 1980 1984 1988 1992 1996 2000 2004 2008 Source: U.S. Energy Information Administration. Business Research Division • Leeds School of Business • University of Colorado Mining GDP, Employment, and Wages Share of Colorado Economy, 2012 GDP Total Wages Colorado GDP Per Employee: $85,639 Mining GDP Per Employee: $182,105 Colorado Average Annual Pay: $50,559 Mining Average Annual Pay: $108,004 Source: Bureau of Labor Statistics, CES (NSA), and Bureau of Economic Analysis. Business Research Division • Leeds School of Business • University of Colorado Employment Management of Companies & Enterprises Mining Professional & Technical Services Information Financial Activities Manufacturing Trade, Transportation, & Utilities Construction Real Estate Health Care Education Administrative & Waste Services Other Services Arts & Entertainment Agriculture Accommodation & Food Services $0 $40,000 $80,000 Sources: Bureau of Labor Statistics and Colorado Department of Labor and Employment. Business Research Division • Leeds School of Business • University of Colorado $120,000 $160,000 428 c: .2 -lEmployment Index Colorado Mining vs. Colorado Total January 2000 = 100 260 ~-----·--···-·-····---~~~----------··--··-·-·-···--···---··--·--·-·-~·-·---~~~~~~~ 240 -1-~~~~~~--------·········--···-·····-~---·-····---~---~~~------····-·----------·---------< 220 ~--~~-~~~--~···--·-···---~····-············-··-----··---------·--·······+~----·-··-------··--········-······-···················---; 200 180 160 140 --~~~~~~~~--~~~~~~~~~--~~~--·-----4 120 -+--~~~~~~~~~~~~~~~~~~~~~~~--i 100 ~~~::::::::::::::::::~~~:::::::====::::::~:::~~::::::=======l 80 -----.-~-.-~-,----.-~-,--~-.---r-~-r-----,~-,-~--.-----.-~---,--~~ 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Bureau of Labor Statistics, CES {SA). Business Research Division • Leeds School of Business • University of Colorado Colorado vs. Mining Employment Months to Recovery Percent 12.0 9.0 6.0 3.0 0.0 -3.0 -6.0 -9.0 -12.0 -r----r~----------------------~~------=-~;;::::::;;~~----1 -t-~~F---1r---~~~~~-~~-~~-~----~~---~-----~-~~---i 4----~~~~~~-~~~~~~~~-----~---------~~~~~~ -15.0 - - - · -18.0 -21.0 -24.0 ~-------------------------~ 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 Number of Months Since Colorado Peak Source: Bureau of Labor Statistics (Seasonally Adjusted). Business Research Division • Leeds School of Business • University of Colorado The Top 10 vs. The Bottom 10 States Jobs Added in 2014 and 2015 Forecast 2014 2015 North Dakota Arizona Texas Texas Nevada Colorado Arizona Florida South Carolina Colorado Mississippi Montana New Mexico Virginia Maine Maine Illinois New Mexico 0.0% Louisiana 1.0% 2.0% 3.0% 4.0% 0.0% 1.0% Source: Moody's Economy.com Business Research Division • Leeds School of Business • University of Colorado 2.0% 3.0% 4.0% February 2014 Employment Growth 1 Year Avg. YoY by MSA (SA) % Growth February 2014 Employment Growth 5 Year CAGR by MSA (SA) % Growth Greeley Greeley Fort Collins • Loveland Fort Collins • Loveland Denver-Aurora· Broomfield Denver-Aurora-Broomfield Boulder Boulder Pueblo Pueblo Grand Junction Grand Junction Colorado Springs Colorado Springs 0% 1% 2% 3% 4% 5% 6% -2% -1% 0% 1% 2% 3% Source: Bureau of Labor Statistics. Business Research Division • Leeds School of Business • University of Colorado corusuoi ?6 428 428 Severance Tax Revenue Oil and Gas 12-Month Rolling Sum, in thousands $350,000 ~------------------------~ $300,000 -+-----~~"""-----------------------4 $200,000 $150,000 ---------- -+------ $100,000 $50,000 $0 2005 2006 2007 2008 2009 2010 2011 Source: Colorado Department of Revenue. Business Research Division • Leeds School of Business • University of Colorado 2012 2013 2014 Oil and Gas Industry Direct Employment and Wages Extraction 12,579 $1,677.2 Drilling Wells 2,737 $236.4 Support Activities 12,920 $1,044.4 Oil and gas pipeline and related structures construction 2,854 $185.7 805 $88.6 Pipeline transportation Business Research Division • Leeds School of Business • University of Colorado Oil and Gas Industry Direct Employment and Wages Drilling 2,737 $236.4 Extraction and Support Activities 25,499 $2,721.6 Petroleum Refineries 513 $65.7 Transportation 805 $88.6 Gasoline Stations 12,578 $258.2 All Other 5,662 $369.8 Business Research Division • Leeds School of Business • University of Colorado 52.5 NIH 1m Wm aw .?mmw 428 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 40.5% 26.7% 17.6% 13.8% 11.7% 10.3% 9.5% 8.8% 8.4% 8.0% 7.7% 7.5% 7.3% 7.1% 7.0% 6.9% 6.9% 13.9% 13.5% 10.9% 9.7% 9.0% 8.6% 8.3% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% Business Research Division • Leeds School of Business • University of Colorado Category Total Employment Private Non-Farm Employment Output Gross Domestic Product Personal Income Real Disposable Personal Income Units Average Difference from Baseline Scenario Year Year Year Year Years Year 1-5 6-10 Jobs {Thousands) Change from Baseline Jobs (Thousands) Change from Baseline Dollars (Billions)b Change from Baseline Dollars (Billions)b Change from Baseline Dollars (Billions)b Chan_g_e from Baseline Dollars (Billions)b -68 -1.9% -62 -1.9% -13 -2.1% -8 -2.3% -5 -1.6% -4 -113 -2.8% -102 -2.9% -22 -3.1% -14 -3.4% -9 -2.7% -7 Change from Baseline -1.5% -2.4% 11-15 -118 -2.8% -107 -2.9% -24 -3.0% -15 -3.2% -10 -2.7% -8 -2.4% 16-20 21-25 2015-2040a -95 -2.2% -86 -2.2% -20 -2.2% -13 -2.4% -9 -2.2% -7 -73 -1.6% -67 -1.6% -16 -1.6% -10 -1.7% -8 -1.7% -7 -93 -2.2% -84 -2.3% -19 -2.4% -12 -2.6% -8 -2.2% -7 -2.0% -1.5% -2.0% bDollars are fixed (2012) dollars. Business Research Division • Leeds School of Business • University of Colorado Mi 8 as 428 From: Sent: To: Cc: Bee: Subject: Richard Wobbekind Mon 5/12/2014 8:04 PM (GMT-00:00) Kristin Strohm RE: REMI Oversight Committee- Meeting To Be Scheduled Not available for any of these dates Sent from my Gafoxy S®III -------- Original message -------From: Kristin Strohm Date:05/12/2014 7:29 AM (GMT-07:00) To: Tom Clark ,Pam Reichert ,Earl Wright ,"T. Scott Martin" ,Buz Koelbel ,Mike Fitzgerald ,Steve Klausing ,Richard Wobbekind ,Keith E Maskus Cc: "Angela C. Roberts" ,Tim Pollard ,"Hannah@denversouthedp.org Heavrin" ,Ruth Hartshorn ,"Brian R. Lewandowski" ,amanda.melroy@metrodenver.org,"" Subject: REMI Oversight Committee- Meeting To Be Scheduled REMI Oversight Committee Members, We need to schedule a call or in-person meeting in the next 10 days to discuss a few items: Please respond directly to me with your top two choices from the below dates/times and whether you could meet in-person by COB today. Monday, May 19th- SAM Monday, May 19th- lPM Tuesday, May 20th- 9AM Thursday, May 22nd- lOAM Thanks! Kristin 429 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com 429 From: Sent: To: Cc: Bee: Subject: Marcus Koblitz Wed 5/21/20141:41 PM (GMT-00:00) Brian R. Lewandowski Richard Wobbekind RE: Colorado API Economic Impact Study 20140514 Hi Brian, Thank you, Marcus From: Brian R. Lewandowski [mailto:brian.lewandowski@Colorado.EDU] Sent: Wednesday, May 21, 2014 2:41 AM To: Marcus Koblitz Cc: Richard Wobbekind Subject: Colorado API Economic Impact Study 20140514 MarcusAttached is the draft of the economic impact study with the accepted changes. I only modified a couple of your edits. Give me a call if you have questions. Thanks, Brian 430 C.R.S. 24-72-204(2)(a)(lll) Document Privileged in its Entirety 431 C.R.S. From: Sent: To: Cc: Bee: Subject: Attachments: Brian R. Lewandowski Tue 3/18/2014 5:40 PM (GMT-00:00) Marcus Koblitz (koblitzm@api.org) Richard Wobbekind; chung.ernie@gmail.com Colorado API Economic Impact Study Colorado API Economic Impact Study 031814.pdf MarcusI have attached the revised economic impact report. I have removed "draft" from this version. Please let me know if you have additional comments. Thanks, Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 303.492.3307 433 AMERICAN PETROLEUM INSTITUTE Oil and Natural Gas Industry Economic and Fiscal Contributions in Colorado by County, 2008-2012 Conducted by: BUSINESS RESEARCH DIVISION Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309-0420 Telephone: 303.492.3307 leeds.colorado.edu/brd Research Team Richard Wobbekind Brian Lewandowski Ernie Chung March 2014 507 TABLE OF CONTENTS Table of Contents List of Tables ..................................................................................................................................................................... i .. ....... 7 Executive Summary.................. .................................... .................................... .. ....... 7 Methodology............................................ Jurisdictional Impacts............................... .................................... .................... .......... 8 State of Colorado...................................... ............................... .......... 9 La Plata County..................................... .......................................................... ........ 11 Weld County............................................................... .................... .. ...... 12 Mesa County............................................................. .. ...... 13 Pueblo County............................................ .................... .. ...... 14 City and County of Denver ..................... ... .................. . .. ...................... 15 Boulder County........................................................................ .................. .. ........................ 16 Garfield County......................................... ............................... .. ............................................................. 17 City and County of Broomfield............. .................................... .................................... ..................... .. ..... 18 City of Greeley............................................................................ .............................. .................... .. ..... 19 City of Pueblo............................................................. ................ ... .. ..... ..... ..... .. ..... 20 Oil and Gas ProcEieds for School Districts...................................................................... ..................... .. ..... 21 Aims Community College ........................................................................................................................................... 22 Oil and Gas Industry Public Revenue ............................................................................................................................. 23 Property Taxes .......................................................................................................................................................... 23 Public Leases and Royalties ....................................................................................................................................... 24 Severance Taxes ............................................................................................................................ ........ 25 Distribution of Federal Mineral Lease Proceeds and State Severance Tax Revenue .... .. ........ 26 COG CC Taxes........................ .................... .. ................ .. .. ...... 28 Income and Sales Taxes ........................... .. .. ...... 28 Conclusion..................................................... .. ................ .. .. ..... 29 Bibliography................................................... ................... .................... .. ...... 30 Appendix 1: Production Value ....................................................................................................................................... 33 Appendix 2: Firms by County .......................................................................................................................................... 34 Appendix 3: Employment by County ...... ,...................................................... ...... ............................... .. ..................... 36 Appendix 4: Wages by County........................................................................................................... .. ...................... 38 Appendix 5: Severance Tax and Federal Mineral Lease Distributions............................................ .. .......... 42 Appendix 6: Oil and Gas Production Property Taxes for Local Jurisdictions ................................. .. ........... 53 Appendix 7: Economic Impact by County ...................................................................................................................... 63 LIST OF TABLES Table 1: Summary of Oil and Gas Revenue for Selected Taxing Jurisdictions, in Thousands ............................................ 8 Table 2: Summary of Oil and Gas Revenue for Selected School Districts.......................... ......................... 8 Table 3: Value of Oil and Gas Production by Resource, 2008-2012, in Millions (Nominal) ............................................... 9 Table 4: Upstream and Midstream Total Economic Impacts (Direct, Indirect, Induced) .................................................. 9 Table 5: Es1·imated Oil and Gas Contribution to the State of Colorado General Fund Expenditures, in Thousands, l.Ol? ......................................................................................................................................................................................... 10 6: La Plata County, Oil and Gas Revenue and Est. Expenditures, in Thousands, 2012 .......................................... 11 7: Weld County, Oil And Gas Revenue And Estimated Expenditures, in Thousands, 2012 ................................... 12 8: Mesa County, Oil And Gas Revenue And Estimated Expenditures, in Thousands, 2012 ................................... 13 9: Pueblo County, Oil And Gas Revenue And Est. Expenditures, in Thousands, 2012.. .......................................... 14 10: Denver, Oil and Gas Revenue And Estimated Expenditures, in Thousands, 2012 ............................................ 15 11: Boulder County, Oil And Gas Revenue And Est. Expenditures, in Thousands, 2012 ........................................ 16 12: Garfield County, Oil And Gas Revenue And Est. Expenditures, in Thousands, 2012 ........................................ 17 13: City and County of Broomfield, Oil And Gas Revenue And Est. Expenditures, in Thousands, 2012 ................. 18 14: City Of Greeley, Oil And Gas Revenue And Est. Expenditures, in Thousands, 2012 ......................................... 19 15: City Of Pueblo, Oil And Gas Revenue And Est. Expendit\Jres, in Thousands, 2012 ............ .. ........... 20 16: Select School Districts, Property Tax Revenue And Estimated Expenditures, 2012 ........................................ 21 Table Table Table Table Table Table Table Table Table Table Table Business Research Division• Leeds School of Business• University al Colorado Boulder 507 Page i Table Table Table Table Table Table Table Table Table Table Table Table Table Table Table Table Table Table Table Table Table Table Table Table Table Table Table Table Table Table Table Table 17: 18: 19: 20: Aims Community College 2012 Oil And Gas Proceeds ............................................................ . """" 22 Oil and Gas Assessed Property, Levies, and Taxes, 2008-2012, in Millions (Nominal) .......... . .. ...... 24 Revenue from Activities on Public Land, FY2007-FY2012, in Thousands (Nominal) ........ .. """" 25 Severance Tax Rates ....................................................................................................... .. .......... 25 21.: Sev~'rance Taxes, FY2008-FY2012, ir1 Thousands (Nominal).............................................. .. ...................... 26 22: Severance and Mineral Lease Distributions, FY2009-FY2012, in Millions (Nominal) ...................................... 26 23: Top 10 Recipients of Federal Mineral Lease proceeds and Severance Tax (Combined) .................................. 27 24: COGCC Conservation Levy, 2008-2012, In Thousands (Nominal)................. .. ......................................... 28 25: Income Taxes, Oil and Gas, 2012 ........................................ ,. .......................................................................... 29 2.6: Estim.llJ.QLOJlQ,!l!llli.!l,/£illf.. Business Research Division • Leeds School of Business • University of Colorado Boulder 507 Page 9 TABLE 5: ESTIMATED OIL AND GAS CONTRIBUTION TO THE STATE OF COLORADO GENERAL FUND EXPENDITURES, IN THOUSANDS, 2012 Total Education Healt11 and Rehabilitation Justice Natural Resources Social Assistance Trnnsport<.1tion Capital Outlay lntEirgovernmental Cities Counties School Districts $175,815 $600,659 $544,105 $1,194,324 $39,065 $5,862,133 $3,225 $11,019 $9,982 $21,910 $717 $107,542 $0 $3,987 $0 $1,121 $19,998 $0 $217,358 $0 $61,098 $1,090,109 $3,575,697 $45,619 $17 $40,476 $65,597 $837 $0 $743 $536 Sourn~s: Business Research Division analysis bas~~d on datJ from the BLS, DOLA, <:ind lMPLAN. Sources: Business Research Division analysis based on data from the Bl.S, DOI.A, and IMPl.AN. Business Research Division • Leeds School of Business• University of Colorado Boulder 507 Page 10 La Plata County Oil and gas activity in la Plata County accounted for 8.6% of state production and resulted in an estimated $1.1 billion in economic activity in the county in 2012. The county had nearly 1,350 upstream and midstream workers earning $116.7 million. La Plata County generated $12.6 million in various tax revenues from oil and gas. The general fund received more than $11.1 million in revenue, which represents 50.9% of the $21.7 million in total property tax revenue collected by the county in 2012. The $11.1 million covers nearly 21.7% of the county's total general fund expenditure of $50.9 million. The largest portion of the expenditure-32% -went to public safety. Applying the same ratio of general fund expenditures to oil and gas proceeds, oil and gas would have contributed more than $3.5 million to public safety consisting of the sheriff, jail, coroner, building inspection, and district attorney in La Plata County in 2012. Additionally, the county received $1.52 million in combined Severance Taxes and Federal Mineral lease Proceeds in 2012. TABLE 6: LA PLATA COUNTY, OIL AND GAS REVENUE AND EST. EXPENDITURES, IN THOUSANDS, 2012 Amount Taxes % FML Total $454 $12,586 General Government Public Safety Auxiliary Services Public Works Health and Welfare $10,375 $16,332 $3,193 $10,930 $693 $2,371 $5,616 Community Programs Interest and Fiscal Charges Total $4,.527 $982. $20 $4 $50,994 $1,070 Sources: La Plata County Comprehensive Annual Financial Report, DOLA, and BRO analyses. FIGURE 4: LA PLATA COUNTY, OIL AND GAS REVENUE AND EST. EXPENDITURES, IN THOUSANDS, 2012 La Plata County, And Gas General fund ContributlOl'.ls, Thousands, 2012 La Plata County, Estimated General Fund ExpenditurM Funded by Oil and Gas, in Thousands, 2012 Sources: La Plata County Comprehensive Annual Financial Report, DOLA, and BRO analyses. Business Research Division • Leeds School of Business• University of Colorado Boulder 507 Page 11 Weld County Oil and gas activity in Weld County accounted for $3.8 billion in production, or 43.1% of total state production, and resulted in an estimated $6 billion in output in 2012. The county had 6,101 upstream and midstream workers earning $456.7 million. Among the 14 taxing jurisdiction examined in this study, Weld County has the highest amount of tax revenues derived from oil and gas, $51.7 million. It constituted 58.6% of the $88.2 million in tax revenue collected by the county and covered 31.4% of the county's general fund expenditures in 2012. Like La Plata County, public safety represents the largest portion of the county's expenditures, 26.9%. Using the same methodology as above, oil and gas property tax proceeds would have contributed approximately $13.9 million to this expenditure. Other top expenditure categories include streets and highways, health and welfare, and general government. For 2012, Weld County also received $2.3 million in combined Severance Taxes and Federal Mineral Lease Proceeds. In all, oil and gas contributed nearly $54 million in revenue to Weld County in 2012. TABLE 7: WELD COUNTY, OIL AND GAS REVENUE AND ESTIMATED EXPENDITURES, IN THOUSANDS, 2012 Amount General Government $34,790 Public Safety $44,263 $37,221 $36,968 Stroets and Highways Health and Welfare Tax FML Culture and Re('reotion Sources: Weld County Comprehensive Annual Financial Report, DOLA, and BRD analyses. FIGURE 5: WELD COUNTY, OIL AND GAS REVENUE AND EST. EXPENDITURES, IN THOUSANDS, 2012 And Gas General Fund Weld County, Estimated General Fund Expenditures Funded by Oil and Gas, ln thousands, 2012 Sources: Weld County Comprehensive Annual Financial Report, DOLA, and BRD analyses. Business Research Division • Leeds School of Business• University of Colorado Boulder 507 Page 12 Total Mesa County Oil and gas activity in Mesa County accounted for 1.6% of total state production and resulted in an estimated $1.6 billion in output in 2012. The county had 4,152 upstream and midstream workers earning $297.7 million. In 2012, oil and gas proceeds equaled roughly $8.4 million. Mesa County generated $6.6 million in tax revenue from oil and gas. This represents 27.2% of the total $24.2 million collected from property taxes. The $6.6 million represents 6.2% of the total county expenditures of $106.3 million. Consistent with the counties previously discussed, public safety represented the largest slice of the expenditures. Oil and gas proceeds contributed more than $1.9 million to the $31.5 million expended in this category. Mesa County also received $1.8 million in Severance Taxes and Federal Mineral Lease Proceeds in 2012. TABLE 8: MESA COUNTY, OIL AND GAS REVENUE AND ESTIMATED EXPENDITURES, IN THOUSANDS, 2012 GP.nt~ral Government Public Safety Public Works Public Health and Welfare Human Services Culture and Recreation Interest on LT Debt Total Amount $21,383 $31,485 $18,981 $17,960 $2,941 $2,609 $1,000 $106,358 Total % • Sev. Tax FML $1,815 $0 0,9% $1,956 $1,179 $1,737 $183 $162 $62 100% $6,607 26.3% 2.8% 25% Sources: Mesa County Comprehensive Annual Financial Report, DOLA, and BRD analyses. FIGURE 6: MESA COUNTY, Oil AND GAS REVENUE AND EST. EXPENDITURES, IN THOUSANDS, 2012 Mesa County, Oil And Gas General Fund Contributions, in Thousands, 2012 Mesa County, Estimated General Expenditures Funded by and Gas .• !n Thousands., 2012 -Sources: Mesa County Comprehensive Annual Financial Report, DOLA. and BRD analyses. Business Research Division • Leeds School of Business• University of Colorado Boulder 507 Total $1;328 20.1% 19.6% 17.8% Page 13 $8,422 Pueblo County Pueblo recorded only modest industry employment in 2012-an estimated 9 employees with collective earnings less than $1 million. Oil and gas contributed roughly $53,000 to Pueblo County in 2012. Despite not having any oil and gas production in the county. Pueblo County received nearly $9,000 from corporate sales tax, personal sales tax, and residential and commercial real estate taxes. The county of Pueblo received $44,522 in combined Severance Taxes and Federal Mineral Lease Proceeds. TABLE 9: PUEBLO COUNTY, OIL AND GAS REVENUE AND EST. EXPENDITURES, IN THOUSANDS, 2012 Public Safety Road and Bridge Health, Welfare, and Sanitation Culture and Recreation Conservation Urban Redevelopment and Housing FML Total $23 $53 $3,180 Economic Development and Assistance Interest on LT Debt Total $2,625 $5,090 $1.16,224 Sources: Pueblo County Comprehensive Annual financial Report, DOL.A, and BRD analyses. $22 FIGURE 7: PUEBLO Pueblo County, Contributions, in Thousands, 2012 Pueblo County, Estimated Expenditures Funded by Thousands, 2012 III I Sources: Pueblo County Comprehensive Annual financial Report, DOLA, and BRD analyses. Business Research Division • Leeds School of Business• University of Colorado Boulder 507 Page 14 City and County of Denver The City and County of Denver recorded significant industry employment in 2012 despite a lack of production-an estimated 9,808 employees with collective earnings of $1.5 billion. Denver generated nearly $18.4 million in revenue from oil and gas activities, Despite not having any production activities in the county and city, an estimated $6.8 million was derived from corporate sales taxes, Overall, oil and gas proceeds represents 6.24% of the overall $287 million in property tax collections in 2012 and covers 1.2% of Denver County's overall general fund expenditures. Denver received $430,814 in combined Severance Taxes and Federal Mineral Lease Proceeds in 2012. TABLE 10: DENVER, OIL ANO GAS REVENUE AND ESTIMATED EXPENDITURES, IN THOUSANDS, 2012 '"""""""""""""""""""""""'""'-·---- General Government Public Snfety Public Works Human Services Health $53,755 Parks and Recreation Cultural Activities Community Development Economic; Opportunity Interest on LT Debt Tota/ $247,~··· $570,111 $195,168 $111,067 $80,480 $11.0,885 $40,262 $21,481 $74,901 $1,SOS,769 $219 $212" $18,354 Sources: City and County of Denver Comprehensive Annual Financial Report, DOLA, and BRO analyses. FIGURE 8: CITY ANO COUNTY OF DENVER, OIL AND GAS REVENUE AND EST. EXPENDITURES, IN THOUSANDS, 2012 and County of Denver, Oil And Gas General Contrll:mtions, in Thousands, 2012 City and County of Denver, .Estimated General Fund Expemlitures Funded by Oil and Gas, in Thousands, 2012 I • •• • • • Sources: City and County of Denver Comprehensive Annual Financial Report, DOLA, and BRO analyses. Business Research Division • Leeds School of Business• University of Colorado Boulder 507 Page 15 Boulder County Oil and gas activity in Boulder County accounted for 0.4% of total state production and resulted in an estimated $75.8 million in output in 2012. The county had 315 upstream and midstream workers earning $17.3 million. Boulder County collected $137.4 million in property taxes in 2012. Nearly $1.2 million was attributed to oil and gas, which represents 0.86% of the total general fund revenue. Revenue from O&G covered 0.5% of the 2012 expenses of $238 million. The largest portion, 28%, went to general government, followed by health and welfare, 23.7%. Oil and gas contributed more than $332,049 and $280,870 to each of these categories, respectively. For 2012, Boulder County received $108,519 in combined Severance Taxes and Federal Mineral Lease Proceeds. In all, oil and gas contributed nearly $1.3 million to Boulder County in 2012. TABLE 11: BOULDER COUNTY, OIL AND GAS REVENUE AND EST. EXPENDITURES, IN THOUSANDS, 2012 Economic Opportunity Highways and Streets Urban Hedevelopment/Housing Interest on LT Debt Total $504 $10,633 $2.37,976 $75 Sources: Boulder County Comprehensive Annual Financial Report, DOLA, and BRD analyses. FIGURE 9: BOULDER COUNTY, Oil AND GAS REVENUE AND EST. EXPENDITURES, IN THOUSANDS, 2012 Boulder County, Oil .And Gas General Fund Contril:mtkms, ln Thousands, 2012 Boulder County, Estimated General Fund Expem:l!tures Funded by Thousands, I and Gas, 2012 I I Sources: Boulder County Comprehensive Annual Finondnl Report, DOLA, and BRD analyses. Business Research Division • Leeds School of Business• University of Colorado Boulder 507 Page 16 $33 $1,292 Garfield County Oil and gas activity in Garfield County accounted for 24.4% of total state production, or $2.1 billion in production, and resulted in an estimated $3.7 billion in output in 2012. The county had 2,768 upstream and midstream workers earning $213.2 million. Oil and gas activities contributed nearly $41 million in revenue to Garfield County. The county received more than $38.8 million in property taxes from the oil and gas industry in 2012. This represents 77.8% of $49.8 million in total property tax collected. These proceeds help cover over 39.5% of county's general fund expenses in 2012. The largest portions of the bill were general government expenditures, 26.6%, and public works expenses, at 26.4%. Oil and gas funded $10.3 million of the $26.1 million in general government expenditures and $10.2 million of the $25.9 million in public works. Oil and gas contributed $8.9 million of the $22.5 million in public safety spending. Garfield County received one of the highest combined totals of Severance Taxes and Federal Mineral Lease revenue of $2.1 million in 2012. Sev. Tax FML General Government Public S.1foty Public Works Health and Welforn Culture and Recreation Sources: Garfield County Comprehensive Annual Financial Report 1 DOLA1 and BRO analyses. Garfield County, Contributkms, And Gas General Fund Thousimcls, 2012: Garfield Co1.mty, Estimated General Fund Expenditures Funded by Oll and Gas, in Thousands, 2012 Sources: Garfield County Comprehensive Annual Financial Report. DOLA, and BRD analyses. Business Research Division • Leeds School of Business• University of Colorado Boulder 507 Page 17 " Total City and County of Broomfield Oil and gas activity in the City and County of Broomfield accounted for 0.3% of total state production and resulted in an estimated $45.7 million in output in 2012. The county had 30 upstream and midstream workers earning $4.1 million. The City and County of Broomfield generated more than $711,377 from oil and gas property taxes in 2012. This represents 2.6% of total 2012 property tax revenue of $27.9 million. The $711,377 covered 0.64% of total general fund expenses, most of which went to public safety and public works. The County and City of Broomfield received $70,989 in combined Severance Taxes and Federal Mineral Lease Proceeds. Oil and gas contributed roughly $782,000 in total revenue in 2012. TABLE 13: CITY ANO COUNTY OF BROOMFIELD, OIL AND GAS REVENUE ANO EST. EXPENDITURES, IN THOUSANDS, 2012 : .. Sources: City and County of llroomfield Comprehensive Annu;il Financial Report, DOLA, and BRD analyses. FIGURE 11: CITY AND COUNTY OF BROOMFIELD, Oil AND GAS REVENUE AND EST. EXPENDITURES, IN THOUSANDS, 2012 City and County of Broomfield, O!I And Gas General fund Contributions, Thousands,, 2012 and County of Broomfield, Estimated G1meral fund Expenditures Funded by Oll Gas, In Thousands, 2012 I• Sources: Broomfleld City and County Comprehensive Annual FinancillL'.'! (accessed January 23, 2014). Colorado Department of Local Affairs. April 2009. 2008 Thirty-Eighth Annual Report. Division of Property Taxation. _ _ _ _ . April 2010. 2009 Thirty-Ninth Annual Report. Division of Property Taxation. ______ . April 2011. 2010 Fortieth Annual Report. Division of Property Tnxation. ___.............._,_,.....·April 2012. 2011 Forty·First Annual Report. Division of Property Taxation. ____ . May 2013. 2012 Forty-Second Annual Re part. Division of Property Taxation. ____ , 2013. Severance Direct Distribution and Federal Mineral Lease Distributions. https://dola.colorado.gov/sdd/sdd_tierl.jsf (accessed January 11, 2014). Business Research Division • Leeds School of Business • University of Colorado Boulder 507 Page 30 Colorado Department of Revenue. Federal AG/ and Tax, All Fu/I-year Resident Returns, 2009 lndividua/ Income Tax Returns. Office of Research and Analysis. Colorado Department of Local Affairs. Severance Tax Direct Distribution Discussion. http://www.colorado.gov/cs/Satellite?blobcol'"urldata&blobheader=application%2Fpdf&blobkey"'' Q.~9J.9bt@jf;:Mung,q§jobs&bk,1_bwt1~re'::1f..?157?J584;!.6&ss.QlLLiJI.Y."'.tc\d!l. (accessed January 3, 2014). Colorado Demography Office, Housing and Households. http://www.colorado.gov/cs/Satellite?c"Page&childpagename'"DOLA· Main%2FCBONLavout&cid=1251593302969&pag~iname=CBONWrapper (accessed February 5, 2014). Colorado Oil and Gas Conservation Commission. Colorado Oil and Gas Information System. http://cogcc.state.co. us/ (accessed January 17, 2014). _ _ _ _ .Staff Report, January 27, 2014. htt!21Lcogcc.sta1e.co.us/ (accessed February 3, 2014). ____ . Public Announcements. http:/lcogcc.state.co.us/ (accessed February 3, 2014). Colorado State Board of Land Commissioners. August 2010. Colorado State Land Board Financial Report Fiscal Year 2009-10, p. 12. ____ .October 2012. Income & Inventory Report Fiscal Year 2011-12, p. 11. http ://www.trustlands.state.co. us/Documents/FY%202011 · 12%201ncome%20and%201nventory%20Report%20FINAL.pdf (accessed June 20, 2013). Denver Public Schools. Comprehensive annual financial reports. JI\l:i2;fl.finilnrles. TABLE 41: SCHOOL DISTRICT SEVERANCE TAX AND FEDERAL MINERAL LEASE DISTRIBUTIONS, 2012 School District Academy 20 School District. Adams 12 Five Star Schools Adams County 14 School District Adams-Arapahoe 28J School District Agate 300 School District Aguilar Reorganized 6 School District Akron R-1 School District Alamosa RE·llJ School District Archuleta County so JT School District Arickaree R·2 School District Arriba-Flagler C.·20 School District Aspen 1 School District Ault·Highland RE·9 School District Bayfield 10 JT.·R School District Bennett 29.1 School District Bethune R··S School District Big Sandy 100J School District Bouider Valley RE 2 School District Branson Reorganized 82 School District Briggsdale RE-10 School District Brighton 27J School District Brush RE·2(J) School District Buena Vista R·31 School District Buffalo REA School District Burlington RE·6J School District Byers 32J School District Calhan RJ.1 School District. Campo RE·6 School District Canon City RE-1 School District Pu ils 23,657 42,990 7,321 39,674 9 94 359 2,098 1,405 104 167 1,712 795 1,362 1,085 1.33 330 29,780 ~38 156 15,646 1,501 1,013 309 832 494 S2G 57 3,738 FML $1,740 $24,421 $4,360 $8,738 $7 $1,649 $486 $305 $1,340 $133 $110 $475 $4,230 $9,997 $488 $109 $43 $6,905 $6,460 $745 $10,295 $3,946 $1,761 $708 $659 $95 $48 $12 $5,708 ST Total $1,740 $24,421 $4,360 $8,738 $7 $1,649 $486 $305 $1,340 $133 $110 $475 $4,230 $9,997 $488 $109 $43 $6,905 $6,460 $745 $10,295 $3,946 $1,761 $708 $659 $95 $48 $12 $5,708 $/pupil $0.1 $0.6 $0.6 $0.2 $0.8 $17.5 $1.4 $0.1 $1.0 $1.3 $0.7 $0.3 $5.3 $7.3 $0.4 $0.8 $0.1 $0.2 $14.7 $4.8 $0.7 $2.6 $1.7 $2.3 $0.8 $0.2 $0.1 $0.2 $1..5 Business Research Division • Leeds School of Business• University of Colorado Boulder 507 Page 49 School Distrkt Centennial R·l School District Center 26 JT School District Cheraw 31 School District Cherry Creek 5 School District Cheyenne County RE·S School District Cheyenne Mountain 12 School District Clear Creek RE·l School District Colorado Springs 11 School District Consolidated C·l School District Cotopaxi HE·3 School District Creede Consolidated 1 School District Cripple Creek.Victor RE·l School District Crowley County RE·l·J School District DeBeque 49JT School District Deer Trail 26J School District Del Norte C-7 School District Delta County School District SO(J) Denver County 1 School District Dolores County RE No. 2 School District Dolores RE-AA School District Douglas County RE 1 School District Durango 9·R School District Eads RE·l School District Eagle County RE 50 School District East Grand 2 School District East Otero R-1 School District Eaton RE-2 School District Edison 54 JT School District Elbert 200 School District Elizabeth C-1 School District Ellicott 22 School District Englewood 1 School District Falcon 49 School District Florence RE,2 School District Fort Morgan RE··3 School District Fountain 8 School District Fowler R·4.I School District Frenchman RE-3 School District Garfield 16 School District Garfield RE,·2 School District Genoa··Hugo C113 School District Gilcrest RE·l School District Gilpin County RE·1 School District Granada RE-1 School District Greeley 6 School District Gunnison RElJ School District Hanover 28 School District Harrison 2 School District Haxtun RE·2J School District Hayden RE··l School District Hinsdale County RE 1 School District Pupils 248 612 219 52,105 206 4,612 993 29,509 443 205 81 404 479 125 178 522 5,284 80 . 863 293 722 63,114 4,537 185 6,344 1,273 1..293 1,768 190 199 2,656 1,003 2,954 15,063 1,580 3,194 7,702 407 185 1,176 4,717 185 1,895 380 247 19,839 1,844 208 11,108 323 389 91 FML $56 $58 $26 $8,511 $1,247 $342 $9,209 $2,344 $342 $314 $0 $2,412 $108 $2,174 $28 $84 $147,369 $17,999 $55,700 $44,501 $4,992 $36,240 $389 $629 $7,210 $174 $8,902 $15 $36 $418 $73 $501 $1,108 $2,442 $8,286 $559 $57 $420 $65,896 $258,879 $26 $9,214 $429 $63 $96,055 $105,379 $19 $803 $254 $2,711 $58 ST Total $56 $58 $26 $8,511 $1,247 $342 $9,209 $2,344 $342 $314 $0 $2,412 $108 $2,174 $28 $84 $147,369 $17,999 $55,700 $44,501 $4,992 $36,240 $389 $629 $7.210 $174 $8,902 $15 $36 $418 $73 $501 $1,108 $2.442 $8,286 $559 $57 $420 $65,896 $258,879 $26 $9,214 $429 $63 $96,055 $105,379 $19 $803 $254 $2,711 $58 $/pupil $0.2 $0.1 $0.1 $0.2 $6.1 $0.1 $9.3 $0.l. $0.8 $1.5 $0.0 $6.0 $0.2 $17.4 $0.2 $0.2 $27.9 $0.2 $190.1 $61.6 $0.1 $8.0 $2.1 $0.1 $5.7 $0.l. $5.0 $0.1 $0.2 $0.2 $0.1 $0.2 $0.1 $1.5 $2.6 $0.1 $0.1 $2.3 $56.0 $54.9 $0.1 $4.9 $1.1 $0.3 $4.8 $57.1 $0.1 $0.1 $0.8 $7.0 $0.6 Business Research Division • Leeds School of Business• University of Colorado Boulder 507 Page 50 School Distrkt Hi· Plains R-23 School District Hoehne Reorganized 3 School District Pupils FML ST Total $/pupil 129 $105 $105 $0.8 351 $5,030 $5,030 $14.3 294 593 $75 $75 $0.3 Holyoke RE-1J School District $190 $190 $0.3 Huerfano RE·l School District 554 $4,677 $4,677 $8.4 Idalia RJ.3 School District Ignacio 11 JT School District 161 $830 $830 $5.2 759 85,751 $5,486 $5,486 $7.2 $21,522 $21,522 $0.3 3,271 $15,647 $15,647 $4.8 888 $235 $235 $0.3 194 2,276 $31 $31 $0.2 $10,752 $10,752 $4.7 57 $830 $830 $14.6 Holly RE-3 School District Jefferson County R-1 School District Johnstown Milliken RE-SJ School District Julesburg RE·l School District Karval RE-23 School District Keenesburg RE-3J School District Kim Reorganized 88 School District Kiowa C-2 School District 393 $58 $58 $0.1 Kit Carson R-1 School District 120 $810 225 $1,910 $810 $1,910 Lurce: BRO analysis. Alamosa Arapahoe Archuleta Baca Bent Boulder Broomfield Chaffee Cheyenne Clear Creek Conejos Costilla Crowley Custer Delta Denver Dolores Douglas Eagle Elbert El Paso Fremont Garfield Gilpin Grand Gunnison Hinsdale Huerfano Jackson fofferson 2,790 85 15 514 73 204 70 18,044 139 774 5 364 45 8,431 12 13 1,891 $0.0 $393.1 $34.4 $7.4 $1.0 $75.8 $45.7 $0.1 $168.4 $0.2 $0.0 $0.0 $0.0 $0.0 $20.9 $3,707.4 $65.9 $144.6 $0.5 $4.7 $59.5 $34.9 $3,735.9 $0.0 $0.1 $6.0 $0.0 $5.2 $16.0 $305.5 $0.0 $247.7 $2.7 $0.4 $0.0 $27.4 $6.5 $0.1 $9.0 $0.1 $0.0 $0.0 $0.0 $0.0 $3.4 $2,056.5 $4.2 $78.9 $0.3 $0.3 $24.3 $1.7 $464.3 $0.0 $0.1 $0.5 $0.0 $0.3 $0.2 $151.G Business Research Division • Leeds School of Business• University of Colorado Boulder 507 Page 63 County Kit Carson Lake La Plata Larimer Las Animas Lincoln Logan Mesa Mineral Moffat Montezuma Montrose Morgan Otero Ouray Park Phillips Pitkin Prowers Pueblo Rio Blanco Rio Grande Routt Saguache San Juan San Miguel Sedgwick Summit Teller Washington Weld Yuma Nonclassified Employment 50 2,675 876 650 39 454 8,605 194 909 80 17 0 26 17 79 14 1,770 11 9 2 65 16,053 549 25,401 Output (Millions) $16.S $0.0 $1,089.2 $104.4 $236.8 $46.6 $87.1 $1,590.9 $0.0 $103.8 $438.2 $9.8 $0.0 $1.1 $LS $0.0 $5.6 $1.3 $31.3 $1.6 $963.9 $1.7 $0.0 $0.0 $0.0 $0.0 $1.1 $0.4 $0.3 $55.0 $6,059.1 $145.6 $3,168.7 Labor Income (Millions) $2.3 $0.0 $179.9 $47.2 $37.8 $1.2 $26.1 $471.2 $0.0 $8.8 $44.5 $3.4 $0.0 $0.3 $0.9 $0.0 $1.4 $1.1 $3.7 $0.8 $107.8 $0.4 $0.0 $0.0 $0.0 $0.0 $0.3 $0.2 $0.1 $4.9 $926.3 $27.3 $1,680.6 Sources: BLS and BRO analysis. Business Research Division • Leeds School of Business• University of Colorado Boulder 507 Page 64 ING MORATORIUM RACT IJJ s. U) <1 LL. 0 El. HYDRAULIC 434 434 • Voter approved ban - • • Longmont Voter approved moratoriums - Boulder - Broomfield - Fort Collins - Lafayette Statewide (anticipated) - Local Control - Setbacks • 1,500' • 2,000' • 2,640' Business Research Division • Leeds School of Business • University of Colorado A statewide moratorium on hydraulic fracturing would result in economic drag on the Colorado economy. Business Research Division • Leeds School of Business • University of Colorado 3585 m5 Colorado Energy Production By Source Colorado Energy Production By Source (Trillion Btu) 3,000 Colorado's Energy Rank 2,750 2,500 2,250 2,000 1,750 1,500 1,250 1,000 750 500 250 0 1980 1984 1988 1992 1996 2000 2004 2008 Source: U.S. Energy Information Administration. Business Research Division • Leeds School of Business • University of Colorado Mining GDP, Employment, and Wages Share of Colorado Economy, 2012 GDP Total Wages Colorado GDP Per Employee: $85,639 Mining GDP Per Employee: $182,105 Colorado Average Annual Pay: $50,559 Mining Average Annual Pay: $108,004 Source: Bureau of Labor Statistics, CES (NSA), and Bureau of Economic Analysis. Business Research Division • Leeds School of Business • University of Colorado Employment Management of Companies & Enterprises Mining Professional & Technical Services Information Financial Activities Manufacturing Trade, Transportation, & Utilities Construction Real Estate Health Care Education Administrative & Waste Services Other Services Arts & Entertainment Agriculture Accommodation & Food Services $0 $40,000 $80,000 Sources: Bureau of Labor Statistics and Colorado Department of Labor and Employment. Business Research Division • Leeds School of Business • University of Colorado $120,000 $160,000 434 c: .2 -lEmployment Index Colorado Mining vs. Colorado Total January 2000 = 100 260 ~-----·--···-·-····---~~~----------··--··-·-·-···--···---··--·--·-·-~·-·---~~~~~~~ 240 -1-~~~~~~--------·········--···-·····-~---·-····---~---~~~------····-·----------·---------< 220 ~--~~-~~~--~···--·-···---~····-············-··-----··---------·--·······+~----·-··-------··--········-······-···················---; 200 180 160 140 --~~~~~~~~--~~~~~~~~~--~~~--·-----4 120 -+--~~~~~~~~~~~~~~~~~~~~~~~--i 100 ~~~::::::::::::::::::~~~:::::::====::::::~:::~~::::::=======l 80 -----.-~-.-~-,----.-~-,--~-.---r-~-r-----,~-,-~--.-----.-~---,--~~ 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Bureau of Labor Statistics, CES {SA). Business Research Division • Leeds School of Business • University of Colorado Colorado vs. Mining Employment Months to Recovery Percent 12.0 9.0 6.0 3.0 0.0 -3.0 -6.0 -9.0 -12.0 -r----r~----------------------~~------=-~;;::::::;;~~----1 -t-~~F---1r---~~~~~-~~-~~-~----~~---~-----~-~~---i 4----~~~~~~-~~~~~~~~-----~---------~~~~~~ -15.0 - - - · -18.0 -21.0 -24.0 ~-------------------------~ 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 Number of Months Since Colorado Peak Source: Bureau of Labor Statistics (Seasonally Adjusted). Business Research Division • Leeds School of Business • University of Colorado The Top 10 vs. The Bottom 10 States Jobs Added in 2014 and 2015 Forecast 2014 2015 North Dakota Arizona Texas Texas Nevada Colorado Arizona Florida South Carolina Colorado Mississippi Montana New Mexico Virginia Maine Maine Illinois New Mexico 0.0% Louisiana 1.0% 2.0% 3.0% 4.0% 0.0% 1.0% Source: Moody's Economy.com Business Research Division • Leeds School of Business • University of Colorado 2.0% 3.0% 4.0% February 2014 Employment Growth 1 Year Avg. YoY by MSA (SA) % Growth February 2014 Employment Growth 5 Year CAGR by MSA (SA) % Growth Greeley Greeley Fort Collins • Loveland Fort Collins • Loveland Denver-Aurora· Broomfield Denver-Aurora-Broomfield Boulder Boulder Pueblo Pueblo Grand Junction Grand Junction Colorado Springs Colorado Springs 0% 1% 2% 3% 4% 5% 6% -2% -1% 0% 1% 2% 3% Source: Bureau of Labor Statistics. Business Research Division • Leeds School of Business • University of Colorado corusuoi ?6 434 434 Severance Tax Revenue Oil and Gas 12-Month Rolling Sum, in thousands $350,000 ~------------------------~ $300,000 -+-----~~"""-----------------------4 $200,000 $150,000 ---------- -+------ $100,000 $50,000 $0 2005 2006 2007 2008 2009 2010 2011 Source: Colorado Department of Revenue. Business Research Division • Leeds School of Business • University of Colorado 2012 2013 2014 Oil and Gas Industry Direct Employment and Wages Extraction 12,579 $1,677.2 Drilling Wells 2,737 $236.4 Support Activities 12,920 $1,044.4 Oil and gas pipeline and related structures construction 2,854 $185.7 805 $88.6 Pipeline transportation Business Research Division • Leeds School of Business • University of Colorado Oil and Gas Industry Direct Employment and Wages Drilling 2,737 $236.4 Extraction and Support Activities 25,499 $2,721.6 Petroleum Refineries 513 $65.7 Transportation 805 $88.6 Gasoline Stations 12,578 $258.2 All Other 5,662 $369.8 Business Research Division • Leeds School of Business • University of Colorado 52.5 NIH 1m Wm aw .?mmw 434 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 40.5% 26.7% 17.6% 13.8% 11.7% 10.3% 9.5% 8.8% 8.4% 8.0% 7.7% 7.5% 7.3% 7.1% 7.0% 6.9% 6.9% 13.9% 13.5% 10.9% 9.7% 9.0% 8.6% 8.3% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% Business Research Division • Leeds School of Business • University of Colorado Category Total Employment Private Non-Farm Employment Output Gross Domestic Product Personal Income Real Disposable Personal Income Units Average Difference from Baseline Scenario Year Year Year Year Years Year 1-5 6-10 Jobs {Thousands) Change from Baseline Jobs (Thousands) Change from Baseline Dollars (Billions)b Change from Baseline Dollars (Billions)b Change from Baseline Dollars (Billions)b Chan_g_e from Baseline Dollars (Billions)b -68 -1.9% -62 -1.9% -13 -2.1% -8 -2.3% -5 -1.6% -4 -113 -2.8% -102 -2.9% -22 -3.1% -14 -3.4% -9 -2.7% -7 Change from Baseline -1.5% -2.4% 11-15 -118 -2.8% -107 -2.9% -24 -3.0% -15 -3.2% -10 -2.7% -8 -2.4% 16-20 21-25 2015-2040a -95 -2.2% -86 -2.2% -20 -2.2% -13 -2.4% -9 -2.2% -7 -73 -1.6% -67 -1.6% -16 -1.6% -10 -1.7% -8 -1.7% -7 -93 -2.2% -84 -2.3% -19 -2.4% -12 -2.6% -8 -2.2% -7 -2.0% -1.5% -2.0% bDollars are fixed (2012) dollars. Business Research Division • Leeds School of Business • University of Colorado Mi 8 as 434 From: Sent: To: Cc: Kristin Strohm Mon 5/12/20141:29 PM (GMT-00:00) Tom Clark; Pam Reichert; Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Richard Wobbekind; Keith E Maskus Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org; Bee: Subject: REMI Oversight Committee- Meeting To Be Scheduled REMI Oversight Committee Members, We need to schedule a call or in-person meeting in the next 10 days to discuss a few items: Please respond directly to me with your top two choices from the below dates/times and whether you could meet in-person by COB today. Monday, May 19th- 8AM Monday, May 19th- lPM Tuesday, May 20th- 9AM Thursday, May 22nd- lOAM Thanks! Kristin a ~ starboard Group d/Ci:J.ti.n ef/~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 437 Document Privileged in its Entirety 439 C.R.S. ING MORATORIUM RACT IJJ s. U) <1 LL. 0 El. HYDRAULIC 440 440 • Voter approved ban - • • Longmont Voter approved moratoriums - Boulder - Broomfield - Fort Collins - Lafayette Statewide (anticipated) - Local Control - Setbacks • 1,500' • 2,000' • 2,640' Business Research Division • Leeds School of Business • University of Colorado A statewide moratorium on hydraulic fracturing would result in economic drag on the Colorado economy. Business Research Division • Leeds School of Business • University of Colorado 3585 m5 Colorado Energy Production By Source Colorado Energy Production By Source (Trillion Btu) 3,000 Colorado's Energy Rank 2,750 2,500 2,250 2,000 1,750 1,500 1,250 1,000 750 500 250 0 1980 1984 1988 1992 1996 2000 2004 2008 Source: U.S. Energy Information Administration. Business Research Division • Leeds School of Business • University of Colorado Mining GDP, Employment, and Wages Share of Colorado Economy, 2012 GDP Total Wages Colorado GDP Per Employee: $85,639 Mining GDP Per Employee: $182,105 Colorado Average Annual Pay: $50,559 Mining Average Annual Pay: $108,004 Source: Bureau of Labor Statistics, CES (NSA), and Bureau of Economic Analysis. Business Research Division • Leeds School of Business • University of Colorado Employment Management of Companies & Enterprises Mining Professional & Technical Services Information Financial Activities Manufacturing Trade, Transportation, & Utilities Construction Real Estate Health Care Education Administrative & Waste Services Other Services Arts & Entertainment Agriculture Accommodation & Food Services $0 $40,000 $80,000 Sources: Bureau of Labor Statistics and Colorado Department of Labor and Employment. Business Research Division • Leeds School of Business • University of Colorado $120,000 $160,000 440 Employment Index Colorado Mining vs. Colorado Total January 2000 = 100 260 ~-----·--···-·-····---~~~----------··--··-·-·-···--···---··--·--·-·-~·-·---~~~~~~~ 240 -1-~~~~~~--------·········--···-·····-~---·-····---~---~~~------····-·----------·---------< 220 ~--~~-~~~--~···--·-···---~····-············-··-----··---------·--·······+~----·-··-------··--········-······-···················---; 200 180 160 140 --~~~~~~~~--~~~~~~~~~--~~~--·-----4 120 -+--~~~~~~~~~~~~~~~~~~~~~~~--i 100 ~~~::::::::::::::::::~~~:::::::====::::::~:::~~::::::=======l 80 -----.-~-.-~-,----.-~-,--~-.---r-~-r-----,~-,-~--.-----.-~---,--~~ 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Bureau of Labor Statistics, CES {SA). Business Research Division • Leeds School of Business • University of Colorado Colorado vs. Mining Employment Months to Recovery Percent 12.0 9.0 6.0 3.0 0.0 -3.0 -6.0 -9.0 -12.0 -r----r~----------------------~~------=-~;;::::::;;~~----1 -t-~~F---1r---~~~~~-~~-~~-~----~~---~-----~-~~---i 4----~~~~~~-~~~~~~~~-----~---------~~~~~~ -15.0 - - - · -18.0 -21.0 -24.0 ~-------------------------~ 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 Number of Months Since Colorado Peak Source: Bureau of Labor Statistics (Seasonally Adjusted). Business Research Division • Leeds School of Business • University of Colorado The Top 10 vs. The Bottom 10 States Jobs Added in 2014 and 2015 Forecast 2014 2015 North Dakota Arizona Texas Texas Nevada Colorado Arizona Florida South Carolina Colorado Mississippi Montana New Mexico Virginia Maine Maine Illinois New Mexico 0.0% Louisiana 1.0% 2.0% 3.0% 4.0% 0.0% 1.0% Source: Moody's Economy.com Business Research Division • Leeds School of Business • University of Colorado 2.0% 3.0% 4.0% February 2014 Employment Growth 1 Year Avg. YoY by MSA (SA) % Growth February 2014 Employment Growth 5 Year CAGR by MSA (SA) % Growth Greeley Greeley Fort Collins • Loveland Fort Collins • Loveland Denver-Aurora· Broomfield Denver-Aurora-Broomfield Boulder Boulder Pueblo Pueblo Grand Junction Grand Junction Colorado Springs Colorado Springs 0% 1% 2% 3% 4% 5% 6% -2% -1% 0% 1% 2% 3% Source: Bureau of Labor Statistics. Business Research Division • Leeds School of Business • University of Colorado 440 Concentration of Taxable Production 440 Severance Tax Revenue Oil and Gas 12-Month Rolling Sum, in thousands $350,000 ~------------------------~ $300,000 -+-----~~"""-----------------------4 $200,000 $150,000 ---------- -+------ $100,000 $50,000 $0 2005 2006 2007 2008 2009 2010 2011 Source: Colorado Department of Revenue. Business Research Division • Leeds School of Business • University of Colorado 2012 2013 2014 Oil and Gas Industry Direct Employment and Wages Extraction 12,579 $1,677.2 Drilling Wells 2,737 $236.4 Support Activities 12,920 $1,044.4 Oil and gas pipeline and related structures construction 2,854 $185.7 805 $88.6 Pipeline transportation Business Research Division • Leeds School of Business • University of Colorado Oil and Gas Industry Direct Employment and Wages Drilling 2,737 $236.4 Extraction and Support Activities 25,499 $2,721.6 Petroleum Refineries 513 $65.7 Transportation 805 $88.6 Gasoline Stations 12,578 $258.2 All Other 5,662 $369.8 Business Research Division • Leeds School of Business • University of Colorado 52.5 NIH 1m Wm aw .?mmw 440 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 40.5% 26.7% 17.6% 13.8% 11.7% 10.3% 9.5% 8.8% 8.4% 8.0% 7.7% 7.5% 7.3% 7.1% 7.0% 6.9% 6.9% 13.9% 13.5% 10.9% 9.7% 9.0% 8.6% 8.3% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% Business Research Division • Leeds School of Business • University of Colorado Category Total Employment Private Non-Farm Employment Output Gross Domestic Product Personal Income Real Disposable Personal Income Units Average Difference from Baseline Scenario Year Year Year Year Years Year 1-5 6-10 Jobs {Thousands) Change from Baseline Jobs (Thousands) Change from Baseline Dollars (Billions)b Change from Baseline Dollars (Billions)b Change from Baseline Dollars (Billions)b Chan_g_e from Baseline Dollars (Billions)b -68 -1.9% -62 -1.9% -13 -2.1% -8 -2.3% -5 -1.6% -4 -113 -2.8% -102 -2.9% -22 -3.1% -14 -3.4% -9 -2.7% -7 Change from Baseline -1.5% -2.4% 11-15 -118 -2.8% -107 -2.9% -24 -3.0% -15 -3.2% -10 -2.7% -8 -2.4% 16-20 21-25 2015-2040a -95 -2.2% -86 -2.2% -20 -2.2% -13 -2.4% -9 -2.2% -7 -73 -1.6% -67 -1.6% -16 -1.6% -10 -1.7% -8 -1.7% -7 -93 -2.2% -84 -2.3% -19 -2.4% -12 -2.6% -8 -2.2% -7 -2.0% -1.5% -2.0% bDollars are fixed (2012) dollars. Business Research Division • Leeds School of Business • University of Colorado Mi 8 as 440 REMI Oversight Committee Meeting Monday, January 27th 1 :45PM-2:45PM 1515 Arapahoe St., Tower 3, Suite 400 Tower 3 is located on the 16th St. Mall between Lawrence and Arapahoe Call-in number:~ Access cod~ 441 1:45PM General Business- Kristin A 2013 Financi B. Current COH C. Ne 1:55PM Fracing Stu A Meeting with Patty Limerick B. First draft will be by February 21•t 2:10PM Second Study Discussion A Fiscal Cliff Study? 1. What does Colorado need to do to remain competitive? 2. How will Colorado budget address fiscal cliff that is inevitable? 3. What infrastructure areas should the study focus on? a. Education b. Transportation c. Water d. Etc .. B. Other regional studies? 2:40PM Schedule next meeting C.R.S. 24-72-204(3)(a)(IV) From: Sent: To: Cc: Bee: Subject: Kristin Strohm Fri 4/11/2014 7:08 PM (GMT-00:00) Richard Wobbekind Re: REMI Oversight Committee Call- FRIDAY Thanks Rich. On Apr 11, 2014, at 1:07 PM, Richard Wobbekind wrote: I am on the call. From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, April 07, 2014 2:45 PM To: Tom Clark; Pam Reichert; Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Richard Wobbekind; Keith E Maskus Cc: Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org; Subject: REMI Oversight Committee Call- FRIDAY Oversight Committee Members, We will have a 30 min conference call this Friday, April 11th at 1:OOPM to discuss our next study. Here is the call-in information: Access code: Thanks, Kristin On Thu, Mar 27, 2014 at 10:06 AM, Kristin Strohm wrote: Great press yesterday! We should have a few other outlets covering the study today as well. I'll keep you posted on others. Thanks! Kristin On Tue, Mar 25, 2014 at 5:07 PM, Kristin Strohm wrote: REMI Oversight Committee Members, 442 C.R.S. 24-72-204(2)(a)(lll) Attached please find the FINAL press release and study. Metro Denver EDC will be sending this out tomorrow first thing. We are encouraging all groups to get the final study on their respective websites first thing tomoffow as well. We have had great meetings thus far, and early next week we will likely discuss modeling other alternative scenarios, mainly the setback scenario. Please do not hesitate to call should you have any questions. Best, Kristin On Fri, Mar 21, 2014 at 12:02 PM, Kristin Strohm wrote: REMI Oversight Committee, Attached please find an updated press release that incorporates language changes from all groups and the new information from the latest study. As we discussed earlier this week we will shoot to have this sent out Thursday, March 27th by the Metro Denver EDC on behalf of our consortium. Please get me any final revisions no later than Tuesday, March 25th at Noon. Thank you for your help! Kristin On Mon, Mar 17, 2014 at 1:34 PM, Kristin Strohm wrote: Oversight Committee Members, Attached please find an updated REMI Fracking Ban full report and an updated press release. Important NOTE: numbers have changed since the first draft, so please review this carefully. Also, CU would prefer that our group releases the press release, so we can discuss which group does that tomorrow (Tom, I believe you all have a great press list?). We will have a conference call tomorrow at 9:30AM for Brian to walk us through the changes from the original report, as he wants to do this prior to the Vital Board meeting. Here is the call-in information: Call-in number: Access code: 442 C.R.S. 24-72-204(2)(a)(lll) Here are important notes from Brian. Thanks, Kristin Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 442 C.R.S. 24-72-204(2)(a)(lll) A ~ starboard Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com A ~ starboard Group dJ'C,;u-m,M~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com A ~ starboard Group dl'C,;u-v"' cf/~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 442 C.R.S. 24-72-204(2)(a)(lll) ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 442 C.R.S. 24-72-204(2)(a)(lll) REMI Press Clips .July Ii\ 2013 TABLE 01? CONTE~TS Denver Post, "Economic development groups deploy advanced model for Colorado issues," July 17, 2013 (pg. 1) The Colorado Observer, "Coalition .Forms To Bring Better Impact Analysis To Public Policy," July 17, 2013 (jJg. 2) Denver Business Journal, "Dynamic modeling: The debate has just begun," July 16, 2013 (pg. 3) Colorado Sp11ce Coalition, "Econometric model to examine Init. 22 in debut study in CO," .July 16, 2013 (pg. 5) Denver Post, "Economic development groups deploy advanced model for Colorado issues," July 17, 2013 By Aldo Svaldi Three Colorado economic-development groups arc pooling their money to license a statc-of-theart economic model to vet policy issues in Lhe state, starling with an upcoming ballot measure to raise $I billion a year for public schools via higher income taxes. The Common Sense Policy Roundtable, the Metro Denver Economic Development Corp. and the Denver South Economic Development Partnership are dividing the $150,000 cost for a dynamic econometric model developed by Regional Economic Models Inc. The three parl11ern will also pay the University of Colorado at Boulder Leeds School of Business $110,000 a year to nm the model on a third-party basis. REM! will also receive S38,000 a year to maintain and update it. Also, the Colorado Office of' Economic Development and International Trade has contributed $30,000 to tht! model. Although the model's first test case will be Initiative 22, the expectation is that it can be used to study the economic trade-offs ofa wide v'triety of public-policy and economic-devdopment issues. 443 "The real value of the model is in getting ahead of the curve; otherwise, you are always reacting," roundtable chairman Earl Wright said. The roundtable didn't take a side on the tax. "In the era of big data, this will be a tool," added .Ylike Fitzgerald, president and CEO of the Denver South Economic Development Partnership. "IL is a bil ofa truth mai:hine if it is working right." Policy debates in the state have become increasingly p1llarized, said Tom Clark, CEO of the Metro Denver EDC, adding the model can serve as a rational, data-based referee on the big questions Colorado faces. Il could help those dralling new initiatives to understand the effects of their proposals and formulate them in a way that is more beneficial to the economy, he &aid. The state legislature has resisted calls for dynamic modeling in the past, given the 1malytical complexities and political complications involved with going beyond a straightforwal'd cost analysis. Colorado Observer, "Coalition forms To Bring Better Impact Analysis To Public Policy," July li\ 2013 Observer Staff DENVER -As supporters and critics of a controversial $1 billion tax hike prepare to square off, a non-partisan group of influential public and private organizations announced an effort that may help policymakers and voters better understand the real-world impacts of such changes in public policy. The group, which is composed of the Common Sense Policy Roundtablc (CSPR), the Denver South Economic Development Partnership, the Metro Denver Economic Development Corporation, and the University of Colorado Boulder's Leeds School of Business, unveiled an economic modeling proi;,'l·am Tuesday that they say will provide unbiased information about the economic effects of changes in things like spending levels and tax rates. The econometric model comes from Regional Economic Modeling Inc. (REM!), and the partnership says it will provide policy makers a much more sL1bstantive view on the impact of legislation. "Colorado is facing many significant issues that will undoubtedly have substantial impacts on jobs and ouf economy," said CSP R's Earl Wfight, which released its own analysis of a proposed in 2011. "REMI will provide us with accurate analysis and long-term economic impacts of these actions and the data we need to make informed decisions.'' For years, critics have complained about a failure by policymaker& to measure the "dynamic" effects of btatutory changes on the economy. Currently, lawmakers can only gauge the costs of proposed changes through a so-called "Fiscal Note," which only sets forth how many public 2 443 dollars a specific bill might generate or expend without examining a proposal's broader impacts on things like job creation, for example. That's something the group is hoping REM[ will change. "The REM! model has the ability to analyze complex economic questions by considering thousands of variables in response to policy changes as opposed to traditional econometric models that take only input/output into account," read a statement from the group. The dynamic econometric modeling will he overseen hy representatives of each of the four groups, who say they arc optimistic about the opportunity to provide policymakers and the public with a more comprehensive "big picture" look at changes in the law. "The REMI model will aid Colorado decision makers in debating and weighing the impacts of the lm·gcst public policy decisions facing our state," said Tom Clark oft.he Metro Denver Economic Development Corporation. "'REMI will allow us to weigh the full impacts of legislation, ballot initiatives and other projcct.s on Colorado's economy. It will be a valuable tool for our state." According to the gnmp, the first proposal analyzed by the new model will be Initiative 22, a $1 billion tax hike plan that voters may be asked to decide on in November. The report is expected in August. Denver Business ,Journal, "Dynamic modeling: The debate has just begun," July 16, 2013 By Ed Sealover Three major business groups announced Tuesday that they've formed a partnership with the University of Colorado to implement a "dynamic modeling" analysis of bills and initiatives that they hope: to use to increase conversations around job creation ····but they likely still have work to do to influence legislators to take a hard look at the results of their work. Mctm Denver Economic Development Corp. CEO first unveiled the partnership with the Common Sense Policy Rouncltable (CSPR), the Denver South Economic Development Partnership and CU's Leeds School of Business'"' . :':. ,,,v,,,,, "'''"···''~·~u·'""'·'' $3 0, 000 .in fin nncing from the -'''!'·"'"·'''''-'''"-'''"''-..,,_,_,,c:,.\,1.rn,·.w.,;i:...1c's: '-~""' ' !:'' ·"'°"'' "'''~-'·''''''~-"'"'·''·'-'·"·'····'···''"'~toward the effort that day, the group has llcshed out the idea and decided it will use \he Regional faonomic Models Inc. (REM!) loo[ firs\ to analyze Initiative 22, the on the J\ovember statewide ballot. 3 443 "We think the REMI Model will bring us much closer to having an open and honest discussion around some very hard choices we have to make;· Clark said at a news conference Tuesday. Business leaders long have touted dynamic modeling as a better way of determining the impact upon the stale budget of a bill or ballot question than the static modeling cu1Tently done by the nonpartisan Legislative Council. Static modeling takes an issue, like a tax break or tax hike, and simply determines how much revenue it will take away from or genemte for the stste. Dynamic modeling, comparatively, determines indirect repercussions of a tax hike or tax break~- such as an increase or decrease in and factors that in, too. purchases of goods that will result from the policy a bill to allow for limited ttse of dynamic modeling back when Legislators actually as speaker from 2005 to 2008, but budget analysts Democratic Rep. for the Legislative Council and for the governor's Office of State Planning and Budgeting said they were not interested in using the modeling bt0causc no viable model had been developed, Clark said. Since then, however, the REMI model, which analy7cs both short- and long-tcm1 costs of public policy, has become more respected and consulted by more government entities, he said. Metro Denver EDC, CSPR and Denver South will split the costs of developing and maintaining the modeling program, and CU will p<:)rform the imalyscs using the REMI model, explained Earl CSPR chairman. The policies undergoing tmalyses will be limited to a fow major ones each year that can have major economic effects, such as those dealing with water, transportation, higher education or recrnitment and retaining of companies, he said. "Jn the era of big data, in the era of ever-increasing will help us inform our decisions," said 'ccoc"'-~··"··'""'~-~.., .•.c".Oco a bit ofa trnth machine if it's working right." But truth is impactful only i r it is accepted, and the attendance at Tuesday's news conference was noteworihy. Senate Assistant: Minority Leader House Assistant Minority Leader and Secretary of State all Republicans who have supported dynamic modeling were there. No officials from the Democratic Party that controls and cost-bene11t analyses both the state House and Senate were. House Speaker a Denver Democrat who worked as an economic analyst, said afterward that he is not opposed to taking the dynamic-modeling reports produced by CC oilicials into accom1t when looking at bills and initiatives. But he first wants to study the assumptions and calculations used as part of the REMI model to see if there are inherent biases built into it. 4 443 On the issue of the education tax initiative, for example, Femmdino said he must see how the model compares the value of tax dollars to the value of an edltcation. Making wch assumptions is why many Democrats have favored the current static modeling, as it may be imperfect but at least creates an even playing field under which all proposals are considered, he said. 'Tm not completely against dynamic modeling. J think it's a workable endeavor," said Ferrandino, who added that he was not invited to the Tuesday announcement, despite organizers' insistence that he was. "It's one more piece of information for legislators to use, but we have to be caveatted on what the assumptions are." The first modeling on Initiative 22 is expected to be completed within 45 days, Clark said. Colorado Space Coalition, "Econometric model to examine !nit. 22 in debut study in CO," ,July 16, 20l3 Author Unreported A partnership of public and private organizations announced a collaboration on July l6, 2013, to provide Colorado lawmakers, policymakers, and business leaders greater insight into the economic impact of public pol icy decisions that face the state and surrounding regions. The partnership will use an econometric m1idel devel1)ped by Regional Economic Modds Inc., or REMI, for the multi-year project. "Colorado is facing many significa:nt issues that will undoubtedly have substantial impacts on jobs and our economy,'' said Earl Wright, Chairman of the Board of Directors of Common Sense Policy Roundtable. "REYll will provide us with accurnte analysis and long-term economic impacts of these actions and the data we need to make infonned decisions." Conducted by the Business Research Division at the University oJ' Colorado Blrnlder's Le~ds School of Business, the dynamic econometric modeling wil I he overseen by an Oversight Committee with representatives of the Leeds School of Business, the Common Sense Policy Roundtable (CSPR), the Denver South Economic D.cvelopment Partnership (Denwr South EDP) and the Metro Denver Economic Development Corporation (Metro Denver EDC). Tlte Colorado Economic Development Commission is also a major funder of the REM! initiative. "We are excited to enter this patinership bringing REMI's capability to Colorado," said Rich Wobbekind, executive director of CU-Boulder's Business Research Division and senior associate dean for arndemic programs at the Leeds School. "REMT will allow us lo provide unbiased thirdparty research to state and local government, residents, businesses and other key constituencies about the economic impacts related to policy decisions and economic events in Colorado." The REMI model is unique in that it provides in-depth analysis of the impacts public policy has on the economy. The REMI model has the ability to analyze complex economic questions by 5 443 considering thousands of variables in response to policy changes as opposed to traditional econometric models that take only input/output into accOLmt. "The REM! model will aid Colorado decision makers in debating and weighing the impacts of the largest public policy decisions facing our state," said Tom Clark, CEO of the Metro Denver EDC. "REM! will allow us to weigh the full impacts of legislation, ballot initiatives and other projects on Colorado's economy. It will be a valuable tool for our state." The RJ:iMI Oversight Board will put this new tool to use by first analyzing the impact of Tnitiative 22 that is expected to be on the hallot in November 20 I3. Tnitiative 22 would ask voters to increase the income tax rate for taxable income of$75,000 or less from 4.63 percent to 5 percent. Eamings above $75,000 would be taxed at 5 percent up to the first $75,000 and 5.9 percent for income above that. "Initiative 22 is a perfect opportunity to provide an unbiased and complex analysis on the economic impact of a significant public policy proposal," said Mike Fitzgerald, President and CFO of Denver South EOP. "We arc convinced that the REM! model can help determine, with independent analysis, long- and short-term strategies as well as the dinerence between government expenditures and government investments. The capacity and reputation of the Leeds School of Business will provide a clearer perspective of the sh01t and long-term costs and benefits of major projects and public policy issues such as Initiative 22.'' The first report from the REMI model analyzing the impact ofinitiative 22 is expected to be released in AugL1s1. 6 443 ING MORATORIUM RACT IJJ s. U) <1 LL. 0 El. HYDRAULIC 444 444 • Voter approved ban - • • Longmont Voter approved moratoriums - Boulder - Broomfield - Fort Collins - Lafayette Statewide (anticipated) - Local Control - Setbacks • 1,500' • 2,000' • 2,640' Business Research Division • Leeds School of Business • University of Colorado A statewide moratorium on hydraulic fracturing would result in economic drag on the Colorado economy. Business Research Division • Leeds School of Business • University of Colorado 3585 m5 Colorado Energy Production By Source Colorado Energy Production By Source (Trillion Btu) 3,000 Colorado's Energy Rank 2,750 2,500 2,250 2,000 1,750 1,500 1,250 1,000 750 500 250 0 1980 1984 1988 1992 1996 2000 2004 2008 Source: U.S. Energy Information Administration. Note: Time series through 2011. Rankings based on newest available data ranging from 2010-2014. Business Research Division • Leeds School of Business • University of Colorado Mining GDP, Employment, and Wages Share of Colorado Economy, 2012 GDP Total Wages Colorado GDP Per Employee: $85,639 Mining GDP Per Employee: $182,105 Colorado Average Annual Pay: $50,559 Mining Average Annual Pay: $108,004 Source: Bureau of Labor Statistics, QCEW, and Bureau of Economic Analysis 2012 data. Business Research Division • Leeds School of Business • University of Colorado Employment Management Of Companies & Enterprises Mining Information Utilities Professional &Technical Services Finance & Insurance Wholesale Trade Manufacturing Construction Government Real Estate, Rental & Leasing Transportation &Warehousing Health Care &Social Assistance Educational Services Other Services Administrative &Waste Services Arts, Entertainment &Recreation Agriculture, Forestry, Fishing, Hunting Retail Trade Accommodation & Food Services $0 $40,000 $80,000 $120,000 Sources: Bureau of Labor Statistics and Colorado Department of Labor and Employment, based on 2013 data. Business Research Division • Leeds School of Business • University of Colorado $160,000 444 c: .2 -IEmployment Index Colorado Mining vs. Colorado Total January 2000 = 100 280 260 ~----------------------~ ---1---------- 240 220 - + - - - - - - - - - - - - - - - - - - - - - - - - - - - - · · · - - - - - - - - 4 200 _,_________________________________________ ~ 180 160 140 120 100 80 --~~-------~~~-~---~-----~ -----~---~~----------~----·------~--~--------~-~ -----------+-----.---.---,------.--.----,----~-,.---.--.---.---,---r--~ 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Bureau of Labor Statistics, CES (SA). Business Research Division • Leeds School of Business • University of Colorado Colorado vs. Mining Employment Months to Recovery Percent 20.0 16.0 12.0 -+-------~--~---------::-:::::--:--------------~'----! 8.0 4.0 _.,____,, 0.0 --l"!-~­ -4.0 -8.0 +-----~--------~--~---------------------·----------------! -12.0 -1---------+---·---·-~11'--------~--------------------l -16.0 -20.0 -24.0 -"'----------------------------~ 2008 2010 2013 2009 2011 2012 2014 Number of Months Since Colorado Peak Source: Bureau of Labor Statistics (Seasonally Adjusted). Business Research Division • Leeds School of Business • University of Colorado The Top 10 vs. The Bottom 10 States Jobs Added in 2014 and 2015 Forecast 2014 2015 North Dakota Texas Nevada Arizona Texas Colorado Colorado Florida Utah Oregon Louisiana Mississippi New Jersey Louisiana Connecticut New Mexico Kentucky Maine New Mexico Illinois 0.0% 2.0% 4.0% 6.0% 0.0% 1.0% 2.0% Source: Moody's Economy.com. Note: Colorado is tied for 4th with Utah, Oregon, and Florida in 2014. Business Research Division • Leeds School of Business • University of Colorado 3.0% 4.0% February 2014 Employment Growth 1 Year Avg. YoY by MSA (SA) % Growth February 2014 Employment Growth 5 Year CAGR by MSA (SA) % Growth Greeley Greeley Fort Collins • Loveland Fort Collins • Loveland Denver-Aurora· Broomfield Denver-Aurora-Broomfield Boulder Boulder Pueblo Pueblo Grand Junction Grand Junction Colorado Springs Colorado Springs 0% 1% 2% 3% 4% 5% 6% -2% -1% 0% 1% 2% 3% Source: Bureau of Labor Statistics. Business Research Division • Leeds School of Business • University of Colorado 444 Concentration of Taxable Production 444 Severance Tax Revenue Oil and Gas 12-Month Rolling Sum, in thousands $350,000 ~------------------------~ $300,000 -+-----~~"""-----------------------4 $250,000 -+--------"---- $200,000 $150,000 -!---- $100,000 $50,000 $0 2005 2006 2007 2008 2009 2010 2011 Source: Colorado Department of Revenue. Business Research Division • Leeds School of Business • University of Colorado 2012 2013 2014 Oil and Gas Industry Direct Employment and Wages Drilling 2,737 $236.4 Extraction and Support Activities 25,499 $2,721.6 Petroleum Refineries 513 $65.7 Transportation 805 $88.6 Gasoline Stations 12,578 $258.2 All Other 5,662 $369.8 Business Research Division • Leeds School of Business • University of Colorado Oil and Gas Industry Direct Employment and Wages Extraction 12,579 $1,677.2 Drilling Wells 2,737 $236.4 Support Activities 12,920 $1,044.4 Oil and gas pipeline and related structures construction 2,854 $185.7 805 $88.6 Pipeline transportation Business Research Division • Leeds School of Business • University of Colorado 52.5 NIH 1m Wm aw .?mmw 444 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 40.5% 26.7% 17.6% 13.8% 11.7% 10.3% 9.5% 8.8% 8.4% 8.0% 7.7% 7.5% 7.3% 7.1% 7.0% 6.9% 6.9% 13.9% 13.5% 10.9% 9.7% 9.0% 8.6% 8.3% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% Business Research Division • Leeds School of Business • University of Colorado Category Total Employment Private Non-Farm Employment Output Gross Domestic Product Personal Income Real Disposable Personal Income Units Average Difference from Baseline Scenario Year Year Year Year Years Year 1-5 6-10 Jobs {Thousands) Change from Baseline Jobs (Thousands) Change from Baseline Dollars (Billions)b Change from Baseline Dollars (Billions)b Change from Baseline Dollars (Billions)b Chan_g_e from Baseline Dollars (Billions)b -68 -1.9% -62 -1.9% -13 -2.1% -8 -2.3% -5 -1.6% -4 -113 -2.8% -102 -2.9% -22 -3.1% -14 -3.4% -9 -2.7% -7 Change from Baseline -1.5% -2.4% 11-15 -118 -2.8% -107 -2.9% -24 -3.0% -15 -3.2% -10 -2.7% -8 -2.4% 16-20 21-25 2015-2040a -95 -2.2% -86 -2.2% -20 -2.2% -13 -2.4% -9 -2.2% -7 -73 -1.6% -67 -1.6% -16 -1.6% -10 -1.7% -8 -1.7% -7 -93 -2.2% -84 -2.3% -19 -2.4% -12 -2.6% -8 -2.2% -7 -2.0% -1.5% -2.0% bDollars are fixed (2012) dollars. Business Research Division • Leeds School of Business • University of Colorado Mi 8 as 444 REMI PROJECT REQUEST FORM Please submit project requestform directly to Kristin Strohm at kristin@commonsensepolicyroundtable.com Submitted Uy: Organization/Company N a m e : - - - - - - - - - - - - - - - Contact: Phone: Email: Address: Brief Project Description and Ob,jective: Pro,jcct Deliverables: Project Assumptions: Requested Start Date: Requested Completion Date: Received by: 448 Date: _ _ _ _ _ _ __ From: Sent: To: Cc: Kristin Strohm Fri 4/11/2014 2:54 PM (GMT-00:00) Tom Clark; Pam Reichert; Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Richard Wobbekind; Keith E Maskus Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org; Bee: Subject: REMINDER REMI Oversight Committee Call Today Attachments: Press Fracking Study.docx; REM! Oversight Committee Meeting Agenda 4_ 11.pdf Reminder: We have a call today at lPM. Attached please find the agenda for the call along with updated press clips Leeds compiled. Thanks, Kristin On Mon, Apr 7, 2014 at 2:44 PM, Kristin Strohm wrote: Oversight Committee Members, We will have a 30 min conference call this Friday, April 11th at 1:OOPM to discuss our next study. Here is the call-in information: Call-in number: Access code: Thanks, Kristin On Thu, Mar 27, 2014 at 10:06 AM, Kristin Strohm wrote: Great press yesterday! We should have a few other outlets covering the study today as well. I'll keep you posted on others. Thanks! Kristin On Tue, Mar 25, 2014 at 5:07 PM, Kristin Strohm wrote: REMI Oversight Committee Members, Attached please find the FINAL press release and study. Metro Denver EDC will be sending this out tomorrow first thing. We are encouraging all groups to get the final study on their respective websites first thing tomorrow as well. 450 C.R.S. 24-72-204(2)(a)(lll) We have had great meetings thus far, and early next week we will likely discuss modeling other alternative scenarios, mainly the setback scenario. Please do not hesitate to call should you have any questions. Best, Kristin On Fri, Mar 21, 2014 at 12:02 PM, Kristin Strohm wrote: REMI Oversight Committee, Attached please find an updated press release that incorporates language changes from all groups and the new information from the latest study. As we discussed earlier this week we will shoot to have this sent out Thursday, March 27th by the Metro Denver EDC on behalf of our consortium. Please get me any final revisions no later than Tuesday, March 25th at Noon. Thank you for your help! Kristin On Mon, Mar 17, 2014 at 1:34 PM, Kristin Strohm wrote: Oversight Committee Members, Attached please find an updated REMf Fracking Ban full report and an updated press release. Important NOTE: numbers have changed since the first draft, so please review this carefully. Also, CU would prefer that our group releases the press release, so we can discuss which group does that tomorrow (Tom, l believe you all have a great press list?). We will have a conference call tomorrow at 9:30AM for Brian to walk us through the changes from the original report, as he wants to do this prior to the Vital Board meeting. Here is the call-in information: Call-in number: Access code: Here are important notes from Brian. Thanks, Kristin 450 C.R.S. 24-72-204(2)(a)(lll) Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com A ~ starboard Group (;;t/(;e&tv"' c;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 450 C.R.S. 24-72-204(2)(a)(lll) 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group dJ&~i.n c;f/'~J,,;n MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group dJ&~i.n c;f/'~J,,;n MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 450 C.R.S. 24-72-204(2)(a)(lll) ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group dJ'C,;u-m,M~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 450 C.R.S. 24-72-204(2)(a)(lll) Colorado Biz, April 1, 2014. "What would an anti-fracking statewide amendment look like, Business leaders warn it could pose a threat to the entire business community," Colorado Peak Politics, March 26, 2014. "Money Bomb: Dollars and Cents Study Destroys Fractivists' Initiative, http://coloradopeakpolitics.com/2014/03/26/money-bomb-dollar-and-cents-study-destroysfractivists-i niti ative/ Dunn, Sharon. March 27, 2014. "Study finds Weld County would lose thousands of jobs, millions in taxes if fracking banned statewide," Bakken.com, http://bakken.com/news/id/121592/study-finds-weldcounty-lose-thousands-jobs-millions-taxes-fracking-banned-statewide/ Gardner, Kyle. April 10, 2014. "Broomfield Enterprise letter to the editor: Study of impact of fracking bans falls short," Broomfield Enterprise, http://www.broomfieldenterprise.com/broomfieldopinion/ci_25523683/broomfield-enterprise-letter-editor-study-impact-fracking-bans The Gazette. March 30, 2014. "EDITORIAL: Study finds loss of fracking would cost 68,000 good jobs," http:/I gazette. com/ ed itori a1-study-fi nd s-1 oss-of-fra cki ng-wou Id-cost-68000-good-jo bs/ article/ 1517 33 7 Gutowski, Stephen. March 28, 2014. "Study: fracking ban would cost Colorado tens of thousands of jobs and billions of dollars," The Capital City Project, http://capitolcityproject.com/study-fracking-ban-wouldcost-colorado-tens-of-thousands-of-jobs-and-billions-of-dollars/ Hana!, Anna. March 28, 2014. "Fracking ban would cost Colorado millions, study finds," Colorado Public Radio, www.cpr.org/news/story/fracking-ban-would-cost-colorado-millions-study-finds Handy, Ryan Maye. March 28, 2014. "Study: Statewide fracking ban would be billion-dollar blow, A ban would cut 93Kjobs, billions in tax revenue, CU researchers say," Coloradoan.com http://www. colo rad oa n. com/ article/20140326/ NEWSOl/303 260089 /Stu dy-Statewide-fracki ng-ba nwo u ld-b i 11 i on-d olla r-b Iow Jaffe, Mark. March 26, 2014. "Worst-case scenario study: Frack ban could cost 68,000 Colorado jobs," The Denver Post, http://www.denverpost.com/business/ci_25424969/worst-case-scenario-study-frackban-could-cost Lynn, Steve. April 3, 2014. "Colo. fracking ban would knife $12B from state GDP," Wyoming Business Report, http://www. wyomingbusi nessreport. com/ article/20140403/N EWS/140409985/0/P UBLICATIO NS24 Nemec, Richard. April, 3, 2014. "Two State Studies Tout Oil/Gas Economic Benefits," National Gas Intelligence, http://www. naturalgasintel. com/a rticles/97941-two-state-studies-tout-oilgas-economicbenefits Northern Colorado Legislative Alliance. March 24, 2014. "Economic Analysis Shows Significant Consequence of Anti-Fracking Ballot Measures, "http://ncla.biz/wp-content/uploads/2014/04/UTD3.30.14.pdf 529 Richardson, Valerie. March 26, 2014. "Statewide Fracking Ban Would Cost $12 Billion, 93,000 Jobs by 2040," The Colorado Observer, http://thecoloradoobserver.com/2014/03/study-statewide-fracking-banwould-cost-12-bi Ilion-93000-jobs-by-2040/ Sandoval, Mark. March 28, 2014. "'Local Control' Really Means De Facto Statewide Fracking Ban, Call Reveals," The Complete Colorado, http://completecolorado.com/pagetwo/2014/03/28/local-controlreally-means-de-facto-statewide-fracking-ban-call-reveals/ Westergaard, Neil and Heather Draper. March 26, 2014. "University of Colorado study suggests major job loss from proposed fracking ban," The Denver Business Journal, http://www. bi zjo u rna Is. com/ de nve rI news/2 014/03/26/ u n ive rs ity-of-co Iora do-stu dy-s uggests-m aj orjo b. htm I?p age==a 11 529 REMI Oversight Committee Conference Call Friday, April 11th 1:OOPM· 1 :30PM Call·in number:~ Access cod~ 1:00PM Fracking Study Update A. Press- See attached B. Upcoming Presentations a. June 16th (Brian presenting to all) 1) Colorado Energy Coalition (Denver) 2) State Attorneys General (Denver) 3) Colorado Business Roundtable (Lone Tree) b. CACI Board Meeting- May 15th (Brian presenting) c. First Tuesday Club- June 5th (Brian presenting) C. Energy LITERACT Project- John Tobin, CEO of project would like to use our study and recreate handouts from it. 535 1:05PM Setback Study Update- Tim & Brian A. Title setting date- April 16th B. Timeline a. Study completion date b. Tentative release date 1:20PM Additional Studies & Second Study Discussion A. Any smaller scale studies to work on while finishing setback study? B. Start Fiscal Cliff Study? 1. What does Colorado need to do to remain competitive? 2. How will Colorado budget address fiscal cliff that is inevitable? 3. What infrastructure areas should the study focus on? Education, Medicaid, Transportation, Water, etc. etc. ING MORATORIUM RACT IJJ s. U) <1 LL. 0 El. HYDRAULIC 451 451 • Voter approved ban - • • Longmont Voter approved bans/moratoriums - Boulder - Broomfield - Fort Collins - Lafayette Statewide (anticipated) - Local Control - Setbacks • 1,500J • 2,000' • 2,640' Business Research Division • Leeds School of Business • University of Colorado Fracking-related Initiatives as of July 25, 2014 Setback • • • • • • • • • Local Control No. No. No. No. 82 85 86 87 • No. No. No. No. 117 118 119 120 • Other • • No. 115 • • • • • No. 75 No.90 No. 91 No.92 No.93 No. 103 No. 116 • • • No. 122 • Business Research Division • Leeds School of Business • University of Colorado A statewide moratorium on hydraulic fracturing would result in economic drag on the Colorado economy. Business Research Division • Leeds School of Business • University of Colorado 3585 m5 Colorado Energy Production By Source Colorado Energy Production By Source (Trillion Btu) 3,000 Colorado's Energy Rank 2,750 2,500 2,250 2,000 1,750 1,500 1,250 1,000 750 500 250 0 1980 1984 1988 1992 1996 2000 2004 2008 2012 Source: U.S. Energy Information Administration. Note: Time series through 2012. Rankings based on newest available data ranging from 2010-2014. Business Research Division • Leeds School of Business • University of Colorado Mining GDP, Employment, and Wages Share of Colorado Economy, 2013 GDP Colorado GDP Per Employee: $89,800 Mining GDP Per Employee: $384,300 Total Wages Employment Colorado Average Annual Pay: $50,860 Mining Average Annual Pay: $109,178 Source: Bureau of Economic Analysis, 2013 Nominal GDP and 2012 total employment; Bureau of Labor Statistics, 2013 QCEW. Business Research Division • Leeds School of Business • University of Colorado Management Of Companies & Enterprises Mining Information Utilities Professional &Technical Services Finance &Insurance Wholesale Trade Manufacturing Construction Government Real Estate, Rental & Leasing Transportation &Warehousing Health Care &Social Assistance Educational Services Other Services Administrative &Waste Services Arts, Entertainment &Recreation Agriculture, Forestry, Fishing, Hunting Retail Trade Accommodation &Food Services $0 $40,000 $80,000 Sources: Bureau of Labor Statistics and Colorado Department of Labor and Employment. Business Research Division • Leeds School of Business • University of Colorado $120,000 Industry Occupations National Installation Maintenance~ and Repair ,,, 6% Business and Financial Operations 5% Computer and Mathematical 2% Life Physical and Social Science 4% Legal 1% Healthcare Practitioners and Technical 2% 1% Source: Bureau of Labor Statistics, Employment by Standard Occupational Classification {SOC) code, May 2013. Business Research Division • Leeds School of Business • University of Colorado 1% OJ c: ~. :::::J ro (/) (/) 65' (/) ro OJ rl ::::r 0 <" (/): 0 :::::J • FD ro c.. (/) (/') n ::::r 0 0 0 -1' OJ c: ~. :::::J ro (/) (/) • c :::::J Cii' VJ ::t 0 -1' (") 0 0 OJ c.. 0 g> c ritD !.'! n g n !"> CJ1 c:> Weld Garfield Rio Blanco Mesa Lincoln Cheyenne Moffat Adams La Plata Arapahoe Washington Morgan Montezuma Dolores Jackson Kiowa Routt Gunnison Yuma Archuleta Logan Elbert Fremont Larimer Las Animas Baca Bent Delta Eagle El Paso Huerfano Jefferson Kit Carson Alamosa Boulder Broomfield Chaffee Clear Creek Conejos Costilla Crowley Custer Denver Douglas Gilpin Grand Hinsdale Lake Mineral Montrose Otero Ouray Park Phillips Pitkin Prowers Pueblo Rio Grande Saguache San Juan San Miguel Sedgwick Summit Teller c:> c:> _.. b c:> c:> _.. (.n c:> c:> "' b c:> c:> "' (.n c:> c:> cosusnoi 29mme ?6 451 SEEM ?6 co 451 Employment Index Colorado Mining vs. Colorado Total January 2000 = 100 300 280 260 240 220 200 180 160 140 120 100 80 ------------- --i------.- 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Bureau of Labor statistics, CES (SA). Business Research Division • Leeds School of Business • University of Colorado Colorado vs. Mining Employment Months to Recovery Percent 20.0 16.0 12.0 +-~~~~~~-~~~~~--~~~~~~~~~---~~~--~~~~~ 8.0 4.0 -+----~ 0.0 ,.._~::--·4.0 -8.0 -12.0 -16.0 ·+----·-------·--·-·-·---·~,-·--·--·-·--·--···-----·-··-···-·#----------·-··----.----·--·--------.·-..----·.....,..._,..,....,,_,.. __,,_,..,..._ ...................- ...·--·--·-----·---·-·--·--------------·----···-···.. -20.0 -+---------~~------------------------! -24.0 ~---------------------------' 2008 2009 2010 2011 2012 2013 2014 --·-! Number of Months Since Colorado Peak Source: Bureau of Labor Statistics (Seasonally Adjusted). Business Research Division • Leeds School of Business • University of Colorado The Top 5 vs. The Bottom 5 States Jobs Added in 2014 and 2015 Forecast 2014 2015 North Dakota Texas Nevada North Dakota Texas Arizona Utah Colorado Oregon Alaska Colorado {6) Vermont West Virginia Illinois West Virginia Virginia Maine New Jersey New Mexico New Mexico Illinois 0.0% 2.0% 4.0% 6.0% 0.0% 1.0% Source: Moody's Economy.com based on July 11, 2014 release. Business Research Division • Leeds School of Business • University of Colorado 2.0% 3.0% 4.0% Employment Growth Indexed Growth Index 2008=100 104 102 100 98 96 94 92 2008 2009 2010 2011 2012 Source: Bureau of Labor Statistics, CES (SA). Business Research Division • Leeds School of Business • University of Colorado 2013 2014 Employment Growth Indexed Growth Index 2008=100 104 102 100 98 96 94 92 2008 2009 2010 2011 2012 Source: Bureau of Labor Statistics, CES (SA). Business Research Division • Leeds School of Business • University of Colorado 2013 2014 Employment Growth Indexed Growth Index 2008=100 104 102 100 98 96 94 92 2008 2009 2010 2011 2012 Source: Bureau of Labor Statistics, CES (SA). Business Research Division • Leeds School of Business • University of Colorado 2013 2014 Severance Tax Revenue Oil and Gas 12-Month Rolling Sum, in thousands $350,000 ~------------------------~ $300,000 -+------~"""-----------------------4 $250,000 -+------------ $200,000 $150,000 --------- -+------ $100,000 $50,000 $0 2005 2006 2007 2008 2009 2010 2011 2012 Source: Colorado Department of Revenue as of lune 2014. Business Research Division • Leeds School of Business • University of Colorado 2013 2014 Oil and Gas Industry Direct Employment and Wages, 2013 13,445 $1,865.9 2,669 $242.7 12,592 $1,034.6 Oil and gas pipeline and related structures construction 4,156 $276.1 Pipeline transportation 1,034 $127.2 Extraction Drilling Wells Support Activities Business Research Division • Leeds School of Business • University of Colorado 52.5 NIH 1m Wm aw .?mmw 451 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 40.5% 26.7% 17.6% 13.8% 11.7% 10.3% 9.5% 8.8% 8.4% 8.0% 7.7% 7.5% 7.3% 7.1% 7.0% 6.9% 6.9% 13.9% 13.5% 10.9% 9.7% 9.0% 8.6% 8.3% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% Business Research Division • Leeds School of Business • University of Colorado Category Total Employment Private Non-Farm Employment Output Gross Domestic Product Personal Income Real Disposable Personal Income Units Average Difference from Baseline Scenario Year Year Year Year Years Year 1-5 6-10 Jobs {Thousands) Change from Baseline Jobs (Thousands) Change from Baseline Dollars (Billions)b ChanJl...e from Baseline Dollars (Billions)b Change from Baseline Dollars (Billions)b Change from Baseline Dollars (Billions)b -68 -1.9% -62 -1.9% -13 -2.1% -8 -2.3% -5 -1.6% -4 -113 -2.8% -102 -2.9% -22 -3.1% -14 -3.4% -9 -2.7% -7 Change_J[om Baseline -1.5% -2.4% 11-15 -118 -2.8% -107 -2.9% -24 -3.0% -15 -3.2% -10 -2.7% -8 -2.4% 16-20 21-25 2015-2040a -95 -2.2% -86 -2.2% -20 -2.2% -13 -2.4% -9 -2.2% -7 -73 -1.6% -67 -1.6% -16 -1.6% -10 -1.7% -8 -1.7% -7 -93 -2.2% -84 -2.3% -19 -2.4% -12 -2.6% -8 -2.2% -7 -2.0% -1.5% -2.0% hDollars are fixed (2012) dollars. Business Research Division • Leeds School of Business • University of Colorado Mi 8 as 451 Employment Growth Year-over-Year Percentage Change YoY o/o Change 4.0°/o 3.0% 2.0% 1.0% 2011 2012 2013 -2.0% -3.0o/o -4.0°/o --------------~----------------------------~-- -5.0% -6.0% Source: Bureau of Labor Statistics, CES (SA). Business Research Division • Leeds School of Business • University of Colorado -- 2014 From: Sent: To: Cc: Kristin Strohm Mon 4/07/2014 8:44 PM (GMT-00:00) Tom Clark; Pam Reichert; Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Richard Wobbekind; Keith E Maskus Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org; Bee: Subject: REMI Oversight Committee Call- FRIDAY Oversight Committee Members, We will have a 30 min conference call this Friday, April 11th at 1:OOPM to discuss our next study. Here is the call-in information: Call-in number: Access code: Thanks, Kristin On Thu, Mar 27, 20l4 at 10:06 AM, Kristin Strohm wrote: Great press yesterday! We should have a few other outlets covering the study today as well. I'll keep you posted on others. Thanks! Kristin On Tue, Mar 25, 2014 at 5:07 PM, Kristin Strohm wrote: REMI Oversight Committee Members, Attached please find the FINAL press release and study. Metro Denver EDC will be sending this out tomorrow first thing. We are encouraging all groups to get the final study on their respective websites first thing tomorrow as well. We have had great meetings thus far, and early next week we will likely discuss modeling other alternative scenarios, mainly the setback scenario. Please do not hesitate to call should you have any questions. Best, Kristin 454 C.R.S. 24-72-204(2)(a)(lll) On Fri, Mar 21, 2014 at 12:02 PM, Kristin Strohm wrote: REMI Oversight Committee, Attached please find an updated press release that incorporates language changes from all groups and the new information from the latest study. As we discussed earlier this week we will shoot to have this sent out Thursday, March 27th by the Metro Denver EDC on behalf of our consortium. Please get me any final revisions no later than Tuesday, March 25th at Noon. Thank you for your help! Kristin On Mon, Mar 17, 2014 at 1:34 PM, Kristin Strohm wrote: Oversight Committee Members, Attached please find an updated REMI Fracking Ban full report and an updated press release. Important NOTE: numbers have changed since the first draft, so please review this carefully. Also, CU would prefer that our group releases the press release, so we can discuss which group does that tomorrow (Tom, I believe you all have a great press list?). We will have a conference ca11 tomorrow at 9:30AM for Brian to walk us through the changes from the original report, as he wants to do this prior to the Vital Board meeting. Here is the call-in information: Call-in number: Access code: Here are important notes from Brian. Thanks, Kristin 454 C.R.S. 24-72-204(2)(a)(lll) Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ' • (/) (/) -0c "D j ! QJ c: 'Vi :J co ~ 0 0 ..c:: u (/) (/) "C QJ ~ • c: 0 'Vi '> b ..c:: ~ l'tJ QJ (/) ~ (/) (/) QJ c: 'Vi :J co 460 .... en 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 40.5% 26.7% 17.6% 13.8% 11.7% 10.3% 9.5% 8.8% 8.4% 8.0% 7.7% 7.5% 7.3% 7.1% 7.0% 6.9% 6.9% 13.9% 13.5% 10.9% 9.7% 9.0% 8.6% 8.3% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% Business Research Division • Leeds School of Business • University of Colorado .... en 0 Average Year Year 11-15 16-20 Year Year Years Years Units 6-10 21-25 2015-2040 2015-2040 Cate_g_oIY_ Total Employment Jo_b_s_______1___________:_~_3______:_l._~9 _____________ -----=-~2_!____________:1_0 __4__~_____-8__0__ ------~---------10~~ --------------=-~2~~-r-----~--------~------------------Private Non-Farm rl!11~P~_l~_y-~el]_!~-~-----~~---J-~o_b__s_-~~-~~-~i-~--~-~-_7__4__~-~~--1__1_7_~--~--1___ 18 __~--~~--9___5___~--~----~------7___3_______-_9___5_______________:_~2_i66_ Dollars F9~~p~~--~~--~~--( Bi~l~~~)'-b----~--~-_-__1__6___~~--2___5_~--~--~~~----26_~-~--------~~---2_1___~--~--~--~--1_7_--+l---~----~21_______~-----~----5__4~5____, Gross Domestic Product Dollars (BillionsJb Dollars ______ -10 -16 -17 -14 -11 -14 -354 __E_e:r:.~~!}~lJJl]~~!!'e:___________J~_~!!_~~-~J~-------+-------------------6_____________________-_1__0____________________-_1_2___________________-__1___0______________________-__9____-+---------------------9____., .___________________-2__4___3------i Real Disposable Dollars .£~.!~<:>. !:1.<:1.U_~c~_f!l_~--~----------J§_~!l~s)~-------------i-----~------------------------5_____________________________________-_8_ ______________________-_9_______________________________-___8___________________________-_7-----i-----------------------------------------7------l-------------------------------------1__9___3-----1 Population Thousands -43 -127 -185 -201 -182 -149 aTota! Jobs are presented as JOb years. bDollars are fixed (2012) dollars. Business Research Division • Leeds School of Business • University of Colorado Mi 8 as 460 REMI PROJECT SCOPE STATEMENT PROJECT OBJECTIV!i: Brief statement regarding the project. ACCEPTANCE DATE Date and documented vote by the Oversight Committee, OELIVERAHLES The specific results/objectives the project will produce. TllVIELINE MILESTONES Timeline around deadlines through project completion, LIMITS AND EXCLUSIONS St~ttements about what the project will not include or produce. ASSUMPTIONS Statements about addressing uncertain infonm1tion as performing project. 462 ING MORATORIUM RACT IJJ s. U) <1 LL. 0 El. HYDRAULIC 465 465 .... en en • Voter approved ban - • • Longmont Voter approved moratoriums - Boulder - Broomfield - Fort Collins - Lafayette Statewide (anticipated) - Local Control - Setbacks • 1,500' • 2,000' • 2,640' Business Research Division • Leeds School of Business • University of Colorado .... en en A statewide moratorium on hydraulic fracturing would result in economic drag on the Colorado economy. Business Research Division • Leeds School of Business • University of Colorado 3585 m5 .... en en Colorado Energy Production By Source Colorado Energy Production By Source (Trillion Btu) 3,000 Colorado's Energy Rank 2,750 2,500 2,250 2,000 1,750 1,500 1,250 1,000 750 500 250 0 1980 1984 1988 1992 1996 2000 2004 2008 Source: U.S. Energy Information Administration. Business Research Division • Leeds School of Business • University of Colorado .... en en Mining GDP, Employment, and Wages Share of Colorado Economy, 2012 GDP Total Wages Colorado GDP Per Employee: $85,639 Mining GDP Per Employee: $182,105 Colorado Average Annual Pay: $50,559 Mining Average Annual Pay: $108,004 Source: Bureau of Labor Statistics, CES (NSA), and Bureau of Economic Analysis. Business Research Division • Leeds School of Business • University of Colorado Employment .... en en Management of Companies & Enterprises Mining Professional & Technical Services Information Financial Activities Manufacturing Trade, Transportation, & Utilities Construction Real Estate Health Care Education Administrative & Waste Services Other Services Arts & Entertainment Agriculture Accommodation & Food Services $0 $40,000 $80,000 Sources: Bureau of Labor Statistics and Colorado Department of Labor and Employment. Business Research Division • Leeds School of Business • University of Colorado $120,000 $160,000 465 .... en en Employment Index Colorado Mining vs. Colorado Total January 2000 = 100 260 ~-----·--···-·-····---~~~----------··--··-·-·-···--···---··--·--·-·-~·-·---~~~~~~~ 240 -1-~~~~~~--------·········--···-·····-~---·-····---~---~~~------····-·----------·---------< 220 ~--~~-~~~--~···--·-···---~····-············-··-----··---------·--·······+~----·-··-------··--········-·····----·-···············---; 200 180 160 140 --~~~~~~~~--~~~~~~~~~--~~~--·-----4 120 -+--~~~~~~~~~~~~~~~~~~~~~~~--i 100 ~~~::::::::::::::::::~~~:::::::====::::::~:::~~::::::=======l 80 -----.-~-.-~-,----.-~-,--~-.---r-~-r-----,~-,-~--.-----.-~---,--~~ 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Bureau of Labor Statistics, CES {SA). Business Research Division • Leeds School of Business • University of Colorado .... en en Colorado vs. Mining Employment Months to Recovery Percent 12.0 9.0 6.0 3.0 0.0 -3.0 -6.0 -9.0 -12.0 -r----r~----------------------~~------=-~;;::::::;;~~----1 -t-~~F---1r---~~~~~-~~-~~-~----~~---~-----~-~~---i 4----~~~~~~-~~~~~~~~-----~---------~~~~~~ -15.0 - - - · -18.0 -21.0 -24.0 ~-------------------------~ 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 Number of Months Since Colorado Peak Source: Bureau of Labor Statistics (Seasonally Adjusted). Business Research Division • Leeds School of Business • University of Colorado .... en en The Top 10 vs. The Bottom 10 States Jobs Added in 2014 and 2015 Forecast 2014 2015 North Dakota Arizona Texas Texas Nevada Colorado Arizona Florida South Carolina Colorado Mississippi Montana New Mexico Virginia Maine Maine Illinois New Mexico 0.0% Louisiana 1.0% 2.0% 3.0% 4.0% 0.0% 1.0% Source: Moody's Economy.com Business Research Division • Leeds School of Business • University of Colorado 2.0% 3.0% 4.0% .... en en February 2014 Employment Growth 1 Year Avg. YoY by MSA (SA) % Growth February 2014 Employment Growth 5 Year CAGR by MSA (SA) % Growth Greeley Greeley Fort Collins • Loveland Fort Collins • Loveland Denver-Aurora· Broomfield Denver-Aurora-Broomfield Boulder Boulder Pueblo Pueblo Grand Junction Grand Junction Colorado Springs Colorado Springs 0% 1% 2% 3% 4% 5% 6% -2% -1% 0% 1% 2% 3% Source: Bureau of Labor Statistics. Business Research Division • Leeds School of Business • University of Colorado corusuoi ?6 465 465 .... en en Severance Tax Revenue Oil and Gas 12-Month Rolling Sum, in thousands $350,000 ~------------------------~ $300,000 -+-----~~"""-----------------------4 $200,000 $150,000 ---------- -+------ $100,000 $50,000 $0 2005 2006 2007 2008 2009 2010 2011 Source: Colorado Department of Revenue. Business Research Division • Leeds School of Business • University of Colorado 2012 2013 2014 .... en en Oil and Gas Industry Direct Employment and Wages Extraction 12,579 $1,677.2 Drilling Wells 2,737 $236.4 Support Activities 12,920 $1,044.4 Oil and gas pipeline and related structures construction 2,854 $185.7 805 $88.6 Pipeline transportation Business Research Division • Leeds School of Business • University of Colorado .... en en Oil and Gas Industry Direct Employment and Wages Drilling 2,737 $236.4 Extraction and Support Activities 25,499 $2,721.6 Petroleum Refineries 513 $65.7 Transportation 805 $88.6 Gasoline Stations 12,578 $258.2 All Other 5,662 $369.8 Business Research Division • Leeds School of Business • University of Colorado 52.5 NIH 1m Wm aw .?mmw 465 .... en en 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 40.5% 26.7% 17.6% 13.8% 11.7% 10.3% 9.5% 8.8% 8.4% 8.0% 7.7% 7.5% 7.3% 7.1% 7.0% 6.9% 6.9% 13.9% 13.5% 10.9% 9.7% 9.0% 8.6% 8.3% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% Business Research Division • Leeds School of Business • University of Colorado .... en en Category Total Employment Private Non-Farm Employment Output Gross Domestic Product Personal Income Real Disposable Personal Income Units Average Difference from Baseline Scenario Year Year Year Year Years Year 1-5 6-10 Jobs {Thousands) Change from Baseline Jobs (Thousands) Change from Baseline Dollars (Billions)b Change from Baseline Dollars (Billions)b Change from Baseline Dollars (Billions)b Chan_g_e from Baseline Dollars (Billions)b -68 -1.9% -62 -1.9% -13 -2.1% -8 -2.3% -5 -1.6% -4 -113 -2.8% -102 -2.9% -22 -3.1% -14 -3.4% -9 -2.7% -7 Change from Baseline -1.5% -2.4% 11-15 -118 -2.8% -107 -2.9% -24 -3.0% -15 -3.2% -10 -2.7% -8 -2.4% 16-20 21-25 2015-2040a -95 -2.2% -86 -2.2% -20 -2.2% -13 -2.4% -9 -2.2% -7 -73 -1.6% -67 -1.6% -16 -1.6% -10 -1.7% -8 -1.7% -7 -93 -2.2% -84 -2.3% -19 -2.4% -12 -2.6% -8 -2.2% -7 -2.0% -1.5% -2.0% bDollars are fixed (2012) dollars. Business Research Division • Leeds School of Business • University of Colorado Mi 8 as 465 .... en en Economic Impact Direct, Indirect, and Induced Drilling 8,702 $594.2 $2,884.8 Extraction and Support Activities 76,131 $5,604.5 $18,818.1 Petroleum Refineries 3,640 $337.9 $5,585.8 Transportation 2,749 $191.3 $743.1 Gasoline Stations 16,062 $431.4 $1,247.8 All Other 11,660 $694.4 $2,067.0 Business Research Division • Leeds School of Business • University of Colorado .... en en Annual Drilling Permits All Counties 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 -------1- --,-- , ----1------1--1- 1989 1991 1993 1995 - - - ---- 1997 - - - 1999 2001 2003 2005 2007 2009 2011 Source: Colorado Oil and Gas Conservation Commission. 2013 YTD thru March 8, 2014 YTD thru March 3. Business Research Division • Leeds School of Business • University of Colorado 2013 2013 2014 YTD YTD .... en en Unemployment Rate By MSA - February 2010-2014 (NSA) Boulder Fort Collins-Loveland Denver-Aurora Greeley co Colorado Springs Grand Junction Pueblo 0% 2% 4% 6% 8% 10% Source: Bureau of Labor Statistics. Business Research Division • Leeds School of Business • University of Colorado 12% 14% .... en en Federal Housing Finance Agency (FHFA) House Price Index Federal Housing Finance Agency Home Prices by MSA Q4 2012- Q4 2013 Federal Housing Finance Agency Home Prices by MSA CAGR Q4 2008- Q4 2013 Denver-Aurora-Broomfield Denver-Aurora-Lakewood Boulder Boulder Fort Collins-Loveland Fort Collins Greeley Greeley Grand Junction Grand Junction Colorado Springs Colorado Springs Pueblo Pueblo -1.0 1.0 3.0 5.0 7.0 9.0 11.0 Percent -5.0-4.0-3.0-2.0-1.0 0.0 1.0 2.0 3.0 Percent Source: Federal Housing Finance Agency, All Transactions Indexes. Business Research Division • Leeds School of Business • University of Colorado 465 m3u5<3m2 033m 303 Dm?mmom .. rmmam mnmomm om . ow nomowmao From: Sent: To: Kristin Strohm Tue 3/25/2014 12:36 AM (GMT-00:00) Brian R. Lewandowski; Richard Wobbekind Cc: Bee: Subject: Fwd: Fracking Speaking Request See below. Let me know if you could present on this day. Thanks, Kristin Sent from my iPhone Begin forwarded message: From: "T. Scott Martin" Date: March 24, 2014 at 4:56:44 PM MDT To: Kristin Strohm Subject: RE: TS Martin June 3 (First Tuesday of the Month) over lunch at the U-club. Maybe a 20 minute talk. I would chauffeur Rich or Bryan down and back. THX From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, March 24, 2014 4:29 PM To: T. Scott Martin Subject: Re: TS Martin Yes of course. I'll reach out to both. What is the date? Over lunch, correct? Sent from my iPhone On Mar 24, 2014, at 4:26 PM, "T. Scott Martin" wrote: Kristin, You will recall that I mentioned presenting our Frac study to the First Tuesday group at the University Club. I spoke with Peter Dea about it and as it turns out Bob Boswell is hosting in June and he is having Ted Brown talk about CRED. Bob spoke to Ted about maybe doing a joint presentation with either Rich or Bryan. Could you approach Rich or Bryan about the subject presentation or do you wish me to ask? Thanks for your help with this matter. VBR T. Scott Martin Ellora Energy LLC 4410 Arapahoe Ave., Suite 100 Boulder, Colorado 80303 466 303-444-8881 Office 303-588-8555 Cell tscott@elloraenergyllc.com tsm@ee311c.com 466 From: Sent: To: Cc: Kristin Strohm Mon 3/24/2014 4:20 PM (GMT-00:00) Mike Fitzgerald; Tom Clark; T. Scott Martin; Earl Wright; Buz Koelbel; Brian R. Lewandowski; Richard Wobbekind Hannah@denversouthedp.org Heavrin; Steve Klausing; Ruth Hartshorn; Angela C. Roberts; Tim Pollard; ; Pam Reichert Bee: Subject: CRED Meeting Tomororw Confirmed Oversight Committee Members, Thank you to Tim for getting this meeting confirmed. l apologize for the delay in finalizing our presentation to CRED tomorrow, but they were juggling a few things on their agenda to accommodate us. Here are the final details: Tuesday, March 25th 3:30PM (should be about 30 minutes) Location Anadarko's office - 1099 18th St., conference center on the 7th floor. Here is who I have down as attending, please let me know if that is not correct. Mike Fitzgerald Brian Lewandowski Tom Clark Earl Wright T. Scott Martin Buz Koelbel Kristin Strohm Thanks! Kristin Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com 472 Web: 472 From: Sent: To: Cc: Bee: Subject: Marcus Koblitz Thu 1/09/2014 2:38 PM (GMT-00:00) Brian R. Lewandowski chung.ernie@gmail.com; Richard Wobbekind RE: Colorado Impact Study Progress Brian, In order to keep APl's books up to date, we need to close the 2013 year within January. Since the contract stipulates that API will be billed on a monthly basis, if you could submit an invoice for any work in December no later than January 15th, it would help API keep its billing on the proper track. Thank you, Marcus From: Brian R. Lewandowski [mailto:brian.lewandowski@Colorado.EDU] Sent: Tuesday, January 07, 2014 1:29 PM To: Marcus Koblitz Cc: chung.ernie@gmail.com; Richard Wobbekind Subject: Colorado Impact Study Progress MarcusI have attached PowerPoint slides with summary data that we have collected so far. Note that the last couple slides show employment, firms, and wages for each of Colorado's 14 planning regions, but we have this data for each county. We are working through the nondisclosures, which will impact the level of detail that we can present at the local level. There will be more to come over the next couple of weeks. Thanks, Brian Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309 303.492.3307 475 ING MORATORIUM RACT IJJ s. U) <1 LL. 0 El. HYDRAULIC 477 • Voter approved ban - • Longmont Voter approved moratoriums Boulder Broomfield Fort Collins Lafayette • Statewide (anticipated) - "Right to Local Self-Government Act" Business Research Division • Leeds School of Business • University of Colorado A statewide moratorium on hydraulic fracturing would result in economic drag on the Colorado economy. Business Research Division • Leeds School of Business • University of Colorado 3585 m5 Mining GDP, Employment, and Wages Share of Colorado Economy, 2012 GDP Total Wages Colorado GDP Per Employee: $85,639 Mining GDP Per Employee: $182,105 Colorado Average Annual Pay: $50,559 Mining Average Annual Pay: $108,004 Source: Bureau of Labor Statistics, CES (NSA), and Bureau of Economic Analysis. Business Research Division • Leeds School of Business • University of Colorado Employment Management of Companies & Enterprises Mining Professional & Technical Services Information Financial Activities Manufacturing Trade, Transportation, & Utilities Construction Real Estate Health Care Education Administrative & Waste Services Other Services Arts & Entertainment Agriculture Accommodation & Food Services $0 $40,000 $80,000 Sources: Bureau of Labor Statistics and Colorado Department of Labor and Employment. Business Research Division • Leeds School of Business • University of Colorado $120,000 $160,000 477 c: .2 -l corusuoi ?6 477 477 Employment Index Colorado Mining vs. Colorado Total January 2000 = 100 260 --,-------------------------~--------,---, 240 -1---~----------------~---~-----l 220 200 ~-~ 180 -----------------------------------------------1-----------··---------------------------------------------------------------···---l 160 -+----------------i'-------------------------; 140 -----~--------------~-----------------------------------~ 120 --+-------~ 100 80 -t----,-~---,.-~-.----.-~~~-.------.-~-,-~-.----.-~----r-~-r----r-~~ 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Bureau of Labor Statistics, CES {SA). Business Research Division • Leeds School of Business • University of Colorado Colorado vs. Mining Employment Months to Recovery Percent 12.0 9.0 6.0 +-----:~------····---------~-·---~~~~.,L_ 3.0 -t-~~F---1r---~~~~~-~~-~~-~---~~---~~~~-~--~~-----; 0.0 -3.0 -6.0 -9.0 -12.0 +-~-~-~~---~--------Z""~--·--·------------------i -15.0 ~-----""­ ·18.0 -21.0 -24.0 -'--------------------------~ 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 Number of Months Since Colorado Peak Source: Bureau of Labor Statistics (Seasonally Adjusted). Business Research Division • Leeds School of Business • University of Colorado Colorado Energy Production By Source Colorado Energy Production By Source (Trillion Btu) Colorado's Energy Rank 3000 2750 2500 2250 2000 1750 1500 1250 1000 750 500 250 0 1980 1984 1988 1992 1996 2000 2004 2008 Source: U.S. Energy Information Administration. Business Research Division • Leeds School of Business • University of Colorado • • 1 Source: University of Colorado Business Research Division. Business Research Division • Leeds School of Business • University of Colorado Severance Tax Revenue Oil and Gas 12-Month Rolling Sum, in thousands $350,000 ~-----------------------~ $300,000 -+-----~~""" _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _______ $250,000 -+--------"---~ $200,000 $150,000 --!---- $100,000 $50,000 $0 2005 2006 2007 2008 2009 2010 2011 Source: Colorado Department of Revenue. Business Research Division • Leeds School of Business • University of Colorado 2012 2013 2014 Oil and Gas Industry Direct Employment and Wages Drilling 2,737 $236.4 Extraction and Support Activities 25,499 $2,721.6 Petroleum Refineries 513 $65.7 Transportation 805 $88.6 Gasoline Stations 12,578 $258.2 All Other 5,662 $369.8 Business Research Division • Leeds School of Business • University of Colorado Economic Impact Direct, Indirect, and Induced Drilling Extraction and Support Activities Petroleum Refineries Transportation Gasoline Stations All Other 8,702 76, 131 3,640 2,749 16,062 11,660 $594.2 $2,884.8 $5,604.5 $18,818.1 $337.9 $5,585.8 $191.3 $743.1 $431.4 $1,247.8 $694.4 $2,067.0 Business Research Division • Leeds School of Business • University of Colorado 52.5 NIH 1m Wm aw .?mmw 477 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 40.5% 26.7% 17.6% 13.8% 11.7% 10.3% 9.5% 8.8% 8.4% 8.0% 7.7% 7.5% 7.3% 7.1% 7.0% 6.9% 6.9% 13.9% 13.5% 10.9% 9.7% 9.0% 8.6% 8.3% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% Business Research Division • Leeds School of Business • University of Colorado Average Cate_g_o_!Y. Units Total Employment Jobs Private Non-Farm Employment Jobs TotaP Year Vear Vear Year Vear Years Years 1-5 6-10 11-15 16-20 21-25 2015-2040 2015-2040 -83 -129 -131 -104 -80 -105 -2,725 -74 -117 -118 -95 -73 -95 -2,466 r---------~-~~------~------~------------~-~---+~--~~~--~---~--~~~--~----~-----------~-----·---------------f-~~~~---~----~---~+-----~-------~---- r~------~----~-------~------«~-Dol Ia r~------ ] r--qute~~--------------~------------' ~ i_U ion~}~---- _________.=_1§_-~------=-2 5 ----~---~ 2-~~-------:- 2_!_____~-~--=---17----+-----~-------~-2___1__~~-----------5__4~_5__ Gross Domestic Product Dollars (Billions)b Personal Income ~~11 ::-~s )b ----~_~6--~~--10---~~~-1~2~~---~:-·- --~I-- -10 -16 -17 -14 -11 ::=~::---~~r----~~i;~-:i~2~~ -1~~ arotal jobs are presented as job years. bDollars are fixed (2012) dollars. Business Research Division • Leeds School of Business • University of Colorado -I ____-__ ------~-_-2_4_3 -14 -354 -9,--1 -7 -149 -193 Mi 8 as 477 Annual Drilling Permits All Counties 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 ltl 1989 1991 .llllll 1993 1995 1997 1999 2001 2003 2005 2007 Source: Colorado Oil and Gas Conservation Commission. Business Research Division • Leeds School of Business • University of Colorado 2009 2011 2013 From: Sent: To: Cc: Bee: Subject: Attachments: Brian R. Lewandowski Tue 1/07/2014 6:29 PM (GMT-00:00) Marcus Koblitz chung.ernie@gmail.com; Richard Wobbekind Colorado Impact Study Progress API Preliminary Datav5.pptx MarcusI have attached PowerPoint slides with summary data that we have collected so far. Note that the last couple slides show employment, firms, and wages for each of Colorado's 14 planning regions, but we have this data for each county. We are working through the nondisclosures, which will impact the level of detail that we can present at the local level. There will be more to come over the next couple of weeks. Thanks, Brian Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309 303.492.3307 482 Document Privileged in its Entirety 536 C.R.S. From: Kristin Strohm Sent: Wed 3/19/2014 7:31 PM (GMT-00:00) To: Brian R. Lewandowski Cc: Richard Wobbekind Bee: Subject: Re: Final Economic Report Thanks Brian. On Mar 19, 2014, at 1:21 PM, "Brian R. Lewandowski" wrote: Thanks, Brian 484 From: Sent: To: Cc: Bee: Subject: Marcus Koblitz Wed 11/06/20139:13 PM (GMT-00:00) Brian R. Lewandowski Richard Wobbekind RE: RFP for Economic Impacts of Oil and Gas lndusty on Counties in Colorado Thanks Brian, We'll run this through the contract process here and should be fine to go ahead - it'll just have to pass by the desk of the department that is paying for it. Thank You, Marcus From: Brian R. Lewandowski [mailto:brian.lewandowski@Colorado.EDU] Sent: Wednesday, November 06, 2013 3:50 PM To: Marcus Koblitz Cc: Richard Wobbekind Subject: RE: RFP for Economic Impacts of Oil and Gas Industy on Counties in Colorado MarcusThank you for reaching out to the Leeds School of Business to work on this detailed oil and gas study, and thank you for your patience as we reviewed our availability and approach with the project team. I have attached our proposal. We have proposed a slightly modified schedule. We are available to discuss the details if you have any questions. Best, Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309 303.492.3307 486 From: Marcus Koblitz [mailto:koblitzm@api.org] Sent: Tuesday, November 5, 2013 12:13 PM To: Brian R. Lewandowski Subject: RE: RFP for Economic Impacts of Oil and Gas lndusty on Counties in Colorado Great thanks! From: Brian R.Lewandowski[mailto:brian.lewandowski@Colorado.EDU] Sent: Tuesday, November 05, 2013 2:12 PM To: Marcus Koblitz Subject: RE: RFP for Economic Impacts of Oil and Gas Industy on Counties in Colorado We are reviewing the proposal with the team, and should have it to you late today or early tomorrow. Thanks, Brian From: Marcus Koblitz [mailto:koblitzm@api.org] Sent: Tuesday, November 5, 2013 12:06 PM To: Brian R. Lewandowski Cc: Arthur Wiese Subject: RE: RFP for Economic Impacts of Oil and Gas lndusty on Counties in Colorado Hi Brian, I just wanted to check in to see if you had an idea of when you'd be sending a proposal over. Thanks, Marcus From: Brian R.Lewandowski[mailto:brian.lewandowski@Colorado.EDU] Sent: Thursday, October 31, 2013 3:54 PM To: Marcus Koblitz Cc: Arthur Wiese Subject: RE: RFP for Economic Impacts of Oil and Gas Industy on Counties in Colorado MarcusThank you for sending along the RFP. I will soon respond with a proposal. Best, Brian Lewandowski 486 Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309 303.492.3307 From: Marcus Koblitz [mailto:koblitzm@api.org] Sent: Wednesday, October 30, 2013 4:58 PM To: Brian R. Lewandowski Cc: Arthur Wiese Subject: RFP for Economic Impacts of Oil and Gas lndusty on Counties in Colorado Brian, Thank you for taking the time to speak with us last week about this potential project. Attached please find the RFP for the study on the economic and fiscal impacts of the oil and natural gas industry in Colorado by county as mentioned on the call. As discussed, we'd like to move as quickly as possible on this study, so if you can reply with a proposal as soon as possible, it would be appreciated. Sorry for the delay in getting this RFP to you. As noted in the RFP, you can email your proposal directly to me at this address. If you have any other questions or concerns, please feel free to contact me. We look forward to receiving your proposal. Thank you, Marcus Koblitz Marcus Koblitz Analyst API 1220 L St. NW Washington, DC 20005 (202) 682-8024 koblitzm@api.org 486 IRegional Uses for REMI Model Brian Lewandowski Associate Director, Business Research Division June 4, 2015 Leeds School of Business UNIVERSITY OF COLORADO BOULDER BUSINESS RESEARCH DIVISION 96 we mmww?m a WW?mm?mwm WNW, mm ea: mama?;me 487 ovmwomao ?Mo Po mmoxmw mmwm.? m?wm?m 388$ 487 487 mama?;me Application Easiness Resear?h va?sian Leeds Scheai of Business Lin?versiiy 0f Coioracfa Beuider INational Employment Growth Prerecession Peak-to-April 2015 -3.7% - -1.9% -1.~ti - 0.1% Source: Bureau of Labor Statistics, Seasonally Adjusted. Business Research Division ! Leeds School of Business I University of Colorado Boulder IEmployment Recovery National, State, and Local Percent 25.0 20.0 15.0 10.0 5.0 0.0 -5.0 -10.0 -15.0 0 5 10 15 20 25 30 35 40 45 50 55 60 Number of Months Since Peak 65 70 75 80 85 IColorado vs. Mining Employment Months to Recovery Percent 30.0 24.0 18.0 12.0 6.0 0.0 -6.0 -12.0 -18.0 -24.0 2008 2009 2010 2011 2012 2013 2014 2015 Number of Months Since Colorado Peak Source: Bureau of Labor Statistics {Seasonally Adjusted). Business Research Division I Leeds School of Business I University of Colorado Boulder IColorado Oil Production Barrels 100,000,000 93.3 M 90,000,000 80,000,000 70,000,000 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Colorado Oil and Gas Conservation Commission. Business Research Division i Leeds School of Business I University of Colorado Boulder IColorado Natural Gas Production MCFs 2,500,000,000 - , . . - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - . 1,000,000,000 500,000,000 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Colorado Oil and Gas Conservation Commission. Business Research Division ! Leeds School of Business I University of Colorado Boulder IDrilling Permits by County 2014 Permits 2,500 2,000 80%of Permits 1,500 1,000 500 Source: COGCC. Business Research Division I Leeds School of Business I University of Colorado Boulder IConcentration of Taxable Production Saguache Pueblo Business Research Division ! Leeds School of Business I University of Colorado Boulder ?6 hmme 06 Wmoxum wmwm.? somww?m ho cozgcwocoo 487 IWTI Oil Price Dollars per Barrel $160.00 $140.00 May 19, 2014: $120.00 $1-02-~95--- $100.00 $80.00 $60.00 $40.00 $20.00 May 18, 2015: ----------~~- $59.44----~---- ~~~~~----~---------~ --------~-----~­ ---~---~~~~-----~--~-----~~~~ $0.00 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: Energy Information Association (EIA), Cushing, OK WTI Spot Price FOB. Business Research Division i Leeds School of Business I University of Colorado Boulder IHenry Hub Natural Gas Spot Price Dollars per Million $16.00B-,-TU_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _____, $14.00 $12.00 July 4, 2008: ------- -- _l1_3•.2_0___________ ~-- -+--- $10.00 $8. 00 ---------~--------- -+----------§1--~-~-~--~-!-------.-~--- -~---------------------------------------------~--------~---------~-~-------~--M3Y-~-20U:.-~-­ $4.46 $6. 00 $4. 00 -1-----~------~-~-~-------------::.~-----~--~~--""'-~--------------~~---=i!I $2.00 ~--------~~--- --~----~-------~--~~--- $0.00 2005 -- I 2006 ----r 2007 M~ 15, 2015: _ _ $2.88 --··r 2008 2009 2010 2011 2012 2013 2014 2015 Source: Energy Information Association (EIA), Weekly Henry Hub Natural Gas Spot Price (Dollars per Million Btu). Business Research Division l Leeds Schoo! of Business I University of Colorado Boulder IColorado Gasoline Prices Dollars per Gallon $4.50 June $4.00 $3.50 $3.00 $2.50 $2.00 -tt~----~· June 1, 2015: $1.50 ---- ------------·-·-·----------~-------·----------- ----------·-------·-·--~--~----------------------------·-·-----~-------~~.--$-c.67-------- $1.00 $0.50 $0.00 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: Weekly Colorado All Grades All Formulations Retail Gasoline Prices (Dollars per Gallon). Business Research Division 1Leeds School of Business I University of Colorado Boulder IO&G Metrics I Year-over-Year Change January 2014 February 2014 March 2014 April 2014 May 2014 June 2014 July 201 August 201 September 201 October 201 November 201 December 201 January 201 February 201 March 201 April 201 -0.1% 5.8% 8.5o/o 10.9% 8.1% 10.5°/o _,_,_-,'('""''-'' 41.6% 80.2% 28.7% 11.8% 13.4% 19.9% 11.8% 14.2% 8.4% 10.5% -3.1% 0.7% -0.5% -6.5% -5.1% 1.8% 3.4% 17.0% 8.9% 8.8% 3.3% 6.6% 8.1°/o 1.5% 5.8% 10.1% 5.6% 5.8% 7.8°/o Ma 201 ""'"''"""'"''' Sources: Energy Information Administration, Henry Hub Natural Gas Spot Price (Dollars per Million Btu; Cushing, OK WTI Spot Price FOB (Dollars per Barrel); Weekly Colorado All Grades All Formulations Retail Gasoline Prices (Dollars per Gallon). Baker-Hughes. Business Research Division ! Leeds Schoo! of Business I University of Colorado Boulder IColorado Severance Taxes I 12-Month Sum, Millions 12-Month Average $350 -~~~~~~~~~~~~~~~~~~~~~~~~~W~TI_ $200 $150 $100 $50 $0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: Colorado Department of Revenue. Business Research Division 1Leeds Schoo! of Business i University of Colorado Boulder IBaseline Colorado Oil and Gas Extraction I REMI Output Forecast Millions, Current Dollars $100,000 - , , . . . - - - - - - - - - - - - . . , - - - - , - - - - - - - - - - - - - - - - - - - - . $90,000 .-+--------------------~~--------------------~--------------------------------J'---~-~----~------------~------~--~~------~~------------c~I $80,000 $70,000 -+------~---~------------------~-~---------------\,-~---'------------~----~------~--~------------------------------~------~---~--------~--~~~-----~~------------~---~---! $60,000 -!---------------~---------~--------',,~~•~----~----------------~~---------~-~--~~----------------~ $50,000 -------------------- $40,000 $30,000 $20,000 $10,000 ---------------~------~~ $0~~~~~~~--~~~--~---~~---~~~~~----~~-~ 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060 Source: REMI versions 1.5 and 1.7. Business Research Division 1 Leeds Schoo! of Business i University of Colorado Boulder 487 Model the Impacts Easiness Res-each Sisfisie? Leeds Sahaai {3f Business Univeys?ty 9f Coiorada Beui?er IWTI Oil Price Forecast Dollars per Barrel $120.00 $100.00 $80.00 -· .. --~------------- - · · · - - - - - - - - - - - - - - - - - Historical Price ····--··---·~·--~·-·-·····----·--· ·················- ....................................-~E ~Eore.casi_._. ···········-·-·Lower Cl .......U..,pp_er_CL.. $40.00 -Moody's Forecast $20.00 $0.00 2014 ........... ......... .. 2015 2016 2017 T 2018 2019 2020 Source: Energy Information Association (EIA)1 SPEO, Cushing, OK WTI, Moody's Analytics. Business Research Division I Leeds School of Business I University of Colorado Boulder IGasoline Price Forecast Dollars per gallon $4.00 $3.80 ---------------------- · - i - - - - - · - · - · - - - - · · · - - - - - - - - · - · - · - · - - - - · - · - · - · - - - - - - · - -------------------------------------------------------------------------------------------------------------------------------------------- $3. 60 $3.40 -------- $3.20 $3.00 ------~- --- --------- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -------- ------111111-Mtstorfcar··-------- ----------------------------- ------------------------------- - --~----~~-Jr $2.80 -------------------------------------- $2.60 ------------------------------ --------------------- HiStoricarPr1ce-~- --~aAForecasr------~--~- -----------~Moodys-Foreca-sf~--- $2.40 $2.20 $2.00 2014 -----r----- 2015 2016 2017 2018 2019 2020 Source: Energy Information Association {EIA}, SPEO, U.S. Gasoline, Moody's Analytics. Business Research Division I Leeds School of Business I University of Colorado Boulder 487 Easiness 'R?se?rch' vgs??ri Leeds Sc?sgi {bf-Business LS-rza??rs?y 5f Ss?efatio 'Ww?ws IBaseline Colorado Oil and Gas Extraction I REMI Output Forecast Millions, Current Dollars $100,000 - , . . . . - - - - - - - - - - - - - . , - - - - - - - - - - - - - - - - - - - - . $90,000 --+--------~------~~--------------------~-------------------------------------------r--~-~--~------------~----------~-------~--------~I $80,000 $70,000 ~-----------------------------------------------~------~~---------~---------~-------------------------------------~------------~--~~~-----~-------------~---~---! $60,000 +----~-~~~----------------------------------------------1!>--~-------~-----------------~-~--~~------- $50,000 $40,000 ~------------------------------------------------------------ic-----------~---------'"'~---~~---------------------~--------------~-------~----------~-----1 $30,000 --+---------------------------------------------,-----~---= ~-----~- $20,000 $10,000 +------~-----------~------------------1-----~------¥---~-~--~-------------------~-------------------~------~-~-----~----------------------------~------1 $0--i-------~----------~-~-----~------~~-~ 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060 Source: REMI versions 1.5 and 1.7. Business Research Division I Leeds School of Business I University of Colorado Boulder IBaseline Colorado Oil and Gas Extraction I REMI Output Forecast - Lower Price Scenario Millions, Current Dollars $100,000 - , . . . . - - - - - - - - - - - - - . : - - - - - - - - - - - - - - - - - - - - . $90,000 -!---------~------~-----------------------·----------------------------------------~--------------------------------------------------------------------------------~-------~ $80,000 $70,000 --+------------~---------~-------------~----Jt----~~-----------------------~-----------~-----------~~-----~--~-----~--~"""'-~----------------------~-----1 $60,000 -+------~-~~--------------------~---~------~-+~~--~----~------------------~---------------~~----~----~---~--~------------~-1 $50,000 $40,000 -1---------------------------------------------~~~--------i.------~------------------------~ $30,000 -!--------------------------------------------------------------------~~~----~ $20,000 $10,000 +------~-~~----~~-----l"------~---------~---'1'----------------~-~---------------~----~-----~-~--~~--------------~~----~--~---~-----------~-------------1 $0-+------~~~~----~-~--~~--~~~-~~-~-~~~~--~~~~-~----~~ 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060 Source: REMI versions 1.5 and 1.7. Business Research Division ! Leeds School of Business I University of Colorado Boulder IBaseline Colorado Oil and Gas Extraction I REMI Employment Forecast - Lower Price Scenario Millions, Current Dollars 3,200 - , . . . . - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - , 3,150 3, 100 +<_________________<____<_<__________________________<________<--<-----=~~= 3,050 ~---------~~~~------<-------------<---------------<,~,,---~--~,----------~------~<-----------------------~----------~-~---~------------------------------------! 3,000 2, 950 -<------------------------------- 2, 900 2,850 2,800 -+------~---- -------------- 2,750 -+---------~-----------------------~ 2014 ------------------------------------------------------- 2015 2016 ------------------------~-----------~-~---------------~---------------------------~------------~ 2017 2018 2019 2020 Source: REMI versions 1.5 and 1.7. Business Research Division I Leeds School of Business I University of Colorado Boulder I?Thank You 487 Colorado Energy Production By Source Colorado's Energy Rank Natural 6 Gas Nuclear No rank Source: U.S. Energy Information Administration. From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Wed 10/29/20141:40 AM (GMT-00:00) Kristin Strohm Tim Pollard Re: REMI Budget Update Great! Sent from my iPhone On Oct 28, 2014, at 7:30 PM, "Kristin Strohm" wrote: Let's do tomorrow at l. We'll call you. Kristin Sent from my iPhone On Oct 28, 2014, at 3:45 PM, Brian R. Lewandowski wrote: Kristin- I can talk tomorrow any time after 10:00. I can also talk on Friday between noon and 2. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, October 28, 2014 3:36 PM To: Brian R. Lewandowski Cc: Tim Pollard Subject: Re: REM! Budget Update 493 C.R.S. 24-72-204(2)(a)(lll) Brian- When works to talk this week? Just need a 30 min call. Kristin On Fri, Oct 24, 2014 at 12: 13 PM, Kristin Strohm wrote: On Fri, Oct 24, 2014 at 1:47 PM, Brian R. Lewandowski wrote: Kristin- 493 C.R.S. 24-72-204(2)(a)(lll) I will touch base next week with our progress. Thanks, Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Co lo rado Boulder 303.492.3307 lI Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 493 C.R.S. 24-72-204(2)(a)(lll) lI Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 493 C.R.S. 24-72-204(2)(a)(lll) From: Sent: To: Cc: Bee: Subject: Keith E Maskus Wed 5/15/2013 8:45 PM (GMT-00:00) Richard Wobbekind; Kristin Strohm; Brian R. Lewandowski Jon Anderson; Gwen Benevento RE: CSPR REMI Agreements Unfortunately, I will be away that full week. It may be possible for me to send the new Associate Dean in my place if that's OK. Keith From: Richard Wobbekind Sent: Wednesday, May 15, 2013 1:30 PM To: Kristin Strohm; Brian R. Lewandowski; Keith E Maskus Cc: Jon Anderson; Gwen Benevento Subject: RE: CSPR REMI Agreements I can do 8-8:45 on the 13th. The 20th is open From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, May 15, 2013 9:55 AM To: Brian R. Lewandowski; Richard Wobbekind; Keith E Maskus Cc: Jon Anderson; Gwen Benevento Subject: CSPR REMI Agreements Brian, Rich & Keith, Attached please find the MOU and partnership agreement for moving forward with REMI. I have copied Jon Anderson, our attorney who can work with your legal team on any issues. We tried to keep it very simple. Also, I just heard from Tom Clark and he cannot make Jtme 11th work for the Oversight Committee meeting. Below are two other options, do either/both work for you all? lf so, is there a conference room available at CU for us to use? Tuesday, June 18th SAM Thursday, June 20th SAM Thanks much, Kristin 495 ~Starboard v_ Group iffC~t ,G?9t-~reMANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. 495 From: Sent: To: Brian R. Lewandowski Wed 8/06/2014 9:34 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: Econ Impact Report - Updated Okay. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, August 6, 2014 3:29 PM To: Brian R. Lewandowski Subject: Re: Econ Impact Report- Updated Thanks! C'rn going to give it one more read through tonight then will distribute. Kristin On Aug 6, 2014, at 1:02 PM, "Brian R. Lewandowski" wrote: 497 C.R.S. 24-72-204(2)(a)(lll) Kristin- See attached. Thanks for your comments. Brian 497 C.R.S. 24-72-204(2)(a)(lll) From: Sent: To: Cc: Bee: Subject: Attachments: Brian R. Lewandowski Wed 11/06/2013 8:49 PM (GMT-00:00) Marcus Koblitz Richard Wobbekind RE: RFP for Economic Impacts of Oil and Gas lndusty on Counties in Colorado APl_Colorado_County_OG_Economic_lmpact_Proposal_ 110613.pdf MarcusThank you for reaching out to the Leeds School of Business to work on this detailed oil and gas study, and thank you for your patience as we reviewed our availability and approach with the project team. I have attached our proposal. We have proposed a slightly modified schedule. We are available to discuss the details if you have any questions. Best, Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309 303.492.3307 From: Marcus Koblitz [mailto:koblitzm@api.org] Sent: Tuesday, November 5, 2013 12:13 PM To: Brian R. Lewandowski Subject: RE: RFP for Economic Impacts of Oil and Gas lndusty on Counties in Colorado Great thanks! From: Brian R.Lewandowski[mailto:brian.lewandowski@Colorado.EDU] Sent: Tuesday, November 05, 2013 2:12 PM To: Marcus Koblitz Subject: RE: RFP for Economic Impacts of Oil and Gas Industy on Counties in Colorado We are reviewing the proposal with the team, and should have it to you late today or early tomorrow. Thanks, Brian 498 From: Marcus Koblitz [mailto:koblitzm@api.org] Sent: Tuesday, November 5, 2013 12:06 PM To: Brian R. Lewandowski Cc: Arthur Wiese Subject: RE: RFP for Economic Impacts of Oil and Gas lndusty on Counties in Colorado Hi Brian, I just wanted to check in to see if you had an idea of when you'd be sending a proposal over. Thanks, Marcus From: Brian R.Lewandowski[mailto:brian.lewandowski@Colorado.EDU] Sent: Thursday, October 31, 2013 3:54 PM To: Marcus Koblitz Cc: Arthur Wiese Subject: RE: RFP for Economic Impacts of Oil and Gas Industy on Counties in Colorado MarcusThank you for sending along the RFP. I will soon respond with a proposal. Best, Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309 303.492.3307 From: Marcus Koblitz [mailto:koblitzm@api.org] Sent: Wednesday, October 30, 2013 4:58 PM To: Brian R. Lewandowski Cc: Arthur Wiese Subject: RFP for Economic Impacts of Oil and Gas lndusty on Counties in Colorado Brian, 498 Thank you for taking the time to speak with us last week about this potential project. Attached please find the RFP for the study on the economic and fiscal impacts of the oil and natural gas industry in Colorado by county as mentioned on the call. As discussed, we'd like to move as quickly as possible on this study, so if you can reply with a proposal as soon as possible, it would be appreciated. Sorry for the delay in getting this RFP to you. As noted in the RFP, you can email your proposal directly to me at this address. If you have any other questions or concerns, please feel free to contact me. We look forward to receiving your proposal. Thank you, Marcus Koblitz Marcus Koblitz Analyst API 1220 L St. NW Washington, DC 20005 (202) 682-8024 kobhtzm@api.org 498 AMERICAN PETROLEUM INSTITUTE 2012 Oil and Natural Gas Industry Economic and Fiscal Contributions in Colorado by County Concept Paper by: BUSINESS RESEARCH DIVISION Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309·0420 Telephone: 303.492.3307 http://I eeds.colorado. edu/brd Contact Person: Brian Lewandowski Brian.Lewandowski@Colorado.EDU November 5, 2013 BUlllNEH llE!IEllRCH lllV!l!ION 527 Purpose In response to a request by the American Petroleum Institute (AP!), the Business Research Division (BRD) of the Leeds School of Business Jt the University of Colorado Boulder is pleased to offer its services to conduct a county-level economic and fiscal impact analysis of the upstream and midstream oil and gas industry on the state of Colorado. The purpose of the study is to provide third-party, nonbiased research estimating the oil and gas industry's total economic contributions, quantifying revenue contributions to local governments that are derived from industry activity. This study builds on industry impacts estimated by the Business Research Division in 2012 and 2013 for the Colorado Oil and Gas Association (www.coga.org) and for the journal Oil, Gas, and Mining (www.oilgasandmining.com/). Objectives This study's primary objective is to provide county-level impact analysis, where possible, on the economic impacts of upstream and midstream oil and gas activities for counties in Colorado. The reported metrics for the upstream and midstream sectors will include: Employment Total labor income Average wages Taxes and fees (limited to property taxes, public leases, royalties, severance taxes, COGCC taxes, and income and sales taxes) While tax contributions relative to overall government budgets will not be estimated for all counties, the study will present select oil and gas tax revenues as a percentage of public revenues for select counties in Colorado. Colorado has a relatively disaggregated (localized) sales and property tax structure resulting in widely varying tax rates by county, municipality, special district, and school district. Furthermore, taxing jurisdictions overlap-school districts, for example, often dissect counties and cities. Complicating the generation of tax burden metrics is the limited detailed information available for small counties in Colorado. The target will be to provide comparative statistics on 10 taxing jurisdictions in the state. Methodology The oil and gas industry is a significant employer in the state of Colorado, with a vast supply chain that includes surveyors, extractors, transporters, and refinery workers. This industry also contributes substantial revenue to state and local governments in the form of Business Research Division 527 I Leeds School of Business IUniversity of Colorado Boulder Page 1 income and sales taxes, property taxes, royalties, and fees. This project will serve to inform stakeholders of the economic and fisc wrote: I can do 8-8:45 on the 13th. The 20th is open From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, May 15, 2013 9:55 AM To: Brian R. Lewandowski; Richard Wobbekind; Keith E Maskus Cc: Jon Anderson; Gwen Benevento Subject: CSPR REMI Agreements Brian, Rich & Keith, Attached please find the MOU and partnership agreement for moving forward with REMI. I have copied Jon Anderson, our attorney who can work with your legal team on any issues. We tried to keep it very simple. Also, I just heard from Tom Clark and he cannot make June 11th work for the Oversight Committee meeting. Below arc two other options, do either/both work for you all? lf so, is there a conference room available at CU for us to use? Tuesday, June 18th SAM Thursday, June 20th SAM Thanks much, Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com 500 Web: We've moved! Please note our new address. 500 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Mon 3/17/2014 4:43 PM (GMT-00:00) Brian R. Lewandowski Richard Wobbekind; Tim Pollard Re: Revised REMI Fracking Ban Brian- When works for a call today? Thanks, Kristin On Mar 17, 2014, at 9:43 AM, "Brian R. Lewandowski" wrote: KristinI have attached the press release and the full report. Let me know if you wish to discuss. It is important that the group is aware of the revisions prior to stakeholder meetings. Thanks, Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 303.492.3307 501 C.R.S. 24-72-204(2)(a)(lll) 501 C.R.S. 24-72-204(2)(a)(lll) From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Tue 10/28/2014 9:45 PM (GMT-00:00) Kristin Strohm Tim Pollard RE: REM! Budget Update Kristin- I can talk tomorrow any time after 10:00. I can also talk on Friday between noon and 2. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, October 28, 2014 3:36 PM To: Brian R. Lewandowski Cc: Tim Pollard Subject: Re: REM! Budget Update Brian- When works to talk this week? Just need a 30 min call. Kristin On Fri, Oct 24, 2014 at 12: 13 PM, Kristin Strohm wrote: 502 C.R.S. 24-72-204(2)(a)(lll) Just let us know when might work. Kristin On Fri, Oct 24, 2014 at 1:47 PM, Brian R. Lewandowski wrote: Kristin- I will touch base next week with our progress. Thanks, Brian Lewandowski Research Associate Business Research Division 502 C.R.S. 24-72-204(2)(a)(lll) Leeds School of Business University of Colorado Boulder 303.492.3307 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 502 C.R.S. 24-72-204(2)(a)(lll) Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 502 C.R.S. 24-72-204(2)(a)(lll) From: Sent: To: Cc: Bee: Subject: Richard Wobbekind Wed 5/15/2013 7:30 PM (GMT-00:00) 'Kristin Strohm'; Brian R. Lewandowski; Keith E Maskus Jon Anderson; Gwen Benevento RE: CSPR REMI Agreements I can do 8-8:45 on the 13th. The 20th is open From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, May 15, 2013 9:55 AM To: Brian R. Lewandowski; Richard Wobbekind; Keith E Maskus Cc: Jon Anderson; Gwen Benevento Subject: CSPR REMI Agreements Brian, Rich & Keith, Attached please find the MOU and partnership agreement for moving forward with REMI. I have copied Jon Anderson, our attorney who can work with your legal team on any issues. We tried to keep it very simple. Also, I just heard from Tom Clark and he cannot make June 11th work for the Oversight Committee meeting. Below are two other options, do either/both work for you all? If so, is there a conference room available at CU for us to use? Tuesday, June 18th SAM Thursday, June 20th SAM Thanks much, Kristin ~Starboard v_ Group (;[JC~l/Jz, ,~~A MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 503 We've moved! Please note our new address. 503 From: Sent: To: Cc: Bee: Subject: Marcus Koblitz Wed 10/23/2013 8:03 PM (GMT-00:00) Brian R. Lewandowski; Richard Wobbekind Potential project expanding "Assessment of Oil and Gas Industry: 2012 Industry Economic and Fiscal Contributions in Colorado" Dear Dr. Wobbekind and Mr. Levandowski, My name is Marcus Koblitz, I am an analyst at the American Petroleum Institute in Washington DC. Earlier today I left voicemails for both of you expressing an interest in expanding your report from July 2013 on the economic and fiscal contributions of the oil and gas industry in Colorado. We'd like to talk to you about possibly expanding the report to at least include more detail at the county level. I apologize for being so insistent, however, this is a time sensitive issue for us. Ideally, if you should agree to perform a more detailed study, we'd like to kick it off by mid-November in the hopes of having the project completed in January. At this point, if you are interested, I and two of my colleagues would like to set up a call to discuss the potential project. Please let me know if you are interested and available, and what times would be best to set up such a call. Thank you, Marcus Koblitz Marcus Koblitz Analyst API 1220 L St. NW Washington, DC 20005 (202) 682-8024 koblitzm@api.org 505 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Fri 3/14/2014 9:23 PM (GMT-00:00) Brian R. Lewandowski Richard Wobbekind; Tim Pollard Re: tracking report Thanks for the update Brian. Have a good weekend. Kristin Sent from my iPhone On Mar 14, 2014, at 3:07 PM, "Brian R. Lewandowski" wrote: KristinWe have finished the press release language, and I have updated the report with some of your requested changes. Brian Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 303.492.3307 506 From: Sent: To: Cc: Bee: Subject: Attachments: Kristin Strohm Wed 5/15/2013 3:55 PM (GMT-00:00) Brian R. Lewandowski; Richard Wobbekind; Keith E Maskus Jon Anderson; Gwen Benevento CSPR REMI Agreements CSPR remi program mou.pdf; CSPR_CU agreement remi program.pdf Brian, Rich & Keith, Attached please find the MOU and partnership agreement for moving forward with REMI. I have copied Jon Anderson, our attorney who can work with your legal team on any issues. We tried to keep it very simple. Also, I just heard from Tom Clark and he cannot make June 11th work for the Oversight Committee meeting. Below arc two other options, do either/both work for you all? If so, is there a conference room available at CU for us to use? Tuesday, June 18th SAM Thursday, June 20th SAM Thanks much, Kristin ~Starboard v_ Group iffC~t ,G?9t-~reMANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. 509 553 553 From: Sent: To: Steve Klausing Fri 3/14/2014 7:55 PM (GMT-00:00) Kristin Strohm; Tom Clark; Pam Reichert; Mike Fitzgerald; Richard Wobbekind; Keith E Maskus; Brian R. Lewandowski Hannah Heavrin; Tim Pollard; amanda.melroy@metrodenver.org Cc: Bee: Subject: RE: CRED & Vital Meetings Dear Colleagues, One other note. We would suggest that either CU or MDEDC issue the press release. Thanks Steve And Mike From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, March 13, 2014 5:14 PM To: Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Richard Wobbekind; Keith Maskus; Brian R. Lewandowski Cc: Hannah Heavrin; Tim Pollard; amanda.melroy@metrodenver.org Subject: CRED & Vital Meetings Oversight Committee, Per our call, we have reached out to present our initial study at both the Vital for Colorado and CRED board meetings. I know that Tom is taking the lead on the meeting with the Governor. Below are the meeting times/dates. I should have more details on the CRED meeting early next week. I think just one member from each group will suffice for the meetings, as I know seating is limited. Please let me know who will be attending. Lastly, thank you everyone for all your comments on the press release. CU is finishing their comments tomorrow morning, then I will have a revised draft to everyone tomorrow afternoon. Meeting Details: CRED: 3/25 at 3pm Vital for Colorado: March 19th, 4:00PM Polsinelli Office 1515 Wynkoop, Suite 600 Denver, CO 80202 Parking is available in the building and can be validated by Polsinelli Please let me know if you have any questions. Thank you for all your help! Kristin 512 Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 512 Document Privileged in its Entirety 513 C.R.S. From: Sent: To: Brian R. Lewandowski Wed 10/15/2014 10:51 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: Meeting Location? Kristin- The room has changed to 5286. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, October 14, 2014 10:58 AM To: Brian R. Lewandowski Subject: Re: Meeting Location? In Leeds- Koelbel building? On Tue, Oct 14, 2014 at 10:56 AM, Brian R.Lewandowski wrote: We are tentatively in room 5125, which is a lecture room. It isn't ideal, but the building is booked that day. Brian 515 From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, October 14, 2014 8:31 AM To: Brian R. Lewandowski Subject: Meeting Location? Do we have a specific room we are meeting in on Thursday? thanks! Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 515 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 515 From: Sent: To: Steve Klausing Fri 3/14/2014 4:28 PM (GMT-00:00) Kristin Strohm; Tom Clark; Pam Reichert; Mike Fitzgerald; Richard Wobbekind; Keith E Maskus; Brian R. Lewandowski Hannah Heavrin; Tim Pollard; amanda.melroy@metrodenver.org Cc: Bee: Subject: RE: CRED & Vital Meetings Kristin, Thank yon for this information. We will get back to you with who will attend. Regarding the press release we agree with Tom's comments and would endorse them. We understand both CU and Tom are preparing edits so rather than start multiple versions of an edited release we will wait until we see Tom's and CU's suggestions and then provide whatever comments we feel necessary. Thank you. Steve and Mike From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, March 13, 2014 5:14 PM To: Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Richard Wobbekind; Keith Maskus; Brian R. Lewandowski Cc: Hannah Heavrin; Tim Pollard; amanda.melroy@metrodenver.org Subject: CRED & Vital Meetings Oversight Committee, Per our call, we have reached out to present our initial study at both the Vital for Colorado and CRED board meetings. I know that Tom is taking the lead on the meeting with the Governor. Below are the meeting times/dates. I should have more details on the CRED meeting early next week. I think just one member from each group will suffice for the meetings, as I know seating is limited. Please let me know who will be attending. Lastly, thank you everyone for all your comments on the press release. CU is finishing their comments tomorrow morning, then I will have a revised draft to everyone tomorrow afternoon. Meeting Details: CRED: 3/25 at 3pm Vital for Colorado: March 19th, 4:00PM Polsinelli Office 15 15 Wynkoop, Suite 600 Denver, CO 80202 Parking is available in the building and can be validated by Polsinelli Please let me know if you have any questions. Thank you for all your help! Kristin 516 Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 516 Document Privileged in its Entirety 517 C.R.S. Document Privileged in its Entirety 57o C.R.S. Document Privileged in its Entirety 576 C.R.S. Document Privileged in its Entirety 579 C.R.S. From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Thu 8/07/2014 6:38 PM (GMT-00:00) Kristin Strohm RE: REMI Oversight Committee Mtg Tuesday would be preferred that week. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, August 7, 2014 10:42 AM To: Brian R. Lewandowski Subject: Fwd: REMI Oversight Committee Mtg What does your schedule look like that week? I think we do in-person. ---------- Forwarded message ---------From: Date: Thu, Aug 7, 2014 at 10:41 AM Subject: RE: REMI Oversight Committee Mtg To: k:ristin@thestarboardgroup.com Hey, Sorry but he has no availability next week. If the week of the 18th works, here is what he has: Monday, August 18th 1-5:00pm Tuesday, August 19th ll:OOam~l:OOprn Wednesday, August 20th at 9:00and0:00arn Do those work for Brian? 'vVe are happy to host here. 518 4 Metro Denver Amanda Melroy I Executive Assistant to Tom Clark amanda.melroy@metrodenver.org Direct 303.620.8034 I Main 303.620.8092 RSS I filQg I Twitter I Facebook I Linked In I Flickr I lnstagram I Pinterest IYauTube The information in this e-mail transmission~ or the documents accompanying this e-mail transmission~ may contain confidential information. This information is intended only for the use of the individual or entity to whom this e-mail transmission is addressed. If you have received this information in error, please notify the sender immediately by sending a reply e-mail indicating that you have arranged for the deletion of this e-mail and a destruction of this e-mail and any attached documents. From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, August 07, 2014 10:30 AM To: Melroy, Amanda Subject: REMI Oversight Committee Mtg Hi Amanda, Starting with you and Tom's calendar first! What openings does he have from the times/dates below for an in-person REMI meeting next week about our Setback Study and Fiscal Cliff Study? Also, could we do it at the Chamber? 518 Wednesday, Aug 13- Between 2-4PM Thursday, Aug 14- Between lOAM- Noon Friday, Aug 15- 8AM- lOAM Thanks! Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 518 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 518 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Fri 3/14/2014 2:52 PM (GMT-00:00) Richard Wobbekind RE: CRED & Vital Meetings Can you do the 3/19 meeting? I wasn't sure if you are out of town for both. I am booked on 3/19. Brian From: Richard Wobbekind Sent: Friday, March 14, 2014 8:08 AM To: Brian R. Lewandowski Subject: FW: CRED & Vital Meetings I am on vacation From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, March 13, 2014 5:14 PM To: Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Richard Wobbekind; Keith E Maskus; Brian R. Lewandowski Cc: Hannah@denversouthedp.org Heavrin; Tim Pollard; amanda.melroy@metrodenver.org Subject: CRED & Vital Meetings Oversight Committee, Per our call, we have reached out to present our initial study at both the Vital for Colorado and CRED board meetings. I know that Tom is taking the lead on the meeting with the Governor. Below are the meeting times/dates. I should have more details on the CRED meeting early next week. r think just one member from each group will suffice for the meetings, as r know seating is limited. Please let me know who will be attending. Lastly, thank you everyone for all your comments on the press release. CU is finishing their comments tomorrow morning, then r will have a revised draft to everyone tomorrow afternoon. Meeting Details: CRED: 3/25 at 3pm Vital for Colorado: March 19th, 4:00PM Polsinelli Office l 5 l 5 Wynkoop, Suite 600 Denver, CO 80202 Parking is available in the building and can be validated by Polsinelli 519 Please let me know if you have any questions. Thank you for all your help! Kristin Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 519 From: Sent: To: Brian R. Lewandowski Tue 10/14/2014 4:58 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: Meeting Location? Yes. From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, October 14, 2014 10:58 AM To: Brian R. Lewandowski Subject: Re: Meeting Location? In Leeds- Koelbel building? On Tue, Oct 14, 2014 at 10:56 AM, Brian R. Lewandowski wrote: We are tentatively in room S125, which is a lecture room. It isn't ideal, but the building is booked that day. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, October 14, 2014 8:31 AM To: Brian R. Lewandowski Subject: Meeting Location? Do we have a specific room we are meeting in on Thursday? thanks! 521 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 521 Fax: 720-420-1386 Email: kristin@thestarboardgrougcom Web: 521 From: Sent: To: Kristin Strohm Thu 3/13/2014 11:13 PM (GMT-00:00) Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Richard Wobbekind; Keith E Maskus; Brian R. Lewandowski Hannah@denversouthedp.org Heavrin; Tim Pollard; amanda.melroy@metrodenver.org Cc: Bee: Subject: CRED & Vital Meetings Oversight Committee, Per our call, we have reached out to present our initial study at both the Vital for Colorado and CRED board meetings. I know that Tom is taking the lead on the meeting with the Governor. Below are the meeting times/dates. I should have more details on the CRED meeting early next week. I think just one member from each group will suffice for the meetings, as I know seating is limited. Please let me know who will be attending. Lastly, thank you everyone for all your comments on the press release. CU is finishing their comments tomorrow morning, then I will have a revised draft to everyone tomorrow afternoon. Meeting Details: CRED: 3/25 at 3pm Vital for Colorado: March 19th, 4:00PM Polsinelli Office L5 L5 Wynkoop, Suite 600 Denver, CO 80202 Parking is available in the building and can be validated by Polsinelli Please let me know if you have any questions. Thank you for all your help! Kristin Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 522 522 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Fri 8/08/2014 2:42 PM (GMT-00:00) Kristin Strohm RE: Message from bizhub Good catches! Thanks! Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, August 7, 2014 4:32 PM To: Brian R. Lewandowski Subject: Fwd: Message from bizhub Sent from my iPhone Begin forwarded message: From: Tim Pollard Date: August 7, 2014 at 3:04:33 PM MDT To: 'Kristin Strohm' Subject: FW: Message from bizhub I'm not the best proofreader, but I've been through this twice, and I only found errors on this one attached page. From: bizhub@eis-solutions.net [mailto:bizhub@eis-solutions.net] Sent: Thursday, August 7, 2014 3:01 PM To: Tim Pollard Subject: Message from bizhub 523 523 Document Privileged in its Entirety 524 C.R.S. Document Privileged in its Entirety 588 C.R.S. Document Privileged in its Entirety 606 C.R.S. Document Privileged in its Entirety 611 C.R.S. From: Sent: To: Cc: Bee: Subject: Attachments: Zachary C. Cikanek Tue 10/07/2014 6:29 AM (GMT-00:00) Brian R. Lewandowski Marcus Koblitz; Richard Wobbekind Re: Colorado oil and natural gas study image001.jpg Hi Brian, Thanks for the email / and sorry for the short notice. We're actually looking at a release this week Wednesday. We can talk as soon as you are free today, but due to the timing of things, I'm most interested in the following: 1. Would you, or another author, be willing to submit a quote for our press release? If so, this is a possible draft, on which we'd like approval with any edits or substitutions you prefer: "Over the last few years, Colorado has asserted itself as an energy powerhouse, providing a substantial influx of new jobs and funding for schools and county services," said University of Colorado researcher Brian Lewandowski. "Most of the actual production occurred in just five counties, but new business activity associated with energy- management, engineering, financial - was distributed across the state, creating jobs that pay about double the state average." 2. We'd like to connect you or another author for media interviews on Wednesday and Thursday mostly Colorado radio hosts who might be interested in covering the report. Would you be available? Anyone else we should speak with? If so, I'd like to know what time blocks you have available to schedule those requests. -Zach Sent from my iPhone On Oct 7, 2014, at 12:26 AM, "Brian R. Lewandowski" wrote: Hi Zach and MarcusThanks for the email this morning, and the phone calls. I was in work meetings all day today. I am available for a phone call tomorrow (Tuesday) afternoon after 1:30 mountain time. I am available Wednesday any time before noon mountain time. When are you planning on releasing the study? Thanks, Brian From: Zachary C. Cikanek [mailto:CikanekZ@api.org] Sent: Monday, October 6, 2014 9:13 AM 525 To: Brian R. Lewandowski Subject: Colorado oil and natural gas study Mr. Lewandowski, I work in the media relations office at API in Washington. In preparation for the release of your new study on the county-level impact of Colorado's oil and natural gas sector, I was hoping that you might be available around lpm (Eastern)/11am (MDT) for a brief phone conversation with myself and one of our team members in Colorado. If not, is there another time today that might work for you? Regards, Zach Zachary Cikanek American Petroleum Institute 1220 L Street NW Washington, DC 20005 202.682.8069 (desk) 202.682.8114 (office) cikanekz@api.org 525 561 From: Sent: To: Brian R. Lewandowski Tue 10/14/2014 4:56 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: Meeting Location? We are tentatively in room 5125, which is a lecture room. It isn't ideal, but the building is booked that day. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, October 14, 2014 8:31 AM To: Brian R. Lewandowski Subject: Meeting Location? Do we have a specific room we arc meeting in on Thursday? thanks! Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 526 Fax: 720-420-1386 Email: kristin@thestarboardgrougcom Web: 526 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Fri 8/08/2014 4:53 PM (GMT-00:00) Kristin Strohm RE: REMI Oversight Committee Meeting Kristin- I think Tuesday is August 19th (not the 13th). Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, August 8, 2014 10:52 AM To: Tom Clark; Pam Reichert; Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Richard Wobbekind; Keith E Maskus Cc: Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org; Courtney Steinford Subject: REMI Oversight Committee Meeting REMI Oversight Committee Members, We will be having an in-person meeting on Tuesday, August 18th from 11AM- Noon at the Metro Denver EDC office: 1445 Market St, Denver, CO. We will also have a call-in for those not able to join. Here is the call-in information: Call-in number: Access code: - 530 Brian has been hard at work on the setback study and has a draft he would like to go through with us. In addition, we need to discuss the budget study. Hope you have a great weekend. Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 530 From: Sent: To: Cc: Bee: Subject: Attachments: Brian R. Lewandowski Sun 3/02/2014 7:34 PM (GMT-00:00) Marcus Koblitz Richard Wobbekind Revised Economic Impact Report 2013 Colorado API Study 022814.pdf MarcusI have attached the revised economic impact report. I hope this new version is in line with what you envisioned. We look forward to further feedback from you and the committees. Thanks, Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 303.492.3307 531 C.R.S. 24-72-204(2)(a)(lll) Document Privileged in its Entirety 645 C.R.S. From: Sent: To: Cc: Bee: Subject: Kristin Strohm Thu 3/13/2014 3:37 PM (GMT-00:00) tom.clark@metrodenver.org Mike Fitzgerald; Richard Wobbekind; Tim Pollard; Brian R. Lewandowski Re: Press Release Thanks Tom- do you know when you'll be sending edits back? Kristin On Mar 13, 2014, at 9:28 AM, wrote: > > Sent from my iPhone 532 C.R.S. 24-72-204(3)(a)(Xlll) From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Fri 10/10/2014 3:26 PM (GMT-00:00) Kristin Strohm RE: Call today? Do you want to call me or vice versa? From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, October 10, 2014 9:24 AM To: Brian R. Lewandowski Subject: Re: Call today? Sure thing. Call my office: 720-524-7332. On Fri, Oct 10, 2014 at 9:2 l AM, Brian R. Lewandowski wrote: How about right now? I have another call at 10 and 10:30, and I leave here at noon. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, October 10, 2014 9:20 AM To: Brian R. Lewandowski Cc: Tim Pollard Subject: Call today? What time works for us to call you today? 533 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com A ~ starboard Group d/(;i&fv"' cf/~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 533 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com 533 From: Sent: To: Cc: Kristin Strohm Mon 3/03/2014 9:33 PM (GMT-00:00) Tom Clark; Pam Reichert; Mike Fitzgerald; Steve Klausing; Randy Hildreth; Buz Koelbel; Richard Wobbekind; Keith E Maskus; Earl Wright; T. Scott Martin Tim Pollard; David L. Tarasi; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; amanda.melroy@metrodenver.org; Hannah@denversouthedp.org Bee: Subject: REM! Fracing Study- Conference Call Attachments: PastedGraphic-1.png; ATT00001.htm; Draft Economic Impact of Fracking Moratorium 022814. pdf; ATT00002. htm Oversight Committee Members, Attached please find the draft of the REMI fracing study. Please keep this report confidential and do not release it to any other groups. We will have a conference call on Thursday, March 6th at 2:30PM for Brian to walk us through the findings of the study--please have at least one person from your organization on the call. We will also be discussion other potential scenarios for Brian to rnn related to the study and how we would like to rollout the study. Lastly, we are already working on presenting our report to the various pro-energy groups that have formed: Vital for Colorado, CRED, and APL I will keep everyone updated as I have those presentations/meetings scheduled but it looks like they will all take place in late March. Please call me if you have any questions. Best, Kristin 537 Document Privileged in its Entirety 594 C.R.S. From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Wed 5/01/2013 2:19 PM (GMT-00:00) Kristin Strohm; Richard Wobbekind Jon Anderson RE: Grant Agreement between CSPR & CU KristinWe don't have anything off the shelf to use. Please draft an agreement. In the past, we have used the language "consulting agreement" rather than "grant." Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, April 30, 2013 10:45 AM To: Brian R. Lewandowski; Richard Wobbekind Cc: Jon Anderson Subject: Grant Agreement between CSPR & CU Brian & Rich, Since we are paying for your services, Jon wondered if we need a grant agreement in place between CSPR (purchaser) and CU (license holder) for REMI? We are happy to draft something, but Jon thought that you all might have something already in place that would work. Also, please let us know if you need any help on our end with terms of the license agreement and moving that forward. Let us know. Best, Kristin A ~ starboard Group ~lWt-'G5i~rt MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 538 We've moved! Please note our new address. 538 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Fri 10/10/2014 3:21 PM (GMT-00:00) Kristin Strohm RE: Call today? How about right now? I have another call at 10 and 10:30, and I leave here at noon. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, October 10, 2014 9:20 AM To: Brian R. Lewandowski Cc: Tim Pollard Subject: Call today? What time works for us to call you today? Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 539 Fax: 720-420-1386 Email: kristin@thestarboardgrougcom Web: 539 ?l?yn NJ . H. ., 540 (JI ""' 0 Source: Bureau of Labor Statistics, Seasonally Adjusted. Business Research Division• Leeds School of Business• University of Colorado (JI ""' 0 Percent 20.0 10.0 5.0 0.0 -5.0 -10.0 -15.0 0 5 10 15 20 25 30 35 40 45 50 55 Number of Months Since Peak Source: Bureau of Labor Statistics (Seasonally Adjusted). 60 65 70 75 80 85 (JI ""' 0 2014 Employment Growth 1 Year Avg. YoY by MSA {SA) % Growth Unemployment Rate By MSA- December 2014 {NSA) State 2.6 % State 4%(NSA), 4% SA) % Growth Greeley Greeley Denver-Aurora-Broomfield Denver-AuroraBroomfield Boulder Boulder Fort Collins-Loveland Fort CollinsLoveland Pueblo Pueblo Colorado Springs Colorado Springs Grand Junction Grand Junction -2% 0% 2% 4% 6% 0% Source: Bureau of Labor Statistics. Business Research Division• Leeds School of Business• University of Colorado 2% 4% 6% (JI ""' 0 Federal Housing Finance Agency Home Prices by MSA Q3 2013- Q3 2014 Federal Housing Finance Agency Home Prices by MSA CAGR Q3 2004 - Q3 2014 Denver-Aurora-Lakewood Denver-Aurora-Lakewood Boulder Boulder Fort Collins Fort Collins Greeley Greeley Colorado Springs Colorado Springs Grand Junction Grand Junction Pueblo Pueblo ·1.0 1.0 3.0 5.0 7.0 9.0 11.0 -1.0 Percent Source: Federal Housing Finance Agency, All Transactions Indexes. Business Research Division• Leeds School of Business• University of Colorado 0.0 1.0 Percent 2.0 3.0 (JI ""' 0 Dollars per Barrel $160.00 - , - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - . $140. 00 -~~-------J.1.!~-~L~OOS: -r,,,,,.,.,,,__, ____ ._ _.......... $145.31 February 10, 2014: ---------·-- $120.00 $1-0lr.-12HHHHHHHHHHHHHHHHH>> $100.00 ----------$80.00 ~~~~~~~ $60.00 $40.00 $20.00 ... -----......·-~ --------------- ~~- ~ ~. February 9, 2015: $52.99 ... -------~ ~-~------~----- $0.00 .,.r------~-~--,---------,---~-,-~-·~--..,..----------r-~--,-----·-----,----~ 2011 2014 2015 2005 2006 2007 2008 2009 2010 2012 2013 Source: Energy Information Association (EIA), Cushing, OK WTI Spot Price FOB. Business Research Division• Leeds School of Business• University of Colorado (JI ""' 0 Dollars per Million $16.00B-,-TU_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _---. $14.00 --+----------~­ July 4, 2008: ------- _$J3.2Q________________ $12.00 $10.00 $8.00 ---~ --------------------------------------------------! --------------------~---~--~-----------~~-~~-~~ -t----------~-~---~--------+-----~,-~·-~-----------------------------~------------------------------------------~~-- February 7, 2014: _____J~_.3~ - - - - - - - - - - - - - - - $6.00 $4.00 ------------~------------- -t~'l!Efi!f"".:lifi!lfi ----- ----- ~~p~~!l_'l__~, ~~1 ~=-----­ $2.00 $0.00 2005 $2.72 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Energy Information Association (EIA), Weekly Henry Hub Natural Gas Spot Price (Dollars per Million Btu). Business Research Division• Leeds School of Business• University of Colorado (JI ""' 0 Dollars per Gallon $4.50 -r-------------------------------. February 17, 2014: $4.00 ---------------------------------------------~--------------------------~$3.40 _____ $3.50 $3.00 ~- $2.50 $2.00 $1.50 -n~~~~-~~~~~ _ _ _, ___ »----------~>~>>~> ------------------------------»»- -------~-~---~»XX----------------»- -------------------------------- $1.00 --+-------~~~~-~---------~----------~~~~~-~----------------~--~-~~~-~------------~----~--------~~--------------~---~----~--~~~~--~-~-------~-------~--! $0.50 -+------------------------~--------------------~---------------------------------------~-~~~ ------------------ ----~-~~----------~~----------------~------------------ $0.00 --1-----~----------,---~--r-----------r--~---~~-----,------~~~~------r---~~-~~--------------------1 2012 2005 2006 2007 2008 2009 2010 2011 2013 2014 2015 Source: Weekly Colorado All Grades All Formulations Retail Gasoline Prices (Dollars per Gallon). Business Research Division• Leeds School of Business• University of Colorado (JI ""' 0 January 2014 -0.1% February 2014 March 2014 17.0% 5.8% 8.5% 41.6% 80.2% 28.7% 10.5% -3.1% 0.7% 8.9% 8.8% April 2014 May 2014 10.9% 8.1% 11.8% 13.4% -0.5% -6.5% 3.3% 6.6% June 2014 July 10.5% 19.9% -5.1% 8.1% 11.8% 14.2% 1.8% 1.5% 5.8% August September 8.4% October November December January February 10.1% 5.6% 5.8% 7.8% NA NA Sources: Energy Information Administration, Henry Hub Natural Gas Spot Price (Dollars per Million Btu; Cushing, OK WTI Spot Price FOB (Dollars per Barrel); Weekly Colorado All Grades All Formulations Retail Gasoline Prices (Dollars per Gallon). COGCC Staff Report (January 26, 2015). *Current through February 9, 2015. Business Research Division• Leeds School of Business• University of Colorado (JI ""' 0 $16,000 Carbon Dioxide NaturalGas ··· •CrudeOil $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 2004 2006 2008 2010 2012 2014a Source: Colorado Geological Survey Mineral and Minerals Fuel Activity Reports, Colorado Oil and Gas Conservation Commission, Business Research Division• Leeds School of Business• University of Colorado (JI ""' 0 Employees 35,000 • Pipeline transportation O&G pipeline-construction- 30,000 Support activities for O&G 25,000 Drilling O&G wells 11Q&G extraction 20,000 15,000 10,000 5,000 0 2001 2003 2005 2007 2009 2011 Source: Bureau of Labor Statistics, Quarterly Census of Employment and Wages. Chart excludes sole proprietors. Business Research Division• Leeds School of Business• University of Colorado 2013 (JI ""' 0 12-Month Sum, Millions $350 $250 $200 $150 $100 $50 $0 2005 2006 2007 2008 2009 2010 2011 2012 Source: Colorado Department of Revenue. Business Research Division• Leeds School of Business• University of Colorado 2013 2014 (JI ""' 0 Setbacks • Restricts production (Quantity) • Predictable • Increases production costs Price • Impacts price • Lagging impact on production • Expectations • Removes projects on the margin Local Control • • Restricts production Uncertainty Business Research Division• Leeds School of Business• University of Colorado £~OZ ~ z~oz .~ t; ~~oz 1~ o~oz ~ .g 600Z j ~ 800Z ~ 8 Cl.I b LOOZ i a 900Z g ·~ sooz vooz £00Z zooz u.. .~ ~i:: :::::> 8 ~ c: • ~ ~ ~ 'gs co ~ooz ~ 0 c oooz i:::s 00 666~ ~ ~ 866~ ~ ~ l.66~ 966~ Q) .g ~ ·g c: IU fl) • 0 ·v; '> S66~ ~ 0 v66~ ·il 0 E .c: £66~ '2 ~ Z66~ f c ~66~ w c ~ ~ (J) (J) Q) c: 'Vi ::J co 540 £~OZ e z~oz .~ ~~oz t: E o~oz ~ .g J:l ~ 600Z !3 o sooz ~ 8 b LOOZ i a 900Z g ·~ sooz 8 ::::>.~c: vooz ~ • £00Z ~ ~ Cl.I LI. ~i: ZOOZ ~ ·~ co ~ooz ~ 0 c oooz i:s 00 666~ ~ ~ 866~ ~ ~QJ L66~ j ~ • 966~ ·g c: 0 IO S66~ ~ 0 ·v; '> 0 v66~ ·~ E £66~ ..s::::: -2 ~ Z66~ f ~ c ~66~ w c ~ U'l U'l QJ c: 'Vi ::s co 540 (JI ""' 0 Percent Change 4.0°/o Baseline 3.5% 2.0o/o -1.1% 1.5°/o -------- -1.8% 1.0% 0.5% 0.0% 2015 2016 Business Research Division• Leeds School of Business• University of Colorado 2017 (JI ""' 0 Percent Change 4.0°/o Baseline 3.5% 2.0o/o 1.5°/o 1.0% 0.5% 0.0% 2015 2016 Business Research Division • Leeds School of Business • University of Colorado 2017 (JI ""' 0 Percent Change 8.0% Baseline 7.0% Slower 6.0°/o s.0°1o Rebound -1.1% -1.7% 4.0°/o 3.0% 2.0o/o 1.0% 0.0% 2015 2016 Business Research Division• Leeds School of Business• University of Colorado 2017 (JI ""' 0 Percent Change 8.0% Baseline 7.0% 6.0°/o Slower Rebound s.0°1o · - · · 4.0°/o 3.0% 2.0o/o 1.0% 0.0% 2015 2016 Business Research Division • Leeds School of Business • University of Colorado 2017 - (JI ""' 0 • Baker-Hughes rig count • Drilling permits • Total employment and Mining and Logging Employment • Oil and gas industry employment • WTI oil daily spot prices and Henry Hub daily natural gas spot prices • WTI and Henry Hub futures contracts • Severance taxes • Office vacancy rates • Weekly unemployment claims • Housing data Business Research Division• Leeds School of Business• University of Colorado • ~ c: ·u; :::s co b 0 0 ..c. u (./) (/) "'O (IJ ~ • c: 0 ·u; '> 0 ..c. ~ (\j ~ ~ (/) (/) (IJ c: ·u; :::s co 540 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Tue 4/30/2013 4:44 PM (GMT-00:00) Brian R. Lewandowski; Richard Wobbekind Jon Anderson Grant Agreement between CSPR & CU Brian & Rich, Since we are paying for your services, Jon wondered if we need a grant agreement in place between CSPR (purchaser) and CU (license holder) for REMI? We are happy to draft something, but Jon thought that you all might have something already in place that would work. Also, please let us know if you need any help on our end with terms of the license agreement and moving that forward. Let us know. Best, Kristin A ~ starboard Group ~lWt-'G5i~rt MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. 545 From: Sent: To: Brian R. Lewandowski Tue 8/12/2014 5:48 PM (GMT-00:00) Kristin Strohm; Tim Pollard Cc: Bee: Subject: RE: Quick call today? I can talk anytime from now until 1:00 or after 2:00. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, August 12, 2014 10:01 AM To: Brian R. Lewandowski; Tim Pollard Subject: Quick call today? Brian can you chat with Tim and I before 11 :30 this morning or after 3 :30? Thanks, Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 547 Fax: 720-420-1386 Email: kristin@thestarboardgrougcom Web: 547 From: Sent: To: Cc: Kristin Strohm Thu 4/25/2013 9:11 PM (GMT-00:00) Brian R. Lewandowski Richard Wobbekind; Earl Wright; T. Scott Martin; David L. Tarasi; Jon Anderson; Jake Zambrano Bee: Subject: Re: Updated CSPR REMI Proposal Great. Thank you Brian. Kristin __6ki._ S1tairboard v_ Group iffCHAtht ,g9j.~,z, MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. On Apr 25, 2013, at 3:06 PM, Brian R. Lewandowski wrote: KristinThanks for your feedback. Here is the updated proposal. Brian Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309 303.492.3307 550 From: Sent: To: Brian R. Lewandowski Thu 10/09/2014 6:19 PM (GMT-00:00) Kristin Strohm Cc: Bee: Su~ect:RE:APISWdy By the way, when I talked to the DP reporter and the Denver Business Journal reporter, I also talked about the REMI project that looked at the impacts of a moratorium. I was also interviewed by Tim Farley on Potus Morning Briefing on Sirius XM Satellite Radio. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, October 9, 2014 12:16 PM To: Brian R. Lewandowski Subject: Re: API Study Awesome thanks. Tim and I have been swamped (tis the season), just reviewing it today preliminarily like we always do. I'll call you tomorrow. On Thu, Oct 9, 2014 at 12: 14 PM, Brian R. Lewandowski wrote: Yes. You can pull it off our website: http://www.colorado.edu/leeds/centers/business-researchdivision. Note that it was completed in the spring, but just now released. Any early comments back on the budget study? Positive/negative? 552 Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, October 9, 2014 12:12 PM To: Brian R. Lewandowski Subject: API Study Was the full study released? I saw the DP story today and wanted to share it with my board. Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 552 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 552 w, .391] 554 Source: Bureau of Labor Statistics, Seasonally Adjusted. Business Research Division• Leeds School of Business• University of Colorado Percent 25.0 20.0 15.0 10.0 5.0 0.0 -5.0 -10.0 -15.0 0 5 10 15 20 25 30 35 40 45 50 55 60 Number of Months Since Peak Source: Bureau of Labor Statistics (Seasonally Adjusted). 65 70 75 80 85 Percent 30.0 24.0 18.0 12.0 6.0 0.0 -6.0 -12.0 -18.0 ---·---~~-----~- -24.0 2008 2009 2010 2011 2012 ~---------------------------~~-- 2013 Number of Months Since Colorado Peak Source: Bureau of Labor Statistics (Seasonally Adjusted). Business Research Division• Leeds School of Business• University of Colorado 2014 February 2015 Employment Growth 1 Year YoY Change by MSA {SA) % Growth Unemployment Rate By MSA - February 2015 {NSA) State 4. 7% (NSA) % Growth Greeley Greeley Denver-Aurora- ' Broomfield Denver-Aurora-Broomfield Boulder Boulder Fort Collins-Loveland Fort CollinsLoveland Pueblo Pueblo Colorado Springs Colorado Springs Grand Junction Grand Junction 0% 2% 4% 6% 8% 10% 0% 2% Source: Bureau of Labor Statistics. Business Research Division• Leeds School of Business• University of Colorado 4% 6% 8% Federal Housing Finance Agency Home Prices by MSA Q4 2013- Q4 2014 Federal Housing Finance Agency Home Prices by MSA CAGR Q4 2009 - Q4 2014 Greeley Greeley Denver-Aurora-Lakewood Denver-Aurora-Lakewood Boulder Boulder Fort Collins Fort Collins Pueblo Pueblo Colorado Springs Colorado Springs Grand Junction Grand Junction -1.0 1.0 3.0 5.0 7.0 9.0 11.0 Percent -3.0-2.0-1.0 0.0 1.0 2.0 3.0 4.0 5.0 Percent Source: Federal Housing Finance Agency, All Transactions Indexes. Business Research Division• Leeds School of Business• University of Colorado GDP Colorado's Energy Rank Colorado GDP Per Employee: $89,800 Mining GDP Per Employee: $384,300 Colorado Average Annual Pay: $50,860 Mining Average Annual Pay: $109,178 Source: U.S. Energy Information Administration, Bureau of Labor Statistics Bureau of Economic Analysis. Business Research Division• Leeds School of Business• University of Colorado Barrels 100,000,000 - , . . - - - - - - - - - - - - - - - - - - - - - - - - - --.-M---. 93 3 90,000,000 80 ,000, 000 ~---·------···-··~----·------·-··-·-··---------··------------------·······----·----·-~·---·········----------------------------·-------·-----LM:.WJ-"'-IU.. -.~~·-··- 70 ,000, 000 -t~·----·-·····----~-·---·~---·--··-···-------··---·------~--·-·-···-··-·--·--------·~-~------------------------··----·------····--··-~~---+·~- 27.9 M 60,000,000 50,000,000 -f~--------- 40,000,000 -+·-----·----------·-----·------···-·------···-----·--------------·······-·-·-·····-·--·-···-·-----------------· 30,000,000 · - - - - ---··--····-----··--·· ------··-·-····--······-----··-·······20,000,000 10,000,000 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Colorado Oil and Gas Conservation Commission. Business Research Division • Leeds School of Business • University of Colorado MCFs 2,500,000,000 - , . . - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - . 2,000,000,000 1,500,000,000 1,000,000,000 500,000,000 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Colorado Oil and Gas Conservation Commission. Business Research Division • Leeds School of Business • University of Colorado Permits 2,500 2,000 1,500 1,000 500 Business Research Division• Leeds School of Business• University of Colorado 9 gr? 393% an; 554 554 Millions of Barrels 500 April 3, 2015: 482. 450 400 350 300 250 ·----,---~-·~~-~~~-,...-~~~~~-----r-~~~~~~,------,-.-~--~ 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 Source: Energy Information Association (EIA), Weekly U.S. Ending Stocks excluding SPR of Crude Oil. Business Research Division• Leeds School of Business• University of Colorado Dollars per Barrel $160.00 - , - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - . $140. 00 ~------------~~-------JJ.!~-~L~O!)_~: -r,.........,.,..,....,........ $145.3 $120.00 April 7, 2014: ------------------~r01DJ3--- $100.00 ----------, . . . -"'""" 5 $80.00 ~-----$60.00 -+----~ $40.00 -i-----------------·--------------------~~~..~~ ... ~.-~. $20.00 ---------~~------~------- April 6, 2015 $52.08 ------------- $0.00 ··!-------___.,-----~-,.-------.~--------,-----c~-----.,------.,.--------·---,--.------r-----,-' 2007 2014 2011 2005 2006 2008 2009 2010 2012 2013 2015 Source: Energy Information Association (EIA), Cushing, OK WTI Spot Price FOB. Business Research Division• Leeds School of Business• University of Colorado Dollars per Million $16.00B-,-TU_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _---. $14.00 ---1-----------~ $12.00 ---1---- July 4, 2008: ---- ----- 1J3.2Q_______________ --- $10.00 $8.00 ---------------------------------------------------! --------------------~---~--~-----------~~-~~-~~ ------------~------------- -r-----------fy-----l!------.--·----------------------4~-------.----------------------------------~------- ------- ----~------April4,-20-14;_ __ $4.45 $6.00 $4.00 $2.00 $0.00 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Energy Information Association (EIA}, Weekly Henry Hub Natural Gas Spot Price (Dollars per Million Btu}. Business Research Division• Leeds School of Business• University of Colorado 2015 Dollars per Gallon $4.50 -r-------------------------------. --------------------------------------------------~_p_ri IJ~J_Q_14;______ $4.00 $3.59 $3.50 $3.00 --..,_...,.. $2.50 $2.00 --Jrpfito,-ior . -- $1.50 --------------------~-----------~------- -----------------~~J~_.31 ---- $1.00 -!-~~---------~----~---------~--~---~------~---~---~------~~~~----~--~-~-------------~---------~---~~----~~----~~-~----~--------~~--~~~~--! $0.50 ---+----------- -----~~----------~------~~-------~---- $0.00 -i-------~~~~--~~-~-------,----~-----r----~~~-~-----r------~~--~,---------;----' 2011 2014 2005 2006 2007 2008 2009 2010 2012 2013 2015 Source: Weekly Colorado All Grades All Formulations Retail Gasoline Prices (Dollars per Gallon). Business Research Division• Leeds School of Business• University of Colorado January 2014 February 2014 March 2014 April 2014 May 2014 June 2014 July 201 August 201 September 201 October 201 November 201 December 201 January 201 February 201 March 201 -0.1 o/o 5.8% 8.5% 10.9% 8.1% 10.5% 41.6% 80.2% 28.7% 11.8% 13.4% 19.9% 11.8% 14.2% 8.4% 2. 13. 0.0% -3.1% 0.7% -0.5% -6.5% -5.1 o/o 1.8% 3.4% 17.0°/o 8.9°/o 8.8°/o 3.3% 6.6% 8.1% 1.5% 5.8°/o 10.1% 5.6°/o 5.8°/o Sources: Energy Information Administration, Henry Hub Natural Gas Spot Price (Dollars per Million Btu; Cushing, OK WTI Spot Price FOB (Dollars per Barrel); Weekly Colorado All Grades AU Formulations Retail Gasoline Prices (Dollars per Gallon). COGCC Staff Report. Baker-Hughes. *Current through April 14, 2015. Business Research Division• Leeds School of Business• University of Colorado 12-Month Sum, Millions $350 ~-----------------------~ $300 $200 $150 $100 $50 $0 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Colorado Department of Revenue. Business Research Division• Leeds School of Business• University of Colorado 2014 2015 Setbacks • Restricts production (Quantity) • Predictable • Increases production costs Price • Impacts price • Lagging impact on production • Expectations • Removes projects on the margin Local Control • • Restricts production Uncertainty Business Research Division• Leeds School of Business• University of Colorado s~oz v~oz vi £~OZ ~ z~oz ~~oz Vi i E U') 0 o~oz ~ "O 600Z ~ 0 ~ eooz i 80 LOOZ i ... a ·~ I.I-- lo. 900Z ~ sooz ·~ vooz ~ £00Z zooz a. i Q, ~ ~OOZ ~c OOOZ ~ 666~ ~ 866~ ~c ~ '2 :;) • (,/) (,/) (() c: ·u; ::s co I.I-- 0 0 0 ..c: u U1 (,/) "O (]J (() ·B ....I 966~ ·~ c: L66~ IU S66~ ~ v66~ 0 ·u; '> 0 0 'il ..c: E £66~ ~ Z66~ • ~ c (\j (]J lo. ~ i; ~66~ ~ (,/) (,/) (,/) (() c: ~:a ·u;::s 0 U') 554 co Colorado Oil Production Source: Courtesy of EE3 LLC, based on IHS data. Business Research Division• Leeds School of Business• University of Colorado 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 40.5% 26.7% 17.6% 13.8% 11.7% 10.3% 9.5% 8.8% 8.4% 8.0% 7.7% 7.5% 7.3% 7.1% 7.0% 6.9% 6.9% 13.9% 13.5% 10.9% 9.7% 9.0% 8.6% 8.3% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% Source: Courtesy of EE3 LLC, based on IHS data. Business Research Division• Leeds School of Business• University of Colorado Percent Change 4.0% Baseline 3.5% nd 3.0°/o 2.5%, 2.0o/o -1.1% ----- - 1.5°/o 1.0% 0.5% 0.0% 2015 2016 Business Research Division• Leeds School of Business• University of Colorado 2017 Percent Change 8.0% Baseline 7.0% Slower Rebound -1.1% -1.7% 4.0o/o 2.0% 1.0% o.0°1o 2015 2016 Business Research Division• Leeds School of Business• University of Colorado 2017 • Baker-Hughes rig count • Drilling permits • Total employment and Mining and Logging Employment • Oil and gas industry employment • WTI oil daily spot prices and Henry Hub daily natural gas spot prices • WTI and Henry Hub futures contracts • Severance taxes • Office vacancy rates • Weekly unemployment claims • Housing data Business Research Division• Leeds School of Business• University of Colorado From: Sent: To: Cc: Bee: Subject: Attachments: Brian R. Lewandowski Thu 4/25/2013 9:06 PM (GMT-00:00) kristin@thestarboardgroup.com Richard Wobbekind Updated CSPR REMI Proposal CSPR_REMl_Proposal_042513.pdf KristinThanks for your feedback. Here is the updated proposal. Brian Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309 303.492.3307 556 COMMON SENSE POLICY ROUNDTABLE REMI Economic Impact Analysis in Colorado Proposal by BUSINESS RESEARCH DIVISION Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309-0420 Telephone: 303.492.1147 leeds.colorado.edu/brd Contact Person: Richard Wobbekind Richard.Wobbekind@Colorado.EDU Updated April 25, 2013 578 Purpose The purpose of this research is to provide unbiased, third-party research to the Common Sense Policy Roundtable (CSPR), the Metro Denver Economic Development Partnership, the Denver South Economic Development Partnership (i.e., the Board), and to external constituencies, including governments, residents, and businesses, about the economic impacts related to policy decisions and economic events in Colorado. Project Description Policy decisions are made in Colorado with fiscal impact information provided in the form of fiscal notes. 1 These fiscal notes lack the accounting of dynamic changes within the economy, where incentives, supply constraints, and prices, for example, have reverberating impacts on the capacity for economic growth. Other economic events may be subject to supply constraints, such as rapid industry growth stymied by a shortage of qualified labor or a natural disaster leading to a shortage of building materials. Regional Economic Models, Inc. (REMI) offers a solution to analyzing complex economic questions through dynamic modeling and the existence of interindustry relationships. CSPR has contracted with REMI to provide the base economic models and Tax-Pl for three regions: Colorado, Denver Metro, and Denver South. The BRD research team will be the contracted model users. The team will apply its comprehensive understanding of the Colorado economy, debate economic assumptions, and run the REM! model for dynamic analysis on issues raised by the Board. The Board will be comprised of representatives from the CSPR, the Metro Denver Economic Development Partnership, the Denver South Economic Development Partnership, and other funding partners, as well as two non-sponsor representatives from the University of Colorado. As projects are identified, voted on, and approved by the Board, the BRD research team will conduct preliminary background research that will serve both the input assumptions and the analysis. Projects that are in conflict with the mission and values of the University of Colorado System or with other work produced by the BRD will not be approved for study. The BRD will consult with the Board for permission to run the REMI model on projects of interest to the BRD but outside the interests of the Board, including client-based project work and graduate student dissertations. These projects will only be undertaken upon Board approval. "'A fiscal note provides a summary of the proposed law, an explanation of its fiscal impact on state and local government revenue and spending, and an explanation of how it will be implemented. Fiscal notes are based on a set of assumptions that take into account information collected from state agencies, local governments, and other entities or sources. Fiscal notes are updated throughout the legislative process to reflect amendments adopted that change the proposed measure's fiscal impact. (http://www.colorado.gov/lcs) Business Research Division I Leeds School of Business Page 1 578 J University of Colorado Boulder Project Timeline The Board will meet on a quarterly basis to approve projects and review results. While project duration will vary depending on each topic, a sample timeline is outlined below. First Quarter June 15-30: Board meets to vote on project July 1-15: Collect data and calibrate model July 15-30: Write, edit and present results Second Quarter September 15-30: Board meets to vote on project October 1-15: Collect data and calibrate model October 15-30: Write, edit and present results Third Quarter January 15-30: Board meets to vote on project February 1-15: Collect data and calibrate model February 15-30: Write, edit and present results Fourth Quarter March 15-30: Board meets to vote on project April 1-15: Collect data and calibrate model April 15-30: Write, edit and present results Report Outline Project deliverables will be under the direction of the Board on a project by project basis. The deliverables may range from unformatted data tables to full reports with charts, tables, and narrative explaining the results. A white paper version of the reports may be developed for distribution purposes. A typical report outline will include the following sections: •Title Page • Executive Summary • Purpose of Study • Methodology and Assumptions • Economic Impact • Conclusion • Bibliography • Appendices Business Research Division I Leeds School of Business I University of Colorado Boulder Page 2 578 Budget The cost of the services will be $110,000 per year. This budget will fund an economist and a graduate student assistant, as well as compensate for time from the BRD Executive Director and a team member from Arts and Sciences. These two individuals will be involved in selecting assumptions and critiquing the work product, which may involve asking an external expert for an additional opinion. The $110,000 will also include the travel and time spent at Board meetings and Board-specific presentations. Services outside the scope of this proposal (e.g., additional presentations) will be compensated on a fee basis as approved by the board. The Business Research Division will operate under a one-year contract, with the intention of renewing if both parties are satisfied with the analysis after one year. Project Team The project will be directed by Dr. Richard L. Wobbekind, Executive Director of the Business Research Division and Senior Associate Dean for Academic Programs in the Leeds School of Business. Dr. Keith Maskus, Associate Dean for Social Sciences and Professor of Economics, will provide project assistance. The REM! model will be operated by Brian Lewandowski, Research Associate at the Business Research Division, Leeds School of Business. A graduate research assistant will be hired to assist the project team with data collection and modeling. Cindy DiPersio, editor, will edit the written reports. For more information about the project team or the Business Research Division, please visit: http://leeds.colorado.edu/brd. Business Research Division I Leeds School of Business I University of Colorado Boulder Page 3 578 Brian R. Lewandowski Tue 8/12/2014 7:32 PM (GMT-00:00) Kristin Strohm From: Sent: To: Cc: Bee: Subject: Re: Quick call today? Thanks! Sent from my iPhone On Aug 12, 2014, at 1: 17 PM, "Kristin Strohm" wrote: Great- we'll call about 3:30. Kristin On Tue, Aug 12, 2014 at 11:48 AM, Brian R. Lewandowski wrote: I can talk anytime from now until 1:00 or after 2:00. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, August 12, 2014 10:01 AM To: Brian R. Lewandowski; Tim Pollard Subject: Quick call today? Brian can you chat with Tim and I before 11 :30 this morning or after 3 :30? Thanks, Kristin lI 557 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group (;;;f)(;jd°~n, cfli,ll().J,,m,, MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 557 From: Sent: To: Brian R. Lewandowski Tue 8/12/2014 9:49 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: Quick call today? Hey Kristin- Are we still on for a phone call? Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, August 12, 2014 1:18 PM To: Brian R. Lewandowski Cc: Tim Pollard Subject: Re: Quick call today? Great- we'll call about 3:30. Kristin On Tue, Aug 12, 2014 at 11:48 AM, Brian R. Lewandowski wrote: I can talk anytime from now until 1:00 or after 2:00. Brian 562 From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, August 12, 2014 10:01 AM To: Brian R. Lewandowski; Tim Pollard Subject: Quick call today? Brian can you chat with Tim and I before 11 :30 this morning or after 3 :30? Thanks, Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 562 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 562 From: Sent: To: Brian R. Lewandowski Thu 10/09/2014 6:17 PM (GMT-00:00) Kristin Strohm Cc: Bee: Su~ect:RE:APISWdy Okay. I leave for an econ conference tomorrow afternoon and will return on Wednesday. I will have access to email. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, October 9, 2014 12:16 PM To: Brian R. Lewandowski Subject: Re: API Study Awesome thanks. Tim and I have been swamped (tis the season), just reviewing it today preliminarily like we always do. l'll call you tomorrow. On Thu, Oct 9, 2014 at 12: 14 PM, Brian R.Lewandowski wrote: Yes. You can pull it off our website: http://www.colorado.edu/leeds/centers/business-researchdivision. Note that it was completed in the spring, but just now released. Any early comments back on the budget study? Positive/negative? Brian 563 From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, October 9, 2014 12:12 PM To: Brian R. Lewandowski Subject: API Study Was the full study released? I saw the DP story today and wanted to share it with my board. Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 563 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 563 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Thu 4/25/2013 8:46 PM (GMT-00:00) Brian R. Lewandowski Richard Wobbekind Re: CSPR REMI Proposal Thanks Brian. Looks good. Just a few minor edits below. Best, Kristin ~Starboard ~ Group ~ht ,g9t~AMANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 566 C.R.S. 24-72-204(2)(a)(lll) We've moved! Please note our new address. On Apr 25, 2013, at 1:30 PM, Brian R. Lewandowski wrote: KristinI have attached the revised proposal, with my changes highlighted in yellow. Will you please take a look at see if these satisfy your requests? After I receive your feedback, I will send you a final version. Thanks, Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309 303.492.3307 566 C.R.S. 24-72-204(2)(a)(lll) From: Sent: To: Cc: Kristin Strohm Fri 1/24/2014 6:07 PM (GMT-00:00) Pam Reichert Earl Wright; T. Scott Martin; WAKKOELBEL@aol.com; Tom Clark; Mike Fitzgerald; Richard Wobbekind; Keith E Maskus; Brian R. Lewandowski; Jake Zambrano; Ruth Hartshorn; Lorena Brauer; Hannah Heavrin; Steve Klausing; paula.larsen@denverchamber.org; David L. Tarasi; Angela C. Roberts; Mac Z Bee: Subject: REMINDER REMI Oversight Committee Attachments: REMI Oversight Committee Meeting Agenda 1_27.pdf Oversight Committee Members, A reminder that we have a meeting on Monday, January 27th from l :45-2:45 PM in the Council Room at 1515 Arapahoe St, Tower 3, Suite 400. I have attached a brief agenda for the meeting, please come prepared to discuss ideas for a 2nd study for Brian and his team to begin work on. In addition, if any groups have any smaller regional projects, please be prepared to share proposals on those as well. As always, please let me know if you have any questions. Best, Kristin On Tue, Jan 14, 2014 at 11: 02 AM, wrote: All, Please note that the Chamber building is currently under renovations so we will be meeting in the Council Room in our temporary space located at 1515 Arapahoe St., Tower 3, Suite 400. Tower 3 is located on the 161h St. Mall between Lawrence and Arapahoe Streets. There is (expensive) underground parking in the building off of Lawrence St., a surface lot on 15th, and metered parking on nearby streets. PAM REICHERT I VICE PRESIDENT pam.reichert@metrodenver.org Direct 303.620.8025 569 I Main 303.620.8092 ~. Metro Denver. ~ Eror.orrlc 0-'«lmt'";I Corpctat wrote: REMI Oversight Committee Members, Happy New Year! I wanted to sec ifwc could get our next in-person meeting on the calendar for the end of the month. Brian and his team are working on the energy study and per his proposal will have a draft by February 21st to us. However, in the meantime we need to agree on a second project or other projects for his team to begin research on. Perhaps we explore some regional projects that are less time intensive as well? 569 Here are three date options, we will look at having the meeting in the Denver area. Please respond directly to me with the top 2 choices that work for you and your team. Monday, January 27th: 1OAM Thursday, January 30th: 8AM Friday, January 3 1st: 8AM Thank you for your help! Kristin A ~ starboard Group d/(;i&fv"' cf/~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 569 A ~ starboard Group d/(;i&fv"' cf/~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com A ~ starboard Group d/(;i&{;Yn, r;f/i-.u;,J,,m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 569 REMI Oversight Committee Meeting Monday, January 27th 1 :45PM-2:45PM 1515 Arapahoe St., Tower 3, Suite 400 Tower 3 is located on the 16th St. Mall between Lawrence and Arapahoe Call-in number~ Access co~ 1:45PM B.---- General Business- Kristin A.~ C. Nex 605 · · 1:55PM Fracing Study Update A Meeting with Patty Limerick B. First draft will be by February 21•t 2:10PM Second Study Discussion A Fiscal Cliff Study? 1. What does Colorado need to do to remain competitive? 2. How will Colorado budget address fiscal cliff that is inevitable? 3. What infrastructure areas should the study focus on? a. Education b. Transportation c. Water d. Etc .. B. Other regional studies? 2:40PM Schedule next meeting C.R.S. 24-72-204(3)(a)(IV) From: Sent: To: Brian R. Lewandowski Thu 10/09/2014 6:14 PM (GMT-00:00) Kristin Strohm Cc: Bee: Su~ect:RE:APISWdy Yes. You can pull it off our website: http://www.colorado.edu/leeds/centers/business-research-division. Note that it was completed in the spring, but just now released. Any early comments back on the budget study? Positive/negative? Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, October 9, 2014 12:12 PM To: Brian R. Lewandowski Subject: API Study Was the full study released? I saw the DP story today and wanted to share it with my board. Kristin 571 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 571 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Wed 10/01/2014 9:53 PM (GMT-00:00) Kristin Strohm Tim Pollard RE: Balanced Budget Draft Monday. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, October 1, 2014 3:20 PM To: Brian R. Lewandowski Cc: Tim Pollard Subject: Balanced Budget Draft When can we expect a draft to send out? Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 573 Fax: 720-420-1386 Email: kristin@thestarboardgrougcom Web: 573 From: Sent: To: Cc: pam.reichert@metrodenver.org Tue 1/14/2014 6:02 PM (GMT-00:00) kristin@thestarboardgroup.com; ELWright@amgnational.com; tscott@elloraenergyllc.com; WAKKOELBEL@aol.com; tom.clark@metrodenver.org; mike@denversouthedp.org; Richard Wobbekind; Keith E Maskus Brian R. Lewandowski; JZambrano@eissolutions.com; rhartshorn@ee311c.com; lorena@thestarboardgroup.com; Hannah@denversouthedp.org; steve@denversouthedp.org; paula.larsen@denverchamber.org; DLTarasi@amgnational.com; ACRoberts@amgnational.com; macarthur.zimmerman@gmail.com Bee: Subject: RE: Next REMI Oversight Meeting Confirmed. PLEASE NOTE ADDRESS OF CHAMBER'S TEMPORARY SPACE All, Please note that the Chamber building is currently under renovations so we will be meeting in the Council Room in our temporary space located at 1515 Arapahoe St., Tower 3, Suite 400. Tower 3 is located on the 161h St. Mall between Lawrence and Arapahoe Streets. There is (expensive) underground parking in the building off of Lawrence St., a surface lot on 15th, and metered parking on nearby streets. PAM REICHERT I VICE PRESIDENT pam.reichert@metrodenver.org Direct 303.620.8025 I Main 303.620.8092 4. Me~roDenver · ·~. fcoflOC 0'1Vt''«>mt'nt C(llpc wrote: REMI Oversight Committee Members, Happy New Year! I wanted to see if we could get our next in-person meeting on the calendar for the end of the month. Brian and his team are working on the energy study and per his proposal will have a draft by February 2 Lst to us. However, in the meantime we need to agree on a second project or other projects for his team to begin research on. Perhaps we explore some regional projects that are less time intensive as well? Here are three date options, we will look at having the meeting in the Denver area. Please respond directly to me with the top 2 choices that work for you and your team. Monday, January 27th: I OAM Thursday, January 30th: SAM Friday, January 31st: SAM Thank you for your help! Kristin 574 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group dJ'C,;u-m,M~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 574 From: Sent: To: Cc: Bee: Subject: Attachments: Brian R. Lewandowski Thu 4/25/2013 7:30 PM (GMT-00:00) kristin@thestarboardgroup.com Richard Wobbekind CSPR REMI Proposal CSPR_REMl_Proposal_042513.pdf KristinI have attached the revised proposal, with my changes highlighted in yellow. Will you please take a look at see if these satisfy your requests? After I receive your feedback, I will send you a final version. Thanks, Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309 303.492.3307 575 From: Sent: To: Brian R. Lewandowski Mon 8/18/2014 3:50 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: Format for Tuesday Kristin- I will send you one more version shortly, then you can print. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, August 18, 2014 7:51 AM To: Brian R. Lewandowski Subject: Re: Format for Tuesday Hi Brian, Yes, I thought we could keep it pretty casual (like our calls) and have you walk us through the report. Do you want to bring copies for everyone? Or do you want me to print copies of the latest one you sent? I didn't have anything else for the agenda. I might pass out updated financials. Speaking of, do you want to get me an invoice? Here is who I have attending: 577 Earl Buz Scott Tom Clark Rich (calling in) Tim (calling in) Mc/You No response from Mike Fitzgerald yet, but I'm sure he'll be there. Kristin On Sun, Aug 17, 2014 at 6:30 PM, Brian R. Lewandowski wrote: Kristin- What is the format for Tuesday? ls this a sit down discussion, or is the group expecting a formal presentation (PowerPoint)? r was assuming this would be a similar debriefing to the phone calls we have had in the past where I simply talk through the numbers. I know Rich is calling in. Who do you expect to be there in person? 577 Is there anything else I should be ready for regarding consortium business? Thanks, Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 303.492.3307 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 577 Fax: 720-420-1386 Email: kristin@thestarboardgrougcom Web: 577 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Fri 9/19/20141:59 PM (GMT-00:00) Kristin Strohm RE: O&G Coverage I'll leave that up to you. I had just presented to the CASE group and Howard had an article on employment growth in Weld. I reached out to him to connect all of the dots (e.g., faster employment growth, lower unemployment rates, faster home appreciation rates, lower foreclosure rates, faster labor force growth rates, faster energy growth, etc.) because I think there is a comprehensive story tell. So we ended up discussing the O&G REMI presentation. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, September 19, 2014 7:55 AM To: Brian R. Lewandowski Subject: Re: O&G Coverage l saw this this AM. Great article, do you want to send to the group and mention it is a result of your presentation? On Fri, Sep 19, 2014 at 7:33 AM, Brian R. Lewandowski wrote: Kristin- The REMI project wasn't specifically mentioned, but this stems from one of the presentations: http://www.denverpost.com/News/ci 265 58934/Weld-County-had-largest-percentage-increasein-ernployment-nationally. 580 Brian Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 303.492.3307 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 580 580 From: Sent: To: Cc: Kristin Strohm Tue 1/14/2014 5:05 PM (GMT-00:00) Earl Wright; T. Scott Martin; Buz Koelbel; Tom Clark; Mike Fitzgerald; Richard Wobbekind; Keith E Maskus Brian R. Lewandowski; Jake Zambrano; Ruth Hartshorn; Lorena Brauer; Hannah Heavrin; Steve Klausing; ; Pam Reichert; David L. Tarasi; Angela C. Roberts; Mac Z Bee: Subject: Next REMI Oversight Meeting Confirmed REMI Oversight Committee Members, We are all set for our next meeting at l:45-2:45PM on Monday, January 27th at the Metro Denver EDC offices, Council Room: 1445 Market St., Denver, CO S0202. I will send an agenda next week. Thanks, Kristin On Thu, Jan 9, 2014 at 10:29 AM, Kristin Strohm wrote: REMI Oversight Committee Members, Happy New Year! I wanted to see if we could get our next in-person meeting on the calendar for the end of the month. Brian and his team are working on the energy study and per his proposal will have a draft by February 21st to us. However, in the meantime we need to agree on a second project or other projects for his team to begin research on. Perhaps we explore some regional projects that are less time intensive as well? Here are three date options, we will look at having the meeting in the Denver area. Please respond directly to me with the top 2 choices that work for you and your team Monday, January 27th: lOAM Thursday, January 30th: SAM Friday, January 31st: SAM Thank you for your help! Kristin 581 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group dJ'C,;u-m,M~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 581 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Thu 4/18/2013 5:59 PM (GMT-00:00) Brian R. Lewandowski Richard Wobbekind Re: CSPR REMI Proposal There will be 3-4 of us depending on which board members can come. I will let you know ASAP. Thanks, Brian. Kristin A ~ starboard Group ~lWt-'G5i~rt MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. On Apr 18, 2013, at 11:55 AM, Brian R. Lewandowski wrote: KristinThis works for us. I will reserve a room. How many people will be attending? Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, April 18, 2013 11:29 AM To: Brian R. Lewandowski Cc: Richard Wobbekind Subject: Re: CSPR REMI Proposal Great, thanks Brian. Would 8AM work for the meeting at the business school? Kristin 583 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. On Apr 18, 2013, at 11:23 AM, Brian R. Lewandowski wrote: KristinRich and I are available next Thursday (4/25). We are happy to host you here at the business school, or do a conference call. I do not know Keith's availability at this time. Please let me know if you have any specific questions that our team can begin to discuss prior to the meeting. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, April 18, 2013 9:21 AM To: Richard Wobbekind Cc: ELWright@amgnational.com; Brian R. Lewandowski; Keith E Maskus Subject: Re: CSPR REMI Proposal Importance: High Thank you so much for the proposal. Earl and I met with our other stakeholders and wanted to sec ifwc might be able to meet in the near future to discuss the proposal? Here are a few times/dates that we have open: Tomorrow, Friday 4/19 at 3PM Thursday4/25, open until 10:30AM Do either of those work? If not, we can perhaps look at other options for a conference call. Best, Kristin 583 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. On Apr 9, 2013, at 10:11 PM, Richard Wobbekind wrote: Dear Mr. Wright and Ms. Strohm, Please find our updated proposal for the REMI project attached to this email. The Business Research Division is pleased to have the opportunity to work with the partners you have established for this ongoing project. We look forward to your feedback. Best, Richard Wobbekind Richard L. Wobbckind Senior Associate Dean for Academic Programs Leeds School of Business University of Colorado, Boulder (303) 492-1147 583 From: Sent: To: Keith E Maskus Sun 1/12/2014 7:31 PM (GMT-00:00) Kristin Strohm; Richard Wobbekind; Brian R. Lewandowski Cc: Bee: Subject: RE: Next REMI Oversight Meeting Hi Kristin, Actually, I could make the meeting and it would be good to reconnect. I'm in Boulder for a bit between sabbatical trips. Can you let me know where the EDC office is? Thanks, Keith From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Sunday, January 12, 2014 9:06 AM To: Richard Wobbekind; Brian R. Lewandowski; Keith E Maskus Subject: Fwd: Next REMI Oversight Meeting Rich, Brian & Keith, I didn't hear back from you on what might work. We are now looking at the 27th at l :30PM at the Metro Denver EDC office. Does that work for some of you? Thanks, Kristin Begin forwarded message: From: Subject: RE: Next REMI Oversight Meeting Date: January 10, 2014 1:53:16 PM MST To: yes Diedra Garcia -Temporary Assistant to Tom Clark Please reply to Paula's email address during transition Paula Larsen I Former Executive Assistant to Tom Clark pau Ia. larse n@metrod enver .org Direct 303.620.8034 I Main 303.620.8092 4~~h2~~~~~ Energetic Bodfos; Energetic Minds: 584 1445 Market St. I Denver, CO 80202 www.metrodenver.org RSS I www.metrodenverGIS.org I filQg I Twitter I Linkedln I Flickr From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, January 10, 2014 10:05 AM To: Larsen, Paula; Hannah Heavrin Subject: Re: Next REMI Oversight Meeting Diedra & Hannah, Of course coordinating l 0 calendars has been challenging! Would 1:300M on the 27th work for Tom and Mike instead? Thanks, Kristin Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com On Jan 9, 2014, at 2:38 PM, wrote: no just the 27th, he is out of town after that. Diedra Garcia -Temporary Assistant to Tom Clark Please reply to Paula's email address during transition Paula Larsen I Former Executive Assistant to Tom Clark pau Ia. larse n@metrod e nver .org Direct 303.620.8034 I Main 303.620.8092 584 1445 Market St. I Denver, CO 80202 www.metrodenver.org RSS I www.metrodenverGIS.org I filQg I Twitter I Linkedln I Flickr From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, January 09, 2014 1:38 PM To: Larsen, Paula Cc: Reichert, Pam Subject: Re: Next REMI Oversight Meeting I need to make sure that date and time is the best for everyone. Please hold until I hear back from everyone. Do all the dates/times work for Tom? On Thu, Jan 9, 2014 at 1:34 PM, wrote: I have blocked 1/27 from 10-11 am. I will get room. Diedra Garcia -Temporary Assistant to Tom Clark Please reply to Paulo's email address during transition Paula Larsen I Former Executive Assistant to Tom Clark pau Ia. larse n@metrod e nver .org Direct 303.620.8034 I Main 303.620.8092 1445 Market St. I Denver, CO 80202 www.metrodenver.org RSS I www.metrodenverGIS.org I filQg I Twitter I Linkedln [ Flickr From: Reichert, Pam Sent: Thursday, January 09, 2014 11:03 AM To: Kristin Strohm Cc: Larsen, Paula Subject: RE: Next REMI Oversight Meeting I will leave the room situation to Diedra (Tom's temporary assistant, copied as Paula on this email) Pam Reichert I VICE PRESIDENT pam. reich e rt@ met rode nver. o rg Direct 303.620.8025 [ Main 303.620.8092 RSS I filQg I Twitter [ Facebook [ Linkedln I Flickr [ lnstagram From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, January 09, 2014 11:02 AM To: Reichert, Pam 584 I Pinterest Cc: Larsen, Paula Subject: Re: Next REMI Oversight Meeting Great, thanks Pam. Also--do you know if you all would have a room available for the meeting? lt would be 1 hour. Thanks, Kristin On Jan 9, 2014, at 11 :00 AM, wrote: Hi Kristin, I'm available on Monday January 27 at 10 a.m. I am not available the other days, but of course Tom's presence is the most important from our end. Pam Pam Reichert I VICE PRESIDENT pam. reich e rt@ met rode nver. o rg Direct 303.620.8025 I Main 303.620.8092 RSS I filQg I Twitter I Facebook I Linkedln I Flickr I lnstagram I Pinterest From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, January 09, 2014 10:29 AM To: Earl Wright; T. Scott Martin; Buz Koelbel; Clark, Tom; Mike Fitzgerald; Richard Wobbekind; Keith Maskus Cc: Brian R. Lewandowski; Jake Zambrano; Ruth Hartshorn; Lorena Brauer; Hannah Heavrin; Steve Klausing; Larsen, Paula; Reichert, Pam; David L. Tarasi; Angela C. Roberts; Mac Z Subject: Next REMI Oversight Meeting REMI Oversight Committee Members, Happy New Year! I wanted to see if we could get our next in-person meeting on the calendar for the end of the month. Brian and his team are working on the energy study and per his proposal will have a draft by February 21st to us. However, in the meantime we need to agree on a second project or other projects for his team to begin research on. Perhaps we explore some regional projects that are less time intensive as well? Here are three date options, we will look at having the meeting in the Denver area. Please respond directly to me with the top 2 choices that work for you and your team. Monday, January 27th: 1OAM 584 Thursday, January 30th: SAM Friday, January 31st: SAM Thank you for your help! Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 584 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Mon 8/18/2014 4:33 PM (GMT-00:00) Kristin Strohm RE: The Misdeeds of a Few Companies Don't Warrant Fracking Bans - The Wall Street Journal. Yes. Thanks. From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, August 18, 2014 10:23 AM To: Brian R. Lewandowski Subject: Fwd: The Misdeeds of a Few Companies Don't Warrant Fracking Bans - The Wall Street Journal. Assuming you saw this? ---------- Forwarded message ---------From: Earl L. Wright Date: Sat, Aug 16, 2014 at 1:23 PM Subject: The Misdeeds of a Few Companies Don't Warrant Fracking Bans - The Wall Street Journal. To: Kristin Strohm For Board----note reference to our study. I thought you would be interested in the following story from The Wall Street Journal. The Misdeeds of a Few Companies Don't Warrant Fracking Bans http://online.wsj.com/articles/chris-faulkner-the-misdeeds-of-a-few-companies-dont-warrantfracking-bans-140814123 5 The Wall Street Journal App provides a new way to experience the Journal's award winning coverage, blending the best of print and online. Special features include: • • • "Now" Issue featuring updated coverage throughout the day, with top article picks from Journal editors Market Data including quote search and customizable Watchlist Videos and slideshows published with free articles Click or tap the link below to download The Wall Street Journal from the Apple iTunes App Store. 585 http://www.wsi.com/mo bile Sent from my iPad NOTE: If you are not the intended recipient of this e-mail and any attachments ("communication"), please immediately destroy it. You may not retain or use this communication. Any such action may be unlawful. AMG National Trust Bank reserves the right to monitor and review all messages and enclosures sent to or from this e-mail address. TRADING DISCLOSURE: AMG National Trust Bank does not accept trade requests via email If you wish to place a trade, please contact your financial advisor. Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 585 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Thu 4/18/2013 5:55 PM (GMT-00:00) Kristin Strohm Richard Wobbekind RE: CSPR REMI Proposal KristinThis works for us. I will reserve a room. How many people will be attending? Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, April 18, 2013 11:29 AM To: Brian R. Lewandowski Cc: Richard Wobbekind Subject: Re: CSPR REMI Proposal Great, thanks Brian. Would SAM work for the meeting at the business school? Kristin A \5p(_ Starboard Group ~fm, ,g9j.~A MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. On Apr 18, 2013, at 11:23 AM, Brian R. Lewandowski wrote: KristinRich and I are available next Thursday (4/25). We are happy to host you here at the business school, or do a conference call. I do not know Keith's availability at this time. 586 Please let me know if you have any specific questions that our team can begin to discuss prior to the meeting. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, April 18, 2013 9:21 AM To: Richard Wobbekind Cc: ELWright@amgnational.com; Brian R. Lewandowski; Keith E Maskus Subject: Re: CSPR REMI Proposal Importance: High Thank you so much for the proposal. Earl and I met with our other stakeholders and wanted to sec ifwc might be able to meet in the near future to discuss the proposal? Here are a few times/dates that we have open: Tomorrow, Friday 4/19 at 3PM Thursday4/25, open until 10:30AM Do either of those work? ff not, we can perhaps look at other options for a conference call. Best, Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. On Apr 9, 2013, at 10:11 PM, Richard Wobbckind wrote: Dear Mr. Wright and Ms. Strohm, Please find our updated proposal for the REMI project attached to this email. The Business Research Division is pleased to have the 586 opportunity to work with the partners you have established for this ongoing project. We look forward to your feedback. Best, Richard Wobbekind Richard L. Wobbekind Senior Associate Dean for Academic Programs Leeds School of Business University of Colorado, Boulder (303) 492-1147 586 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Thu 4/18/2013 5:28 PM (GMT-00:00) Brian R. Lewandowski Richard Wobbekind Re: CSPR REMI Proposal Great, thanks Brian. Would SAM work for the meeting at the business school? Kristin A ~ starboard Group ~lWt-'G5i~rt MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. On Apr 18, 2013, at 11:23 AM, Brian R. Lewandowski wrote: KristinRich and I are available next Thursday (4/25). We are happy to host you here at the business school, or do a conference call. I do not know Keith's availability at this time. Please let me know if you have any specific questions that our team can begin to discuss prior to the meeting. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, April 18, 2013 9:21 AM To: Richard Wobbekind Cc: ELWright@amgnational.com; Brian R. Lewandowski; Keith E Maskus Subject: Re: CSPR REMI Proposal Importance: High 589 Thank you so much for the proposal. Earl and I met with our other stakeholders and wanted to sec ifwc might be able to meet in the near future to discuss the proposal? Here are a few times/dates that we have open: Tomorrow, Friday 4/19 at 3PM Thursday 4/25, open until l 0:30AM Do either of those work? If not, we can perhaps look at other options for a conference call. Best, Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. On Apr 9, 2013, at 10:11 PM, Richard Wobbekind wrote: Dear Mr. Wright and Ms. Strohm, Please find our updated proposal for the REMI project attached to this email. The Business Research Division is pleased to have the opportunity to work with the partners you have established for this ongoing project. We look forward to your feedback:. Best, Richard Wobbckind Richard L Wobbekind Senior Associate Dean for Academic Programs Leeds School of Business University of Colorado, Boulder (303) 492-1147 589 589 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Thu 9/18/2014 5:54 PM (GMT-00:00) Kristin Strohm RE: REMI Oversight Committee Call Next Week FYI - I presented the O&G study in Brighton last night. Jenny Ly coordinated via Tim. She thinks she may try and coordinate something in Weld. Let me know if you want me to keep doing these. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 11:16 AM To: Brian R. Lewandowski Subject: Fwd: REMI Oversight Committee Call Next Week FYI- not critical you are on the phone or have anything prepared for this one. Group just needs to jump to decide if we want to release this study or not. I can give the update on the time line for balanced budget. Kristin ---------- Forwarded message ---------From: Kristin Strohm Date: Thu, Sep 18, 2014 at 11:04 AM Subject: REMI Oversight Committee Call Next Weck To: Tom Clark , Pam Reichert , 590 Earl Wright , "T. Scott Martin" , Buz Koelbel , Mike Fitzgerald , Steve Klausing , Richard Wobbckind , Keith Maskus Cc: "Angela C. Roberts" , Tim Pollard , "Hannah@denversouthedp.org Heavrin" , Ruth Hartshorn , "Brian R. Lewandowski" , "amanda.melroy@metrodenver.org" , "" , Courtney Steinford REMI Oversight Committee Members, We will have a quick all (30 min) on Thursday, September 25th at llAM. The primary purpose of the call is to discuss the final setback study (attached--please keep confidential) and if/when we might want to release it or give it to the Task Force as a tool as they move forward. In addition, we will have an update on timeline regarding the balanced budget study that Brian and his team are working on. Here is the call-in information: Call-in number: Access code: - Look forward to speaking with you all then. Best, Kristin 590 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardqroup.com Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com 590 Web: 590 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Thu 4/18/2013 5:23 PM (GMT-00:00) Kristin Strohm; Richard Wobbekind RE: CSPR REMI Proposal KristinRich and I are available next Thursday (4/25). We are happy to host you here at the business school, or do a conference call. I do not know Keith's availability at this time. Please let me know if you have any specific questions that our team can begin to discuss prior to the meeting. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, April 18, 2013 9:21 AM To: Richard Wobbekind Cc: ELWright@amgnational.com; Brian R. Lewandowski; Keith E Maskus Subject: Re: CSPR REMI Proposal Importance: High Thank you so much for the proposal. Earl and I met with our other stakeholders and wanted to sec ifwc might be able to meet in the near future to discuss the proposal? Here are a few times/dates that we have open: Tomorrow, Friday4/19 at 3PM Thursday 4/25, open until l 0:30AM Do either of those work? If not, we can perhaps look at other options for a conference call. Best, Kristin ~Starboard v_ Group (;[JC~l/Jz, ,~~A MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 592 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. On Apr 9, 2013, at 10:11 PM, Richard Wobbekind wrote: Dear Mr. Wright and Ms. Strohm, Please find our updated proposal for the REMI project attached to this email. The Business Research Division is pleased to have the opportunity to work with the partners you have established for this ongoing project. We look forward to your feedback. Best, Richard Wobbekind Richard L. Wobbekind Senior Associate Dean for Academic Programs Leeds School of Business University of Colorado, Boulder (303) 492-1147 592 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Thu 9/18/2014 3:55 PM (GMT-00:00) Kristin Strohm Richard Wobbekind RE: Meeting w Rich et all Kristin- 1 I can do the morning of the 15 h or the 161h. I have something at 11:00 both days, so we could meet at 10:00 or prior. If need be, I think we could do a conference call, too. Rich - what is your availability? Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 9:45 AM To: Brian R. Lewandowski Subject: Meeting w Rich et all Looking ahead at calendars. Does either of the below work for you and Rich to talk invo icing/contract/2015? Wednesday, Oct 15: Morning is wide open Thursday, Oct 16: Morning is available 1Oarn 593 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 593 Document Privileged in its Entirety 595 C.R.S. From: Sent: To: Cc: Bee: Subject: Kristin Strohm Thu 4/18/2013 3:21 PM (GMT-00:00) Richard Wobbekind ELWright@amgnational.com; Brian R. Lewandowski; Keith E Maskus Re: CSPR REMI Proposal Thank you so much for the proposal. Earl and I met with our other stakeholders and wanted to see if we might be able to meet in the near future to discuss the proposal? Herc arc a few times/dates that we have open: Tomorrow, Friday 4/19 at 3PM Thursday 4/25, open until l 0:30AM Do either of those work? If not, we can perhaps look at other options for a conference call. Best, Kristin A S1tairboard \Sp(_ Group iffCHAtht ,g9j.~,z, MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. On Apr 9, 2013, at 10:11 PM, Richard Wobbekind wrote: Dear Mr. Wright and Ms. Strohm, Please find our updated proposal for the REMI project attached to this email. The Business Research Division is pleased to have the opportunity to work with the partners you have established for this ongoing project. We look forward to your feedback:. Best, Richard Wobbckind 596 Richard L. Wobbekind Senior Associate Dean for Academic Programs Leeds School of Business University of Colorado, Boulder (303) 492-1147 596 From: Sent: To: Kristin Strohm Sun 1/12/2014 4:05 PM (GMT-00:00) Richard Wobbekind; Brian R. Lewandowski; Keith E Maskus Cc: Bee: Subject: Fwd: Next REMI Oversight Meeting Rich, Brian & Keith, I didn't hear back from you on what might work. We are now looking at the 27th at 1:30PM at the Metro Denver EDC office. Docs that work for some of you? Thanks, Kristin Begin forwarded message: From: Subject: RE: Next REMI Oversight Meeting Date: January 10, 20141:53:16 PM MST To: yes Diedra Garcia -Temporary Assistant to Tom Clark Please reply to Paula's email address during transition ~~~~~~~~~~~~-- Pa u Ia Larsen I Former Executive Assistant to Tom Clark pau Ia. larse n@metrod e nver .org Direct 303.620.8034 I Main 303.620.8092 4~h2~~~~~· Energetic Bodfos; Energetic Mimis: 1445 Market St. I Denver, CO 80202 www.metrodenver.org RSS I www.metrodenverGIS.org I filQg I Twitter I Linkedln [ Flickr From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, January 10, 2014 10:05 AM To: Larsen, Paula; Hannah Heavrin Subject: Re: Next REMI Oversight Meeting Diedra & Hannah, Of course coordinating l 0 calendars has been challenging! 598 Would 1:300M on the 27th work for Tom and Mike instead? Thanks, Kristin Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com On Jan 9, 2014, at 2:38 PM, wrote: no just the 27th, he is out of town after that. Diedra Garcia -Temporary Assistant to Tom Clark Please reply to Paula's email address during transition Paula Larsen I Former Executive Assistant to Tom Clark pau Ia. larse n@metrod e nver .org Direct 303.620.8034 I Main 303.620.8092 1445 Market St. I Denver, CO 80202 www.metrodenver.org RSS I www.metrodenverGIS.org I filQg I Twitter I Linkedln I Flickr From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, January 09, 2014 1:38 PM To: Larsen, Paula Cc: Reichert, Pam Subject: Re: Next REMI Oversight Meeting I need to make sure that date and time is the best for everyone. Please hold until I hear back from everyone. Do all the dates/times work for Torn? 598 On Thu, Jan 9, 2014 at 1:34 PM, wrote: I have blocked 1/27 from 10-11 am. I will get room. Diedra Garcia -Temporary Assistant to Tom Clark Please reply to Paula's email address during transition Paula Larsen I Former Executive Assistant to Tom Clark pau Ia. larse n@metrod e nver .org Direct 303.620.8034 I Main 303.620.8092 1445 Market St. I Denver, CO 80202 www.metrodenver.org I www.metrodenverGIS.org From: Reichert, Pam Sent: Thursday, January 09, 2014 11:03 AM To: Kristin Strohm Cc: Larsen, Paula Subject: RE: Next REMI Oversight Meeting I will leave the room situation to Diedra (Tom's temporary assistant, copied as Paula on this email) Pam Reichert I VICE PRESIDENT pam. reich e rt@ met rode nver. o rg Direct 303.620.8025 I Main 303.620.8092 RSS I filQg I Twitter I Facebook I Linkedln I Flickr I lnstagram I Pinterest From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, January 09, 2014 11:02 AM To: Reichert, Pam Cc: Larsen, Paula Subject: Re: Next REMI Oversight Meeting Great, thanks Pam. Also--do you know if you all would have a room available for the meeting? It would be l hour. Thanks, Kristin On Jan 9, 2014, at 11 :00 AM, wrote: Hi Kristin, I'm available on Monday January 27 at 10 a.m. I am not available the other days, but of course Tom's presence is the most important from our end. 598 Pam Pam Reichert I VICE PRESIDENT pam. reich e rt@ met rode nver. o rg Direct 303.620.8025 I Main 303.620.8092 RSS I filQ& I Twitter I Facebook I Linkedln I Flickr I lnstagram I Pinterest From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, January 09, 2014 10:29 AM To: Earl Wright; T. Scott Martin; Buz Koelbel; Clark, Tom; Mike Fitzgerald; Richard Wobbekind; Keith Maskus Cc: Brian R. Lewandowski; Jake Zambrano; Ruth Hartshorn; Lorena Brauer; Hannah Heavrin; Steve Klausing; Larsen, Paula; Reichert, Pam; David L. Tarasi; Angela C. Roberts; Mac Z Subject: Next REMI Oversight Meeting RE Ml Oversight Committee Members, Happy New Year! l wanted to see if we could get our next in-person meeting on the calendar for the end of the month. Brian and his team are working on the energy study and per his proposal will have a draft by February 21st to us. However, in the meantime we need to agree on a second project or other projects for his team to begin research on. Perhaps we explore some regional projects that are less time intensive as well? Here are three date options, we will look at having the meeting in the Denver area. Please respond directly to me with the top 2 choices that work for you and your team. Monday, January 27th: 1OAM Thursday, January 30th: 8AM Friday, January 31st: 8AM Thank you for your help! Kristin A ~ starboard Group (;;t/(;e&tv"' c;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 598 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group dJCei&t'vn c;f/'~£.m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 598 From: Sent: To: Brian R. Lewandowski Tue 8/19/2014 1:41 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: Quick Q Sure. From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, August 19, 2014 7:40 AM To: Brian R. Lewandowski Subject: Quick Q A few people will be calling in. Do you think I should send the study to the group just before the meeting so they can follow along? (along with a death threat to keep it confidential??) Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 599 Brian R. Lewandowski Thu 9/11/2014 8:29 PM (GMT-00:00) Richard Wobbekind From: Sent: To: Cc: Bee: Subject: FW: Planning meeting FYI - I suggested early October. From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 11, 2014 2:21 PM To: Brian R. Lewandowski Subject: Planning meeting Brian, When might work for me, Earl and Buz to make a trip up to CU to meet with you and Rich to talk about how things are going? Let me know--no rush. Kristin ~Starboard ~ Group d/Gi:J.tvn ef/t,:o,Jvi MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 601 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com 601 From: Sent: To: Kristin Strohm Thu 1/09/2014 5:29 PM (GMT-00:00) Earl Wright; T. Scott Martin; Buz Koelbel; Tom Clark; Mike Fitzgerald; Richard Wobbekind; Keith E Maskus Brian R. Lewandowski; Jake Zambrano; Ruth Hartshorn; Lorena Brauer; Hannah Heavrin; Steve Klausing; ; Pam Reichert; David L. Tarasi; Angela C. Roberts; Mac Z Cc: Bee: Subject: Next REMI Oversight Meeting REMI Oversight Committee Members, Happy New Year! I wanted to see if we could get our next in-person meeting on the calendar for the end of the month. Brian and his team are working on the energy study and per his proposal will have a draft by February 21st to us. However, in the meantime we need to agree on a second project or other projects for his team to begin research on. Perhaps we explore some regional projects that are less time intensive as well? Here are three date options, we will look at having the meeting in the Denver area. Please respond directly to me with the top 2 choices that work for you and your team. Monday, January 27th: lOAM Thursday, January 30th: SAM Friday, January 31st: SAM Thank you for your help! Kristin ~Starboard ~ Group (;;;f)(;jd°~n, cfli,ll().J,,.m,, MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 603 From: Sent: To: Brian R. Lewandowski Thu 9/11/2014 8:23 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: Planning meeting Let's shoot for early October, unless they are eager to meet sooner. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 11, 2014 2:21 PM To: Brian R. Lewandowski Subject: Planning meeting Brian, When might work for me, Earl and Buz to make a trip up to CU to meet with you and Rich to talk about how things are going? Let me know--no rush. Kristin 604 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 604 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Mon 8/25/2014 2:51 PM (GMT-00:00) Kristin Strohm Re: Next Call? Late September? I am working through some of the budget nuances and I have two budget meetings this week. Brian Sent from my iPhone On Aug 25, 2014, at 8:47 AM, "Kristin Strohm" wrote: When do you want to do the next call on the balanced budget study? Thanks, Kristin ~Starboard ~ Group dJCei&t'vn c;f/'~£.m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 607 From: Sent: To: Cc: Kristin Strohm Mon 11/25/201311:55 PM (GMT-00:00) Earl Wright; T. Scott Martin; Buz Koelbel; Tom Clark; Mike Fitzgerald; Richard Wobbekind; Keith E Maskus Brian R. Lewandowski; Jake Zambrano; Ruth Hartshorn; Diane M. Grubbs; Lorena Brauer; Hannah Heavrin; Steve Klausing; ; Pam Reichert; David L. Tarasi Bee: Subject: Study Proposal Feedback REMI Oversight Committee Members, Just a reminder that any feedback to Brian's proposal and other thoughts on the energy study need to get to him ASAP. I will be working on a date in December for our next meeting. Happy Thanksgiving. Thanks, Kristin On Mon, Nov 18, 2013 at 8:43 AM, Kristin Strohm wrote: Reminder we are meeting today at l 0:30AM at Metro Denver EDC. Metro Denver EDC 1445 Market Street Denver Co 80202 Access code: Attached is an agenda for the meeting. Thanks, Kristin On Thu, Nov 7, 2013 at 8:58 AM, Kristin Strohm wrote: Oversight Committee Members, Please mark your calendars. Our next meeting will be Monday, November 18th at 10:30AM11:30AM at the Metro Denver EDC (1445 Market St, Denver, CO 80202). We will be discussing our next two projects. If you are unable to join here is the call-in information: Call-in number: Access code: 608 Please let me know if you have any questions. Best, Kristin Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard w_ Group (;fl{;i&fv& r;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 608 A ~ starboard Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com A ~ starboard Group dJ'C,;u-m,M~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com A ~ starboard Group dl'C,;u-v"' cf/~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 608 From: Kristin Strohm Sent: Wed 4/10/2013 3:56 PM (GMT-00:00) To: Richard Wobbekind Cc: ELWright@amgnational.com; Brian R. Lewandowski; Keith E Maskus Bee: Subject: Re: CSPR REMI Proposal Thank you very much for the updated proposal. Earl and I are reviewing today and will be back to you shortly with any questions. We look forward to working with you. Best, Kristin Kristin Strohm Managing Partner ADDRESS 1420 w Canal Ct, Ste 10, Littleton, co 80120 720-524-7332 ext 101 303-518-8970 OFFICE CELL FAX 720·420·1386 download V-CARD WEB www.thestarboardgroup.com EMAIL kristin@thestarboardgroup.com On Apr 9, 2013, at 10:11 PM, Richard Wobbekind wrote: Dear Mr. Wright and Ms. Strohm, Please find our updated proposal for the REMI project attached to this email. The Business Research Division is pleased to have the opportunity to work with the partners you have established for this ongoing project. We look forward to your feedback. Best, Richard Wobbekind Richard L. Wobbekind Senior Associate Dean for Academic Programs Leeds School of Business University of Colorado, Boulder (303) 492-1147 609 609 From: Sent: To: Brian R. Lewandowski Wed 8/27/2014 9:11 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: Updated timeline on balanced budget Kristin- I will try and speed up the draft report. I will provide a new timeline early next week. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, August 27, 2014 2:33 PM To: Brian R. Lewandowski Subject: Updated timeline on balanced budget 610 •. R.S. 24-72-204(2)(a)(lll) Thanks! ~Starboard ' wrote: I am meeting with my boss right before this call. He tends to run over so if I am not on right at the beginning please don't wait. I will join ASAP. From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, November 18, 2013 8:44 AM To: Earl Wright; T. Scott Martin; Buz Koelbel; Tom Clark; Mike Fitzgerald; Richard Wobbekind; Keith E Maskus Cc: Brian R. Lewandowski; Jake Zambrano; Ruth Hartshorn; Diane M. Grubbs; Lorena Brauer; Hannah Heavrin; Steve Klausing; ; Pam Reichert; David L. Tarasi Subject: REMINDER: REMI Oversight Committee Meeting Scheduled Reminder we are meeting today at l 0:30AM at Metro Denver EDC. Metro Denver EDC l445 Market Street Denver Co 80202 Attached is an agenda for the meeting. Thanks, Kristin On Thu, Nov 7, 2013 at 8:58 AM, Kristin Strohm wrote: Oversight Committee Members, Please mark your calendars. Our next meeting will be Monday, November 18th at 10:30AM11:30AM at the Metro Denver EDC (1445 Market St, Denver, CO 80202). We will be discussing our next two projects. If you are unable to join here is the call-in information: Call-in number: 612 Access code: Please let me know if you have any questions. Best, Kristin Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com _A_ Starboard w_ Group d/Gi:Jt"in cJlt.,co.Jm, MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 612 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group dJ'C,;u-m,M~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 612 From: Sent: To: Brian R. Lewandowski Tue 9/02/2014 4:25 PM (GMT-00:00) Tim Pollard Cc: Bee: Subject: RE: Setback study update Tim- I should send this over at the end of day today. Thanks, Brian From: Tim Pollard [mailto:trpollard@eissolutions.com] Sent: Thursday, August 28, 2014 l 1:34 AM To: Brian R. Lewandowski Cc: Kristin Strohm Subject: Setback study update Brian, I couldn't remember when you said you would have the setback study draft updated and back to us? Can you remind me when you get a sec? I'm hoping next week. Let us know. Thanks! 614 From: Sent: To: Cc: Bee: Subject: Richard Wobbekind Mon 11/18/2013 4:13 PM (GMT-00:00) 'Kristin Strohm' RE: REMINDER: REMI Oversight Committee Meeting Scheduled I am meeting with my boss right before this call. He tends to run over so if I am not on right at the beginning please don't wait. I will join ASAP. From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, November 18, 2013 8:44 AM To: Earl Wright; T. Scott Martin; Buz Koelbel; Tom Clark; Mike Fitzgerald; Richard Wobbekind; Keith E Maskus Cc: Brian R. Lewandowski; Jake Zambrano; Ruth Hartshorn; Diane M. Grubbs; Lorena Brauer; Hannah Heavrin; Steve Klausing; ; Pam Reichert; David L. Tarasi Subject: REMINDER: REMI Oversight Committee Meeting Scheduled Reminder we are meeting today at L0:30AM at Metro Denver EDC. Metro Denver EDC 1445 Market Street Denver Co 80202 Access code: Attached is an agenda for the meeting. Thanks, Kristin On Thu, Nov 7, 2013 at 8:58 AM, Kristin Strohm wrote: Oversight Committee Members, Please mark your calendars. Our next meeting will be Monday, November 18th at 10:30AML1:30AM at the Metro Denver EDC ( L445 Market St, Denver, CO 80202). We will be discussing our next two projects. If you arc unable to join here is the call-in information: Call-in number: Access code: Please let me know if you have any questions. Best, Kristin 615 Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard Group w_ (;fl{;i&fv& r;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard Group w_ (;fl{;i&(m, cflt~Jmi MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 615 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com A W, starboard Group d/&Mm <;fl'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 615 From: Sent: To: Common Sense Policy Roundtable Mon 4/01/2013 10:30 PM (GMT-00:00) Richard Wobbekind Cc: Bee: Subject: News from Common Sense Policy Roundtable COMMON ( Like us on - Face book In J -~~- @:ilJtilGbli©'D~~ ~ Quarterly Newsletter 2013 April Dear Friend, Greetings from Common Sense Policy Roundtable! A lot has happened in the first quarter of 2013, and we wanted to update you on our happenings. Dynamic Model We are most excited to announce that considerable progress has been made in introducing a dynamic econometric model for Colorado. We have met with legislators, executive branch personnel, business chambers, and university leaders. All have favorable opinions for the need of a dynamic model and recognize the value of assessing economic and job growth when major policy decisions for the state are being considered. We have entered the final phase of setting up an organizational structure with several other pro-business and economic development organizations allowing legislative, commercial, and academic use of the dynamic model balancing economic and job creation research. We are hopeful that the dynamic model will be developed and in-place later this quarter. Eliminating Colorado's Fiduciary Tax on Resident Trusts In March 2013, CSPR also released a study "Economic Impacts of Eliminating Colorado's Fiduciary Tax on Resident Trusts" (please see below). CSPR Happenings In early 2013, CSPR hired a new Policy Director, Jake Zambrano. Mr. Zambrano comes to CSPR with over twenty years experience in the public policy arena and 616 most recently has served as a lobbyist at the State Capitol on a variety of probusiness issues. ~-­ ~OOl!liml ~ !Ifj)@ir;mmm!:film.j ~@:!)@m@ CSPR is starting work on a research paper on the impact of Douglas County Schools on the regional economy. We expect this report to be release next quarter and are planning a major public relations effort around the release. In addition, in March 2013, CSPR released our 2012 Annual Report. Save The Date On April 25th we will start a quarterly seminar, CSPR Education Series. The topic this month will be on Medicaid and featuring guest speaker and Cato Institute senior fellow, Michael Tanner. Tanner heads research into a variety of domestic policies with a particular emphasis on health care reform, social welfare policy, and Social Security. Most recently, Tanner co-edited Replacing Obamacare: The Cato Institute on Health Care Reform, a compilation of the Cato Institute's work over the past several years on health care reform and Obamacare, with contributions by over a dozen national experts, including Tanner himself. We look forward to progress on pro-business policy debate throughout the remainder of 2013 and hope to see you at one of our upcoming events. Thank you for all your support of Common Sense Policy Roundtable. Best Regards, Kristin Strohm Executive Director kristin@commonsensepolicyroundtable.com -- ~lliS @mil!l.!l.mtmmM!!> mm~ --@}, ~@.!) Eliminating Colorado's Fiduciary Tax on Resident Trusts By: Dr. Eric Fruits, Nathan & Associates Common Sense Policy Roundtable While nearby states have no taxes on trusts, Colorado's trust tax laws are unfavorable for setting up and managing trusts. Indeed, estate planners have been advised to avoid Colorado based trustees. This is realized by the following empirical observations: • The state's fiduciary tax has contributed to a decline in Colorado's trust business. The number of trust accounts in Colorado has declined over the past decade with the state losing an average of approximately 500 accounts a year. Colorado is losing trust business to more competitive states. Since 2001, Colorado has lost 60 percent of its trust accounts and 6 percent of its assets. Over the same period, the states of South Dakota, Texas, and Wyoming combined have seen the number of trust accounts more than triple and their trust assets quadruple. Eliminating the fiduciary tax would not noticeably affect the state budget. In 2012, fiduciary tax collections provided only $26 million of revenues for the state, accounting for less than one half of one percent of total state collections. • • 616 Our analysis is based on the assumption that removing the tax would reverse the decline in the Colorado trust industry and boost growth in trust assets over the next decade. We employ a widely used model to calculate the impacts each year as Colorado trust assets are anticipated to grow. We also calculate the net fiscal impacts, with the following results after a decade. • 9,330 to 21,755 more full and part-time jobs. • $1.68 billion to $3.90 billion in additional economic activity. • $440 million to $1.03 billion in additional payroll and self employment income. • Eliminating the tax would "pay for itself" with increased tax collections relatively quickly. Thus, if the state can attract sufficient trust assets by eliminating its fiduciary tax on resident trusts, the Colorado economy would experience improved employment and incomes over the next decade. rtml@ra1!!il ®m1ml@D~l];S ~©) ~ For the complete study, click here. ®Jii!m!Ij1Q'J~ ~©) I I l":"/ln; Join our. 11 ~ M~iling List: J ®lmrimil~~-~flimli'iGb ~~®mlmml~~l.MI~~ Forward this email :,..~_;; r=ted Emilll from · ~ ·"' ConstantContact"' This email was sent to richard.wobbekind@colorado.edu by kristin@commonsensepolicyroundtable.com Update Profile/Email Address I Instant removal with SafeUnsubscribe™ I Privacy Policy. I Common Sense Policy Roundtable I 9249 South Broadway Blvd, #200-148 I Highlands Ranch I CO I 80129 616 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Mon 9/08/2014 4:41 PM (GMT-00:00) Cindy Dipersio FW: Updated Fracking Study Cindy- Will you please find and correct in the draft? See below. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, September 8, 2014 10:21 AM To: Brian R. Lewandowski Cc: Tim Pollard (trpollard@eissolutions.com) Subject: Re: Updated Fracking Study Looks great to be final. Kristin On Thu, Sep 4, 2014 at 9:37 AM, Brian R. Lewandowski wrote: Kristin and Tim- 617 Thanks, Brian Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 617 From: Sent: To: Cc: Kristin Strohm Mon 11/18/2013 3:43 PM (GMT-00:00) Earl Wright; T. Scott Martin; Buz Koelbel; Tom Clark; Mike Fitzgerald; Richard Wobbekind; Keith E Maskus Brian R. Lewandowski; Jake Zambrano; Ruth Hartshorn; Diane M. Grubbs; Lorena Brauer; Hannah Heavrin; Steve Klausing; ; Pam Reichert; David L. Tarasi Bee: Subject: REMINDER: REMI Oversight Committee Meeting Scheduled Attachments: REMI Oversight Committee Meeting Agenda 11_18.pdf Reminder we are meeting today at 10:30AM at Metro Denver EDC. Metro Denver EDC 1445 Market Street Denver Co 80202 Access code: Attached is an agenda for the meeting. Thanks, Kristin On Thu, Nov 7, 2013 at 8:58 AM, Kristin Strohm wrote: Oversight Committee Members, Please mark your calendars. Our next meeting will be Monday, November 18th at 10:30AMLl :30AM at the Metro Denver EDC ( L445 Market St, Denver, CO 80202). We will be discussing our next two projects. Please let me know if you have any questions. Best, Kristin Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 618 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group dJ&~i.n c;f/'~J,,;n MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group dJ&~i.n c;f/'~J,,;n MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 618 ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 618 REMI Oversight Committee Meeting Monday, October 1Bth 10:30AM·11 :30AM Metro Denver EDC 1445 Market Street Denver Co 80202 Call-in number:~ Access cod~ 10:30AM 634 10:35AM Next Study- Fracking A. Finalize Scope B. Timeline for study 11:00AM Second Study Discussion A. 20-year infrastructure study? 1. What does Colorado need to do to remain competitive? 2. How will Colorado budget address fiscal cliff that is inevitable? 3. What infrastructure areas should the study focus on? a. Education b. Transportation c. Water d. Etc .. 11 :20AM Schedule next meeting C.R.S. 24-72-204(3)(a)(IV) From: Sent: To: Richard Wobbekind Mon 11/11/2013 9:38 PM (GMT-00:00) 'Jessica Brawner'; T. Scott Martin Cc: Bee: Subject: RE: Potential Meeting Jessica, Sorry I thought my replies to Brian were getting transmitted to you somehow. I can't do that time. I am good from 1-3 on the 13th and 10-11 on the 19th. Rich From: Jessica Brawner [mailto:admin@centerwest.org] Sent: Monday, November 11, 2013 2:21 PM To: T. Scott Martin Cc: Brian R. Lewandowski; Patricia N Limerick; Joseph N Ryan; Kurt Gutjahr; Richard Wobbekind Subject: Re: Potential Meeting HI Everyone, Based on the responses I received, lets aim for December 18th from l l :00 - 12:00 here at the Center, Macky room 229. If schedules have changed, and that doesn't work, please let me know. Thanks! Jessica On Sat, Nov 9, 2013 at 10:50 AM, T. Scott Martin wrote: Jessica, I am good as well with both dates. VBR TSM 619 From: Brian R.Lewandowski[mailto:brian.lewandowski@Colorado.EDU] Sent: Saturday, November 09, 2013 7:17 AM To: Jessica Brawner; Patricia N Limerick Cc: T. Scott Martin; Joseph N Ryan; Kurt Gutjahr; Richard Wobbekind Subject: RE: Potential Meeting Jessica- Both of these dates work for me. Thanks, Brian From: Jessica Brawner [mailto:admin@centerwest.org] Sent: Friday, November 8, 2013 3:03 PM To: Patricia N Limerick Cc: T. Scott Martin; Joseph N Ryan; Kurt Gutjahr; Brian R. Lewandowski; Richard Wobbekind Subject: Re: Potential Meeting Hi All, In looking over Patty and Kurt's calendars, the best dates that they have at the moment would be December 18th between lOam and 3pm, or December 19th 10-1 lam. Do any of those dates/times work? Thanks! Jessica On Fri, Nov 8, 2013 at 2:29 PM, wrote: Scott, 619 Thanks very for keeping in touch. I'm glad to hear this valuable study is going forward, and I'm eager to meet to hear more about it. I have very much enjoyed working with Rich Wobbekind on previous occasions, so I look forward to another round. I'm copying Joe Ryan, and Kurt Gutjahr and Jessica Brawner at the Center of the American West who will help us on our journey through the wilderness of scheduling! Thanks again, Patty Sent from my Verizon Wireless BlackBerry From: "T. Scott Martin" Date: Fri, 8 Nov 2013 21:10:20 +0000 To: Patty Limerick Cc: Brian R. Lewandowski; Richard. Wobbekind@Co lo rado. EDU Subject: Potential Meeting Dear Patty, As promised, I told you that once we had decided to proceed with our Frac study I would let you know. We have indeed decided to do exactly that. Let me introduce Brian Lewandowski who is a Research Associate who works with Rich at the Leeds School of business. Brian, Rich and I would like to set up a meeting With you & Dr. Ryan to see how our efforts with Dynamic Modeling and your efforts might find some synchronicity. I will let you two take up the scheduling of the subject meeting. All the Best T. Scott Martin 619 Ellora Energy LLC 4410 Arapahoe Ave., Suite 100 Boulder, Colorado 80303 303-444-8881 Office 303-588-8555 Cell tscott@elloraenergyllc.com tsm@ee311c.com ----·-K_ . ·~ -- ID .JC.t -- Lu::-: From: Patty Limerick [mailto:patricia.limerick@centerwest.org1 Sent: Wednesday, September 11, 2013 4: 18 PM To: T. Scott Martin Subject: FrackingSENSE Plans? Dear Scott, First, I am late in writing to say that l (and Joe and Kurt) very much enjoyed our conversation with you. Our National Science Foundation project has allowed me a fine paired set of opportunities--to make new friends and to reconnect with old pals. Second, l wanted to check in with you to see if the plan for the study of state job creation by the oil and gas industry is going forward, and if it would be viable to include Rich Wobbekind in our FrackingSENSE series, to give a presentation on that study. We will start in October, take a break for the holidays, and then continue the series in the winter and maybe even the spring, so the timing of a possible talk is quite flexible. But we want to have the whole series laid out when we announce it. Should r write Rich, or would that be premature? 619 Thanks, Patty Jessica Brawner Administrative Assistant Center of the American West University of Colorado 282 UCB Boulder, CO 80309-0282 Voice 303.492.4879 www.centerwest.org admin@centerwest.org Jessica Brawner Administrative Assistant Center of the American West University of Colorado 282 UCB Boulder, CO 80309-0282 Voice 303.492.4879 www.centerwest.org admin@centerwest.org 619 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Thu 11/07/2013 4:42 PM (GMT-00:00) Richard Wobbekind Brian R. Lewandowski Re: REMI Oversight Committee Meeting Scheduled Thanks Rich. Hope you have a great weekend. Kristin On Nov 7, 2013, at 9:18 AM, Richard Wobbekind wrote: Kristin, I will have to call in to this one. Rich From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, November 07, 2013 8:58 AM To: Earl Wright; T. Scott Martin; Buz Koelbel; Tom Clark; Mike Fitzgerald; Richard Wobbekind; Keith E Maskus Cc: Brian R. Lewandowski; Jake Zambrano; Ruth Hartshorn; Diane M. Grubbs; Lorena Brauer; Hannah Heavrin; Steve Klausing; ; Pam Reichert; David L. Tarasi Subject: REMI Oversight Committee Meeting Scheduled Oversight Committee Members, Please mark your calendars. Our next meeting will be Monday, November 18th at l0:30AM11:30AM at the Metro Denver EDC (1445 Market St, Denver, CO 80202). We will be discussing our next two projects. If you are unable to join here is the call-in information: Call-in number: Access code: Please let me know if you have any questions. Best, Kristin Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 620 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com _A_ Starboard w_ Group d/Gia.tin cflt~Jmi MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com _A_ Starboard w_ Group d/Gia.tin cflt~kn MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 620 From: Sent: To: Brian R. Lewandowski Wed 9/10/2014 4:34 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: Updated timeline on balanced budget Call me if you wish to discuss. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, September 10, 2014 9:58 AM To: Brian R. Lewandowski Subject: Re: Updated timeline on balanced budget Hi Brian- do you have an updated timeline for the study I can share with the group? Thanks, Kristin On Wed, Aug 27, 2014 at 3: 18 PM, Kristin Strohm wrote: Awesome, thanks. Let me know if I can be helpful at all. Kristin On Wed, Aug 27, 2014 at 3:11 PM, Brian R. Lewandowski wrote: Kristin- 621 C.R.S. 24-72-204(2)(a)(lll) I will try and speed up the draft report. I will provide a new timeline early next week. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, August 27, 2014 2:33 PM To: Brian R. Lewandowski Subject: Updated timeline on balanced budget Thanks! 621 C.R.S. 24-72-204(2)(a)(lll) Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 621 C.R.S. 24-72-204(2)(a)(lll) Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 621 C.R.S. 24-72-204(2)(a)(lll) From: Sent: To: Richard Wobbekind Tue 2/04/2014 1:29 AM (GMT-00:00) 'T. Scott Martin' Cc: Bee: Subject: RE: TS Martin Scott, Thanks for the attending and the kind words. Regards, Rich From: T. Scott Martin [mailto:tscott@elloraenergyllc.com] Sent: Friday, January 31, 2014 3:03 PM To: Richard Wobbekind Subject: TS Martin Rich, I saw your presentation last night@ the BEC. Great job as always and good humor. I didn't want to bother you with a question as you were running short of time with all the horses racing back to the barn. VBR T. Scott Martin Ellora Energy LLC 4410 Arapahoe Ave., Suite 100 Boulder, Colorado 80303 303-444-8881 Office 303-588-8555 Cel I tscott@elloraenergyllc.com tsm@ee311c.com .·.-··JE·.··~ lQ .. ID . 622 u.c:" 622 From: Sent: To: Cc: Bee: Subject: Richard Wobbekind Thu 11/07/2013 4:18 PM (GMT-00:00) 'Kristin Strohm' Brian R. Lewandowski RE: REMI Oversight Committee Meeting Scheduled Kristin, I will have to call in to this one. Rich From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, November 07, 2013 8:58 AM To: Earl Wright; T. Scott Martin; Buz Koelbel; Tom Clark; Mike Fitzgerald; Richard Wobbekind; Keith E Maskus Cc: Brian R. Lewandowski; Jake Zambrano; Ruth Hartshorn; Diane M. Grubbs; Lorena Brauer; Hannah Heavrin; Steve Klausing; ; Pam Reichert; David L. Tarasi Subject: REMI Oversight Committee Meeting Scheduled Oversight Committee Members, Please mark your calendars. Our next meeting will be Monday, November 18th at 10:30AMLL:30AM at the Metro Denver EDC (l445 Market St, Denver, CO 80202). We will be discussing our next two projects. If you are unable to join here is the call-in information: Call-in number: Access code: - Please let me know if you have any questions. Best, Kristin Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com 623 Web: www.thestarboardqroup.com ~Starboard ~ Group d/C;eid'vn r;f/i-.u;,J,,m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group Q/C;ei:Jtv& r;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 623 From: Sent: To: Cc: Bee: Subject: kristin@commonsensepolicyroundtable.com Thu 6/12/2014 10:09 PM (GMT-00:00) Darlene Mast melinda@quiatcompanies.com; James Mack; Jamie Demmitt; Brian R. Lewandowski RE: Denver Rotary Speaker Confirmation - K. Strohm/July 31 Hi Darlene, Thank you so much for your email and the details on July 31st. It actually will not be me speaking, it will be our researcher with CU Leeds School of Business, Brian Lewandowski. Brian is copied above and will make sure to get you all the below information ASAP. Please do not hesistate to call Brian or me should you have any other questions. Thank you. Kristin Strohm CSPR 720-524-7332 -------- Original Message -------Subject: Denver Rotary Speaker Confirmation - K. Strohm/July 31 From: "Darlene Mast" Date: Wed, June 11, 2014 11: 55 am To: Cc: , "James Mack" , "Jamie Demmitt" R(Q)~©lrty Club of Denver Ms. Kristin Strohm Executive Director Commonsense Policy Roundtable 4950 S Yosemite Street F2 #314 Greenwood Village, CO 80111 Dear Ms. Strohm, Thank you for accepting our invitation to speak before the Rotary Club of Denver on Thursday, July 31st about the Economics of a Fracking Ban. The meeting will be held at The Denver Athletic Club, 1325 Glenarm Place, in the 4th floor Ballroom, in downtown Denver. Their phone number is 303-534-1211 in the event you 624 need to call someone at the DAC prior to or while on site. You can also reach me that morning at or on my cell phone at Our meeting attendance ranges from 130 to 150 members and guests, most of whom are company executives and civic leaders in Denver. Our Rotarian members begin arriving at 11:30 am. The luncheon meeting will begin at 11:45 am and adjourn sharply at 1:00 pm. Our Rotary business meeting begins at approximately 12:10 pm, depending on the agenda. The time allotted for your program presentation is a total of 25 minutes, beginning at 12:30 pm. Our members always enjoy some Q&A so, if possible, please try to allow 5 - 10 minutes at the end of your presentation for questions. It is important that you conclude by 12:55 pm to allow time for our Club President to formally thank you and make some final remarks before adjourning the meeting at 1:00 pm. So that we may promote your presentation to our members in our bi-weekly newsletter and website, please e-mail the following items to our Meeting Coordinator Jamie Demmitt in our Rotary office (jamie@denverrotary.org / 303.893.1919, x108) at your earliest convenience, as well as copying your Rotarian Host, Melinda Quiat, at melinda@quiatcompanies.com. Together they will assist you with the arrangements for your presentation. I am always available to help as well. • • • • • Short biography-two paragraphs in length, to be used for your introduction. Actual title of your talk, along with a brief summary of your presentation and /or benefit statement as to what our members can expect to receive. Digital photo of yourself and/ or any co-presenters. Names of Guest, if any. Any special audio/visual requirements, to be coordinated in advance of the meeting. Attached AV Film Release (to be signed the day of your presentation or in advance). Again, Denver Rotary is honored to have you present to our Club on July 31st. Please do not hesitate to contact any one of us should you have questions or need additional help relative to your upcoming speaking engagement. We are looking forward to your presentation. Kind Regards, Darlene Mast Executive Director THE ROTARY CLUB OF DENVER 1900 Grant Street, Suite 850 Denver, CO 80203 303-893-1919, ext. 105 Fax: 303-893-5702 www.denverrotary.org 624 From: Sent: To: Cc: Bee: Subject: Richard Wobbekind Mon 11/11/201310:46 PM (GMT-00:00) admin@centerwest.org; tscott@elloraenergyllc.com Brian R. Lewandowski; Patricia N Limerick; Joseph N Ryan; events@centerwest.org Re: Potential Meeting It was my problem not yours. Thanks! Sent from my Galaxy S®rrr -------- Original message -------From: Jessica Brawner Date: 11/11/2013 3:26 PM (GMT-07:00) To: "T. Scott Martin" Cc: "Brian R. Lewandowski" ,Patricia N Limerick ,Joseph N Ryan ,Kurt Gutjahr ,Richard Wobbekind Subject: Re: Potential Meeting Oops! Looks like I missed one of the responses. Please change the meeting date/time to December 19th from 10-11:00 am at Macky 229. If anyone needs directions, or a map, please let me know. There is metered parking along University ave. Thanks! Jessica On Mon, Nov 11, 2013 at 2:20 PM, Jessica Brawner wrote: HI Everyone, Based on the responses I received, lets aim for December 18th from 11 :00 - 12:00 here at the Center, Macky room 229. If schedules have changed, and that doesn't work, please let me know. Thanks! Jessica On Sat, Nov 9, 2013 at 10:50 AM, T. Scott Martin wrote: Jessica, 625 I am good as well with both dates. VBR TSM From: Brian R.Lewandowski[mailto:brian.lewandowski@Colorado.EDU] Sent: Saturday, November 09, 2013 7:17 AM To: Jessica Brawner; Patricia N Limerick Cc: T. Scott Martin; Joseph N Ryan; Kurt Gutjahr; Richard Wobbekind Subject: RE: Potential Meeting Jessica- Both of these dates work for me. Thanks, Brian From: Jessica Brawner [mailto:admin@centerwest.org] Sent: Friday, November 8, 2013 3:03 PM To: Patricia N Limerick Cc: T. Scott Martin; Joseph N Ryan; Kurt Gutjahr; Brian R. Lewandowski; Richard Wobbekind Subject: Re: Potential Meeting HiAll, In looking over Patty and Kurt's calendars, the best dates that they have at the moment would be December 18th between lOam and 3pm, or December 19th 10-1 lam. Do any of those dates/times work? 625 Thanks! Jessica On Fri, Nov 8, 2013 at 2:29 PM, wrote: Scott, Thanks very for keeping in touch. I'm glad to hear this valuable study is going forward, and I'm eager to meet to hear more about it. I have very much enjoyed working with Rich Wobbekind on previous occasions, so I look forward to another round. I'm copying Joe Ryan, and Kurt Gutjahr and Jessica Brawner at the Center of the American West who will help us on our journey through the wilderness of scheduling! Thanks again, Patty Sent from my Verizon Wireless BlackBerry From: "T. Scott Martin" Date: Fri, 8 Nov 201321:10:20 +0000 To: Patty Limerick Cc: Brian R. Lewandowski; Richard.Wobbekind@Colorado.EDU Subject: Potential Meeting Dear Patty, As promised, I told you that once we had decided to proceed with our Frac study I would let you know. We have indeed decided to do exactly that. Let me introduce Brian Lewandowski who is a Research Associate who works with Rich at the Leeds School of business. Brian, Rich and I would like to set up a meeting 625 With you & Dr. Ryan to see how our efforts with Dynamic Modeling and your efforts might find some synchronicity. I will let you two take up the scheduling of the subject meeting. All the Best T. Scott Martin Ellora Energy LLC 4410 Arapahoe Ave., Suite 100 Boulder, Colorado 80303 303-444-8881 Office 303-588-8555 Cell tscott@elloraenergyllc.com tsm@ee311c.com _ _ _. K_ .·C] lQ ,JC.t_. . L.u::': From: Patty Limerick [mailto:patricia.limerick@centerwest.org] Sent: Wednesday, September 11, 2013 4: 18 PM To: T. Scott Martin Subject: FrackingSENSE Plans? 625 Dear Scott, First, I am late in writing to say that I (and Joe and Kurt) very much enjoyed our conversation with you. Our National Science Foundation project has allowed me a fine paired set of opportunities--to make new friends and to reconnect with old pals. Second, I wanted to check in with you to sec if the plan for the study of state job creation by the oil and gas industry is going forward, and if it would be viable to include Rich Wobbekind in our FrackingSENSE series, to give a presentation on that study. We will start in October, take a break for the holidays, and then continue the series in the winter and maybe even the spring, so the timing of a possible talk is quite flexible. But we want to have the whole series laid out when we announce it. Should l write Rich, or would that be premature? Thanks, Patty Jessica Brawner Administrative Assistant Center of the American West University of Colorado 282 UCB Boulder, CO 80309-0282 Voice 303.492.4879 www.centerwest.org admin@centerwest.org Jessica Brawner Administrative Assistant Center of the American West University of Colorado 282 UCB Boulder, CO 80309-0282 Voice 303.492.4879 www.centerwest.org admin@ccntcrwcst.org 625 Jessica Brawner Administrative Assistant Center of the American West University of Colorado 282 UCB Boulder, CO 80309-0282 Voice 303.492.4879 www.centerwest.org admin@centerwest.org 625 From: Sent: To: Kristin Strohm Mon 2/02/2015 5:09 PM (GMT-00:00) Brian R. Lewandowski Cc: Bee: Subject: Agenda Items What would you like on the REMI agenda for this week? A W, starboard Group d/&Mm <;fl'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 627 From: Sent: To: Kristin Strohm Thu 1/29/2015 11 :55 PM (GMT-00:00) Brian R. Lewandowski Cc: Bee: Subject: Re: Updated O&G Economic Impact Study I'll let you know when we arc closer on how many people arc attending. On Thu, Jan 29, 2015 at 4:46 PM, Brian R. Lewandowski wrote: Sure. How many? Sent from my iPhone On Jan 29, 2015, at 4:39 PM, Kristin Strohm wrote: Thanks Brian, [ will let you know if we have any feedback. Can you bring copies to our mtg next week? 628 Brian ~Starboard ~ Group d/C;eid'vn r;f/i-.u;,J,,m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group Q/C;ei:Jtv& r;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 628 From: Sent: To: Cc: Kristin Strohm Thu 11/07/2013 3:58 PM (GMT-00:00) Earl Wright; T. Scott Martin; Buz Koelbel; Tom Clark; Mike Fitzgerald; Richard Wobbekind; Keith E Maskus Brian R. Lewandowski; Jake Zambrano; Ruth Hartshorn; Diane M. Grubbs; Lorena Brauer; Hannah Heavrin; Steve Klausing; ; Pam Reichert; David L. Tarasi Bee: Subject: REMI Oversight Committee Meeting Scheduled Oversight Committee Members, Please mark your calendars. Our next meeting will be Monday, November 18th at l0:30AMl 1:30AM at the Metro Denver EDC (1445 Market St, Denver, CO 80202). We will be discussing our next two projects. If you are unable to join here is the call-in information: Call-in number: Access code: Please let me know if you have any questions. Best, Kristin Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 629 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group dJ'C,;u-m,M~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 629 From: Sent: To: Cc: Bee: Subject: Attachments: Kristin Strohm Thu 9/25/2014 5:17 PM (GMT-00:00) Brian R. Lewandowski Fwd: Jones Lang LaSalle Report JLL article.PDF Study from Buz. ---------- Forwarded message ---------From: Kristin Strohm Date: Wed, Mar 26, 2014 at 4:37 PM Subject: Fwd: Jones Lang LaSalle Report To: "Brian R. Lewandowski" Brian- For reference for the alternative studies. Enjoy skiing! Kristin Begin forwarded message: From: WAKKOELBEL@aol.com Subject: Fracking Date: March 26, 2014 4:04:12 PM MDT To: kristin@thestarboardgroup.com, trpollard@eissolutions.com Kristin and Tim: I connected with Ted Brown and received the attached Jones Lang LaSalle report that he mentioned. These are very compelling numbers on a broad basis. The down-stream negative effect on Colorado on a number of fronts is staggering, if fracking is banned. Conversely, the job renaissance that could occur would be resounding. Just think about it. Over one-third of office space in Denver is energyrelated. This is huge. My memory has not faded regarding what happened in the 1980s when oil prices dropped. It was devastating to the commercial real estate sector. The affects of destroying the energy industry are incomprehensibly large. I just thought you should have the information. Regards, 630 Buz ~Starboard w_ Group (;fl{;i&fv& r;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 630 Offic® 111'slgllt; The energy industry in Denver has been a major driver in the economic recovery for the omce market over the past eight quarters. Energy companies have historically been and continue to be attracted to high-rise Class A bu~dings in the CBD. Many companies are moving toward more open and efficient floor plans and square footage per employee is declining, as Is the ca5e with several other industries. Companies continue to ink deals, some of which are renewals and lateral relocations, however many are expansions and new deals. In addition, those businesses that support lhe industry; such as law firms and financial firms, are also growing. As employment in the energy industry itself is on the rise, companies that support the industry are subsequently creating jobs. Because of this, It is estimated that approximately one-third of Denve(s CBD Is occupied by energy firms and those firms that support the Industry. Energy companies continue to be active in the Denver marke~ comprising roughly 20.0 percent of active deals In the market and a large share of completed deals as well. In Denve~s CBD, landlords have gained leverage throughout the submarket; however larger tenants with longer lease terms are still able to receive decent tenant improvement packages and free rent. Smaller tenants are likely to receive far fewer tenant incentives than lhe larger lellants.11 is expected that rental rates will continue to rise for the foreseeable future, therefore now is a good time to reevaluate needs and renew and/or expand, tt possible and necessary. Growth in the energy sector is expected to continue wfth high demand for office space lhroughout Denver's CBD. Percentage of CBD mari •... Average suburbai footprint (s.f., energy tenants) 10,000 20.0% ~~~~r~r~~;~gi~tiye · Fidelity El!ploration .;P16t1iiiiri:J'~t\l~1:~~~ 70,000 ·• Slable ·. · .· .52;006 •t, ~ifitite • 50,000 ~ 99,999 s.I. 25,000 - 49,999 s.f. 677 25,000-49,999 s.f. Denver's industrial market Is coming back. Larger requirements are out in the market and sales activity is ramping back up. Energy companies and those that support the industry make up roughly 15 to 20 percentofoverall activity, and a good majority of the activity Is companies that support the Industry, such as manufacturers. Energy companies are concentrated largely In Weld and Adams counties, as well as in the 1-70/East and Southeast submarkets. Companies within the energy Industry tend to lean toward Class 8 flex buildings in the 15,00Q.square-foot range that have. at least 5,000 square feet of office and three to four acres of outSIOe storage. These properties are most often used as classroom and R&D spaces. Unfortunately, these types of buildings are tough to find and therefore, build·t!Hluits are often the best option in this market. Speculative construction is starting to make a comeback, however rents are not quite al a level to justify construction just yet, but they are cfimbing up each quarter and are expected to continue this way. While the office market has seen and continues to see growth within the Industry, the industrial market is in more of a holding pattern, partly due to a lack of the type of building that is required by most companies. For those companies who are already In place, now Is a good time to complete renewals, however landlords are gaining more leverage and are often only offering tenant improvement packages and free rent on five-year (or longer) deals. Compared with the office sector, the industry is not as boisterous in the Industrial sector, however it is still considered an economic driver and will become more active as additional options are explored and provided In the marketplace. 677 Average asking rent for space (01 2013) Aw~'iliihii~:a!j~r~;orb~mp(markei) · Availabllity rate (Q1 2013) ·.N.ufti~6!:1¥111~~nder ¢onstiucikin Average facility size (s.f.) .#of ol'lier-u.iier[ll!ic,h.~~ ~as.1'12 months) Average price per s.f. purchase 100,000-199,999 s.f. 50,000 - 99,999 s.f. 25,000 - 49,999 s.f. $4.80 NNN 3.0% 10.0% 7 193,400 117 $54.00 lii~!gill: Denve~s hotel sector spans 41,000 rooms in the metropolitan area. In 2012 and thus far in 2013, the market has wilnessed growth rates in line with the national avarage. The city has seen a wave of investors including hotel real estate investment trusts, who have historically been less activa In Denvar, enter the market given its stable fundamentals. With transaction volumes nearly hittlng $700 million since 2011, the city is one of the country's 10 most activa in terms of recent hotel deals. 67.0% Average occupancy rate (2012) ·· ~\l~liiiJeiji11iy}iite (W1:iJ $106.00 RevPAR (2012) $67.30 6.0% ~eviiM 9r0wtll;w12i Transaction volume {Miiiions, past 24 months) Averl'!l~·trailsiiclJon;Pnt:e·!Jllr too(n (past:24imontl\s) Number of hotel.properties I rooms under conslrUction During the past several months, the increase in h.otel demand has picked up and hotels In the market are seeing allOve-average growth in occupancy. Hotel operators are therefore expected to gain more pricing power laterthls year. $697.6 $160,000 10/1,820 On a national basis, the bulk of the new hotel supply pipeline is comprised of select-service hotels, as the majority of the large full· service hotels conceptualized during the previous market peak have opened by now. Denver marks somewhat of an exception to this rule, with the proposed 5QO..room Westin Denver International Airport on the horizon. Denver is also seeing the trend of new branded high-quality limited· service hotels under construction in the CBD. These hotels will provide more options for business travelers on a budget seeking quality accommodations in central locations without upscale hotel prices. Denver 7000 Church Boulevard, Broomfield ~Ver ,~5CXl'f'el)!I Bl'ld; Cit)' &County · 500 at · Oilnver .of De~ver The demand fundamentals in Denver point to ongoing stability; disproportionate economic activity from the energy sector could thus provide a boost to the market and push certain submarkets to outperform. Chesapeake Lodging Trust Marriott Denver City center · Resiilant\ii bin by . ; .~28 •. ~ S!l(lB\Hosp~~li!v) · · •· cMarnatt:l:liJnver•Clfy: ''centili,> ·· · · JW Marriott Cherry Creek Denver 042014 Ranch 196 Sage Hospitality lnl~n,d ~miirliian • .. , Lodging•Group DiarnondRock 2015 $119.0 $194,100 $8M .. $350,900 $72.6 $370,400 $68~ $203~000 Hospitality Fundamental Adviscir8;uP sooroas: Smith Travel Research, Lodging Econometrics, Jones Lang LaSalle 677 From: Sent: To: Cc: Bee: Subject: T. Scott Martin Mon 11/05/2012 10:01 PM (GMT-00:00) Nancy R. Hedke; Keith E Maskus; Richard Wobbekind Kristin Strohm; Dustin Zvonek; Ruth Hartshorn RE: Meeting with Earl Wright Nancy, I could do Breakfast 11/28. Traveling up until that time. All the Best T. Scott Martin Ellora Energy LLC 4410 Arapahoe Ave., Suite 100 Boulder, Colorado 80303 303-444-8881 Office 303-588-8555 Cell tscott@elloraenergyllc.com tsm@ee311c.com From: Nancy R. Hedke [mailto:NRHedke@amgnational.com] Sent: Monday, November 05, 2012 2:58 PM To: Keith.Maskus@Colorado.EDU; Richard.Wobbekind@Colorado.EDU; T. Scott Martin Cc: Kristin Strohm; Dustin Zvonek Subject: Re: Meeting with Earl Wright The dates aren't going to work for everyone, so here are some new dates November 20th - breakfast meeting - 7 or 7:30 November 27th - lunch meeting - 11:30 am November 28th - breakfast meeting - 7 or 7:30 Nancy R. Hedke, RP® Assistant to the Chairman/CEO & 631 Director of Client Communications AMG National Trust Bank 6501 East Belleview Avenue, Suite 400 Englewood, CO 80111 303-486-1401 nrhedke@amgnational.com >>>Nancy R. Hedke 11/5/2012 1:03 PM>>> Earl Wright asked me to contact all of you to set up a meeting. Let me know if any of these dates work for you. If not, I will send more. November 7, 8 or 9 for a breakfast meeting - around 7 or 7:30 am. And if you could suggest a place in Boulder to have the breakfast, that would be great. Thanks. Nancy R. Hedke, RP® Assistant to the Chairman/CEO & Director of Client Communications AMG National Trust Bank 6501 East Belleview Avenue, Suite 400 Englewood, CO 80111 303-486-1401 nrhedke@amgnational.com NOTE: Tfyou are not the intended recipient of this e-mail and any attachments ("communication"), please itmnediately destroy it. You may not retait1 or use this communication. Any such action may be unlawful. AMG National Trust Bank reserves the right to monitor and review all messages and enclosures sent to or from this email address. IRS CIRCULAR 230 DISCLOSURE: Any tax advice contained ill this communication is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code or applicable state or local tax provisions or for promotmg, marketmg, or recommendit1g to another party any transaction or tax-related matter addressed it1 this communication. TRADING DISCLOSURE: AMG National Trust Bank does not accept trade requests via email If you wish to place a trade, please contact your financial advisor. 631 From: Sent: To: Cc: T. Scott Martin Mon 5/12/2014 7:56 PM (GMT-00:00) Kristin Strohm Tom Clark; Pam Reichert; Earl Wright; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Richard Wobbekind; Keith E Maskus; Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org; Bee: Subject: Re: REMI Oversight Committee- Meeting To Be Scheduled Kristin, I can do Monday or Thursday VBR TSM Sent from my iPad On May 12, 2014, at 7:29 AM, "Kristin Strohm" wrote: REMI Oversight Committee Members, We need to schedule a call or in-person meeting in the next LO days to discuss a few items: Please respond directly to me with your top two choices from the below dates/times and whether you could meet in-person by COB today. Monday, May 19th- SAM Monday, May 19th- lPM Tuesday, May 20th- 9AM Thursday, May 22nd- lOAM Thanks! Kristin _A_ Starboard w_ Group (;f)'(;,u-m, r;flt~ MANAGING PARTNER 632 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 632 From: Sent: To: Cc: Kristin Strohm Mon 11/04/2013 7:47 PM (GMT-00:00) Hannah Heavrin; Diane M. Grubbs; Ruth Hartshorn; Buz Koelbel; Richard Wobbekind; Keith E Maskus; David L. Tarasi; Mike Fitzgerald; Earl Wright; T. Scott Martin Brian R. Lewandowski; ; Pam Reichert; Steve Klausing; Jake Zambrano Bee: Subject: Next REMI Oversight Committee Meeting AllWe are trying to schedule the next REMI Oversight committee meeting, l know several people are traveling next week. The meeting will be one hour and take place at the Metro Denver EDC downtown. Please respond back to me with your top two choices. Monday, November 18 - 10:30 am Tuesday, November 19 - 2:00 pm Tuesday, November 19- 3:00 pm Thank you, Kristin Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 633 From: Sent: To: Cc: Bee: Subject: Common Sense Policy Roundtable Fri 4/10/2015 5:30 PM (GMT-00:00) Richard Wobbekind News from Common Sense Policy Roundtable COMMON Quarterly Newsletter 2015 April Dear Friend, Common Sense Policy Roundtable (CSPR) continues to create economic impact studies separating facts from fiction. CSPR's goal is to be the go-to fiscal policy think tank for Colorado's economic future. Where appropriate, CSPR is, and will be, the objective and factual resource Colorado's citizens and public policy makers can look to when considering important economic issues influencing Colorado's economy today and in the future. In 2014, CSPR was tasked to provide information in a major economic public policy debate facing the state - hydraulic fracturing. Public policy discussions ranged from a complete statewide fracking ban to various drilling setback scenarios. Our charge was to present reliable economic research about the potential changes in Colorado's energy policies. The facts and figures we provided using the REM! dynamic econometric model became the centrally cited data used in the debate. As we look at 2015 and beyond Colorado's fracking debate, we are heading for a possible financial crisis in our state budget. Two potential concerns CSPR is poised to provide insight into include: 1) Rapidly increasing Medicaid expenses as Colorado's population ages and 2) a pension deficit in PERA. Others have documented the budgetary issues associated with our state's aging population. However, no one has provided thoughtful options regarding revenue sources and possible budget alternatives that will continue to support job growth and expand our economy. This is a tough challenge to tackle, but with our REMI research modeling capabilities and strategic partnerships, CSPR is ready to take the lead. 635 Best Regards, Earl L Wright Common Sense Policy Roundtable Board Chairman ~ ~ ~~ -- Download CSPR's 2014 Annual Report! ~lliS @mi't!l.!lmtmmM!!> mm~ Mm®l. ®im!mti~ •@ufilb ®zlml@D~Oim. REMI Study Updates In 2014, CSPR released two major studies on the oil and gas industry and the potential impacts to our economy if large, mandatory setbacks were put in place or if the process of fracking were banned in Colorado. Since those studies were released, oil prices have fallen more than 50% and many economists are predicting that prices could be in this lower range for some time. CSPR has decided to update both studies based on the new pricing and our partners at the CU Leeds School of Business Research Division are running the models now to produce the new data. We will release updated studies in the second quarter this year. As you read this newsletter, CSPR is also finalizing a study on the impacts that current construction defects laws have on Colorado's economy and their effect on multi-family residential construction. Legislation pending before the Colorado General Assembly could help bring down the cost of condominium construction by making changes to construction defects laws. You can read the bill here: Senate Bill 15-177. Watch for the results of the study in our next newsletter. ~~ ~ ®liiliil!li1n7~ ~~ Outreach CSPR's social media presence continues to grow. In the first quarter our content reached more than 83,000 people on Facebook alone, and those impressions generated more than 400 post interactions. All of CSPR's content was also cross-posted to our website, which saw significant traffic in the first quarter. Approximately 4,500 people visited our website and we had nearly 20,000 page visits. Check out our website here: CSPR Online Like us on 635 Facebook~ J l'\:'"7.ln; Join our- ~ Mailing List: Forward this email t8iif Safuti'nsubsaib1f This email was sent to richard.wobbekind@colorado.edu by kristin@commonsensepolicyroundtable.com Update Profile/Email Address I Rapid removal with SafeUnsubscribe™ I Privacy Policy. -...~;; rru:;tedfmitlltrom'. ·>:1 * CorutmltCOn!uct" Common Sense Policy Roundtable 635 I 4950 South Yosemite Street I F2 #314 I Greenwood Village I CO I 80111 From: Sent: To: Cc: Bee: Subject: Attachments: Tim Pollard Thu 9/25/2014 5:19 PM (GMT-00:00) Brian R. Lewandowski WAKKOELBEL@aol.com; Kristin Strohm downtown office space analysis JLL article.PDF Brian, Here is the study we were referring to on the call. 636 Offic® 111'slgllt; The energy industry in Denver has been a major driver in the economic recovery for the omce market over the past eight quarters. Energy companies have historically been and continue to be attracted to high-rise Class A bu~dings in the CBD. Many companies are moving toward more open and efficient floor plans and square footage per employee is declining, as Is the ca5e with several other industries. Companies continue to ink deals, some of which are renewals and lateral relocations, however many are expansions and new deals. In addition, those businesses that support lhe industry; such as law firms and financial firms, are also growing. As employment in the energy industry itself is on the rise, companies that support the industry are subsequently creating jobs. Because of this, It is estimated that approximately one-third of Denve(s CBD Is occupied by energy firms and those firms that support the Industry. Energy companies continue to be active in the Denver marke~ comprising roughly 20.0 percent of active deals In the market and a large share of completed deals as well. In Denve~s CBD, landlords have gained leverage throughout the submarket; however larger tenants with longer lease terms are still able to receive decent tenant improvement packages and free rent. Smaller tenants are likely to receive far fewer tenant incentives than lhe larger lellants.11 is expected that rental rates will continue to rise for the foreseeable future, therefore now is a good time to reevaluate needs and renew and/or expand, tt possible and necessary. Growth in the energy sector is expected to continue wfth high demand for office space lhroughout Denver's CBD. Percentage of CBD mari •... Average suburbai footprint (s.f., energy tenants) 10,000 20.0% ~~~~r~r~~;~gi~tiye · Fidelity El!ploration .;P16t1iiiiri:J'~t\l~1:~~~ 70,000 ·• Slable ·. · .· .52;006 •t, ~ifitite • 50,000 ~ 99,999 s.I. 25,000 - 49,999 s.f. 671 25,000-49,999 s.f. Denver's industrial market Is coming back. Larger requirements are out in the market and sales activity is ramping back up. Energy companies and those that support the industry make up roughly 15 to 20 percentofoverall activity, and a good majority of the activity Is companies that support the Industry, such as manufacturers. Energy companies are concentrated largely In Weld and Adams counties, as well as in the 1-70/East and Southeast submarkets. Companies within the energy Industry tend to lean toward Class 8 flex buildings in the 15,00Q.square-foot range that have. at least 5,000 square feet of office and three to four acres of outSIOe storage. These properties are most often used as classroom and R&D spaces. Unfortunately, these types of buildings are tough to find and therefore, build·t!Hluits are often the best option in this market. Speculative construction is starting to make a comeback, however rents are not quite al a level to justify construction just yet, but they are cfimbing up each quarter and are expected to continue this way. While the office market has seen and continues to see growth within the Industry, the industrial market is in more of a holding pattern, partly due to a lack of the type of building that is required by most companies. For those companies who are already In place, now Is a good time to complete renewals, however landlords are gaining more leverage and are often only offering tenant improvement packages and free rent on five-year (or longer) deals. Compared with the office sector, the industry is not as boisterous in the Industrial sector, however it is still considered an economic driver and will become more active as additional options are explored and provided In the marketplace. 671 Average asking rent for space (01 2013) Aw~'iliihii~:a!j~r~;orb~mp(markei) · Availabllity rate (Q1 2013) ·.N.ufti~6!:1¥111~~nder ¢onstiucikin Average facility size (s.f.) .#of ol'lier-u.iier[ll!ic,h.~~ ~as.1'12 months) Average price per s.f. purchase 100,000-199,999 s.f. 50,000 - 99,999 s.f. 25,000 - 49,999 s.f. $4.80 NNN 3.0% 10.0% 7 193,400 117 $54.00 lii~!gill: Denve~s hotel sector spans 41,000 rooms in the metropolitan area. In 2012 and thus far in 2013, the market has wilnessed growth rates in line with the national avarage. The city has seen a wave of investors including hotel real estate investment trusts, who have historically been less activa In Denvar, enter the market given its stable fundamentals. With transaction volumes nearly hittlng $700 million since 2011, the city is one of the country's 10 most activa in terms of recent hotel deals. 67.0% Average occupancy rate (2012) ·· ~\l~liiiJeiji11iy}iite (W1:iJ $106.00 RevPAR (2012) $67.30 6.0% ~eviiM 9r0wtll;w12i Transaction volume {Miiiions, past 24 months) Averl'!l~·trailsiiclJon;Pnt:e·!Jllr too(n (past:24imontl\s) Number of hotel.properties I rooms under conslrUction During the past several months, the increase in h.otel demand has picked up and hotels In the market are seeing allOve-average growth in occupancy. Hotel operators are therefore expected to gain more pricing power laterthls year. $697.6 $160,000 10/1,820 On a national basis, the bulk of the new hotel supply pipeline is comprised of select-service hotels, as the majority of the large full· service hotels conceptualized during the previous market peak have opened by now. Denver marks somewhat of an exception to this rule, with the proposed 5QO..room Westin Denver International Airport on the horizon. Denver is also seeing the trend of new branded high-quality limited· service hotels under construction in the CBD. These hotels will provide more options for business travelers on a budget seeking quality accommodations in central locations without upscale hotel prices. Denver 7000 Church Boulevard, Broomfield ~Ver ,~5CXl'f'el)!I Bl'ld; Cit)' &County · 500 at · Oilnver .of De~ver The demand fundamentals in Denver point to ongoing stability; disproportionate economic activity from the energy sector could thus provide a boost to the market and push certain submarkets to outperform. Chesapeake Lodging Trust Marriott Denver City center · Resiilant\ii bin by . ; .~28 •. ~ S!l(lB\Hosp~~li!v) · · •· cMarnatt:l:liJnver•Clfy: ''centili,> ·· · · JW Marriott Cherry Creek Denver 042014 Ranch 196 Sage Hospitality lnl~n,d ~miirliian • .. , Lodging•Group DiarnondRock 2015 $119.0 $194,100 $8M .. $350,900 $72.6 $370,400 $68~ $203~000 Hospitality Fundamental Adviscir8;uP sooroas: Smith Travel Research, Lodging Econometrics, Jones Lang LaSalle 671 ?fr?i??THE ECONOMY- COLO 638 638 • Voter approved ban - • • Longmont Voter approved bans/moratoriums - Boulder - Broomfield - Fort Collins - Lafayette Statewide (anticipated) - Local Control - Setbacks • 1,500J • 2,000' • 2,640' Business Research Division • Leeds School of Business • University of Colorado Fracking-related Initiatives as of July 25, 2014 Setback • • • • • • • • • Local Control No. No. No. No. 82 85 86 87 • No. No. No. No. 117 118 119 120 • Other • • No. 115 • • • • • No. 75 No.90 No. 91 No.92 No.93 No. 103 No. 116 • • • No. 122 • Business Research Division • Leeds School of Business • University of Colorado 3585 m5 Colorado Energy Production By Source Colorado Energy Production By Source (Trillion Btu) 3,000 Colorado's Energy Rank 2,750 2,500 2,250 2,000 1,750 1,500 1,250 1,000 750 500 250 0 1980 1984 1988 1992 1996 2000 2004 2008 2012 Source: U.S. Energy Information Administration. Note: Time series through 2012. Rankings based on newest available data ranging from 2010-2014. Business Research Division • Leeds School of Business • University of Colorado Mining GDP, Employment, and Wages Share of Colorado Economy, 2013 GDP Colorado GDP Per Employee: $89,800 Mining GDP Per Employee: $384,300 Total Wages Employment Colorado Average Annual Pay: $50,860 Mining Average Annual Pay: $109,178 Source: Bureau of Economic Analysis, 2013 Nominal GDP and 2012 total employment; Bureau of Labor Statistics, 2013 QCEW. Business Research Division • Leeds School of Business • University of Colorado Management Of Companies & Enterprises Mining Information Utilities Professional &Technical Services Finance &Insurance Wholesale Trade Manufacturing Construction Government Real Estate, Rental & Leasing Transportation &Warehousing Health Care &Social Assistance Educational Services Other Services Administrative &Waste Services Arts, Entertainment &Recreation Agriculture, Forestry, Fishing, Hunting Retail Trade Accommodation &Food Services $0 $40,000 $80,000 Sources: Bureau of Labor Statistics and Colorado Department of Labor and Employment. Business Research Division • Leeds School of Business • University of Colorado $120,000 Industry Occupations National Installation Maintenance~ and Repair ,,, 6% Business and Financial Operations 5% Computer and Mathematical 2% Life Physical and Social Science 4% Legal 1% Healthcare Practitioners and Technical 2% 1% Source: Bureau of Labor Statistics, Employment by Standard Occupational Classification {SOC) code, May 2013. Business Research Division • Leeds School of Business • University of Colorado 1% 638 on at Leeds Scheoi of Bus Un?versity of Caiorado mess Busiriess Reseaith Divis 8£9 _.... OJ c: (/) :r m (/) (/) ~ m Q) ri :::r (/) 0 <' iii' 5· ::J • FD" m c... (/) (/') ("') :::r 0 0 0-., OJ c: (/) 5· m (/) (/) • c ::J Ci5' VJ ::t 0 -., (") 0 0 OJ c... 0 ~ c ~ Weld Garfield n Rio Blanco Mesa {") Lincoln Cheyenne Moffat Adams La Plata Arapahoe Washington Morgan Montezuma Dolores Jackson Kiowa Routt Gunnison Yuma Archuleta Logan Elbert Fremont Larimer Las Animas Baca Bent Delta Eagle El Paso Huerfano Jefferson Kit Carson Alamosa Boulder Broomfield Chaffee Clear Creek Conejos Costilla Crowley Custer Denver Douglas Gilpin Grand Hinsdale Lake Mineral Montrose Otero Ouray Park Phillips Pitkin Prowers Pueblo Rio Grande Saguache San Juan San Miguel Sedgwick Summit Teller § ~ C> U1 C> Q C> C> Q -_.... U1 C> C> ,!"' C> Q Q ....., ~ -0 U1 CD c::>-, c3 ;:::::;.: Cf) Oil, Barrels 70,000,000 60,000,000 50,000,000 1 40,000,000 30,000,000 20,000,000 10,000,000 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: COGCC. Business Research Division • Leeds School of Business • University of Colorado Barrels MCFs 700,000 10,000,000 9,000,000 600,000 8,000,000 500,000 7,000,000 400,000 6,000,000 5,000,000 300,000 4,000,000 200,000 1 3,000,000 2,000,000 100,000 --------- 1,000,000 0 0 Q N Q ("') Q ..:::I' Q &l'> Q • V'l V'l QJ c: 'Vi =3 co I+- 0 0 0 ..c: u (.f) V'l "O QJ ~ • c: 0 'Vi '> b ..c: 1= l'C QJ V'l "• ~ V'l V'l QJ c: 'Vi =3 co 638 The Top 5 vs. The Bottom 5 States Jobs Added in 2014 and 2015 Forecast 2015 2014 North Dakota Texas Nevada North Dakota Texas Colorado Utah Arizona Colorado Florida Alaska Mississippi Illinois Vermont Virginia Maine New Jersey NewMexico New Mexico Illinois ·1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 1 ~ 1 +------ ------ ------- ------ 0.0% 1.0% Source: Moody's Economy.com based on July 11, 2014 release. Business Research Division • Leeds School of Business • University of Colorado 2.0% 3.0% 4.0% Employment Growth Indexed Growth Index 2008=100 104 102 100 98 96 94 92 2008 2009 2010 2011 2012 Source: Bureau of Labor Statistics, CES {SA}. Business Research Division • Leeds School of Business • University of Colorado 2013 2014 Employment Growth Indexed Growth Index 2008=100 104 102 100 98 96 94 92 2008 2009 2010 2011 2012 Source: Bureau of Labor Statistics, CES (SA}. Business Research Division • Leeds School of Business • University of Colorado 2013 2014 Employment Growth Indexed Growth Index 2008=100 104 102 100 98 96 94 92 2008 2009 2010 2011 2012 Source: Bureau of Labor Statistics, CES (SA). Business Research Division • Leeds School of Business • University of Colorado 2013 2014 Regional Employment Growth and Unemployment Employment Growth Rate, July 2014 YoY Unemployment Rate July 2014 Greeley Greeley Boulder Boulder Denver-AuroraBroomfield Denver-AuroraBroomfield Fort Collins-Loveland Fort Collins-Loveland Pueblo Pueblo Grand Junction Grand Junction Colorado Springs Colorado Springs 0 1 2 3 Percentage 4 5 0 2 Source: Bureau of Labor Statistics, Current Employment Statistics. Business Research Division • Leeds School of Business • University of Colorado 4 6 Percentage 8 10 Federal Housing Finance Agency (FHFA) House Price Index Federal Housing Finance Agency Home Prices by MSA Q2 2013- Q2 2014 Federal Housing Finance Agency Home Prices by MSA CAGR Q2 2004 - Q2 2014 Denver-Aurora-Lakewood Denver-Aurora-Lakewood Boulder Boulder Fort Collins Fort Collins Greeley Greeley Colorado Springs Colorado Springs Grand Junction Grand Junction Pueblo Pueblo ·1.0 1.0 3.0 5.0 7.0 9.0 11.0 Percent -1.0 Source: Federal Housing Finance Agency, All Transactions Indexes. Business Research Division • Leeds School of Business • University of Colorado 0.0 1.0 Percent 2.0 3.0 Severance Tax Revenue Oil and Gas 12-Month Rolling Sum, in thousands $350,000 ~------------------------~ $300,000 -+-----~~"""-----------------------4 $200,000 $150,000 --!---- $100,000 $50,000 $0 2005 2006 2007 2008 2009 2010 2011 2012 Source: Colorado Department of Revenue as of June 2014. Business Research Division • Leeds School of Business • University of Colorado 2013 2014 Oil and Gas Industry Direct Employment and Wages, 2013 13,445 $1,865.9 2,669 $242.7 12,592 $1,034.6 Oil and gas pipeline and related structures construction 4,156 $276.1 Pipeline transportation 1,034 $127.2 Extraction Drilling Wells Support Activities Business Research Division • Leeds School of Business • University of Colorado 52.5 NIH 1m Wm aw .?mmw 638 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 40.5% 26.7% 17.6% 13.8% 11.7% 10.3% 9.5% 8.8% 8.4% 8.0% 7.7% 7.5% 7.3% 7.1% 7.0% 6.9% 6.9% 13.9% 13.5% 10.9% 9.7% 9.0% 8.6% 8.3% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% Business Research Division • Leeds School of Business • University of Colorado Category Total Employment Private Non-Farm Employment Output Gross Domestic Product Personal Income Real Disposable Personal Income Units Average Difference from Baseline Scenario Year Year Year Year Years Year 1-5 6-10 Jobs {Thousands) Change from Baseline Jobs (Thousands) Change from Baseline Dollars (Billions)b ChanJl...e from Baseline Dollars (Billions)b Change from Baseline Dollars (Billions)b Change from Baseline Dollars (Billions)b -68 -1.9% -62 -1.9% -13 -2.1% -8 -2.3% -5 -1.6% -4 -113 -2.8% -102 -2.9% -22 -3.1% -14 -3.4% -9 -2.7% -7 Change_J[om Baseline -1.5% -2.4% 11-15 -118 -2.8% -107 -2.9% -24 -3.0% -15 -3.2% -10 -2.7% -8 -2.4% 16-20 21-25 2015-2040a -95 -2.2% -86 -2.2% -20 -2.2% -13 -2.4% -9 -2.2% -7 -73 -1.6% -67 -1.6% -16 -1.6% -10 -1.7% -8 -1.7% -7 -93 -2.2% -84 -2.3% -19 -2.4% -12 -2.6% -8 -2.2% -7 -2.0% -1.5% -2.0% hDollars are fixed (2012) dollars. Business Research Division • Leeds School of Business • University of Colorado A statewide moratorium on hydraulic fracturing would result in economic drag on the Colorado economy. Business Research Division • Leeds School of Business • University of Colorado Mi 8 as 638 From: Sent: To: Kristin Strohm Thu 1/29/2015 11 :39 PM (GMT-00:00) Brian R. Lewandowski Cc: Bee: Subject: Re: Updated O&G Economic Impact Study Thanks Brian, I will let you know if we have any feedback. Can you bring copies to our mtg next week? On Thu, Jan 29, 2015 at 10:23 AM, Brian R.Lewandowski wrote: Mike, Torn, and Kristin- I look forward to your feedback! Thanks, Brian 639 ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 639 From: Sent: To: Cc: Kristin Strohm Tue 1/27/2015 5:52 PM (GMT-00:00) Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; Tyler W. Graham Bee: Subject: REMI Oversight Committee Meeting Confirmed REMI Oversight Committee Members, We will have an in-person meeting on Wednesday, February 4th at HAM at the Metro Denver EDC office (1445 Market St. I Denver, CO 80202). For those of you not able to attend, here is the call-in information: Call-in number: Access code: We will be discussing current studies and our priorities for 2015. Please come prepared with your organization's thoughts on these topics. Thank you, Kristin a ~ starboard Group d/Ci:J.ti.n ef/~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 640 Tiieprim.'ll';Y ~tl'pl:ISI! ofCSPRF tiolicies. CSPRP has licensirm 1.11~rmem ·1111.itb R~iional EooJJom!c i,"REMI:"). \Vhidl. allows CSPRF and C(XJnonrtic imocielil'!l<'I: (the "REMl Softww.-c"), 'I'be REMI Software allows users to que!ltions f.I~ d3'numk modeling, 1:e1n~om11c CSPRf Ml! Ii~ 1hiZ REM! &:iftwan: iocri:8!'C dynamic eooooinic walys.is fbcUSl:Xl on tbe Plt'l!:mm1"1 '11tld data pi:~ldl1ced. by the HHMI PrQgmrn will be of including local l!f!d n;-gioi1a1 clmmb<:rn of wtd the I.~ls School ("Plflrtk:ipni:ing ,,......,,,,.,,,, """"''"'""' !'fl'ld othcrwi.'ll,J 'f!w Business Rc:k."al'ch Divisioo at the I..e.cds the REJ...ii The L.'%.'ds School will ul.11izc its 1mdmt:an1 by L;.'e(Ji.; School using the REM!'. Softwa:re lJl.ll'St!Wlt d, t: :3. CSPRF't1 !ll Date: January 21, 2015 at 3: 18:02 PM MST To: Kristin Strohm Subject: RE: Mike's Qs- follow-up 644 C.R.S. 24-72-204(2)(a)(lll) Thanks, Brian NOTE: lfyou are not the intended recipient of this e-mail and any attachments ("communication"), please immediately destroy it. You may not retain or use this communication. Any such action may be unlawful. AMG National Trust Bank reserves the right to monitor and review all messages and enclosures sent to or from this e-mail address. TRADING DISCLOSURE: AMG National Trust Bank does not accept trade requests via email If you wish to place a trade, please contact your financial advisor. _A_ Starboard w_ Group dYCi&tmM~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 644 C.R.S. 24-72-204(2)(a)(lll) 647 From: "Brian R. Lewandowski" Date: January 21, 2015 at 3: 18:02 PM MST To: Kristin Strohm Subject: RE: Mike's Qs- follow-up Thanks, Brian 647 C.R.S. 24-72-204(2)(a)(lll) NOTE: If you are not the intended recipient of this e-mail and any attachments ("communication"), please immediately destroy it. You may not retain or use this communication. Any such action may be unlawful. AMG National Trust Bank reserves the right to monitor and review all messages and enclosures sent to or from this e-mail address. TRADING DISCLOSURE: AMG National Trust Bank does not accept trade requests via email If you wish to place a trade, please contact your financial advisor. 647 C.R.S. 24-72-204(2)(a)(lll) Il'lf' From: "Brian R. Lewandowski" Date: January 21, 2015 at 3: 18:02 PM MST To: Kristin Strohm ub'ect: RE: Mike's I s- follow?u 652 C.R.S. Thanka B?an 652 C.R.S. From: Kristin Strohm Sent: Wed 1/21/2015 9:09 PM (GMT-00:00) To: Brian R. Lewandowski Cc: Bee: Subject: Mike's Qs- follow-up A ~ starboard Group (;;JX;jjt~,z, ~~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 654 From: Kristin Strohm Sent: Wed 1/21/20151:15AM (GMT-00:00) To: Brian R. Lewandowski Cc: Bee: Subject: Re: Colorado Oil and Gas Update 01/20/15 Looks great. Thanks Brian. Do you want to send this updated version to the group too? Sent from my iPhone On Jan 20, 2015, at 4:30 PM, Brian R. Lewandowski wrote: Kristin- Oil and gas prices recorded a precipitous decline in 2014 that has extended into early 2015. Oil prices peaked on June 17, 2014, before declining 53.6% as of January 5, 2015. Oil price volatility doubled in the last four months of 2014 compared to the prior three years. WTI has now recorded six months of yearover-year declines, with prices falling at an increasing rate. Drilling permits and starts are up for the year, but the rig count is down in Colorado. The attached twopage brief by the Business Research Division at the Leeds School of Business provides some current industry metrics and illustrates how falling oil prices may impact employment and taxes. This report was prepared by the Business Research Division in partnership with the Common Sense Policy Roundtable, the Metro Denver Economic Development Corporation, and the Denver South Economic Development Partnership. Thanks, Brian 660 Brian Lewandowski Associate Director I Business Research Division Leeds School of Business University of Colorado Boulder Direct: (303) 492-3307 I http://leeds.colorado.edu/brd 420 UCB I Boulder, CO 80309 660 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Tue 1/20/2015 5:43 PM (GMT-00:00) Brian R. Lewandowski Tim Pollard Re: O&G Fact Sheet I didn't get any return calls or emails back! Sorry! Go ahead and do it under the consortium. Thanks Brian. Kristin On Tue, Jan 20, 2015 at 10:34 AM, Brian R. Lewandowski wrote: Kristin- What is the word on that fact sheet? Under the consortium or not? I want to share it before the data gets old. Thanks, Brian ~Starboard ~ Group dJCei&t'vn c;f/'~£.m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 662 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 662 From: Sent: To: Cc: Hannah Heavrin Wed 1/14/2015 6:19 PM (GMT-00:00) Richard Wobbekind; Brian R. Lewandowski elwright@amgnational.com; Buz Koelbel (wakkoelbel@aol.com); tscott@elloraenergyllc.com; tom.clark@metrodenver.org; pam.reichert@metrodenver.org; Keith E Maskus; trpollard@eissolutions.com; ACRoberts@amgnational.com; rhartshorn@ee3llc.com; twgraham@amgnational.com; Steve Klausing; Mike Fitzgerald; Kristin Strohm Bee: Subject: REMI Oil and Gas Evaluations - sent on behalf of Mike Fitzgerald To: Rich Wobbekind & Brian Lewandowski From: Mike Fitzgerald Re: REMI Oil and Gas Evaluations Rich and Brian, Thank you for past and current work. All your information is valuable. What we need most now 1s: Please let me know your thoughts ASAP. 663 C.R.S. 24-72-204(2)(a)(lll) Thank you, MF Cc: REMl Members Mike Fitzgerald CEO & President Denver South Economic Development Partnership 304 Inverness Way South, Suite 315 Englewood, CO 80112 (303) 531-8375 DENVrERSOUTH ECONOMIC DEVELOPMENT PARTNERSHIP 663 C.R.S. 24-72-204(2)(a)(lll) From: Sent: To: Cc: Bee: Subject: Kristin Strohm Tue 8/19/2014 10:05 PM (GMT-00:00) Brian R. Lewandowski Terry Rosson Re: REMI Invoice Thanks. I'll get the check cut. Sent from my iPhone On Aug 19, 2014, at 3:53 PM, "Brian R. Lewandowski" wrote: Kristin- I have attached the invoice for April through June 2014. Thanks, Brian Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 303.492.3307 665 April?June 2014 Invoicepdfb' 665 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Fri 10/24/2014 6:13 PM (GMT-00:00) Brian R. Lewandowski Tim Pollard Re: REMI Budget Update On Fri, Oct 24, 2014 at 1:47 PM, Brian R. Lewandowski wrote: Kristin- I will touch base next week with our progress. Thanks, Brian Lewandowski Research Associate 669 C.R.S. 24-72-204(2)(a)(lll) Business Research Division Leeds School of Business University of Colorado Boulder 303.492.3307 ~Starboard ~ Group dJ&~i.n c;f/'~J,,;n MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 669 C.R.S. 24-72-204(2)(a)(lll) From: Sent: To: Cc: Bee: Subject: Kristin Strohm Thu 8/07/2014 4:42 PM (GMT-00:00) Brian R. Lewandowski Fwd: REMI Oversight Committee Mtg What docs your schedule look Hkc that week? I think we do in-person. ---------- Forwarded message ---------From: Date: Thu, Aug 7, 2014 at 10:41 AM Subject: RE: REMI Oversight Committee Mtg To: kristin@thestarboardgroup.com Hey, Sorry but he has no availability next week. If the week of the 18th works, here is what he has: Monday, August 18th 1-S:OOpm Tuesday, August 19th ll:OOam~l:OOpm Wednesday, August 20th at 9:00am~ lO:OOam Do those work for Brian? \Ne are happy to host here. 4 Metro Denver 672 Amanda Melroy I Executive Assistant to Tom Clark amanda.melroy@metrodenver.org Direct 303.620.8034 I Main 303.620.8092 RSS I filQg I Twitter I Facebook I Linked In I Flickr I lnstagram I Pinterest IYouTube The information in this e-mail transmission, or the documents accompanying this e-mail transmission, may contain confidential information. This information is intended only for the use of the individual or entity to whom this e-mail transmission is addressed. If you have received this information in error., please notify the sender immediately by sending a reply e-mail indicating that you have arranged for the deletion of this e-mail and a destruction of this e-mail and any attached documents. From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, August 07, 2014 10:30 AM To: Melroy, Amanda Subject: REMI Oversight Committee Mtg Hi Amanda, Starting with you and Tom's calendar first! What openings does he have from the times/dates below for an in-person REMI meeting next week about our Setback Study and Fiscal Cliff Study? Also, could we do it at the Chamber? Wednesday, Aug 13- Between 2-4PM Thursday, Aug 14- Between lOAM- Noon Friday, Aug 15- SAM- lOAM Thanks! Kristin 672 A ~ starboard Group d/(;i&fv"' cf/~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com A ~ starboard Group d/(;i&{;Yn, r;f/i-.u;,J,,m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 672 From: Sent: To: Kristin Strohm Wed 8/06/2014 9:39 PM (GMT-00:00) Brian R. Lewandowski Cc: Bee: Subject: Re: Econ Impact Report - Updated Sounds good- thx! Tim found a few typos too, so C'll mark those. On Aug 6, 2014, at 3:34 PM, "Brian R. Lewandowski" wrote: Okay. From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, August 6, 2014 3:29 PM To: Brian R. Lewandowski Subject: Re: Econ Impact Report- Updated Thanks! I'm going to give it one more read through tonight then will distribute. Kristin On Aug 6, 2014, at 1:02 PM, "Brian R. Lewandowski" wrote: KristinSee attached. Thanks for your comments. Brian 676 C.R.S. 24-72-204(2)(a)(lll) From: Sent: To: Kristin Strohm Thu 10/31/2013 9:19 PM (GMT-00:00) Earl Wright; T. Scott Martin; Buz Koelbel; Tom Clark; Mike Fitzgerald; Richard Wobbekind; Keith E Maskus Brian R. Lewandowski; Jake Zambrano; Ruth Hartshorn; Diane M. Grubbs; Lorena Brauer; Hannah Heavrin; Steve Klausing; ; Pam Reichert; David L. Tarasi; Parker Calbert Cc: Bee: Subject: REMINDER: REMI Oversight Committee Conference Call Reminder- We have a call scheduled for tomorrow, Friday, November 1st at 10AM to discuss our next REMI project(s). Please let me lmow if you cannot make the call. Information is below on the call-in information. Please be prepared to discuss potential projects. Best, Kristin On Wed, Oct 23, 2013 at 8:02 AM, Kristin Strohm wrote: REMI Oversight Committee Members, The date that works best for most calendars for our next call is Friday, November 1st at 10AM. We will be discussing our next projcct(s) for Brian to start working on. The call will last approx. 30-45 minutes. Here is the call-in information: Call-in number: Access code: Thanks, Kristin & ~ Starboard Group d/C".dJ/m c;f/J;r,oJ,m. 1 MANAGING PAR.rnreR Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 678 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com A ~ starboard Group (;;t/(;e&tv"' c;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 678 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Thu 10/24/2013 2:02 PM (GMT-00:00) Richard Wobbekind Brian R. Lewandowski; pam.reichert@metrodenver.org; Cindy Dipersio Re: Amendment 66 Economic Outcomes Projected to be Neutral Over Time Agree. Sent from my iPhone On Oct 24, 2013, at 2:20 AM, Richard Wobbekind wrote: Frankly an inferior analysis and model to what we (Brian and the brd) did Sent from my Galaxy S®m -------- Original message -------From: "Brian R. Lewandowski" Date: 10/23/2013 9:38 PM (GMT-07:00) To: pam.reichert@metrodenver.org,kristin@thestarboardgroup.com Cc: Richard Wobbekind ,Cindy Dipersio ,"Brian R. Lewandowski" Subject: Amendment 66 Economic Outcomes Projected to be Neutral Over Time Kristin and PamHere is the CSU press release on Amendment 66. There is a link to the report at the end of the press release. Brian 679 For Immediate Release Wednesday, October 23, 2013 Contact for Reporters: Christiana Nelson 303.376.2613 Christiana. N elson@colostate.edu Amendment 66 Economic Outcomes Projected to be Neutral Over Time FORT COLLINS - Amendment 66 could have a neutral economic impact on the state of Colorado, according to an analysis by the Department of Economics at Colorado State University. The November 5 ballot measure would increase state income taxes to raise $950 million a year for P-12 education. Colorado's current personal income tax rate is 4.63 percent. Amendment 66 would increases the tax rate for those with an income of up to $75,000 to 5 percent and to 5.9 percent on the portion of income above $75,000 annually. An economic model developed by a research team at CSU was used to examine how Amendment 66 could affect the state economy, looking at both short- and long-run effects. "As you might expect with any proposed tax increase, there is a short-term drag on the state's economic activity," said Martin Shields, economics professor at CSU. "Our simulations, however, showed that potential productivity gains created by increased investments in our P-12 education system could, over the long-term, certainly offset any losses caused by increased tax rates." In the short-term, the study by Shields and co-author Harvey Cutler, also a CSU economics professor, found that higher personal income tax rates will decrease the amount of disposable income available to Colorado households, triggering reductions in overall spending that will contract some sectors of the economy. But there are two factors, the research found, that contribute to potentially offsetting those contractions. "Government spending on new teachers and educational equipment would have a stimulating effect on the Colorado economy," Shields said. "That's likely not enough alone to offset the impact of higher taxes, but there is also a body of evidence from other states which suggests that additional spending on education leads to increased graduation rates and better individual performance. If Colorado were to realize similar 679 increases in productivity and economic growth rates." Another key finding is that lower and middle-income households will be the largest beneficiaries in the long-term, primarily because of higher wages due to increased worker productivity. The economic analysis of Amendment 66 is available HERE. -30- 679 From: Sent: To: Kristin Strohm Wed 8/06/2014 9:29 PM (GMT-00:00) Brian R. Lewandowski Cc: Bee: Subject: Re: Econ Impact Report - Updated Thanks! C'rn going to give it one more read through tonight then will distribute. Kristin On Aug 6, 2014, at 1:02 PM, "Brian R. Lewandowski" wrote: KristinSee attached. Thanks for your comments. Brian 680 From: Sent: To: Cc: Kristin Strohm Wed 10/23/2013 2:02 PM (GMT-00:00) Earl Wright; T. Scott Martin; Buz Koelbel; Tom Clark; Mike Fitzgerald; Richard Wobbekind; Keith E Maskus Brian R. Lewandowski; Jake Zambrano; Ruth Hartshorn; Diane M. Grubbs; Lorena Brauer; Hannah Heavrin; Steve Klausing; ; Pam Reichert; David L. Tarasi Bee: Subject: Next REMI Oversight Committee Conference Call REMI Oversight Committee Members, The date that works best for most calendars for our next call is Friday, November 1st at 1OAM. We will be discussing our next project(s) for Brian to start working on. The call will last approx. 30-45 minutes. Here is the call-in information: Call-in number: Access code: Thanks, Kristin Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 681 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Fri 10/31/2014 4:05 PM (GMT-00:00) Brian R. Lewandowski Tim Pollard; Angela C. Roberts Re: Meeting with Earl and Tom Petrie Excellent! Thanks for the quick response. Kristin On Fri, Oct 31, 2014 at 10:03 AM, Brian R.Lewandowski wrote: Kristin- I can attend. Tom is speaking on a panel at our Economic Outlook Forum in December 3th that is being moderated by John Tobin. I have not met Tom, and I look forward to the meeting! Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, October 31, 2014 9:28 AM To: Brian R. Lewandowski; Tim Pollard Subject: Meeting with Earl and Tom Petrie Brian, Can you attend a meeting with Earl, Tom and Tim on Monday, Nov 17th at 1:30PM at Tom's office? 682 The address is: Petrie Partners 1700 Lincoln Street, Suite 3900 Denver, 80203 Tom analyzes energy revenue and has been involved in the energy business for a long time. Earl thought he could be helpful to discuss the severance tax issue with. Let me know. Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 682 ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 682 From: Sent: To: Cc: Bee: Subject: Richard Wobbekind Mon 10/21/2013 5:52 PM (GMT-00:00) 'Kristin Strohm' RE: Next REMI Oversight Committee Call These all work for me. No preference From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, October 21, 2013 11:47 AM To: Hannah Heavrin; ; Buz Koelbel; Diane M. Grubbs; Ruth Hartshorn; Steve Klausing; Richard Wobbekind; Keith E Maskus Cc: Brian R. Lewandowski; David L. Tarasi; Jake Zambrano Subject: Next REMI Oversight Committee call REMI Oversight Committee Members, We need to schedule a call to discuss our next study. It will last approx. 30-45min. Can you please respond back to me with a 1st and 2nd choice? Thursday, October 3 l Thursday, October 31 Friday, November 1 lPM 3:30PM lOAM Best, Kristin Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 683 683 From: Sent: To: Kristin Strohm Mon 10/21/2013 5:47 PM (GMT-00:00) Hannah Heavrin; ; Buz Koelbel; Diane M. Grubbs; Ruth Hartshorn; Steve Klausing; Richard Wobbekind; Keith E Maskus Brian R. Lewandowski; David L. Tarasi; Jake Zambrano Cc: Bee: Subject: Next REMI Oversight Committee Call REMI Oversight Committee Members, We need to schedule a call to discuss our next study. It will last approx. 30-45min. Can you please respond back to me with a 1st and 2nd choice? Thursday, October 3 l l PM Thursday, October 3 l 3:30PM Friday, November l lOAM Best, Kristin Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 684 From: Sent: To: Cc: janet.fritz@metrodenver.org Wed 10/09/2013 7:21 PM (GMT-00:00) kristin@thestarboardgroup.com; ELWright@amgnational.com; tscott@elloraenergyllc.com; WAKKOELBEL@aol.com; mike@denversouthedp.org; tom.clark@metrodenver.org; steve@denversouthedp.org; randy@denversouthedp.org; pam.reichert@metrodenver.org; Richard Wobbekind; Keith E Maskus Brian R. Lewandowski; JZambrano@eissolutions.com; DL Tarasi@amgnational.com; rhartshorn@ee311c.com; dmgrubbs@amgnational.com; Hannah@denversouthedp.org; paula.larsen@denverchamber.org Bee: Subject: RE: Final Studies & Press Release - FINAL PRESS RELEASE ATTACHED Attachments: REM! Amendment 66 Press Release 10_9 FINAL.pdf Hello REMI partners, We've collectively made a couple of minor style edits to the news release. The final version to be distributed to your constituencies is attached. Best, Janet 4 Metro Denver JANET FRITZ I DIRECTOR, MARKETING & TECHNOLOGY janet.fritz@metrodenver.org Direct 303.620.8039 I Main 303.620.8092 From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, October 09, 2013 9:31 AM To: Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Clark, Tom; Steve Klausing; Randy Hildreth; Reichert, Pam; Fritz, Janet; Richard Wobbekind; Keith Maskus Cc: Brian R. Lewandowski; Jake Zambrano; David L. Tarasi; Ruth Hartshorn; Diane M. Grubbs; Hannah Heavrin; Larsen, Paula Subject: Final Studies & Press Release All, Thank you for all your hard work the last week Attached please find the FfNAL versions of both studies and the press release. We are meeting with the Governor's team at 2PM today 687 Please let me know if you have any questions. Thanks, Kristin 687 FOR IMMEDIATE RELEASE October 9, 2013 New study shows that without substantial improvement in student performance, Amendment 66 is drag on the Colorado economy. Leeds School of Business Report Uses State-of-the-Art Dynamic Model to Determine What Impact Amendment 66 Will Have 011 Our State's Economy DENVER, Colo., October 9, 2013-Two cornprnhensive studies using a newly calibrated, dynamic economic modeling system developed by Regional Economic Models Inc. (REMI) that analyzes the ripple effects of public policy choices across the economy shows that the passage of Amendment 66 would be a drag on Colorado's economy. The studies conducted by the Business Research Division of the Leeds School of Business at University of Colorado Boulder on behalf of a newly formed partnership between the Common Sense Policy Roundtable (CSPR), the Denver South Economic Development Paiinership (Denver South EDP), and the Metro Denver Economic Development Corporation (Metro Denver EDC) provides the first major analysis using the new economic tool in Colorad\J. The partners support edncation reform, and the REM! model is a constructive tool that can be used to further the discussion among stakeholders. The first study measured the economic and fiscal impacts of Amendment 66, while the second ac.:ompanying study measured the economic impacts of improved educational performance and the impacts of alternative somces of educational fonding. Amendment 66 is a proposed statewide ballot initiative that would generate nearly $ l billion for Colorado's education system by increasing income taxes. It is the result of the passage Senaw Bill 13-213, a rework of the Public School Finance Act, which was approved by the Colorado legislature and signed into law by the governor earlier this year. The analysis shows the economic consequences associated with the tax increase. In all, if the measure passes. the economy would lose $224 million in economic activity on average over the first 5 years and $993 million from 20 l 9-2040. The report finds the two-tiered tax increase has negative implications for individual income earners, decreasing disposable personal income. The resulting decrease in consumption and savings directly impacts Colorado businesses providing those goods and services. In 1 701 isolation, this has reverberating impacts on the economy as lower demand leads to less output, lower employment, and decreased taxes compared to a baseline scenario. The report shows that the number of new government jobs would outstrip the number of private-sector job losses in the first 3 years after the tax goes into effect. Thereafter, the number of private-sector jobs lost as a result of the passage of Amendment 66 would significantly outpace the number of new government jobs created. The report shows that the tax proposal would successfully generate revenue for schools, but that those education revenue increases would come at a wider economk cost. These scenarios generate revenues from 2014-2040 ranging from an average of$849 million per year to $2.2 billion per year, but they also cause economic drag on the Colorado economy compctred to a baseline scenario, the stLtdy found. A second, accompanying study conducted by the Leeds researchers explored the wider economic implications of reduced drop rates on a range of other social and government fonctions. The study projected the reductions in incarceration rates and social assistance that would stem from reduced drop rates and other educational gains. When coupling the tax increase with the educational benefits of higher high school graduation and college matriculation rates, the impact on the Colorado economy is net neutral to slightly positive. The second study also explored various tax increase structures and showed that a progressive tax increase is the least economically damaging way to increase revenues for government programs. The studies show that it is not clear that Amendment 66 will result in education reform performance measures that are equal to the expenditure. The partnership unckrstands the need to pursue K-12 education reforms in Colorado and looks forward to continuing education reform research and working with stakeholders in the future. To see the fill! reports, please see attached. #ti fl Contacts Tom Clark, Metro Denver lWC (303) 620-8092 tom.clark@metrodenver.org Mike Htzgerald, Denver South EDP (303) 792-9447 Ext. 105 mike@denversouthedp.org Kristin Strohm, CSPR (303) 518-8970 Kristin@eon11n(lnse11sepolicyrom1dtable.com Brian Lewandowski, Leeds BRD (303) 492-3307 brian.lewandowski@colorndo.edu 2 701 From: Sent: To: Cc: Bee: Subject: Brian, 688 Tim Pollard Thu 7/31/2014 4:39 PM (GMT-00:00) Brian R. Lewandowski 'Kristin Strohm' setback study and data From: Sent: To: Cc: Bee: Subject: 689 Tim Pollard Tue 7/29/2014 5:34 AM (GMT-00:00) Brian R. Lewandowski Kristin Strohm; Tim Pollard Noble and setbacks From: Sent: To: Cc: Kristin Strohm Wed 10/09/2013 3:31 PM (GMT-00:00) Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Tom Clark; Steve Klausing; Randy Hildreth; pam.reichert@metrodenver.org; Janet Fritz; Richard Wobbekind; Keith E Maskus Brian R. Lewandowski; Jake Zambrano; David L. Tarasi; Ruth Hartshorn; Diane M. Grubbs; Hannah Heavrin; Bee: Subject: Final Studies & Press Release Attachments: image.png; ATT00001.htm; Economic Impact of Educational Benefits Final.pdf; ATT00002.htm; Economic Impact of Amendment 66 Final.pdf; ATT00003.htm; REMI Amendment 66 Press Release 10_9.pdf; ATT00004.htm All, Thank you for all your hard work the last week. Attached please find the FINAL versions of both studies and the press release. We are meeting with the Governor's team at 2PM today followed by a meeting with the opponents- Coloradans for Real Education Reform at 3: l5PM. We are planning on the release, along with both studies being sent out from Metro Denver EDC at4PM. Please let me know if you have any questions. Thanks, Kristin 690 ECONOMIC IMPACTS OF IMPROVED EDUCATIONAL PERFORMANCE AND THE IMPACTS OF ALTERNATIVE SOURCES OF EDUCATION FUNDING ON THE COLORADO ECONOMY Conducted by: Richard Wobbekind Brian Lewandowski Editor: Cindy DiPersio Student Research Assistants: Emily Zalasky, Jim Dalton, Rick Brubaker, and Ryan Thorpe Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309-0420 Telephone: 303.492.3307 leeds.colorado.edu/brd October 2013 718 Business Research Division The Business Research Division (BRO) of the Leeds School of Business at the University of Colorado Boulder has been serving Colorado since 1915. The BRO conducts economic impact studies and customized research projects that assist companies, associations, nonprofits, and government agencies with making informed business and policy decisions. Among the information offered to the public are the annual Colorado Business Economic Outlook Forumnow in its 49th year-which provides a forecast of the state's economy by sector, and the quarterly Leeds Business Confidence Index, which gauges Colorado business leaders' opinions about the national and state economies and haw their industry will perform in the upcoming quarter. The Colorado Business Review is a quarterly publication that offers decision makers industry-focused analysis and information as it relates to the Colorado economy. BRO researchers collaborate with faculty researchers on projects, and graduate and undergraduate student assistants, who provide research assistance and gain valuable hands-on experience. Visit us at: www.leeds.colorado.edu/brd Business Research Division • Leeds School of Business• University of Colorado Boulder 718 Page ii TABLE OF CONTENTS Table of Contents ...................................................................................................................................................... iii Executive Summary,, ...... ,, ....... ,., ...... ,........ ,................. ,., ........ ,....... ,, ........ ,....... ,, ...... ,., ............... ,........ , ........ ,......... ,... 1 Introduction ............................................................................................................................................................... 2 SB 13-213 Performance Metrics ................................................................................................................................ 3 Reduction in Dropouts ............ ,................. ,.............................................................. ,......... ,, ...... ,....... ,................. ,, .... 4 Increased Graduation Rates ..................................................................................................................................... 10 Increased Matriculation Rates ................................................................................................................................. 14 Net Economic Benefits ............................................................................................................................................. 16 Taxes ....................... ,....................... ,,, ............................................. , ........................ ,............................................... 17 Conclusion ................................................................................................................................................................ 20 Bibliography ....................................................... ,, .......................... ,, ............................................... ,.. ,, ................ ,,., 21 Appendix 1: Literature Review .................. ,........ ,, ....... ,.......... ,................................................... ,................. ,.... ,.. ,.. , 23 Appendix 2: State Rankings of Ratio of State and Local Taxes Collected by Source to Personal Income ............... 25 Business Research Division• Leeds School of Business• University of Colorado Boulder 718 Page iii EXECUTIVE SUMMARY This paper is the second of two parts. The first paper provided analysis quantifying the economic impacts of the new Public School Finance Act (created by 5813-213) and Amendment 66, while this paper discusses the economic impacts of improved educational performance and analyzes different funding models. Colorado Ballot Initiative 22 (Amendment 66) proposes increasing the Colorado individual income tax rate from the current 4.63% flat tax to a progressive tax of 5% for the first $75,000 earned and 5.9% for income in excess of $75,000. The corporate income tax rate under this initiative will remain at 4.63%. The proceeds of the income tax increase will generate an estimated $950 million per annum (adjusted for inflation) to be spent on pre-K-12 public education in Colorado (Senate Bill [SB] 13-213). Multiple studies have attempted to quantify the economic benefits associated with improved education and increased funding. Some of these studies summarize the results of research that has been conducted, while others are longitudinal studies that follow student success over time. Several research studies focus on general investments in education, and others explore targeted investments, such as early childhood education or investments in technology, Results are often expressed as discounted lifetime "societal" benefits. In breaking down various performance metrics, albeit greater attendance, grade-level performance on standardized tests, or lower classroom sizes, these impacts funnel to greater student achievement at the end of their pre-K-12 educational tenure as students enter the workforce or seek additional education. Using the Regional Economic Models, Inc. (REMI) Tax-Pl model, this paper was prepared to quantify the economic impacts of some of the benefits that may be attributable to improved education on the state of Colorado. The REMI model was built for Colorado and calibrated with Colorado revenues, expenditures, employment, and population. Pulling in examples of societal benefits from other studies, the research team explicitly modeled a reduction in dropout rates, leading to more high school graduates who earn higher salaries, are more productive workers, pay more taxes, command less public assistance, and have a lower presence in state prisons. This paper quantifies a breakeven point, where educational benefits and spending outstrip the costs of the tax increase. This model examines three scenarios: a lower dropout rate, a higher graduation rate, and a higher college matriculation rate. Benefits may be scaled to some extent if it is believed wages or productivity will be higher based on measurable performance achievements of nondropouts and more graduates. Benefits from either lower dropout rates or higher graduation rates are observed in increased GDP, personal income, real disposable personal income, total employment, and private nonfarm employment. The economic benefits of these changes in education are estimated to average $429$532 million in additional state GDP between 2014 and 2040 (+0.1%) when compared to the baseline scenario. Additionally, personal income increases by an average of $171-$211 million (<1%) and total employment increases by 1,600-2,000 jobs (<1%) compared to baseline. When adding the impact of higher college matriculation rates to lower dropout or higher graduation rates, the economic benefits exceed many of the economic costs associated with the increased taxes, netting an additional $139 million in GDP on average between 2014 and 2040. Last, this paper analyzes alternative taxes to fund pre-K-12 education, including a flat tax on individuals and corporations ranging from 5%-5.6%, or a one percentage point increase in the state sales tax rate (from 2.9% to 3.9%). Fram 2014-2040, these scenarios generate revenues ranging from an average of $849 million per year to $2.2 billion per year, but they also cause economic drag on the Colorado economy compared to a baseline scenario. Business Research Division • Leeds School ot Business • University of Colorado Boulder 718 Page 1 INTRODUCTION In 2013, a partnership of public and private organizations joined together to provide Colorado lawmakers, policy makers, and business leaders with greater insight into the economic impact of public policy decisions that face the state and surrounding regions. The parties involved include the Common Sense Policy Roundtable, the Metro Denver Economic Development Corporation, and the Denver South Economic Development Partnership. The Business Research Division (BRO) of the Leeds School of Business at the University of Colorado Boulder was contracted by the consortium to provide third-party, nonbiased research that objectively analyzes the economic impacts of public policy. This consortium meets quarterly to discuss pressing economic issues impacting the state. For its first public policy issue, the consortium studied the economic impacts of Senate Bill 13-213 (Public School Finance Act) and Amendment 66 on the state's economy. The consortium licensed dynamic economic models from Regional Economic Models, Inc. (REM!) to study the economic impacts of policies. For this study, the BRO research team used the single-region, 70-sector, Tax-Pl model built for Colorado and calibrated with Colorado revenues, expenditures, employment, and population. Since embarking on the project, BRO researchers studied education in Colorado and met with principle stakeholders, including superintendents of school districts and the bill sponsor, Senator Michael Johnston. These stakeholders provided insight into the potential uses of new funding and how it might benefit education. The research team also met with representatives of the business community to hear their thoughts about the possible impacts of the school finance proposal on small business, When modeling the impact of any policy change, a number of assumptions must be made. The model used for economic analysis illustrated scenarios of what could happen under the policy change, everything else held equal in the economy. Economies are inherently complex, and unanticipated shifts (e.g., technology, energy discoveries, recessions) cause the economy to grow faster or slower than anticipated. The collective wisdom shared with the research team helped shape the assumptions that are transparently presented in this report. The first paper in this two·part series analyzed the economic impacts of the tax increase proposed in Amendment 66, as well as the education spending described in SB 13-213. This paper is a continuation of the first paper, delving into the estimated economic benefits of improved education on the state of Colorado based on literature and publicly available data that could be converted into economic impacts. This report identifies a breakeven point, where educational benefits and spending outstrip the costs of the tax increase. This paper begins by reviewing the performance metrics noted in SB 13-213, then describes the publicly available secondary data that the research team used to quantify the economic benefits associated with increased educational performance. The paper concludes with an analysis of alternative taxing measures that could be deployed for pre-k-12 education. Business Research Division • Leeds School ot Business • University of Colorado Boulder 718 Page 2 SB 13-213 PERFORMANCE METRICS A review of school finance in Colorado underscores the need for a revised funding model. The State has increasingly become the m~q ,990_ '2012 dollars. Noto: When applicable, a 3% inflation rate was applied to earnings. Table illustrates the first five years of the assumptions between 2014 and 2040. Greater educational attainment results not only in higher wages for the individuals, but workers are presumably more productive, lowering the cost of production and increasing output per worker. Potential earnings increase by 38.4% when the earnings of dropouts and high school graduates are compared. However, the expected change in the number of graduates to the total baseline employment Business Research Division • Leeds School of Business • University of Colorado Boulder 718 Page 5 in Colorado increases at a rate of only 0.015% per year. The accumulation of additional graduates increases productivity linearly throughout the forecast horizon, resulting in a productivity change equal to $26.4 million in the first year and $563.7 million in 2040. TABLE 3: PRODUCTIVITY BENEFITS OF A HIGH SCHOOL DIPLOMA FROM A LOWER DROPUTOUT RATE, 2014-2018 Year Weekly Earnings Change' Additional Graduates/Baseline Employment Increased Productivity ..f'..roductivity Change x. Bas~line.Output (Millions). 2014 2015 2016 2017 0.3843 0.0001 0.0001 0,3843 0.0003 0.0001 0.3843 0.0004 0.0002 0.3843 0.0005 0.0002 2018 0.3843 0.0007 0.0003 $26A~.-J.~.!:.:Z_.}110.4 }139.8 "201.2 dollars. Table illustrates the first five years of the assumptions between 2014 and 2040. The positive impacts on social assistance are accounted for by increased earnings and productivity. The following information demonstrates the positive impact educational performance may have on social assistance expenditures. Higher income results in lower social assistance. The State of Colorado reported spending $6.4 billion ($1,233 per capita) on social assistance in 2011 and $6.7 billion ($1,318 per capita) on social assistance in 2012 (these figures are not reported by income or education). The Bureau of Labor Statistics reports average income from public assistance nationally by income cohort. For income cohorts that align with less than a high school education, public assistance, supplemental security income, and food stamps range between $475 and $1,566 per year, or an average of $1,040. Public assistance for the higher wage earners averaged $385 in 2012 for a differential of $655. Other forms of social assistance quantified average unemployment and workers' compensation between $78 and $384 per year, although the table also includes veterans' benefits. INCOME, & FOOD STAMPS BY INCOME COHORT, -2012 , TABLE_4: PUBLIC_ASSISTANCE, SUPP.----SECURITY -·-· ............ .., , , Less - .... $5,000 $5,000 to $9,999 $475 $1,566 than $io~ooo to $14,999 $1,377 ... .. "' $15,000 to $19,999 20000 To $29,999 $1,029 $753 Source: Bureau of Labor Stat1st1cs 1 Consumer Expenditure s3o;ooo $40,000 to $39,999 to $49,999 $625 "" $396 sso;oao··· to $69,999 $370 ... ... $70,000 and More $150 Smv~y. Unadjusted for inflation, 500 fewer dropouts would yield $327,500 in additional social assistance savings per year in perpetuity. Over the period 2014-2020, this is an additional $98.3 million in savings, or approximately $165.5 million when adjusted for inflation. TABLE 5: SOCIAL ASSISTANCE REDUCTION IN BENEFITS FROM A LOWER DROPOUT RATE, 2014-2018 Vear 2014 2015 2016 2017 2018 Public Assistance, Supplemental Security Income, Food Stamps' Inflation-Adjusted Public Assistance Single Year Additional Graduates Cumulative Additional Graduates Real Potential Social Assistance Differential Potential Social Assistance Differential $655 $675 500 500 $327,500 $337,325 $655 $695 500 1,000 $655,000 $694,890 $655 $716 500 1,500 $982,500 $1,073,604 $655 $737 500 2,000 $1,310,000 $1,474,417 $655 $759 500 2,500 $1,637,500 $1,898,311 c2012 dollars. Note: When vppl1cnblc, a 3% inflation r<:1te was applied to public ossistancc costs. Table illu~trates the first five years of the assumptions between 2014 and 2040. Business Research Division • Leeds School ot Business • University of Colorado Boulder 718 Page 6 Increased funding may also increase student performance, lowering the necessity of college remediation. The following excerpts are from the Colorado Department of Higher Education's 2012 Legislative Report an Remedial Education. • Forty percent (40%) of students in the Colorado high school graduating class of 2011 who enrolled in a state public college or university were either assessed as needing remediation or enrolled in a remedial course in at least one academic subject. • Of the total 9,862 students needing remediation, 7,853 were identified by way of their test scores; the additional 2,009 students were identified by way of their enrolling in a remedial • course. Sixty-six (66%) of students enrolled in institution needed remediation. a two-year college and 24% of students at a four-year • Most students required remediation in math (51%), followed by writing (31%) and reading (18%). • More than a third of students needing math remediation were assigned to the lowest level course. Most students needing remediation in reading and writing needed only a single semester of remedial help before being ready for college work. • In a Department of Higher Education publication on frequently asked questions related to remediation, the department asserts, "Students and their families bear the brunt of the costs. For 2011-12, the estimated total cost of remedial instruction is $58.4 million, with $39.3 million in student tuition and $19.1 million in state funding for the institutions providing the remedial courses. By law, two-year colleges provide most remedial courses." Without the methodology for calculating the $58A million spent on remedial instruction, the research team utilized data reported by the Department of Higher Education that show resident tuition for 30 credit hours ranges from $1,680 to $13,590. Thus, the average, unweighted 3-credit course costs $568. Business Research Division • Leeds School of Business • University of Colorado Boulder 718 Page 7 TABLE 6: COMPARISON OF RESIDENT UNDERGRADUATE TUITION RATES, FY2012-13 FY 2012-13 Estimated Cost Resident Tuition per 3-Credit Institution (30 CHRS) Course ss:os6· ·-· University of Colorado Boulder University of Colorado Colorado Springs $7,050 University of Colorado Denver $7,980 Colorado State University $6,875 $5,494 Colorado State University - Pueblo Fort Lewis College $4,800 University of Northern Colorado $5,464 Adams State University $3,816 $6,102 Colorado Mesa University Metropolitan State University of Denver $4,304 Western State Colorado University $4,627 $13,590 Colorado School of Mines Colorado Community College System $3,383 $2,021 Aims Community College Solo~adol'v'Jguritain_C()llc;!g(! _____________________ $1,680 $sa·6 $705 $798 $688 $549 $480 $546 $382 $610 $430 $463 $1,359 $338 $202 $168 Source: Tuition from the Colorado Department of Educ,1Wm, c11lcult,1tions. by BRO staff. Unadjusted for inflation, reducing the need for just one remedial course for 9,862 Colorado high school graduates entering college yields $5.6 million in savings per year. Over the period 2014-2020, this is an additional $151.2 million in savings, or approximately $234.9 million when adjusted for inflation.' This reduction is not necessarily household savings that is spent on other goods and services, but largely a transfer to another course to fulfill graduation requirements. TABLE 7: REMEDIATION REDUCTION BENEFITS FROM LOWER DROPOUT RATES, 2014-2018 Average 3-Credit Course" Inflation-Adjusted 3-Credit Course Single Year Reduction in Remediation Real Potential Remediation Differential Potential Remediation Differential $603 $621 $639 $658 9,862 9,862 9,862 9,862 $5,601,616 $5,601,616 $5,601,616 $5,601,616 $5,942,754 $6,121,037 $6,304,668 $6,493,808 '2012 dollars. Note: When applicable, a 3% inflation rate was applied to tllition_ rable illustrates the first five years of the assumptions between 2014 and 2040. $585 9,862 $5,601,616 $5,769,664 Another benefit produced by fewer student dropouts includes the reduction in incarceration rates. According to the Colorado Department of Corrections, the average cost per inmate totaled $31,440 in FY2012, down from $32,344 in 2011. Approximately 32% of inmates are categorized as having less than a high school diploma or GED. Comparatively, according to the American Community Survey, only 10.2% of Colorado's population 25 years and older have less than a high school degree. Inmates totaled 22,009 in 2012-meaning an i~stimated 7,042 did not have a high school degree or GED equivalent, or n'~arly 2% of the 25 and older population without a high school diploma. )Assumes inflation of 3%, dcspitQ rocont trend of education prkcs growing fastc~r than pricQs for ;Jll goods and services, Business Research Division • Leeds School ot Business • University of Colorado Boulder 718 Page 8 Unadjusted for inflation, reducing the number of individuals incarcerated yields $94.3 million in savings over the period 2014-2020, or approximately $158.9 million when adjusted for inflation. TABLE S:CR.11\11~ .. ff.~DUCTl()NBENE~ITSFR()flll . LOW.ER DRO()UTRATES,201.4:2018 .... Vear 2014 2015 2016 Cost per Inmate' Inflation-Adjusted 3-Credit Course Single Year Additional Graduates Cumulative Additional Graduates Single Year Reduction in Inmates Cumulative Reduction in Inmates Real Annual Corrections Differential' $31,440 $32,383 500 500 10 10 $314,400 $31,440 $33,355 500 1,000 10 20 $628,800 $31,440 $34,355 500 1,500 10 30 $943,200 _J\ni:i.~.~IS()~Eections Differe~ti~_____ $:J?3,83?._S~Ei?.,09~_$},.030,660 2017 2018 $31,440 $35,386 500 2,000 10 40 $1,257,600 $31,440 $36,448 500 2,500 10 50 $1,572,000 $1,~}.5,4~9_$~!~?~!:37~. '2012 dollars. Note: When applicable, a 3% inflation rate was applied to costs per inmate. Table illustrates the first five years of the assumptions between 2014 and 2040. This analysis assumes that positive impacts begin to accrue in year 1. Higher educational attainment is manifested in higher wages, greater worker productivity, decreases in social assistance, and reductions in incarceration rates. 3 These four combined impacts related to decreased dropout rates result in increases in employment, income, and output between 2014 and 2040 compared to baseline, with GDP increasing on average by $429.5 million (+0.1%). TABLE 9: SUMMARY OF PRODUCTIVITY GAINS, 2014-2040 1 AVERAGE CHANGE FROM BASELINE SCENARIO ""' ........ .. .. ~-·,,·~~,.,..,,......~~~- ~- ··~~'""'"" c~!:l~ry Total Employment Private Non-Farm Employment Gross Domestic Product Personal Income Real Disposable Personcil Income Population Units Thousands (Jobs) Percentage Change Years Years Years 1-5 6·10 11-15 16-20 0.0 0.0 0.0 1.1 1.8 0.0 0.0 1.7 0.0 0.0 a.4 a.o 1.4 0.0 282.9 0.1 482.7 0.1 584.9 0.1 117.6 0.0 197.2 234.8 0.0 157.3 0.0 0.0 188.4 0.0 1.0 0.0 1.1 0.0 Millions of Fixed (2012) Dollars Percentage Change 101.3 Millions of Fixed (2012) Dollars Percentage Change Millions of Fixed (2012) Dollm·s Percentage Change 41.7 Thousands Years 2014-2040 ---·----~-~-·-,.~-~-·---····~ . ··-··" 0.5 1.3 2.0 2.2 1.6 Thousands (Jobs) Percentage Change ...... Fe!~e.fl ta'!.'! ~~a17qe... 3Madeled ""''"""'"""""'""""'"""' >>'WMWm•>M>~M""'""~'"'~ Years 0.0 a.a 33.6 0.0 0.2 0.0 93.8 0.0 0.6 0.0 a.o 429.5 0.1 171.1 0.0 138.0 0.0 0.7 a.o as a change in Industry Sales/Exogenous Production without Employment, Investment, and Compensation (amount), a changu in "Wage Bill" (amount), and a Category Prison Population, All Ages, All Groups (number). Business Research Division • Leeds School ot Business • University of Colorado Boulder 718 Page 9 INCREASED GRADUATION RATES This section examines the economic impacts of increased educational performance measured by increased graduation r wrote: Kristin- Just in case you haven't started yet, here is a cleaner version. 691 C.R.S. 24-72-204(2)(a)(lll) Brian Brian Lewandowski Associate Director I Business Research Division Leeds School of Business University of Colorado Boulder Direct: (303) 492-3307 I http://Ieeds.colorudo.edu/brd 420 UCB I Boulder, CO 80309 691 C.R.S. 24-72-204(2)(a)(lll) From: Sent: To: Cc: Bee: Subject: Kristin Strohm Wed 10/09/2013 3:10 PM (GMT-00:00) Brian R. Lewandowski Richard Wobbekind Re: Economic Impact of Amendment 66 Final, Economic Impact of Educational Benefits Final Attachments: image.png; ATT00001.htm; REMI Amendment 66 Press Release 10_9.pdf; ATT00002.htm Excellent. Thanks Brian. Attached is the final press release--any last minute edits prior to distributing to the group? Kristin 693 Address: Office: I~-~J.. :~.i~!.:.C~.~·~.Jli!J:... llJJ. Cell: On Oct 9, 2013, at 9:08 AM, "Brian R. Lewandowski" wrote: KristinI have attached both final rcpo1ts. I made a fow small edits this morning. Thanks, Brian 709 Document Privileged in its Entirety 713 C.R.S. From: Sent: To: Richard Wobbekind Tue 10/08/2013 4:20 PM (GMT-00:00) 'Kristin Strohm'; Brian R. Lewandowski Cc: Bee: Subject: RE: Invoice paid Thanks From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, October 08, 2013 8:49 AM To: Richard Wobbekind; Brian R. Lewandowski Subject: Invoice paid Rich & Brian- FYI I put the check for the first invoice in the mail today. Sorry about the delay. Kristin ~Starboard ~ Group ~ht ,g9t~A- MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 694 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Tue 10/08/2013 2:48 PM (GMT-00:00) Richard Wobbekind; Brian R. Lewandowski Invoice paid Rich & Brian- FYI I put the check for the first invoice in the mail today. Sorry about the delay. Kristin ~Starboard ~ Group ~ht ,g9t~AMANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 696 Document Privileged in its Entirety 697 C.R.S. From: Sent: To: Cc: pam.reichert@metrodenver.org Mon 10/07/2013 8:06 PM (GMT-00:00) janet.fritz@metrodenver.org kristin@thestarboardgroup.com; randy@denversouthedp.org; janet.fritz@metrodenver.org; Brian R. Lewandowski; elwright@amgnational.com; tscott@elloraenergyllc.com; mike@denversouthedp.org; tom.clark@metrodenver.org; Steve@denversouthedp.org; Richard Wobbekind; Keith E Maskus; JZambrano@eissolutions.com; WAKKOELBEL@aol.com Bee: Subject: Re: Draft REM! Press Release OK Sent from my iPhone On Oct 7, 2013, at 12:33 PM, "Fritz, Janet" wrote: Pam's timeframe works for me as well (I'm in Philly at a conference). Sent from my iPhone On Oct 7, 2013, at 12:05 PM, "Reichert, Pam" wrote: I'm available starting at 3:30 this afternoon mountain time. At a conference in Las Vegas and am tied up in meetings til then Sent from my iPhonc On Oct 7, 2013, at 8:55 AM, "Kristin Strohm" wrote: REMITcam, Attached please find a first draft of a press release to go along with releasing the two studies this week. I dated it for Tuesday (tomorrow), but know we arc waiting on final versions of both studies from Brian prior to release. Randy, Pam/Janet, Brian--pcrhaps we call jump on a call this afternoon to discuss timing and release list? I am wide open Also, please send me any comments/edits to the release directly, then I can compile them for the group. 699 I am working on a l page marketing piece as well. Have we decided on next steps with the Governor/Johnston? Thanks everyone, Kristin A ~ starboard Group (;;t/(;e&tv"' c;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. 699 From: Sent: To: Cc: Richard Wobbekind Mon 10/07/2013 7:48 PM (GMT-00:00) 'tom.clark@metrodenver.org' Bee: Subject: RE: Draft REMI Press Release FYI CU is very nervous about this situation. Rich From: tom.clark@metrodenver.org [mailto:tom.clark@metrodenver.org] Sent: Monday, October 07, 2013 1:37 PM To: janet.fritz@metrodenver.org; pam.reichert@metrodenver.org Cc: kristin@thestarboardgroup.com; randy@denversouthedp.org; Brian R. Lewandowski; elwright@amgnational.com; tscott@elloraenergyllc.com; mike@denversouthedp.org; Steve@denversouthedp.org; Richard Wobbekind; Keith E Maskus; JZambrano@eissolutions.com; WAKKOELBEL@aol.com Subject: RE: Draft REMI Press Release We are working on a briefing of the Governor, his staff and Senator Johnston for Wednesday afternoon. We need to hold the press release until we meet with them. Tom Clark From: Fritz, Janet Sent: Monday, October 07, 2013 1:33 PM To: Reichert, Pam Cc: Kristin Strohm; Randy Hildreth; Fritz, Janet; Brian R. Lewandowski; Earl Wright; T. Scott Martin; Mike Fitzgerald; Clark, Tom; Steve Klausing; Richard Wobbekind; Keith Maskus; Jake Zambrano; WAKKOELBEL@aol.com Subject: Re: Draft REMI Press Release Pam's timeframe works for me as well (C'm in Philly at a conference). Sent from my iPhone On Oct 7, 2013, at 12:05 PM, "Reichert, Pam" wrote: I'm available starting at 3:30 this afternoon mountain tin1e. At a conference in Las Vegas and am tied up in meetings til then Sent from my iPhone On Oct 7, 2013, at 8:55 AM, "Kristin Strohm" wrote: REMI Team, 700 Attached please find a first draft of a press release to go along with releasing the two studies this week. I dated it for Tuesday (tomorrow), but know we are waiting on final versions of both studies from Brian prior to release. Randy, Pam/Janet, Brian--pcrhaps we call jump on a call this afternoon to discuss timing and release list? I am wide open Also, please send me any comments/edits to the release directly, then I can compile them for the group. I am working on a l page marketing piece as well. Have we decided on next steps with the Governor/Johnston? Thanks everyone, Kristin A W, starboard Group d/&Mm <;fl'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. 700 From: Sent: To: Cc: tom.clark@metrodenver.org Mon 10/07/2013 7:37 PM (GMT-00:00) janet.fritz@metrodenver.org; pam.reichert@metrodenver.org kristin@thestarboardgroup.com; randy@denversouthedp.org; Brian R. Lewandowski; elwright@amgnational.com; tscott@elloraenergyllc.com; mike@denversouthedp.org; Steve@denversouthedp.org; Richard Wobbekind; Keith E Maskus; JZambrano@eissolutions.com; WAKKOELBEL@aol.com Bee: Subject: RE: Draft REM! Press Release We are working on a briefing of the Governor, his staff and Senator Johnston for Wednesday afternoon. We need to hold the press release until we meet with them. Tom Clark From: Fritz, Janet Sent: Monday, October 07, 2013 1:33 PM To: Reichert, Pam Cc: Kristin Strohm; Randy Hildreth; Fritz, Janet; Brian R. Lewandowski; Earl Wright; T. Scott Martin; Mike Fitzgerald; Clark, Tom; Steve Klausing; Richard Wobbekind; Keith Maskus; Jake Zambrano; WAKKOELBEL@aol.com Subject: Re: Draft REMI Press Release Pam's timeframe works for me as well (I'm in Philly at a conference). Sent from my iPhone On Oct 7, 2013, at 12:05 PM, "Reichert, Pam" wrote: l'm available starting at 3:30 this afternoon mountain time. At a conference in Las Vegas and am tied up in meetings ti! then Sent from my iPhone On Oct 7, 2013, at 8:55 AM, "Kristin Strohm" wrote: REMITeam, Attached please find a first draft of a press release to go along with releasing the two studies this week. I dated it for Tuesday (tomorrow), but know we are waiting on final versions of both studies from Brian prior to release. Randy, Pam/Janet, Brian--perhaps we call jump on a call this afternoon to discuss timing and release list? I am wide open 703 Also, please send me any comments/edits to the release directly, then I can compile them for the group. I am working on a l page marketing piece as well. Have we decided on next steps with the Governor/Johnston? Thanks everyone, Kristin ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. 703 From: Kristin Strohm Sent: Wed 12/10/2014 4:41 PM (GMT-00:00) To: Brian R. Lewandowski Cc: Bee: Subject: Re: Talking today? Hey Brian- sorry I am swamped today. Let me look at other options. Kristin On Wed, Dec 10, 2014 at 7:00 AM, Brian R.Lewandowski wrote: KristinJust checking in on the two times I suggested for today. Do either work for you? Brian Sent from my iPhone A W, starboard Group d/&Mm <;fl'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 705 From: Sent: To: Cc: janet.fritz@metrodenver.org Mon 10/07/2013 7:32 PM (GMT-00:00) pam.reichert@metrodenver.org kristin@thestarboardgroup.com; randy@denversouthedp.org; janet.fritz@metrodenver.org; Brian R. Lewandowski; elwright@amgnational.com; tscott@elloraenergyllc.com; mike@denversouthedp.org; tom.clark@metrodenver.org; Steve@denversouthedp.org; Richard Wobbekind; Keith E Maskus; JZambrano@eissolutions.com; WAKKOELBEL@aol.com Bee: Subject: Re: Draft REM! Press Release Pam's timeframe works for me as well (I'm in Philly at a conference). Sent from my iPhone On Oct 7, 2013, at 12:05 PM, "Reichert, Pam" wrote: I'm available starting at 3:30 this afternoon mountain time. At a conference m Las Vegas and am tied up in meetings til then Sent from my iPhone On Oct 7, 2013, at 8:55 AM, "Kristin Strohm" wrote: REMITeam, Attached please find a first draft of a press release to go along with releasing the two studies this week. I dated it for Tuesday (tomorrow), but know we are waiting on final versions of both studies from Brian prior to release. Randy, Pam/Janet, Brian--perhaps we call jump on a call this afternoon to discuss tin1ing and release list? I am wide open Also, please send me any comments/edits to the release directly, then I can compile them for the group. I am working on a 1 page marketing piece as well. Have we decided on next steps with the Governor/Johnston? Thanks everyone, Kristin 708 ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. 708 From: kristin@commonsensepolicyroundtable.com Sent: Thu 7/03/2014 4:20 PM (GMT-00:00) To: Brian R. Lewandowski Cc: Bee: Subject: RE: [FWD: RE: Denver Rotary Speaker Confirmation - K. Strohm/July 31] Thank ya! Earl said he wants to introduce you, as he is a member. FYI. Happy 4th! Kristin -------- Original Message -------Subject: Re: [FWD: RE: Denver Rotary Speaker Confirmation - K. Strohm/July 31] From: "Brian R. Lewandowski" Date: Wed, July 02, 2014 6:38 pm To: "kristin@commonsensepolicyroundtable.com" < kristin@com monsensepolicyroundta ble.com > Yep! I'm on it! Sent from my iPhone On Jul 2, 2014, at 4:33 PM, "kristin@commonsensepolicyroundtable.com" < kristin@commonsensepolicyroundtable.com > wrote: Brian- Just checking to see if you got all of this to Denver Rotary for the 31st? Thanks, Kristin -------- Original Message -------Subject: RE: Denver Rotary Speaker Confirmation - K. Strohm/July 31 From: "Quiat, Melinda" Date: Fri, June 13, 2014 9:11 am To: "kristin@commonsensepolicyroundtable.com" < kristin@commonsensepolicyroundtable.com >, Darlene Mast Cc: James Mack , Jamie Demmitt , Brian Lewandowski Thanks Kristin! Melinda Quiat Chief Executive Officer Quiat Companies, LLC 1873 South Bellaire Street Suite 900 Denver, CO 80222 Direct: 720-723-2777 Tel: (303) 759-1000 Fax: (303) 757-8268 712 melinda@quiatcompanies.com ~ Think Before You Print This message (and any attachment) is intended only for the use of the individual entity to which it is addressed and may contain information that is privileged, confidential and exempt from disclosure under applicable law. If the reader of this message is not the intended recipient, you are notified that any dissemination, distribution, or copying of this communication or its attachments is prohibited. If you receive this message in error, please notify me. From: kristin@commonsensepolicyroundtable.com [mailto:kristin@commonsensepolicyroundtable.com] Sent: Thursday, June 12, 2014 4:10 PM To: Darlene Mast Cc: Quiat, Melinda; James Mack; Jamie Demmitt; Brian Lewandowski Subject: RE: Denver Rotary Speaker Confirmation - K. Strohm/July 31 Hi Darlene, Thank you so much for your email and the details on July 31st. It actually will not be me speaking, it will be our researcher with CU Leeds School of Business, Brian Lewandowski. Brian is copied above and will make sure to get you all the below information ASAP. Please do not hesistate to call Brian or me should you have any other questions. Thank you. Kristin Strohm CSPR 720-524-7332 -------- Original Message -------Subject: Denver Rotary Speaker Confirmation - K. Strohm/July 31 From: "Darlene Mast" Date: Wed, June 11, 2014 11: 55 am To: < kristin@commonsensepolicyroundtable.com > Cc: , "James Mack" , "Jamie Demmitt" Ms. Kristin Strohm Executive Director Commonsense Policy Roundtable 712 4950 S Yosemite Street F2 #314 Greenwood Village, CO 80111 Dear Ms. Strohm, Thank you for accepting our invitation to speak before the Rotary Club of Denver on Thursday, July 31st about the Economics of a Fracking Ban. The meeting will be held at The Denver Athletic Club, 1325 Glenarm Place, in the 4th floor Ballroom, in downtown Denver. Their phone number is 303-534-1211 in the event you need to call someone at the DAC prior to or while on site. You can also reach me that morning at , ext. 105 or on my cell phone at Our meeting attendance ranges from 130 to 150 members and guests, most of whom are company executives and civic leaders in Denver. Our Rotarian members begin arriving at 11:30 am. The luncheon meeting will begin at 11:45 am and adjourn sharply at 1:00 pm. Our Rotary business meeting begins at approximately 12:10 pm, depending on the agenda. The time allotted for your program presentation is a total of 25 minutes, beginning at 12:30 pm. Our members always enjoy some Q&A so, if possible, please try to allow 5 - 10 minutes at the end of your presentation for questions. It is important that you conclude by 12:55 pm to allow time for our Club President to formally thank you and make some final remarks before adjourning the meeting at 1:00 pm. So that we may promote your presentation to our members in our bi-weekly newsletter and website, please e-mail the following items to our Meeting Coordinator Jamie Demmitt ) at your earliest in our Rotary office (jamie@denverrotary.org / convenience, as well as copying your Rotarian Host, Melinda Quiat, at melinda@quiatcompanies.com. Together they will assist you with the arrangements for your presentation. I am always available to help as well. • • • • • Short biography-two paragraphs in length, to be used for your introduction. Actual title of your talk, along with a brief summary of your presentation and /or benefit statement as to what our members can expect to receive. Digital photo of yourself and/or any co-presenters. Names of Guest, if any. Any special audio/visual requirements, to be coordinated in advance of the meeting. Attached AV Film Release (to be signed the day of your presentation or in advance). Again, Denver Rotary is honored to have you present to our Club on July 31st. Please do not hesitate to contact any one of us should you have questions or need additional help relative to your upcoming speaking engagement. We are looking forward to your presentation. Kind Regards, Darlene Mast Executive Director THE ROTARY CLUB OF DENVER 1900 Grant Street, Suite 850 Denver, CO 80203 303-893-1919, ext. 105 Fax: 303-893-5702 www.denverrotary.org 712 712 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Mon 10/07/2013 7:13 PM (GMT-00:00) Tom Clark; Earl Wright Mike Fitzgerald; Richard Wobbekind Re: Updated REMI Part 2 Study Did we decide a phone call or in-person briefing? Arc we thinking release Wednesday as well? Thanks, Kristin On Mon, Oct 7, 2013 at 1:02 PM, wrote: We're looking for a Weds. afternoon briefing with the ChicfofStaff and Governor. Who of you can make it? Kelly and l are available. Sent from my iPhone >On Oct 7, 2013, at 12:34 PM, "Kristin Strohm" wrote: > >All- Attached please find an update version of the educational benefits paper. Please review and let me know if you have any edits/comments today before Brian marks as final. > >Thanks, Kristin > > >On Wed, Oct 2, 2013 at 10:54 AM, Kristin Strohm > wrote: > Oversight Committee Members, > >Just a reminder that we have a meeting scheduled for this Friday, October 4th from 8AM9:30AM at the Metro Denver EDC Council Room. r have attached an agenda and supporting documents for your reference. > >Look forward to seeing everyone then. > > Best, Kristin > > > > > >Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 >Office: 720-524-7332 ext I 0 I >Cell: > 303-518-8970 >Fax: 720-420-1386 > Email: kristin@thestarboardgroup.com 714 > Web: www.thestarboardgroup.com > > > > > > > > > > > > > -> [http://thcstarboardgroup.com/wp-contcnt/up loads/2013/03/S tarboard-Email-S ig-Kristin.p ng] >Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 > Office: 720-524-7332 ext l 0 l >Cell: > 303-518-8970 >Fax: 720-420-1386 >Email: kristin@thestarboardgroup.com >Web: www.thestarboardgroup.com >We've moved! Please note our new address. > ~Starboard ~ Group dYGiJtvn cf/t,,eo,h,,1n MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. 714 From: Sent: To: Kristin Strohm Fri 12/12/2014 5:05 PM (GMT-00:00) Brian R. Lewandowski Cc: Bee: Subject: Re: Talking today? Hey there. Sorry for the delay. Tim and I haven't had a chance to circle back on this. We have been preparing for our year end retreat and our focus has now shifted back to the setback study and potentially releasing it given the Task Force meetings. We arc circling back with Tom and Mike on potentially releasing the setback early January and will let you know ASAP if the group wants to do that. In the meantime, have you given thought to your annual recap report for the Oversight Comm we had discussed with Rich? I think that would be good to send end of Dec/early Jan. On Wed, Dec 10, 2014 at 1:01 PM, Brian R. Lewandowski wrote: Okay. I can clear time tomorrow, Friday, or any time next week. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, December 10, 2014 9:42 AM To: Brian R. Lewandowski Subject: Re: Talking today? Hey Brian- sorry I am swamped today. Let me look at other options. Kristin 716 On Wed, Dec 10, 2014 at 7:00 AM, Brian R.Lewandowski wrote: KristinJust checking in on the two times I suggested for today. Do either work for you? Brian Sent from my iPhone Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 716 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com 716 From: Sent: To: Cc: Bee: Subject: tom.clark@metrodenver.org Mon 10/07/2013 7:02 PM (GMT-00:00) kristin@thestarboardgroup.com; mike@denversouthedp.org; Richard Wobbekind Re: Updated REM! Part 2 Study We're looking for a Weds. afternoon briefing with the ChiefofStaff and Governor. Who of you can make it? Kelly and I are available. Sent from my iPhone >On Oct 7, 2013, at 12:34 PM, "Kristin Strohm" wrote: > >All- Attached please find an update version of the educational benefits paper. Please review and let me know if you have any edits/comments today before Brian marks as final. > > Thanks, Kristin > > >On Wed, Oct 2, 2013 at 10:54 AM, Kristin Strohm > wrote: > Oversight Committee Members, > >Just a reminder that we have a meeting scheduled for this Friday, October 4th from 8AM9:30AM at the Metro Denver EDC Council Room. I have attached an agenda and supporting documents for your reference. > >Look forward to seeing everyone then. > >Best, Kristin > > > > > > Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 > Office: 720-524-7332 ext 101 >Cell: > 303-518-8970 >Fax: 720-420-1386 > Email: laistin@thestarboardgroup.com > Web: www.thestarboardgroup.com > > > 720 > > > > > > > > > > -> [http://thestarboardgroup.com/wp-content/uploads/2013/03/Starboard-Email-Sig-Kristin.png] >Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 > Office: 720-524-7332 ext l 0 l >Cell: > 303-518-8970 >Fax: 720-420-1386 >Email: kristin@thestarboardgroup.com >Web: www.thestarboardgroup.com >We've moved! Please note our new address. > 720 From: kristin@commonsensepolicyroundtable.com Sent: Wed 7/02/201410:33 PM (GMT-00:00) To: Brian R. Lewandowski Cc: Bee: Subject: [FWD: RE: Denver Rotary Speaker Confirmation - K. Strohm/July 31] Brian- Just checking to see if you got all of this to Denver Rotary for the 31st? Thanks, Kristin -------- Original Message -------Subject: RE: Denver Rotary Speaker Confirmation - K. Strohm/July 31 From: "Quiat, Melinda" Date: Fri, June 13, 2014 9:11 am To: "kristin@commonsensepolicyroundtable.com" < kristin@commonsensepolicyroundtable.com >, Darlene Mast Cc: James Mack , Jamie Demmitt , Brian Lewandowski Thanks Kristin! Melinda Quiat Chief Executive Officer Quiat Companies, LLC 1873 South Bellaire Street Suite 900 Denver, CO 80222 Direct: 720-723-2777 Tel: (303) 759-1000 Fax: (303) 757-8268 melinda@quiatcompanies.com ~ Think Before You Print This message (and any attachment) is intended only for the use of the individual entity to which it is addressed and may contain information that is privileged, confidential and exempt from disclosure under applicable law. If the reader of this message is not the intended recipient, you are notified that any dissemination, distribution, or copying of this communication or its attachments is prohibited. If you receive this message in error, please notify me. 722 From: kristin@commonsensepolicyroundtable.com [mailto:kristin@commonsensepolicyroundtable.com] Sent: Thursday, June 12, 2014 4: 10 PM To: Darlene Mast Cc: Quiat, Melinda; James Mack; Jamie Demmitt; Brian Lewandowski Subject: RE: Denver Rotary Speaker Confirmation - K. Strohm/July 31 Hi Darlene, Thank you so much for your email and the details on July 31st. It actually will not be me speaking, it will be our researcher with CU Leeds School of Business, Brian Lewandowski. Brian is copied above and will make sure to get you all the below information ASAP. Please do not hesistate to call Brian or me should you have any other questions. Thank you. Kristin Strohm CSPR 720-524-7332 -------- Original Message -------Subject: Denver Rotary Speaker Confirmation - K. Strohm/July 31 From: "Darlene Mast" Date: Wed, June 11, 2014 11: 55 am To: < kristin@commonsensepolicyroundtable.com > Cc: , "James Mack" , "Jamie Demmitt" ~ (Q) 1c cal rr y; Club of Denver Ms. Kristin Strohm Executive Director Commonsense Policy Roundtable 4950 S Yosemite Street F2 #314 Greenwood Village, CO 80111 Dear Ms. Strohm, Thank you for accepting our invitation to speak before the Rotary Club of Denver on Thursday, July 31st about the Economics of a Fracking Ban. 722 The meeting will be held at The Denver Athletic Club, 1325 Glenarm Place, in the 4th floor Ballroom, in downtown Denver. Their phone number is 303-534-1211 in the event you need to call someone at the DAC prior to or while on site. You can also reach me that morning at ext. 105 or on my cell phone at Our meeting attendance ranges from 130 to 150 members and guests, most of whom are company executives and civic leaders in Denver. Our Rotarian members begin arriving at 11:30 am. The luncheon meeting will begin at 11:45 am and adjourn sharply at 1:00 pm. Our Rotary business meeting begins at approximately 12:10 pm, depending on the agenda. The time allotted for your program presentation is a total of 25 minutes, beginning at 12:30 pm. Our members always enjoy some Q&A so, if possible, please try to allow 5 - 10 minutes at the end of your presentation for questions. It is important that you conclude by 12:55 pm to allow time for our Club President to formally thank you and make some final remarks before adjourning the meeting at 1:00 pm. So that we may promote your presentation to our members in our bi-weekly newsletter and website, please e-mail the following items to our Meeting Coordinator Jamie Demmitt in our Rotary office (jamie@denverrotary.org / 303.893.1919, x108) at your earliest convenience, as well as copying your Rotarian Host, Melinda Quiat, at melinda@quiatcompanies.com. Together they will assist you with the arrangements for your presentation. I am always available to help as well. • • • • • Short biography-two paragraphs in length, to be used for your introduction. Actual title of your talk, along with a brief summary of your presentation and/ or benefit statement as to what our members can expect to receive. Digital photo of yourself and/or any co-presenters. Names of Guest, if any. Any special audio/visual requirements, to be coordinated in advance of the meeting. Attached AV Film Release (to be signed the day of your presentation or in advance). Again, Denver Rotary is honored to have you present to our Club on July 31st. Please do not hesitate to contact any one of us should you have questions or need additional help relative to your upcoming speaking engagement. We are looking forward to your presentation. Kind Regards, Darlene Mast Executive Director THE ROTARY CLUB OF DENVER 1900 Grant Street, Suite 850 Denver, CO 80203 303-893-1919, ext. 105 Fax: 303-893-5702 www.denverrotary.org 722 722 From: Sent: To: Cc: Kristin Strohm Mon 10/07/2013 6:34 PM (GMT-00:00) Richard Wobbekind; Keith E Maskus; Earl Wright; T. Scott Martin; Buz Koelbel; Tom Clark; Mike Fitzgerald; Pam Reichert Hannah Heavrin; Diane M. Grubbs; Ruth Hartshorn; paula.larsen@denverchamber.org; Jake Zambrano; Brian R. Lewandowski; David L. Tarasi; Steve Klausing Bee: Subject: Updated REM! Part 2 Study Attachments: Economic Impact of Educational Benefits 100713.pdf All- Attached please find an update version of the educational benefits paper. Please review and let me know if you have any edits/comments today before Brian marks as final. Thanks, Kristin On Wed, Oct 2, 2013 at 10:54 AM, Kristin Strohm wrote: Oversight Committee Members, Just a reminder that we have a meeting scheduled for this Friday, October 4th from 8AM9:30AM at the Metro Denver EDC Council Room. I have attached an agenda and supporting documents for your reference. Look forward to seeing everyone then. Best, Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 724 ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. 724 Document Privileged in its Entirety 737 C.R.S. From: Sent: To: Kristin Strohm Thu 12/18/2014 3:40 PM (GMT-00:00) Brian R. Lewandowski Cc: Bee: Subject: Re: Talking today? Brian- Want to try me on my cell later this afternoon to discuss the end of year recap report? 303-518-8970. On Mon, Dec 15, 2014 at 7:18 AM, Brian R.Lewandowski wrote: Kristin- I thought the summary was one of the agenda items for our conversation. You said you had some ideas. I am happy to start putting the summary together, but please share your thoughts. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, December 12, 2014 10:05 AM To: Brian R. Lewandowski Subject: Re: Talking today? Hey there. Sorry for the delay. Tim and I haven't had a chance to circle back on this. We have been preparing for our year end retreat and our focus has now shifted back to the setback study and potentially releasing it given the Task Force meetings. We are circling back with Tom and Mike on potentially releasing the setback early January and will let you know ASAP if the group wants to do that. 725 In the meantime, have you given thought to your annual recap report for the Oversight Comm we had discussed with Rich? l think that would be good to send end of Dec/early Jan. On Wed, Dec 10, 2014 at 1:01 PM, Brian R. Lewandowski wrote: Okay. I can clear time tomorrow, Friday, or any time next week. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, December 10, 2014 9:42 AM To: Brian R. Lewandowski Subject: Re: Talking today? Hey Brian- sorry l am swamped today. Let me look at other options. Kristin On Wed, Dec 10, 2014 at 7:00 AM, Brian R. Lewandowski wrote: KristinJust checking in on the two times l suggested for today. Do either work for you? 725 Brian Sent from my iPhone Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 725 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com _A_ Starboard w_ Group dYCi&tmM~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 725 From: Sent: To: Cc: pam.reichert@metrodenver.org Mon 10/07/2013 4:05 PM (GMT-00:00) kristin@thestarboardgroup.com randy@denversouthedp.org; janet.fritz@metrodenver.org; Brian R. Lewandowski; elwright@amgnational.com; tscott@elloraenergyllc.com; mike@denversouthedp.org; tom.clark@metrodenver.org; Steve@denversouthedp.org; Richard Wobbekind; Keith E Maskus; JZambrano@eissolutions.com; WAKKOELBEL@aol.com Bee: Subject: Re: Draft REMI Press Release I'm available starting at 3:30 this afternoon mountain time. At a conference in Las Vegas and am tied up in meetings til then Sent from my iPhone On Oct 7, 2013, at 8:55 AM, "Kristin Strohm" wrote: REMITeam, Attached please find a first draft of a press release to go along with releasing the two studies this week. I dated it for Tuesday (tomorrow), but know we are waiting on final versions of both studies from Brian prior to release. Randy, Pam/Janet, Brian--perhaps we call jump on a call this afternoon to discuss timing and release list? I am wide open Also, please send me any comments/edits to the release directly, then [can compile them for the group. I am working on al page marketing piece as well. Have we decided on next steps with the Governor/Johnston? Thanks everyone, Kristin ~Starboard ~ Group (;;;f)(;id'~n, cfli,ll().J,,m,, MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 727 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. 727 From: Sent: To: Kristin Strohm Thu 12/18/2014 6:04 PM (GMT-00:00) Brian R. Lewandowski Cc: Bee: Subject: Re: Talking today? Between 2:30 and 3:30? Sent from my iPhone On Dec 18, 2014, at 10:44 AM, Brian R. Lewandowski wrote: Sure. What time is ideal for you? From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, December 18, 2014 8:41 AM To: Brian R. Lewandowski Subject: Re: Talking today? Brian- Want to try me on my cell later this afternoon to discuss the end of year recap report? 303-518-8970. On Mon, Dec 15, 2014 at 7:18 AM, Brian R. Lewandowski wrote: Kristin- I thought the summary was one of the agenda items for our conversation. You said you had some ideas. I am happy to start putting the summary together, but please share your thoughts. 731 Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, December 12, 2014 10:05 AM To: Brian R. Lewandowski Subject: Re: Talking today? Hey there. Sorry for the delay. Tim and I haven't had a chance to circle back on this. We have been preparing for our year end retreat and our focus has now shifted back to the setback study and potentially releasing it given the Task Force meetings. We are circling back with Tom and Mike on potentially releasing the setback early January and will let you know ASAP if the group wants to do that. In the meantime, have you given thought to your annual recap report for the Oversight Comm we had discussed with Rich? I think that would be good to send end of Dec/early Jan. On Wed, Dec 10, 2014 at 1:01 PM, Brian R. Lewandowski wrote: Okay. I can clear time tomorrow, Friday, or any time next week. 731 Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, December 10, 2014 9:42 AM To: Brian R. Lewandowski Subject: Re: Talking today? Hey Brian- sorry I am swamped today. Let me look at other options. Kristin On Wed, Dec 10, 2014 at 7:00 AM, Brian R. Lewandowski wrote: KristinJust checking in on the two times I suggested for today. Do either work for you? Brian Sent from my iPhone lI Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 731 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com lI Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com lI Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 731 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com 731 From: Sent: To: Cc: Kristin Strohm Thu 10/03/2013 10:42 PM (GMT-00:00) Richard Wobbekind; Keith E Maskus; Earl Wright; T. Scott Martin; Buz Koelbel; Tom Clark; Mike Fitzgerald; Pam Reichert Hannah Heavrin; Diane M. Grubbs; Ruth Hartshorn; paula.larsen@denverchamber.org; Jake Zambrano; Brian R. Lewandowski; David L. Tarasi; Steve Klausing Bee: Subject: Re: Part 2 REM! Report Attachments: Economic Impact of Educational Benefits 100313.pdf Oversight Committee Members, Attached please find a draft of Part 2 of the report from Brian. As always, please keep this confidential. See you all at SAM tomorrow. Best, Kristin On Wed, Oct 2, 2013 at I 0:54 AM, Kristin Strohm wrote: Oversight Committee Members, Just a reminder that we have a meeting scheduled for this Friday, October 4th from 8AM9:30AM at the Metro Denver EDC Council Room. I have attached an agenda and supporting documents for your reference. Look forward to seeing everyone then. Best, Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 735 ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. 735 Document Privileged in its Entirety 748 C.R.S. From: Kristin Strohm Sent: Thu 12/18/2014 9:40 PM (GMT-00:00) To: Brian R. Lewandowski Cc: Bee: Subject: Year in Review Herc is a recap of what I had put together...... Studies1. Economic Impact ofFracing Ban 2. Economic Impact of Oil and Gas Initiatives 3. Updated 5,000 Jobs Study 4. Updated PERA infographic 5. Fracing Setback Study 6. Balanced Budget Study PresentationsClub 20 COGA Legislative Seminar Colorado Association of Commerce & lndustry (CACI) Conference of Western Attorneys General (CWAG) and the Energy Independence Coalition (EiC) Colorado Business Roundtable Colorado Outfitters Association Delta Chamber of Commerce Denver Rotary Denver South EDP First Tuesday Club Grand Junction Chamber MDEDCBoard MDEDC Colorado Energy Coalition MDEDC Tax Committee Montrose Chamber of Commerce National Association of Royalty Owners PressMedia Interviews: Colorado Public Radio Denver Post Colorado Biz Coloradoan Wyoming Business Report Natural Resources Defense Council Daniel Kavouras Links to earned media: 736 Wall Street Journal, August 15, 2014. "The Misdeeds of a Few Companies Don't Warrant Fracking Bans," http://online.wsj.com/articles/chris-faulkner-the-misdeeds-of-a-fow-companiesdont-warrant-fracking-bans-l408 l41235?cb=logged0.6305 l 06439416643 KDVR Fox 31, August 4, 2014. "Polis gives in, announces compromise with Hickenlooper on oil, gas control," http://kdvr.com/2014/08/04/polis-gives-in-will-drop-local-control-initiatives-toallow-stakeho Ider-process/ Colorado Biz, April 1, 2014. "What would an anti-fracking statewide amendment look like, Business leaders warn it could pose a threat to the entire business community," http://www.cobizmag.com/articles/what-would-an-anti-fracking-statewide-amendment-look-like Colorado Peak Politics, March 26, 2014. "Money Bomb: Dollars and Cents Study Destroys Fractivists' Initiative, http://coloradopeakpolitics.com/2014/03/26/money-bomb-dollar-andcents-study-destroys-fractivists-initiative/ Dunn, Sharon. March 27, 2014. "Study finds Weld County would lose thousands of jobs, millions in taxes if fracking banned statewide," Bakken.com, http://bakken.co ml news/ id/1215 92/study-finds-weld-county-lose-thousands-jobs-millio ns-taxesfracking-banned-statewide/ Gardner, Kyle. April 10, 2014. "Broomfield Enterprise letter to the editor: Study of impact of fracking bans falls short," Broomfield Enterprise, http://www.broomfieldenter:prise.com/broomfield-opinion/ci 25523683/broomfield-enter:priseletter-editor-study-impact-fracking-bans The Gazette. March 30, 2014. "EDITORIAL: Study finds loss of fracking would cost 68,000 good jobs," http://gazette.com/edito rial-study-finds-loss-of-fracking-would-cost-68000-goodjo bs/artic le/ l 5l7337 Gutowski, Stephen. March 28, 2014. "Study: fracking ban would cost Colorado tens of thousands of jobs and billions of dollars," The Capital City Project, http://capitolcityproject.com/study-fracking-ban-would-cost-colorado-tens-of-thousands-of-jobsand-billions-of-dollars/ Hanal, Anna. March 28, 2014. "Fracking ban would cost Colorado millions, study finds," Colorado Public Radio, www.cpr.org/news/story/frack ing-ban-would-cost-co lorado-m ill ionsstudy-finds Handy, Ryan Maye. March 28, 2014. "Study: Statewide fracking ban would be billion-dollar blow, A ban would cut 93Kjobs, billions in tax revenue, CU researchers say," Coloradoan.com http://www.coloradoan.com/article/20140326/NEWSOl/303260089/Study-Statewide-frackingban-would-billion-dollar-blow 736 Jaffe, Mark. March 26, 2014. "Worst-case scenario study: Frack ban could cost 68,000 Colorado jobs," The Denver Post, http://www.denverpost.com/business/ci 25424969/worst-case-scenariostudy-frack-ban-could-cost Lynn, Steve. April 3, 2014. "Colo. fracking ban would knife $12B from state GDP," Wyoming Business Report, http://www.wyomingbusinessreport.com/artic lc/20 l 40403/NEWS/140409985/0/PUBLICATION S24 Nemec, Richard. April, 3, 2014. "Two State Studies Tout Oil/Gas Economic Benefits," National Gas Intelligence, http://www.naturalgasintel.co mlarticlcs/97941-two-state-studies-tout-o ilgaseconomic-benefits Northern Colorado Legislative Alliance. March 24, 2014. "Economic Analysis Shows Significant Consequence of Anti-Fracking Ballot Measures, "http://ncla.biz/wpcontent/uploads/2014/04/UTD-3.30.14.pdf Richardson, Valerie. March 26, 2014. "Statewide Fracking Ban Would Cost $12 Billion, 93,000 Jobs by 2040," The Colorado Observer, http://thecoloradoobserver.com/2014/03/studystatewide-fracking-ban-would-cost-12-billio n-93000-jobs-by-2040/ Sandoval, Mark. March 28, 2014. "'Local Control' Really Means De Facto Statewide Fracking Ban, Call Reveals," The Complete Colorado, http:!/comp leteco lorado.com/pagetwo/2014/03/28/local-contro 1-really-means-de-facto-statewidefracki ng-ban-call-reveals/ Westergaard, Neil and Heather Draper. March 26, 2014. "University of Colorado study suggests major job loss from proposed fracking ban," The Denver Business Journal, http://www.bizjournals.com/denver/ news/20 14/03/26/un iversity-o f-co lo rado-study-suggestsma jor-job.html?page=all ~Starboard ~ Group dYGiJtvn cf/t,,eo,h,,1n MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 736 From: Sent: To: Cc: Earl L. Wright Thu 9/26/2013 3:43 PM (GMT-00:00) Kristin Strohm Tom Clark; Mike Fitzgerald; T. Scott Martin; WAKKOELBEL@aol.com; Richard Wobbekind; Keith E Maskus; Pam Reichert; paula.larsen@denverchamber.org; Steve Klausing; Diane M. Grubbs; Ruth Hartshorn; Jake Zambrano; Brian R. Lewandowski Bee: Subject: Re: Bell Policy Release & CEA Article All This is not an economic study. It is summary comments from other sources none of which said source or analysis for conclusions. Faux economic analysis. Sent from my iPad On Sep 26, 2013, at 5:34 PM, "Kristin Strohm" wrote: Oversight Committee Members, I wanted to make sure everyone was aware of the economic study the Bell Policy Center released Wednesday. The press release is below. In addition, I wanted to make sure you all saw Vince Carroll's op-ed in the Post on the CEA's potential lawsuit. http://www. denverpost. com/carro IV ci 2416 7406/carro ll-threat-hanging-overco lo rado s-amendment-66?IADID=Search-www. denverpost. comwww.denverpost.com Look forward to seeing everyone on October 4th. Thanks, Kristin ---------- Forwarded message ---------From: The Bell Policy Center Date: Wed, Sep 25, 2013 at 12:01 PM Subject: Research shows increasing income tax won't harm state's economy Having trouble viewing this email? Click here 740 The Bell Policy Center Expanding opportunity through research and advocacy Analysis shows increasing income tax under A66 won't harm state's economy We take pride In our work, but we can't do it without support. If you like what we do, please consider a donation. The Bell Policy Center, along with the Colorado Center on Law and Policy and the Colorado Fiscal Institute, released a report today showing that increasing the income tax will not harm Colorado's economy. Here is the release that accompanied the report. Increasing income tax won't harm Colorado's economy Raising the state income tax to support public education will not harm Colorado's economy. Facebook Changes to state taxes have little influence on business location decisions, the creation of small businesses or other economic activity, according to Increasing the Income Tax Won't Harm Colorado's Economy, an analysis released by the Bell Policy Center, the Colorado Center on Law and Policy, and the Colorado Fiscal Institute. Other factors, like how the nation is faring economically and how much consumers are spending, are far more important to the economic health of states. Twitter Join our list Contact us "An extensive body of academic research clearly shows that state tax rates have little to no effect on economic growth," said Rich Jones, director of policy and research at the Bell Policy Center. "In fact, targeted tax increases that finance better quality education strengthen the economy. Amendment 66 will help ensure we produce the type of well educated workers businesses need." The Bell ls a non-profit, non-partisan policy center. We conduct objective research and advocate policies that reflect progressive values. The study, Increasing the Income Tax Won't Harm Colorado's Economy, finds that • • Our mission is to make Colorado a state of opportunity for all. • • • _f 740 State tax levels only have a minor effect on economic growth. Businesses do not make location or relocation decisions based on state and local taxes, in part because they make up a very small portion of business costs. Businesses are far more likely to consider access to suppliers, labor costs, the quality of the workforce and the reliability of public services like schools, transportation, and public safety when making important decisions about their companies. Taxes also have a minimal effect on the creation of small businesses in a state. States that have income tax rates that rise along with income -- another feature of Amendment 66 -- actually had increasing rates of entrepreneurship, according to a nationwide study. N;:itiomil P.conomic tmnrls h;;ivP. ;;i am;:i!P.r imn;;id on Colornrlo's • economic growth than state-level tax policies. Colorado's income growth closely tracks national income growth, not changes in the state income tax. Economic growth in Colorado has fluctuated whether the highest individual tax rate was 8 percent or 4.63 percent. Colorado has very little control over the national economy. However, state policymakers have a lot of control over education, and investing in education can have widespread economic benefits for all, such as higher median wages, stronger personal income growth and increased business investments. This is one of three issue briefs outlining the economic benefits of Amendment 66. The previous issue brief (Investing in education will boost Colorado economy) showed that investments in education actually spur economic growth. The next brief will demonstrate how Amendment 66 will improve our state tax system. The Bell Policy Center 1905 Sherman St., Suite 900 Denver, Colorado 80203 303-297-0456 The Bell Policy Center I 1905 Sherman St., Suite 900 I Denver I CO I 80203 Forward email This email was sent to frank@frankmcnulty.com by joewatt@bellpolicy.org I Update Profile/Email Address I Instant removal with SafeUnsubscribe™ I Privacy Policy. NOTE: If you are not the intended recipient of this e-mail and any attachments ("communication"), please immediately destroy it. You may not retain or use this communication. Any such action may be unlawful. AMG National Trust Bank reserves the right to monitor and review alI messages and enclosures sent to or from this e-mail address. IRS CIRCULAR 230 DISCLOSURE: Any tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code or applicable state or local tax provisions or for promoting, marketing, or recommending to another party any transaction or tax-related matter addressed in 740 this communication. TRADING DISCLOSURE: AMG National Trust Bank does not accept trade requests via email If you wish to place a trade, please contact your financial advisor. ~Starboard ~ Group dJCei&t'vn c;f/'~£.m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. NOTE: If you arc not the intended recipient of this e-mail and any attachments ("communication"), please immediately destroy it. You may not retain or use this communication. Any such action may be unlawful. AMG National Trust Bank reserves the right to monitor and review all messages and enclosures sent to or from this e-mail address. IRS CIRCULAR 230 DISCLOSURE: Any tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code or applicable state or local tax provisions or for promoting, marketing, or recommending to another party any transaction or tax-related matter addressed in this communication. TRADING DISCLOSURE: AMG National Trust Bank does not accept trade requests via email lfyou wish to place a trade, please contact your financial advisor. 740 From: Sent: To: Cc: tom.clark@metrodenver.org Wed 12/31/2014 6:56 PM (GMT-00:00) kristin@thestarboardgroup.com; elwright@amgnational.com; WAKKOELBEL@aol.com; tscott@elloraenergyllc.com; Richard Wobbekind; pam.reichert@metrodenver.org; Steve@denversouthedp.org; mike@denversouthedp.org; Keith E Maskus trpollard@eissolutions.com; ACRoberts@amgnational.com; Brian R. Lewandowski; rhartshorn@ee3llc.com; Hannah@denversouthedp.org; twgraham@amgnational.com Bee: Subject: RE: REM! Setback Study From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, December 22, 2014 2:13 PM To: Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Clark, Tom; Reichert, Pam; Steve Klausing; Mike Fitzgerald; Keith Maskus Cc: Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; Tyler W. 741 C.R.S. 24-72-204(3)(a)(Xlll) Graham Subject: REMI Setback Study REMI Oversight Committee Members, Per our discussion, attached please find a draft January calendar timeline and draft press release for the Setback Study. I think it would work best if each group track changes any comments/edits then sends me back edits and l will then consolidate into one document and re-send. I would like to have the first round ofcdits no later than December 30th if possible. Thank you for your input and thoughts. Merry Christmas, Kristin _A_ Starboard w_ Group dYCi&tmM~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 741 C.R.S. 24-72-204(3)(a)(Xlll) 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardqroup.com 741 C.R.S. 24-72-204(3)(a)(Xlll) From: Sent: To: Cc: Kristin Strohm Thu 9/26/2013 3:34 PM (GMT-00:00) Tom Clark; Mike Fitzgerald; Earl Wright; T. Scott Martin; WAKKOELBEL@aol.com; Richard Wobbekind; Keith E Maskus Pam Reichert; paula.larsen@denverchamber.org; Steve Klausing; Diane M. Grubbs; Ruth Hartshorn; Jake Zambrano; Brian R. Lewandowski Bee: Subject: Bell Policy Release & CEA Article Oversight Committee Members, - I wanted to make sure everyone was aware of the economic study the Bell Policy Center released Wednesday. I n addition, I wanted to make sure you all saw Vince Carroll's op-ed in the Post on the CEA's potential lawsuit. http://www.denverpost.com/carro II/ ci 24167406/carro II-threat-hanging-over-co loradosamendment-66?IADID=Search-www.denverpost.com-www.denverpost.com Look fotward to seeing everyone on October 4th. Thanks, Kristin ---------- Forwarded message ---------From: The Bell Policy Center Date: Wed, Sep 25, 2013 at 12:01 PM Subject: Research shows increasing income tax won't harm state's economy Having trouble viewing this email? Click here The Bell Policy Center Expanding opportunity through research and advocacy 742 We take pride in our work, but we can't do it without support. If you like what we do, please consider a donation. Analysis shows increasing income tax under A66 won't harm state's economy The Bell Policy Center, along with the Colorado Center on Law and Policy and the Colorado Fiscal Institute, released a report today showing that increasing the income tax will not harm Colorado's economy. Here is the release that accompanied the report. Increasing income tax won't harm Colorado's economy Raising the state income tax to support public education will not harm Colorado's economy. Face book Twitter Join our list Contact us The Bell is a non-profit, non-partisan policy center. We conduct objective research and advocate policies that reflect progressive values. Our mission is to make Colorado a state of opportunity for all. Changes to state taxes have little influence on business location decisions, the creation of small businesses or other economic activity, according to Increasing the Income Tax Won't Harm Colorado's Economy, an analysis released by the Bell Policy Center, the Colorado Center on Law and Policy, and the Colorado Fiscal Institute. Other factors, like how the nation is faring economically and how much consumers are spending, are far more important to the economic health of states. "An extensive body of academic research clearly shows that state tax rates have little to no effect on economic growth," said Rich Jones, director of policy and research at the Bell Policy Center. "In fact, targeted tax increases that finance better quality education strengthen the economy. Amendment 66 will help ensure we produce the type of well educated workers businesses need." The study, Increasing the Income Tax Won't Harm Colorado's Economy, finds that: • • • • • • State tax levels only have a minor effect on economic growth. Businesses do not make location or relocation decisions based on state and local taxes, in part because they make up a very small portion of business costs. Businesses are far more likely to consider access to suppliers, labor costs, the quality of the workforce and the reliability of public services like schools, transportation, and public safety when making important decisions about their companies. Taxes also have a minimal effect on the creation of small businesses in a state. States that have income tax rates that rise along with income -- another feature of Amendment 66 -- actually had increasing rates of entrepreneurship, according to a nationwide study. National economic trends have a greater impact on Colorado's economic growth than state-level tax policies. Colorado's income growth closely tracks national income growth, not changes in the state income tax. Economic growth in Colorado has fluctuated whether the highest individual tax rate was 8 percent or 4.63 percent. Colorado has very little control over the national economy. However, state policymakers have a lot of control over education, and investing in education can have widespread economic benefits for all, such as higher median wages, stronger personal income growth and increased business investments. *** 742 This is one of three issue briefs outlining the economic benefits of Amendment 66. The previous issue brief (Investing in education will boost Colorado economy) showed that investments in education actually spur economic growth. The next brief will demonstrate how Amendment 66 will improve our state tax system. The Bell Policy Center 1905 Sherman St., Suite 900 Denver, Colorado 80203 303-297-0456 The Bell Policy Center I 1905 Sherman St., Suite 900 I Denver I CO I 80203 Forward email This email was sent to frank@frankmcnulty.com by joewatt@bellpolicy.org Update Profile/Email Address I Instant removal with SafeUnsubscribe™ I I Privacy Policy. NOTE: lf you are not the intended recipient of this e-mail and any attachments ("communication"), please immediately destroy it. You may not retain or use this communication. Any such action may be unlawful. AMG National Trust Bank reserves the right to monitor and review all messages and enclosures sent to or from this e-mail address. IRS ClRCULAR 230 DlSCLOSURE: Any tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code or applicable state or local tax provisions or for promoting, marketing, or recommending to another party any transaction or tax-related matter addressed in this communication. TRADlNG DlSCLOSURE: AMG National Trust Bank does not accept trade requests via email If you wish to place a trade, please contact your financial advisor. 742 ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. 742 From: Sent: To: Cc: Kristin Strohm Wed 12/31/2014 8:30 PM (GMT-00:00) ; ; ; Richard Wobbekind; ; ; ; Keith E Maskus; ; ; Brian R. Lewandowski; ; ; Bee: Subject: Re: REMI Setback Study Thanks Tom. I'll get these all incorporated and send an updated draft. Happy New Year! Kristin Sent from my iPhone On Dec 31, 2014, at 12:56 PM, wrote: 743 C.R.S. 24-72-204(3)(a)(Xlll) From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, December 22, 2014 2: 13 PM To: Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Clark, Tom; Reichert, Pam; Steve Klausing; Mike Fitzgerald; Keith Maskus Cc: Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; Tyler W. Graham Subject: REMI Setback Study REMI Oversight Committee Members, Per our discussion, attached please find a draft January calendar timeline and draft press release for the Setback Study. I think it would work best if each group track changes any comments/edits then sends me back edits and I will then consolidate into one document and re-send. I would like to have the first round of edits no later than December 30th if possible. Thank you for your input and thoughts. Merry Christmas, Kristin 743 C.R.S. 24-72-204(3)(a)(Xlll) ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 743 C.R.S. 24-72-204(3)(a)(Xlll) From: Sent: To: Cc: Kristin Strohm Thu 9/19/2013 9:29 PM (GMT-00:00) Kristin Strohm Earl Wright; T. Scott Martin; Richard Wobbekind; Keith E Maskus; Tom Clark; Mike Fitzgerald; Buz Koelbel; Brian R. Lewandowski; Jake Zambrano; Lorena Brauer; Diane M. Grubbs; Ruth Hartshorn; paula.larsen@denverchamber.org; Steve Klausing; Hannah Heavrin; pam.reichert@metrodenver.org Bee: Subject: REM! Oversight Committee Meeting Confirmed Attachments: REM! Project Request Document.pdf; REM! Project Scope Statement.pdf; Economic Impact of Amendment 66 091213.pdf OCMcmbcrs, We have confirmed our next meeting for Friday, October 4th from 8AM-9:30AM. The meeting will now be held at Metro Denver EDC--1445 Market Street, 4th Floor-Council Room, Denver, co 80202. Brian will be walking us through Part II of the study, so it is important that everyone can attend. For your reference, I have re-attached Part I would love to hear your feedback/comments. In addition, we have created a scope document to use moving forward on projects and an application form that all members are going to post on their respective websites. As always, please let me know if you have any questions. Best Regards, Kristin ~Starboard v_ Group (;[JC~l/Jz, ,~~A MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com On Sep 13, 2013, at 8:54 AM, Kristin Strohm wrote: 744 REMI Oversight Committee Members, I hope you are all staying dry and that our friends in Boulder are staying out of harm's way. Several important updates below. Meeting: Meeting scheduled for September 17th at SAM at Leeds is cancelled due to three committee members being called out of town. We are looking at either Wednesday, September 25th or Tuesday, October lst in the morning to reschedule the meeting-- please let me know ASAP if either of those dates DOES NOT work for you. Brian and I discussed this and we believe changing the meeting date will be best anyway, as he will be able to walk the entire committee through Part 2 of the Amendment 66 study in person. Draft of Part One ofAmendment 66 Study: Attached please find a draft of the entire part one report. Great job to Brian and his team on the report, it is extremely well done. Please keep this draft confidential. We arc asking for any comments or questions by Wednesday, September 18th in order to stay on track with our timeline. Please send those to either me or Brian. Thank you for all your ongoing help. Please call or email me directly should you have any questions. Best Regards, Kristin 744 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 744 REMI PROJECT REQUEST FORM Please submit project requestform directly to Kristin Strohm at kristin@commonsensepolicyroundtable.com Submitted Uy: Organization/Company N a m e : - - - - - - - - - - - - - - - Contact: Phone: Email: Address: Brief Project Description and Ob,jective: Pro,jcct Deliverables: Project Assumptions: Requested Start Date: Requested Completion Date: Received by: 763 Date: _ _ _ _ _ _ __ REMI PROJECT SCOPE STATEMENT PROJECT OBJECTIV!i: Brief statement regarding the project. ACCEPTANCE DATE Date and documented vote by the Oversight Committee, OELIVERAHLES The specific results/objectives the project will produce. TllVIELINE MILESTONES Timeline around deadlines through project completion, LIMITS AND EXCLUSIONS St~ttements about what the project will not include or produce. ASSUMPTIONS Statements about addressing uncertain infonm1tion as performing project. 766 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Wed 9/18/2013 9:35 PM (GMT-00:00) Brian R. Lewandowski Richard Wobbekind Re: Oversight Committee Meeting Open to location. Where would be easiest? Sent from my iPhone On Sep 18, 2013, at 3:26 PM, "Brian R.Lewandowski" wrote: KristinI had a major oversight - I have a presentation in Arvada that morning that I have already committed to. I am checking to see if I may move my presentation to later that morning. Either way, it looks like Rich can be there. Are we doing it at CU or somewhere in Denver? Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, September 18, 2013 3:09 PM To: Brian R. Lewandowski Cc: Richard Wobbekind Subject: Re: Oversight Committee Meeting Please pencil in Friday, October 4th from 8-lOAM. I will send an email to the entire group tomorrow as well. Kristin On Wed, Sep 18, 2013 at 10:39 AM, Brian R. Lewandowski wrote: KristinYou mentioned that October I st does not work for the committee. Rich and I both have the following availability: Afternoon (3:00ish) of October 3rd or 4th 746 Thanks, Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Co lo rado Boulder 420 UCB Boulder, CO 80309 303.492.3307 lI Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. 746 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Wed 9/18/2013 9:26 PM (GMT-00:00) Kristin Strohm Richard Wobbekind RE: Oversight Committee Meeting KristinI had a major oversight - I have a presentation in Arvada that morning that I have already committed to. I am checking to see if I may move my presentation to later that morning. Either way, it looks like Rich can be there. Are we doing it at CU or somewhere in Denver? Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, September 18, 2013 3:09 PM To: Brian R. Lewandowski Cc: Richard Wobbekind Subject: Re: Oversight Committee Meeting Please pencil in Friday, October 4th from 8-lOAM. l will send an email to the entire group tomorrow as well. Kristin On Wed, Sep 18, 2013 at 10:39 AM, Brian R. Lewandowski wrote: Kristin- You mentioned that October 1st does not work for the committee. Rich and I both have the following availability: Afternoon (3:00ish) of October 3rd or 4th 749 Thanks, Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309 303.492.3307 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. 749 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Tue 1/06/2015 4:35 PM (GMT-00:00) Brian R. Lewandowski Re: REMI Project Review Thanks Brian-I'm traveling today and tomorrow, will take a look at it Thursday. Thanks! Sent from my iPhone On Jan 5, 2015, at 4:45 PM, Brian R. Lewandowski wrote: Hi Kristin- I hope you enjoyed the holidays! Per our discussion, l have attached a summary of projects, presentations, and media coverage. I tweaked the presentations list a little bit-did you make some of the presentations in your initial list? Also, I only have the 2014 media coverage. I welcome your feedback! Brian 750 From: Kristin Strohm Sent: Wed 9/18/2013 9:09 PM (GMT-00:00) To: Brian R. Lewandowski Cc: Richard Wobbekind Bee: Subject: Re: Oversight Committee Meeting Please pencil in Friday, October 4th from 8- l OAM. I will send an email to the entire group tomorrow as well. Kristin On Wed, Sep 18, 2013 at 10:39 AM, Brian R. Lewandowski wrote: Kristin- You mentioned that October l st does not work for the committee. Rich and I both have the following availability: Morning of October 4th, 81h' or 9th Afternoon (3:00ish) of October 3"1 or4111 Thanks, Brian Lewandowski Research Associate 757 Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309 303.492.3307 ~Starboard ~ Group d/Gi:Jtvn rJ!t"'°'£>n MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com We've moved! Please note our new address. 757 From: Sent: To: Cc: Bee: Subject: Tim Pollard Thu 1/08/2015 1:03 PM (GMT-00:00) Brian R. Lewandowski Kristin Strohm; Richard Wobbekind RE: REMI Setback Study That works. Thanks. From: Brian R.Lewandowski[mailto:brian.lewandowski@Colorado.EDU] Sent: Wednesday, January 7, 2015 10:14 PM To: Tim Pollard Cc: Kristin Strohm; Richard Wobbekind Subject: RE: REMI Setback Study Tim- I will get back to you with my other edits in the morning. Thanks, Brian From: Tim Pollard [mailto:trpollard@eissolutions.com] Sent: Tuesday, January 6, 2015 7:34 AM To: Brian R. Lewandowski 759 C.R.S. 24-72-204(3)(a)(Xlll) Cc: Kristin Strohm Subject: FW: REMI Setback Study Brian, Attached is the current draft news release for the setback study and the draft infographic. Can you please review and let me know if you have any questions or suggested edits? The group is planning on releasing the study on Thursday morning. Thanks! This email has been scanned by the Symantec Email Security.cloud service. For more information please visit http://www.symanteccloud.com 759 C.R.S. 24-72-204(3)(a)(Xlll) From: Sent: To: Cc: Kristin Strohm Fri 9/13/2013 2:54 PM (GMT-00:00) Earl Wright; T. Scott Martin; Richard Wobbekind; Keith E Maskus; Tom Clark; Mike Fitzgerald; Buz Koelbel Brian R. Lewandowski; Jake Zambrano; Lorena Brauer; Diane M. Grubbs; Ruth Hartshorn; paula.larsen@denverchamber.org; Steve Klausing; Hannah Heavrin Bee: Subject: REM! Oversight Committee Meeting Cancelled & Draft Report Part 1 Attachments: Economic Impact of Amendment 66 091213.pdf REMI Oversight Committee Members, I hope you are all staying dry and that our friends in Boulder are staying out of harm's way. Several important updates below. Meeting: Meeting scheduled for September 17th at SAM at Leeds is cancelled due to three committee members being called out of town. We are looking at either Wednesday, September 25th or Tuesday, October 1st in the morning to reschedule the meeting-- please let me lmow ASAP if either of those dates DOES NOT work for you. Brian and I discussed this and we believe changing the meeting date will be best anyway, as he wilI be able to walk the entire committee through Part 2 of the Amendment 66 study in person. Draft ofPart One ofAmendment 66 Study: Attached please find a draft of the entire part one report. Great job to Brian and his team on the repo1t, it is extremely well done. Please keep this draft confidential. We are asking for any comments or questions by Wednesday, September 18th in order to stay on track with our timeline. Please send those to either me or Brian. 761 Thank you for all your ongoing help. Please call or email me directly should you have any questions. Best Regards, Kristin A ~ starboard Group ~lWt-'G5i~rt MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 761 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Fri 1/09/2015 3:19 PM (GMT-00:00) Brian R. Lewandowski Richard Wobbekind; Tim Pollard Re: REMI Project Review Brian- This is excellent and exactly what I had in mind. Do you want to send to the consortium or would you like me to send to everyone? Thanks for putting this together, I think it does a good job showing all you did. Best, Kristin On Mon, Jan 5, 2015 at 2:45 PM, Brian R. Lewandowski wrote: Hi Kristin- I hope you enjoyed the holidays! Per our discussion, I have attached a summary of projects, presentations, and media coverage. I tweaked the presentations list a little bit-did you make some of the presentations in your initial list? Also, I only have the 2014 media coverage. I welcome your feedback! Brian 762 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com 762 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Thu 9/12/2013 10:48 PM (GMT-00:00) Brian R. Lewandowski Richard Wobbekind Re: Economic Impact of Amendment 66 Draft Report Brian, this is excellent. Well done. I just have a few small typo edits. Could you so a call in the morning to go through them before distributing to the wider group? Hope you and your family are safe. Kristin Sent from my iPhone On Sep 11, 2013, at 4:59 PM, "Brian R. Lewandowski" wrote: >Kristin- > > > >I have attached the foll draft of part one of the report. I welcome questions and feedback from the group. I will mark it "final" once the group has had the opportunity to review. > > > >We are actively working on part two. > > > >Thanks, > > > >Brian > > 765 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Thu 9/12/2013 5:11 PM (GMT-00:00) Brian R. Lewandowski Richard Wobbekind Re: Economic Impact of Amendment 66 Draft Report Great, thanks Brian. Hope you all are staying safe up there today. ~ §,tJ:aJrboal'r,d ~ Group 27C.;ee6ttn ,g9;.~,z_ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com On Sep LL, 20 L3, at 4:58 PM, Brian R. Lewandowski wrote: KristinI have attached the full draft of part one of the report. I welcome questions and feedback from the group. I will mark it "final" once the group has had the opportunity to review. We are actively working on part two. Thanks, Brian 768 From: Sent: To: Cc: Kristin Strohm Thu 9/05/2013 8:29 PM (GMT-00:00) Tom Clark; T. Scott Martin; Earl Wright; Richard Wobbekind; Buz Koelbel; Keith E Maskus; Mike Fitzgerald Brian R. Lewandowski; Jake Zambrano; Diane M. Grubbs; Ruth Hartshorn; Randy Hildreth; Janet Fritz; Steve Klausing; pam.reichert@metrodenver.org; David L. Tarasi; Kelly J. Brough Bee: Subject: REMI Update Oversight Committee Members, Thank you for all your time and feedback the last two days. Below is a timeline Brian and l have discussed regarding deadlines with the current Initiative 22 study. Timeline on Initiative 22: - Mid-week of September 9th- Brian sends complete Phase 1 Study to OC - Mid/end week of September 23rd- Brian sends completed Phase 2 Study DRAFT to OC - Week of September 30th- Brian receives comments/questions/revisions from OC on Phase 2 - Week of September 30th- OC works on joint press release on Phase 1 & Phase 2 of study - Oct3/4- OC release both studies If you have other "what if' ideas or other reading materials/studies please get those to Brian no later than Monday, September 9th. Lastly, a quick reminder that our next in-person committee meeting is scheduled for Tuesday, September 17th at SAM at CU- Leeds. In preparation for the meeting please get me any agenda items you would like discussed. Brian has a potential corporate client interested in using REMI for a study that we will discuss. In addition, we will discuss time table on subsequent studies. Brian is recommending we confirm the next 2 studies so he can being the research on them while finishing Initiative 22. Please let me know ASAP if you have any concerns or questions. Thanks for all your feedback and input. Best, Kristin 773 ~Starboard v_ Group iffC~t ,G?9t-~reMANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 773 From: Sent: To: Kristin Strohm Fri 1/09/2015 8:43 PM (GMT-00:00) Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; TylerW. Graham Cc: Bee: Subject: REMI Updates Attachments: REMI Project Review 010215-2.pdf REMI Oversight Committee Members, We have had some good coverage from the release of our study found below. Also, Brian has talked with Grace Hood at KUNC, and they plan to rnn some clips later today or tomorrow morning. Colorado could lose 1,000s of jobs, billions with 2,000-foot oil & gas setback, CU-Leeds study warns,De11ver Business Joumal http://www. bizjoumals. com/den ver/blog/earth to power/20l5/01/colorado-could-lose-1-000s-of-j obs-billionsof.html CU study: 2,000-foot setbacks would decrease state GDP by $6.4 billion, Biz West http://bizwest.com/cu-study-2000-foot-setbacks-would-decrease-state-gdp-by-6-4-billion/ ln addition, Brian put together a REMl Project Review (attached) that highlights all our studies, earned media, and presentations. It is a great synopsis of all our work thus far. We will keep you all updated as we get more coverage. Best Regards, Kristin ~Starboard ~ Group dJ&~i.n c;f/'~J,,;n MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 774 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 774 REMI PROJECT REVIEW A look back at the REMI model In Colorado the Business Research Division Business Research Division Leeds School of Business University of Colorado Boulder 420 UCB Boulder, CO 80309-0420 Telephone: 303A92.3307 leeds.colorado.edu/brd January 2, 2015 BUSINESS RESEARCH DIVISION 818 OVERVIEW A partnership of public and private organizations announced in July 2013 the formation of a collaboration to provide Colorado lawmakers, policy makers, and business leaders with greater insight into the economic impact of public policy decisions that face the state and surrounding regions. The parties involved include the Common Sense Policy Roundtable, the Metro Denver Economic Development Corporation, and the Denver South Economic Development Partnership. The Business Research Division (BRO) of the Leeds School of Business at the University of Colorado Boulder was contracted by the consortium to provide third-party, non biased research that objectively analyzes the economic impacts of public policy. This consortium meets quarterly to discuss pressing economic issues impacting the state. The consortium licensed dynamic economic models from Regional Economic Models, Inc. (REMI) to study the economic impacts of policy. For this study, the BRO research team used the single-region, 70sector, Tax-Pl model built for Colorado and calibrated with Colorado revenues, expenditures, employment, and population. The BRO has conducted six studies for the consortium: 1. 2. 3. 4. 5. 6. Economic and Fiscal Impacts of Amendment 66 and the Public School Finance Act on the Colorado Economy Economic Impacts of Improved Educational Performance and the Impacts of Alternative Sources of Education Funding on the Colorado Economy Impact of Adding 5,000 Jobs in Colorado: The Employment Impact of Job Growth for Select Industries in Colorado Hydraulic Fracturing Ban: The Economic Impact of a Statewide Fracking Ban in Colorado Colorado Oil and Gas Industry: Updated Economic Assessment of Colorado Oil and Gas Ballot Initiatives in 2014 Colorado Balanced Budget Analysis: Colorado Fiscal Analysis and Balanced Budget Scenarios using the REMI Model For these studies, BRO staff has engaged in 28 meetings and 33 conference calls. Staff have made formal presentations to 21 audiences about the consortium and the studies' findings. In addition to meetings and presentations, staff regularly talks with media about project findings. A summary of presentations, press, and earned media follow. PRESENTATIONS Annual REM! Conference Coloradans for Responsible Energy Development (CRED) Colorado Association of Commerce & Industry (CACI) Colorado Business Roundtable Colorado Business Roundtable Conference of Western Attorneys General (CWAG) and the Energy Independence Coalition (EiC) Denver Rotary Denver South EDP (multiple) Governor Hickenlooper Business Research Division • Leeds School of Business• University of Colorado Boulder 818 Page 2 Littleton Rotary Club MDEDC Board (multiple) MDEDC Colorado Energy Coalition MDEDC Tax Committee The Michael Brown Show 630KHOW and 850KOA University Club (First Tuesday Club) MEDIA INTERVIEWS Colorado Public Radio Denver Post Colorado Biz Coloradoan KUNC Wyoming Business Report Natural Resources Defense Council Northern Colorado Business Report Daniel Kavouras LINKS TO EARNED MEDIA IN 2014 Wall Street Journal, August 15, 2014. "The Misdeeds of a Few Companies Don't Warrant Fracking Bans," http: II on Ii ne. wsj. com/ art ides/ ch ris-fa ulkn er th e.. misd eeds .. of.. a..few-·compa nies .. dont.. w arrant .. fracki ng~ bans-1408141235?cb=logged0.6305106439416643 KDVR Fox 31, August 4, 2014. "Polis gives in, announces compromise with Hickenlooper on oil, gas control," http://kdvr.com/2014/08/04/polis·gives·in .. will·drop .. local·control··initiatives··to··allow .. stakehold(•!f .. process/ Colorado Biz, April 1, 2014. "What would an anti-fracking statewide amendment look like, Business leaders warn it could pose a threat to the entire business community," http://www.cobizmag.com/articles/what-would-an-anti-fracking-statewide-amendrnent-look-like Colorado Peak Politics, March 26, 2014, "Money Bomb: Dollars and Cents Study Destroys Fractivists' Initiative, httg://coloradogeakpolitics.com/2014/03{26/money-,bomb-dollar-and-cents-studv-destroysfractivists-initiative/ Dunn, Sharon. March 27, 2014. "Study finds Weld County would lose thousands of jobs, millions in taxes if tracking banned statewide," Bakken.com, http://bakken.com/news(id/121592/study·finds·weldcounty-lose-thousands-jobs-rnillions-taxes-fracking-banned-statewide/ Gardner, Kyle. April 10, 2014. "Broomfield Enterprise letter to the editor: Study of impact of tracking bans falls short," Broomfield Enterprise, http://www.broomfieldenterprise.com/broomfieldopinion/ci 25523683/broomfield-enterprise.Jetter-editor .. study .. irnpact .. fracking·bans The Gazette. March 30, 2014, "EDITORIAL: Study finds loss of fracking would cost 68,000 good jobs/' http://gazette.com/editorial-studv-finds-loss-of-fracking-would-cost-68000-good-jobs/article/151733"/ Business Research Division • Leeds School ot Business• University of Colorado Boulder 818 Page 3 Gutowski, Stephen. March 28, 2014. "Study: fracking ban would cost Colorado tens of thousands of jobs and billions of dollars," The Capital City Project, ht!IQl£iJJ2l!2!IL\YQ£Qj~c.t&QIJ'.ll§t\!sJY:frn~JsJng::QilD.:Yll~21li.9.: cost-co Iom do-tens-of-tho usa nds-of-j obs-and-bi 11 io ns-of-dol Iars/ Hana!, Anna. March 28, 2014. "Fracking ban would cost Colorado millions, study finds," Colorado Public Radio, 1~.J!\!JOC&t!L9.tEfngJ!\!2J'.~t9.rYLfr.aL~i!lJ5.:P11n:~QlJld:.~~L'il::<:c9l<2rJJsJ.\l.:mLUL\lm:§:!JLQ:t.:fin.Q,1 Handy, Ryan Maye. March 28, 2014. "Study: Statewide fracking ban would be billion-dollar blow, A ban would cut 93K jobs, billions in tax revenue, CU researchers say," Coloradoan.com htt,,11.:LL'.liYJ!!'.l~U;Q]Qrad.2;an.col1)j!J.r.tL~.lPl4Q32§/!;!EW2QU1Q32.§Q.Q.Et~/,.;itud:t.:,5tatewid.e.:f1£J£~~...: would-billion-dollar-blow Jaffe, Marl<. March 26, 2014. "Worst-case scenario study: Frack ban could cost 68,000 Colorado jobs," The Denver Post, http:ljwww.denverpost.com/business/ci 2.5424969/worst-case-scenario-study-frnck- !?3l.tl::fQYl\l:fQg Lynn, Steve. April 3, 2014. "Colo. fracking ban would knife $12B from state GDP," Wyoming Business Report, titt.J?.:Li.1.~LY\1111U!t~l9.ffiitiE.9.\J.~Lr1g~l'!.QQQI!&Q1'.l1l9J~i£!!?L'.?.QH.Q.'.!Q21!:!£W~L1.'.l.9..4Q~2§.~Q/E.!d§.~l~AI!Ql'i?.G3. Nemec, Richard. April, 3, 2014. "Two State Studies Tout Oil/Gas Economic Benefits," National Gas Intel Iigen ce, bnP..JlV![_WW. n_@j:u ralg wrote: Kristin- I shared this with Mike yesterday. Consider this a confidential draft. What do you think about this coming from the consortium? Just a thought. I am available to discuss. Thanks, Brian 782 From: Sent: To: Cc: Kristin Strohm Thu 1/15/2015 9:16 PM (GMT-00:00) Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; TylerW. Graham Bee: Subject: Re: REMI Updates Attachments: Colorado Oil and Gas Update 011315 v1 .docx AllPer Mike's email and suggestion, Brian put together the attached Colorado Oil and Gas Update. I think it has some great information. Please let me/Brian know if you have any other thoughts/comments. Brian can then finalize and make sure all of your organization's have it as a resource to distribute to members. Best, Kristin On Fri, Jan 9, 2015 at 1:43 PM, Kristin Strohm wrote: REMI Oversight Committee Members, We have had some good coverage from the release ofour study found below. Also, Brian has talked with Grace Hood at KUNC, and they plan to rnn some clips later today or tomorrow morning. Colorado could lose 1,000s of jobs, billions with 2,000-foot oil & gas setback, CU-Leeds study warns,Denver Business Journal http://www.bizjoumals.com/denver/blog/earth to power/2015/0 l/colorado-could-lose-1-000s-of-jobs-billionsof.html CU study: 2,000-foot setbacks would decrease state GDP by $6.4 billion, Bi':, West http://bizwest.com/cu-study-2000-foot-setbacks-would-decrease-state-gdp-by-6-4-billion/ In addition, Brian put together a REMI Project Review (attached) that highlights all our studies, earned media, and presentations. It is a great synopsis of all our work thus far. 787 We will keep you all updated as we get more coverage. Best Regards, Kristin ~Starboard ~ Group dJCei&t'vn c;f/'~£.m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group dJCei&t'v& c;fl'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 787 Document Privileged in its Entirety 799 C.R.S. From: Sent: To: Kristin Strohm Thu 1/15/2015 10:23 PM (GMT-00:00) Brian R. Lewandowski Cc: Bee: Subject: Re: REMI Updates Gotcha. Thanks. On Thu, Jan 15, 2015 at 3:22 PM, Brian R. Lewandowski wrote: Kristin- Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, January 15, 2015 2:17 PM To: Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Cc: Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; Tyler W. Graham Subject: Re: REMI Updates All- Per Mike's email and suggestion, Brian put together the attached Colorado Oil and Gas Update. l think it has some great information. Please let me/Brian know if you have any other thoughts/comments. 792 Brian can then finalize and make sure all of your organization's have it as a resource to distribute to members. Best, Kristin On Fri, Jan 9, 2015 at 1:43 PM, Kristin Strohm wrote: REMI Oversight Committee Members, We have had some good coverage from the release ofour study found below. Also, Brian has talked with Grace Hood at KUNC, and they plan to run some clips later today or tomorrow morning. Colorado could lose 1,000s of jobs, billions with 2,000-foot oil & gas setback, CU-Leeds study warns,De11ver Business Journal http://www.bizjoumals.com/dc.nvcr/blog/carth to powcr/20 l 5/0 l/colorado-could-losc-1-000s-of-j obs-billionsof. h tm 1 CU study: 2,000-foot setbacks would decrease state GDP by $6.4 billion, Bi'<, West http://bizwest.com/cu-study-2000-foot-setbacks-would-decrease-state-gdp-by-6-4-billion/ In addition, Brian put together a REMI Project Review (attached) that highlights all our studies, earned media, and presentations. lt is a great synopsis of all our work thus far. We will keep you all updated as we get more coverage. Best Regards, 792 Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 792 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com _A_ Starboard ' wrote: We are tentatively in room 5125, which is a lecture room. It isn't ideal, but the building is booked that day. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, October 14, 2014 8:31 AM To: Brian R. Lewandowski Subject: Meeting Location? Do we have a specific room we arc meeting in on Thursday? thanks! Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 801 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com A ~ starboard Group (;;t/(;e&tv"' c;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 801 From: Sent: To: Cc: Kristin Strohm Fri 8/08/2014 4:55 PM (GMT-00:00) Tom Clark; Pam Reichert; Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Richard Wobbekind; Keith E Maskus Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org; Courtney Steinford Bee: Subject: Re: REMI Oversight Committee Meeting Apologies--Tuesday the 19th. On Fri, Aug 8, 2014 at 10:51 AM, Kristin Strohm wrote: RE Ml Oversight Committee Members, We will be having an in-person meeting on Tuesday, August 18th from llAM- Noon at the Metro Denver EDC office: 1445 Market St, Denver, CO. We will also have a call-in for those not able to join. Here is the call-in information: Call-in number: Access code: Brian has been hard at work on the setback study and has a draft he would like to go through with us. In addition, we need to discuss the budget study. Hope you have a great weekend. Kristin ~Starboard ~ Group d/Gi:J.tvn rJ/t.u;,Jni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 802 ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 802 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Thu 9/18/2014 3:55 PM (GMT-00:00) Kristin Strohm Richard Wobbekind RE: Meeting w Rich et all KristinI can do the morning of the 15th or the 15th. I have something at 11:00 both days, so we could meet at 10:00 or prior. If need be, I think we could do a conference call, too. Rich - what is your availability? Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 9:45 AM To: Brian R. Lewandowski Subject: Meeting w Rich et all Looking ahead at calendars. Does either of the below work for you and Rich to talk invo icing/contract/2015? Wednesday, Oct 15: Morning is wide open Thursday, Oct 16: Morning is available lOam ~Starboard ~ Group d/Cia.tm c.flt."°'kn MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 803 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Thu 9/18/2014 6:57 PM (GMT-00:00) Brian R. Lewandowski Richard Wobbekind Re: Meeting w Rich et all Rich- let me know what might work best for you too. Thanks! Kristin Sent from my iPhone On Sep 18, 2014, at 9:55 AM, "Brian R. Lewandowski" wrote: KristinI can do the morning of the 15 1h or the 161h. I have something at 11:00 both days, so we could meet at 10:00 or prior. If need be, I think we could do a conference call, too. Rich - what is your availability? Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 9:45 AM To: Brian R. Lewandowski Subject: Meeting w Rich et all Looking ahead at calendars. Does either of the below work for you and Rich to talk invoicing/contract/2015? Wednesday, Oct 15: Morning is wide open Thursday, Oct 16: Morning is available 1Oam ~Starboard ~ Group d/C;eid"vn r;f/i-.u;,J,,m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com 806 Web: 806 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Thu 9/18/2014 7:16 PM (GMT-00:00) Richard Wobbekind Brian R. Lewandowski Re: Meeting w Rich et all Yes, in Boulder. lOam on 16th? Sent from my iPhone On Sep 18, 2014, at 1:10 PM, Richard Wobbekind wrote: I have a 10:30 on the 15th and an 11 on the 16th. Are we talking about here? Denver would be difficult those days From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 12:57 PM To: Brian R. Lewandowski Cc: Richard Wobbekind Subject: Re: Meeting w Rich et all Rich- let me know what might work best for you too. Thanks! Kristin Sent from my iPhone On Sep 18, 2014, at 9:55 AM, "Brian R. Lewandowski" wrote: KristinI can do the morning of the 151h or the 16th. I have something at 11:00 both days, so we could meet at 10:00 or prior. If need be, I think we could do a conference call, too. Rich - what is your availability? Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 9:45 AM To: Brian R. Lewandowski Subject: Meeting w Rich et all 812 Looking ahead at calendars. Does either of the below work for you and Rich to talk invoicing/contract/2015? Wednesday, Oct 15: Morning is wide open Thursday, Oct 16: Morning is available l Oam A ~ starboard Group (;;t/(;e&tv"' c;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 812 From: Sent: To: Cc: Kristin Strohm Thu 1/15/2015 9:16 PM (GMT-00:00) Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; TylerW. Graham Bee: Subject: Re: REMI Updates Attachments: Colorado Oil and Gas Update 011315 v1 .docx AllPer Mike's email and suggestion, Brian put together the attached Colorado Oil and Gas Update. I think it has some great information. Please let me/Brian know if you have any other thoughts/comments. Brian can then finalize and make sure all of your organization's have it as a resource to distribute to members. Best, Kristin On Fri, Jan 9, 2015 at 1:43 PM, Kristin Strohm wrote: REMI Oversight Committee Members, We have had some good coverage from the release ofour study found below. Also, Brian has talked with Grace Hood at KUNC, and they plan to rnn some clips later today or tomorrow morning. Colorado could lose 1,000s of jobs, billions with 2,000-foot oil & gas setback, CU-Leeds study warns,Denver Business Journal http://www.bizjoumals.com/denver/blog/earth to power/2015/0 l/colorado-could-lose-1-000s-of-jobs-billionsof.html CU study: 2,000-foot setbacks would decrease state GDP by $6.4 billion, Bi':, West http://bizwest.com/cu-study-2000-foot-setbacks-would-decrease-state-gdp-by-6-4-billion/ In addition, Brian put together a REMI Project Review (attached) that highlights all our studies, earned media, and presentations. It is a great synopsis of all our work thus far. 815 We will keep you all updated as we get more coverage. Best Regards, Kristin ~Starboard ~ Group dJCei&t'vn c;f/'~£.m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group dJCei&t'v& c;fl'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 815 Document Privileged in its Entirety 827 C.R.S. From: Sent: To: Cc: Bee: Subject: Kristin Strohm Thu 9/18/2014 7:33 PM (GMT-00:00) Richard Wobbekind Brian R. Lewandowski Re: Meeting w Rich et all I'm sure it is. Thanks much! Sent from my iPhone On Sep 18, 2014, at 1:31 PM, Richard Wobbekind wrote: I am good from 10-10:50 which hopefully is sufficient. From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 1:16 PM To: Richard Wobbekind Cc: Brian R. Lewandowski Subject: Re: Meeting w Rich et all Yes, in Boulder. 1Oam on 16th? Sent from my iPhone On Sep 18, 2014, at 1:10 PM, Richard Wobbekind wrote: I have a 10:30 on the 15th and an 11 on the 161h. Are we talking about here? Denver would be difficult those days From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 12:57 PM To: Brian R. Lewandowski Cc: Richard Wobbekind Subject: Re: Meeting w Rich et all Rich- let me know what might work best for you too. Thanks! Kristin Sent from my iPhone On Sep 18, 2014, at 9:55 AM, "Brian R. Lewandowski" wrote: Kristin- 816 I can do the morning of the 151h or the 161h. I have something at 11:00 both days, so we could meet at 10:00 or prior. If need be, I think we could do a conference call, too. Rich - what is your availability? Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 9:45 AM To: Brian R. Lewandowski Subject: Meeting w Rich et all Looking ahead at calendars. Does either of the below work for you and Rich to talk invoicing/contract/2015? Wednesday, Oct 15: Morning is wide open Thursday, Oct 16: Morning is available 1Oam A ~ starboard Group (;;t/(;e&tv"' c;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 816 From: Sent: To: Kristin Strohm Tue 8/12/2014 4:01 PM (GMT-00:00) Brian R. Lewandowski; Tim Pollard Cc: Bee: Subject: Quick call today? Brian can you chat with Tim and I before 11 :30 this morning or after 3 :30? Thanks, Kristin ~Starboard ~ Group dJCei&t'vn c;f/'~£.m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 817 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Tue 8/12/2014 7:17 PM (GMT-00:00) Brian R. Lewandowski Tim Pollard Re: Quick call today? Great- we'll call about 3:30. Kristin On Tue, Aug 12, 2014 at 11:48 AM, Brian R. Lewandowski wrote: I can talk anytime from now until 1:00 or after 2:00. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, August 12, 2014 10:01 AM To: Brian R. Lewandowski; Tim Pollard Subject: Quick call today? Brian can you chat with Tim and I before 11 :30 this morning or after 3:30? Thanks, Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 820 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com A ~ starboard Group (;;t/(;e&tv"' c;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 820 From: Sent: To: Kristin Strohm Tue 8/12/2014 9:50 PM (GMT-00:00) Brian R. Lewandowski; Tim Pollard Cc: Bee: Subject: Re: Quick call today? Tim is calling you. On Tue, Aug 12, 2014 at 3:49 PM, Brian R.Lewandowski wrote: Hey Kristin- Are we still on for a phone call? Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, August 12, 2014 1:18 PM To: Brian R. Lewandowski Cc: Tim Pollard Subject: Re: Quick call today? Great- we'll call about 3:30. Kristin On Tue, Aug 12, 2014 at 11:48 AM, Brian R. Lewandowski wrote: I can talk anytime from now until 1:00 or after 2:00. 822 Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, August 12, 2014 10:01 AM To: Brian R. Lewandowski; Tim Pollard Subject: Quick call today? Brian can you chat with Tim and I before 11 :30 this morning or after 3:30? Thanks, Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 822 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 822 From: Kristin Strohm Sent: Wed 6/18/2014 8:47 PM (GMT-00:00) To: Brian R. Lewandowski Cc: Tim Pollard Bee: Subject: Re: Sobanet Meeting Thanks! On Jun 18, 2014, at 9:55 AM, "Brian R. Lewandowski" wrote: See attached. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, June 16, 2014 1:57 PM To: Brian R. Lewandowski Cc: Tim Pollard Subject: Sobanet Meeting Brian, Can you put together a quick email summary on the meeting today that I could then forward to the Oversight Committee? Just want to make sure we keep everyone in the loop. Thanks! Kristin Address: 7720 East Belleview Avenue, Suite B-325 Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 824 824 From: Sent: To: Cc: Bee: Subject: Richard Wobbekind Tue 8/12/2014 6:21 PM (GMT-00:00) 'Kristin Strohm' RE: REMI Oversight Committee Meeting At this time I plan on calling in. That could change. From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, August 08, 2014 10:55 AM To: Tom Clark; Pam Reichert; Earl Wright; T. Scott Martin; Buz Koelbel; Mike Fitzgerald; Steve Klausing; Richard Wobbekind; Keith E Maskus Cc: Angela C. Roberts; Tim Pollard; Hannah@denversouthedp.org Heavrin; Ruth Hartshorn; Brian R. Lewandowski; amanda.melroy@metrodenver.org; Courtney Steinford Subject: Re: REMI Oversight Committee Meeting Apologies--Tuesday the 19th. On Fri, Aug 8, 2014 at I 0:51 AM, Kristin Strohm wrote: REMI Oversight Committee Members, We will be having an in-person meeting on Tuesday, August 18th from 11AM- Noon at the Metro Denver EDC office: 1445 Market St, Denver, CO. We will also have a call-in for those not able to join. Herc is the call-in information: Call-in number: Access code: Brian has been hard at work on the setback study and has a draft he would like to go through with us. In addition, we need to discuss the budget study. Hope you have a great weekend. Kristin A W, starboard Group (;JX;i&{m, c;f/~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 826 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group (;;;f)(;jd°~n, cfli,ll().J,,m,, MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 826 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Mon 8/18/20141:50 PM (GMT-00:00) Brian R. Lewandowski Re: Format for Tuesday Hi Brian, Yes, I thought we could keep it pretty casual (like our calls) and have you walk us through the report. Do you want to bring copies for everyone? Or do you want me to print copies of the latest one you sent? I didn't have anything else for the agenda. I might pass out updated financials. Speaking of, do you want to get me an invoice? Here is who l have attending: Earl Buz Scott Tom Clark Rich (calling in) Tim (calling in) Me/You No response from Mike Fitzgerald yet, but I'm sure he'll be there. Kristin On Sun, Aug 17, 2014 at 6:30 PM, Brian R. Lewandowski wrote: Kristin- What is the format for Tuesday? Is this a sit down discussion, or is the group expecting a formal presentation (PowerPoint)? I was assuming this would be a similar debriefing to the phone calls we have had in the past where l simply talk through the numbers. I know Rich is calling in. Who do you expect to be there in person? 828 Is there anything else I should be ready for regarding consortium business? Thanks, Brian Lewandowski Research Associate Business Research Division Leeds School of Business University of Colorado Boulder 303.492.3307 ~Starboard ' wrote: I'm sure it is. Thanks much! Sent from my iPhone On Sep 18, 2014, at I :31 PM, Richard Wobbekind wrote: I am good from 10-10:50 which hopefully is sufficient. From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 1:16 PM To: Richard Wobbekind Cc: Brian R. Lewandowski Subject: Re: Meeting w Rich et all 830 Yes, in Boulder. 1Oam on 16th? Sent from my iPhone On Sep 18, 2014, at 1:10 PM, Richard Wobbekind wrote: I have a 10:30 on the 15th and an 11 on the 16th. Are we talking about here? Denver would be difficult those days From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 12:57 PM To: Brian R. Lewandowski Cc: Richard Wobbekind Subject: Re: Meeting w Rich et all Rich- let me know what might work best for you too. Thanks! Kristin Sent from my iPhone On Sep 18, 2014, at 9:55 AM, "Brian R. Lewandowski" wrote: Kristin- I can do the morning of the 15th or the 16th. I have something at 11:00 both days, so we could meet at 10:00 or prior. If need be, I think we could do a conference call, too. Rich - what is your availability? Thanks, 830 Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 9:45 AM To: Brian R. Lewandowski Subject: Meeting w Rich et all Looking ahead at calendars. Does either of the below work for you and Rich to talk invoicing/contract/2015? Wednesday, Oct 15: Morning is wide open Thursday, Oct 16: Morning is available l Oam ~Starboard ~ Group dJ&~i.n c;f/'~J,,;n MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 830 ~Starboard ' Date: Sat, Aug 16, 20 l 4 at l :23 PM Subject: The Misdeeds of a Few Companies Don't Warrant Fracking Bans - The Wall Street Journal. To: Kristin Strohm For Board----note reference to our study. I thought you would be interested in the following story from The Wall Street Journal. The Misdeeds of a Few Companies Don't Warrant Fracking Bans http://online.wsj.com/articles/chris-faulkner-the-misdeeds-of-a-few-companies-dont-warrantfracking-bans-140 814123 5 The Wall Street Journal App provides a new way to experience the Journal's award winning coverage, blending the best of print and online. Special features include: • • • "Now" Issue featuring updated coverage throughout the day, with top article picks from Journal editors Market Data including quote search and customizable Watch list Videos and slideshows published with free articles Click or tap the link below to download The Wall Street Journal from the Apple iTunes App Store. http://www.wsi.com/mo bile Sent from my iPad NOTE: If you are not the intended recipient of this e-mail and any attachments ("communication"), please immediately destroy it. You may not retain or use this communication. Any such action may be unlawful. AMG National Trust Bank reserves the right to monitor and review all messages and enclosures sent to or from this e-mail address. 832 TRADING DISCLOSURE: AMG National Trust Bank does not accept trade requests via email If you wish to place a trade, please contact your financial advisor. A ~ starboard Group (;;t/(;e&tv"' c;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 832 From: Sent: To: Cc: Bee: Subject: Richard Wobbekind Thu 9/18/2014 7:31 PM (GMT-00:00) 'Kristin Strohm' Brian R. Lewandowski RE: Meeting w Rich et all I am good from 10-10:50 which hopefully is sufficient. From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 1:16 PM To: Richard Wobbekind Cc: Brian R. Lewandowski Subject: Re: Meeting w Rich et all Yes, in Boulder. lOamon 16th? Sent from my iPhone On Sep 18, 2014, at 1:10 PM, Richard Wobbekind wrote: I have a 10:30 on the 15th and an 11 on the 16th. Are we talking about here? Denver would be difficult those days From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 12:57 PM To: Brian R. Lewandowski Cc: Richard Wobbekind Subject: Re: Meeting w Rich et all Rich- let me know what might work best for you too. Thanks! Kristin Sent from my iPhone On Sep 18, 2014, at 9:55 AM, "Brian R. Lewandowski" wrote: KristinI can do the morning of the 15th or the 16th. I have something at 11:00 both days, so we could meet at 10:00 or prior. If need be, I think we could do a conference call, too. Rich - what is your availability? Thanks, 836 Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 9:45 AM To: Brian R. Lewandowski Subject: Meeting w Rich et all Looking ahead at calendars. Does either of the below work for you and Rich to talk invoicing/contract/2015? Wednesday, Oct 15: Morning is wide open Thursday, Oct 16: Morning is available lOam a ~ starboard Group d/Ci&ti.n r;f/'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 836 From: Sent: To: Kristin Strohm Mon 8/18/2014 5:24 PM (GMT-00:00) Brian R. Lewandowski Cc: Bee: Subject: [No Subject] When you have a sec can you call me at my office? I have a Q about CU contract and payments. A W, starboard Group d/&Mm <;fl'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 837 From: Sent: To: Richard Wobbekind Thu 9/18/2014 7:10 PM (GMT-00:00) 'Kristin Strohm'; Brian R. Lewandowski Cc: Bee: Subject: RE: Meeting w Rich et all I have a 10:30 on the 15th and an 11 on the 16th. Are we talking about here? Denver would be difficult those days From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 12:57 PM To: Brian R. Lewandowski Cc: Richard Wobbekind Subject: Re: Meeting w Rich et all Rich- let me know what might work best for you too. Thanks! Kristin Sent from my iPhone On Sep 18, 2014, at 9:55 AM, "Brian R. Lewandowski" wrote: KristinI can do the morning of the 15th or the 16th. I have something at 11:00 both days, so we could meet at 10:00 or prior. If need be, I think we could do a conference call, too. Rich - what is your availability? Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, September 18, 2014 9:45 AM To: Brian R. Lewandowski Subject: Meeting w Rich et all Looking ahead at calendars. Does either of the below work for you and Rich to talk invoicing/contract/2015? Wednesday, Oct 15: Morning is wide open Thursday, Oct 16: Morning is available 1Oam 838 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 838 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Mon 2/02/201510:17 PM (GMT-00:00) Brian R. Lewandowski Re: Updated O&G Economic Impact Study Quick feedback from our group prior to Wednesday: ---------- Forwarded message ---------From: Brian R. Lewandowski Date: Thu, Jan29, 2015 at 10:23 AM Subject: Updated O&G Economic Impact Study To: "mike@denversouthedp.org" , "tom.clark@metrodenver.org" , "laistin@thestarboardgroup.com'' Cc: Richard Wobbckind Mike, Torn, and Kristin- 839 I look forward to your feedback! Thanks, Brian ~Starboard ~ Group d/C;eid'vn efli.~J,n-1; MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 839 NOTE: If you are not the intended recipient of this e-mail and any attachments ("communication"), please immediately destroy it. You may not retain or use this communication. Any such action may be unlawful. AMG National Trust Bank reserves the right to monitor and review all messages and enclosures sent to or from this e-mail address. TRADING DISCLOSURE: AMG National Trust Bank does not accept trade requests via email lf you wish to place a trade, please contact your financial advisor. ~Starboard ~ Group dl&iJ.tv.n ef/'/Jl0.£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 839 From: Sent: To: Cc: Richard Wobbekind Mon 11/05/2012 10:06 PM (GMT-00:00) 'Nancy R. Hedke' Bee: Subject: RE: Meeting with Earl Wright Please see below Thanks, Rich From: Nancy R. Hedke [mailto:NRHedke@amgnational.com] Sent: Monday, November 05, 2012 2:58 PM To: Keith E Maskus; Richard Wobbekind; Scott Martin Cc: Kristin Strohm; Dustin Zvonek Subject: Re: Meeting with Earl Wright The dates aren't going to work for everyone, so here are some new dates November 20th - breakfast meeting - 7 or 7:30 November 27th - lunch meeting - 11:30 am November 28th - breakfast meeting - 7 or 7:30 Yes Yes Yes Nancy R. Hedke, RP•) Assistant to the Chairman/CEO & Director of Client Communications AMG National Trust Bank 6501 East Belleview Avenue, Suite 400 Englewood, CO 80111 303-486-1401 nrhedke@amqnational.com >>> Nancy R. Hedke 11/5/2012 1:03 PM>>> Earl Wright asked me to contact all of you to set up a meeting. Let me know if any of these dates work for you. If not, I will send more. November 7, 8 or 9 for a breakfast meeting - around 7 or 7:30 am. And if you could suggest a place in Boulder to have the breakfast, that would be great. Thanks. 840 Nancy R. Hedke, RP® Assistant to the Chairman/CEO & Director of Client Communications AMG National Trust Bank 6501 East Belleview Avenue, Suite 400 Englewood, CO 80111 303-486-1401 nrhedke@amgnational.com NOTE: If you are not the intended recipient of this e-mail and any attachments ("communication"), please immediately destroy it. You may not retain or use this communication. Any such action may be unlawful. AMG National Trust Bank reserves the right to monitor and review all messages and enclosures sent to or from this email address. IRS CIRCULAR 230 DISCLOSURE: Any tax advice contained in this commlUlication is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code or applicable state or local tax provisions or for promoting, marketing, or recommending to another party any transaction or tax-related matter addressed in this communication. TRADING DISCLOSURE: AMG National Trust Bank does not accept trade requests via email If you wish to place a trade, please contact your financial advisor. 840 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Tue 2/03/2015 2:32 PM (GMT-00:00) Brian R. Lewandowski Re: Updated O&G Economic Impact Study Great! Please give that update tomorrow too. Sent from my iPhone On Feb 2, 2015, at 8:23 PM, Brian R. Lewandowski wrote: Kristin- I should also mention that I interviewed with a reporter from Greeley (Tracy Hume) last Wednesday for over an hour discussing the oil and gas report that the consortium released in January. Brian From: Brian R. Lewandowski Sent: Thursday, January 29, 2015 4:46 PM To: Kristin Strohm Subject: Re: Updated O&G Economic Impact Study Sure. How many? Sent from my iPhone On Jan 29, 2015, at 4:39 PM, Kristin Strohm wrote: Thanks Brian, l will let you know if we have any feedback. Can you bring copies to our mtg next week? 841 On Thu, Jan 29, 2015 at 10:23 AM, Brian R. Lewandowski wrote: Mike, Tom, and Kristin- I look forward to your feedback! Thanks, Brian 841 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 841 From: Kristin Strohm Sent: Wed 2/04/2015 12:48 PM (GMT-00:00) To: Brian R. Lewandowski Cc: Bee: Subject: Re: REMI Oversight Committee Meeting Agenda LO? Sent from my iPhone On Feb 4, 2015, at 5:27 AM, Brian R. Lewandowski wrote: KristinHow many copies do I need to print for this morning? Thanks, Brian Sent from my iPhone On Feb 2, 2015, at 2:46 PM, Kristin Strohm wrote: REMI Oversight Committee Members, Attached please find the meeting agenda and supplemental documents for Wednesday. Please come prepared with your feedback and thoughts on Brian's updated Colorado Oil and Gas updated, as well as ideas on projects for 2015/2016. Please let me know if you have any questions. Best, Kristin On Tue, Jan 27, 2015 at 10:52 AM, Kristin Strohm wrote: REMI Oversight Committee Members, 843 We will have an in-person meeting on Wednesday, February 4th at llAM at the Metro Denver EDC office (1445 Market St. I Denver, CO 80202). For those of you not able to attend, here is the call-in information: Call-in number: Access code: We will be discussing current studies and our priorities for 2015. Please come prepared with your organization's thoughts on these topics. Thank you, Kristin A W, starboard Group d/&i&t'm cf/~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com A W, starboard Group d/&i&t'm cf/~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 843 Oversight Committee Meeting Agenda 2_4.pdf> Balance Sheet 843 From: Sent: To: Cc: Nancy R. Hedke Mon 11/05/2012 9:58 PM (GMT-00:00) Keith E Maskus; Richard Wobbekind; Scott Martin Kristin Strohm; Dustin Zvonek Bee: Subject: Re: Meeting with Earl Wright The dates aren't going to work for everyone, so here are some new dates November 20th - breakfast meeting - 7 or 7:30 November 27th - lunch meeting - 11:30 am November 28th - breakfast meeting - 7 or 7:30 Nancy R. Hedke, RP® Assistant to the Chairman/CEO & Director of Client Communications AMG National Trust Bank 6501 East Belleview Avenue, Suite 400 Englewood, CO 80111 303-486-1401 nrhedke@amgnational.com >>> Nancy R. Hedke 11/5/2012 1:03 PM>>> Earl Wright asked me to contact all of you to set up a meeting. Let me know if any of these dates work for you. If not, I will send more. November 7, 8 or 9 for a breakfast meeting - around 7 or 7:30 am. And if you could suggest a place in Boulder to have the breakfast, that would be great. Thanks. Nancy R. Hedke, RP® Assistant to the Chairman/CEO & Director of Client Communications AMG National Trust Bank 6501 East Belleview Avenue, Suite 400 Englewood, CO 80111 303-486-1401 nrhedke@amgnational.com NOTE: If you are not the intended recipient of this e-mail and any attachments ("communication"), please immediately destroy it. You may not retain or use this communication. Any such action may be unlawful. AMO National Trust Bank reserves the right to monitor and review all messages and enclosures sent to or from this email address. IRS CIRCULAR 230 DISCLOSURE: Any tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal 844 Revenue Code or applicable state or local tax provisions or for promoting, marketing, or recommending to another party any transaction or tax-related matter addressed in this communication. TRADING DISCLOSURE: AMG National Trust Bank does not accept trade requests via email If you wish to place a trade, please contact your financial advisor. 844 From: Sent: To: Kristin Strohm Tue 8/19/2014 1:39 PM (GMT-00:00) Brian R. Lewandowski Cc: Bee: Subject: Quick Q A few people will be calling in. Do you think I should send the study to the group just before the meeting so they can follow along? (along with a death threat to keep it confidential??) A ~ starboard Group (;;t/(;e&tv"' c;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 845 From: Sent: To: Kristin Strohm Thu 2/05/2015 5:34 PM (GMT-00:00) Brian R. Lewandowski Cc: Bee: Subject: Talk today? Hey there- heard how the meeting ended yesterday. Sorry I had to leave early. Have a second to touch base today? Kristin ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 847 From: Sent: To: Cc: Richard Wobbekind Mon 11/05/2012 9:39 PM (GMT-00:00) 'Nancy R. Hedke'; Keith E Maskus; Scott Martin Kristin Strohm; Dustin Zvonek Bee: Subject: RE: Meeting with Earl Wright Ms. Hedke, Unfortunately it doesn't work for me. I am traveling Wednesday through Saturday. Regards, Rich From: Nancy R. Hedke [mailto:NRHedke@amgnational.com] Sent: Monday, November 05, 2012 1:03 PM To: Keith E Maskus; Richard Wobbekind; Scott Martin Cc: Kristin Strohm; Dustin Zvonek Subject: Meeting with Earl Wright Earl Wright asked me to contact all of you to set up a meeting. Let me know if any of these dates work for you. If not, I will send more. November 7, 8 or 9 for a breakfast meeting - around 7 or 7:30 am. And if you could suggest a place in Boulder to have the breakfast, that would be great. Thanks. Nancy R. Hedke, RP® Assistant to the Chairman/CEO & Director of Client Communications AMG National Trust Bank 6501 East Belleview Avenue, Suite 400 Englewood, CO 80111 303-486-1401 nrhedke@amgnational.com NOTE: If you are not the intended recipient of this e-mail and any attachments ("communication"), please immediately destroy it. You may not retain or use this communication. Any such action may be unlawful. AMG 848 National Trust Bank reserves the right to monitor and review all messages and enclosures sent to or from this email address. IRS CIRCULAR 230 DISCLOSURE: Any tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties lUlder the lntemal Revenue Code or applicable state or local tax provisions or for promoting, marketing, or recommending to another party any transaction or tax-related matter addressed in this communication. TRADlNG DISCLOSURE: AMG National Trust Bank does not accept trade requests via email If you wish to place a trade, please contact your financial advisor. 848 From: Sent: To: Cc: Bee: Subject: Keith E Maskus Mon 11/05/2012 8:42 PM (GMT-00:00) 'Nancy R. Hedke'; Richard Wobbekind; Scott Martin Kristin Strohm; Dustin Zvonek; kerry.mclean@colorado.edu RE: Meeting with Earl Wright Nancy, I amok with Nov 7, the earlier the better. But I can't on Nov 8 or 9. Keith From: Nancy R. Hedke [mailto:NRHedke@amgnational.com] Sent: Monday, November 05, 2012 1:03 PM To: Keith E Maskus; Richard Wobbekind; Scott Martin Cc: Kristin Strohm; Dustin Zvonek Subject: Meeting with Earl Wright Earl Wright asked me to contact all of you to set up a meeting. Let me know if any of these dates work for you. If not, I will send more. November 7, 8 or 9 for a breakfast meeting - around 7 or 7:30 am. And if you could suggest a place in Boulder to have the breakfast, that would be great. Thanks. Nancy R. Hedke, RP® Assistant to the Chairman/CEO & Director of Client Communications AMG National Trust Bank 6501 East Belleview Avenue, Suite 400 Englewood, CO 80111 303-486-1401 nrhedke@amgnational.com NOTE: If you are not the intended recipient of this e-mail and any attachments ("communication"), please immediately destroy it. You may not retain or use this communication. Any such action may be unlawful. AMG National Trust Bank reserves the right to monitor and review all messages and enclosures sent to or from this email address. IRS CIRCULAR 230 DISCLOSURE: Any tax advice contained in this commlUlication is not 849 intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code or applicable state or local tax provisions or for promoting, marketing, or recommending to another party any transaction or tax-related matter addressed in this communication. TRADING DISCLOSURE: AMG National Trust Bank does not accept trade requests via email If you wish to place a trade, please contact your financial advisor. 849 From: Sent: To: Cc: Nancy R. Hedke Mon 11/05/2012 8:03 PM (GMT-00:00) Keith E Maskus; Richard Wobbekind; Scott Martin Kristin Strohm; Dustin Zvonek Bee: Subject: Meeting with Earl Wright Earl Wright asked me to contact all of you to set up a meeting. Let me know if any of these dates work for you. If not, I will send more. November 7, 8 or 9 for a breakfast meeting - around 7 or 7:30 am. And if you could suggest a place in Boulder to have the breakfast, that would be great. Thanks. Nancy R. Hedke, RP•) Assistant to the Chairman/CEO & Director of Client Communications AMG National Trust Bank 6501 East Belleview Avenue, Suite 400 Englewood, CO 80111 303-486-1401 nrhedke@amgnational.com NOTE: If you are not the intended recipient of this e-mail and any attachments ("communication"), please immediately destroy it. You may not retain or use this communication. Any such action may be unlawful. AMG National Trust Bank reserves the right to monitor and review all messages and enclosures sent to or from this email address. IRS CIRCULAR 230 DISCLOSURE: Any tax advice contained in this communication is not intended or written to be used, and crumot be used, for the purpose of avoiding penalties under the Intemal Revenue Code or applicable state or local tax provisions or for promoting, marketing, or recommending to ru1other party any transaction or tax-related matter addressed in this communication. TRADING DISCLOSURE: AMG National Trust Bank docs not accept trade requests via email If you wish to place a trade, please contact your financial advisor. 851 From: Sent: To: Kristin Strohm Thu 2/05/2015 6:23 PM (GMT-00:00) Brian R. Lewandowski Cc: Bee: Subject: Re: Talk today? I have a call in 5. Let's talk at 2. My office: 720-524-7332 On Thu, Feb 5, 2015 at 11:21 AM, Brian R.Lewandowski wrote: You can call me on my cell now if you want, or I can talk at 2:00. 3035528350. Brian Sent from my iPhone On Feb 5, 2015, at 10:34 AM, Kristin Strohm wrote: Hey there- heard how the meeting ended yesterday. Sorry I had to leave early. Have a second to touch base today? Kristin ~Starboard ~ Group dJCei&t'vn c;f/'~£.m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 852 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com 852 From: Sent: To: Cc: Keith E Maskus Tue 11/06/2012 12:00 AM (GMT-00:00) 'Nancy R. Hedke'; Richard Wobbekind; Scott Martin Kristin Strohm; Dustin Zvonek; kerry.mclean@colorado.edu Bee: Subject: RE: Meeting with Earl Wright Nancy, all are ok with me. Going forward with scheduling could you include my assistant, Kerry Mclean, in the emails? Thanks, Keith From: Nancy R. Hedke [mailto:NRHedke@amgnational.com] Sent: Monday, November 05, 2012 2:58 PM To: Keith E Maskus; Richard Wobbekind; Scott Martin Cc: Kristin Strohm; Dustin Zvonek Subject: Re: Meeting with Earl Wright The dates aren't going to work for everyone, so here are some new dates November 20th - breakfast meeting - 7 or 7:30 November 27th - lunch meeting - 11:30 am November 28th - breakfast meeting - 7 or 7:30 Nancy R. Hedke, RP® Assistant to the Chairman/CEO & Director of Client Communications AMG National Trust Bank 6501 East Belleview Avenue, Suite 400 Englewood, CO 80111 303-486-1401 nrhedke@amgnational.com >>> Nancy R. Hedke 11/5/2012 1:03 PM>>> Earl Wright asked me to contact all of you to set up a meeting. Let me know if any of these dates work for you. If not, I will send more. November 7, 8 or 9 for a breakfast meeting - around 7 or 7:30 am. And if you could suggest a place in Boulder to have the breakfast, that would be great. 853 Thanks. Nancy R. Hedke, RP® Assistant to the Chairman/CEO & Director of Client Communications AMG National Trust Bank 6501 East Belleview Avenue, Suite 400 Englewood, CO 80111 303-486-1401 nrhedke@amgnational.com NOTE: If you are not the intended recipient of this e-mail and any attachments ("communication"), please immediately destroy it. You may not retain or use this communication. Any such action may be unlawful. AMO National Trust Bank reserves the right to monitor and review all messages and enclosures sent to or from this email address. IRS CIRCULAR 230 DISCLOSURE: Any tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code or applicable state or local tax provisions or for promoting, marketing, or recommending to another party any transaction or tax-related matter addressed in this communication. TRADING DISCLOSURE: AMO National Trust Bank does not accept trade requests via email If you wish to place a trade, please contact your financial advisor. 853 From: Sent: To: Kristin Strohm Thu 2/05/2015 11 :03 PM (GMT-00:00) Brian R. Lewandowski Cc: Bee: Subject: Re: Proposal Thank Brian. Kristin On Thu, Feb 5, 2015 at 2:14 PM, Brian R.Lewandowski wrote: Hi Kristin- Thanks for the call this afternoon. Per your request, I have attached the original proposal with the scope of work. I really enjoyed the brainstorming session yesterday as we thought about additional partners to ask to the table. Please let me know how l can assist. Best, Brian Brian Lewandowski Associate Director I Business Research Division Leeds School of Business University of Colorado Boulder Direct: (303) 492-3307 I http://Ieeds.colorudo.edu/brd 420 UCB I Boulder, CO 80309 854 ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 854 From: Sent: To: Kristin Strohm Wed 5/27/2015 10:01 PM (GMT-00:00) Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; Tyler W. Graham; ; Courtney Steinford Cc: Bee: Subject: Re: REMI Lunch with REMI CEO Fred Treyz Confirmed for Denver Country Club Balcony Room on 2nd floor at Noon. Kristin On Wed, May 27, 2015 at 2:05 PM, Kristin Strohm wrote: REMI Oversight Committee Members, Per our call last week we have arranged to have a lunch on Wednesday, June 3rd with REMI CEO Fred Treyz. We are finalizing the location, but it will likely be at the Denver Country Club at Noon. (Address is: 1700 E 1st Ave, Denver, CO 80218). Please let me know if you plan on attending. I will let you know ASAP once the location is final. Best, Kristin ~Starboard ~ Group d/Gi:Jtvn rJ!t"'°'£>n MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 856 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com 856 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Thu 2/19/2015 11:17 PM (GMT-00:00) Brian R. Lewandowski Re: Report on Construction Defects Sure- call me on my cell 303-518-8970 On Thu, Feb 19, 2015 at 4:17 PM, Brian R. Lewandowski wrote: Hi Kristin- Can you give me a quick call? Thanks, Brian 303.492.3307 From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, February 19, 2015 4:16 PM To: T. Scott Martin; Earl Wright; WAKKOELBEL@aol.com; Richard Wobbekind; Keith E Maskus; Brian R. Lewandowski; Mike Fitzgerald; Steve Klausing Cc: Tim Pollard; Tom Clark; Pam Reichert Subject: Fwd: Report on Construction Defects REMl Oversight Committee, Please see the email below from Tom, he would like us to do a study on construction defects. He has already sent over data to Brian. Please respond to me by COB tomorrow on approval ofour consortium participating in the study. 858 Thanks, Kristin ---------- Forwarded message ---------From: Clark, Tom Date: Thu, Feb 19, 2015 at 3:42 PM Subject: Report on Construction Defects To: Kristin Strohm Kristin I've asked Brian Lewandowski to put together a REMI-like report on Construction Defects. • Can you check with the other partners to see if this is something they want our REMI partnership to participate in? Thanks. Tom Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 858 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com A W, starboard Group (;JX;i&fhz, cJ?~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 858 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Mon 2/23/2015 4:08 PM (GMT-00:00) Brian R. Lewandowski Re: Construction Defects Brian- Can you reach out to Buz Koelbel on his thoughts on the scope today? Thanks! On Fri, Feb 20, 2015 at 8:49 AM, Brian R.Lewandowski wrote: Kristin- 859 C.R.S. 24-72-204(2)(a)(lll) Brian Brian Lewandowski Associate Director I Business Research Division Leeds School of Business University of Colorado Boulder Direct: (303) 492-3307 I http://Ieeds.colorudo.edu/brd 420 UCB I Boulder, CO 80309 a ~ starboard Group d/Ci&ti.n r;f/'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 859 C.R.S. 24-72-204(2)(a)(lll) From: Sent: To: Cc: Bee: Subject: Kristin Strohm Mon 2/23/20154:19 PM (GMT-00:00) Brian R. Lewandowski Re: Construction Defects Thank you. On Mon, Feb 23, 2015 at 9:19 AM, Brian R. Lewandowski wrote: I just got off the phone with him. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, February 23, 2015 9:08 AM To: Brian R. Lewandowski Subject: Re: Construction Defects Brian- Can you reach out to Buz Koelbel on his thoughts on the scope today Thanks! On Fri, Feb 20, 2015 at 8:49 AM, Brian R.Lewandowski wrote: Kristin- 860 C.R.S. 24-72-204(2)(a)(lll) Thanks, Brian Brian Lewandowski Associate Director I Business Research Division Leeds School of Business University of Colorado Boulder Direct: (3031492-3307 I http://Ieeds.colorado.edu/brd 420 UCB I Boulder, CO 80309 860 C.R.S. 24-72-204(2)(a)(lll) Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group d/Cia.tm c.flt."°'kn MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 860 C.R.S. 24-72-204(2)(a)(lll) 860 C.R.S. From: Sent: To: Cc: Bee: Subject: Tim Pollard Mon 3/02/2015 6:39 PM (GMT-00:00) Brian R. Lewandowski Kristin Strohm Fiscal cliff study--next phase Brian, At our Board meeting last week we drafted an outline of the next phase of the Fiscal Cliff study that we would like to pursue with the REMI model. I'll paste the outline below. Let me know if it makes sense or if you need more direction to get started. Kristin and I are available to talk through it if that would be helpful. After you've had a chance to review, can you also send us a draft timeline for completion? Thanks! 1. 2. 861 C.R.S. 24-72-204(2)(a)(lll) 861 C.R.S. From: Sent: To: Cc: Bee: Subject: Kristin Strohm Tue 3/03/2015 9:04 PM (GMT-00:00) Brian R. Lewandowski Tim Pollard Construction Defects What is the latest on that study? Just some ideas of questions to ask. Thanks, Kristin ~Starboard ~ Group (;fJ{;i-Jt"in efi'tJ<.O-£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 862 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Mon 3/09/2015 6:03 PM (GMT-00:00) Brian R. Lewandowski Tim Pollard Call this week? Brian- have time for a call this week to catch up? Let us know what time(s) might work. Kristin A W, starboard Group d/&Mm <;fl'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 864 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Mon 3/09/2015 6:07 PM (GMT-00:00) Brian R. Lewandowski Courtney Steinford Re: Call this week? Yes, how about 3PM? Just call me at the office? On Mon, Mar 9, 2015 at 11:04 AM, Brian R. Lewandowski wrote: Sure. How about Wednesday afternoon? Does that work for you? Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, March 9, 2015 12:04 PM To: Brian R. Lewandowski Cc: Tim Pollard Subject: Call this week? Brian- have time for a call this week to catch up? Let us know what time(s) might work. Kristin 865 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com _A_ Starboard ' wrote: Kristin and Tim- Can we have a phone call on the fiscal cliff scenarios that Tim outlined? Thanks, Brian From: Tim Pollard [mailto:trpollard@eissolutions.com] Sent: Monday, March 2, 2015 11:39 AM To: Brian R. Lewandowski Cc: Kristin Strohm Subject: Fiscal cliff study--next phase Brian, At our Board meeting last week we drafted an outline of the next phase of the Fiscal Cliff study that we would like to pursue with the REMl model. 866 C.R.S. 24-72-204(2)(a)(lll) I'll paste the outline below. Let me know if it makes sense or if you need more direction to get started. Kristin and I are available to talk through it if that would be helpful. After you've had a chance to review, can you also send us a draft timeline for completion? Thanks! 866 C.R.S. 24-72-204(2)(a)(lll) 866 C.R.S. From: Sent: To: Cc: Bee: Subject: Kristin Strohm Fri 3/13/2015 8:48 PM (GMT-00:00) Brian R. Lewandowski Courtney Steinford Re: FW: 2014 Invoice Brian, Our records indicate we mailed • • • • • • • • • • on January 17th. It shows that it hasn't cleared. Can you check accow1ting one more time? We can stop payment and reissue. Kristin On Fri, Mar 13, 2015 at 2:20 PM, Brian R.Lewandowski wrote: Kristin- I am just checking on the status of this invoice. I have not received payment yet. Thanks, Brian From: Brian R. Lewandowski Sent: Friday, January 16, 2015 11:26 AM To: 'Kristin Strohm' Subject: RE: 2014 Invoice Kristin- Here is the invoice. 867 Thanks! Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, January 16, 2015 10:40 AM To: Brian R. Lewandowski Subject: 2014 Invoice Brian, Can you get me a invoice for the rest of your 2014 services for REMI? Want to make sure that gets paid early this year. Also, do you need us to issue you a I 099? Thanks! Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 867 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com _A_ Starboard ' wrote: Accounting did not receive the check. Please cancel and resend. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, March 13, 2015 2:48 PM To: Brian R. Lewandowski Cc: Courtney Steinford Subject: Re: FW: 2014 Invoice Brian, Our records indicate we m a i l e c l • • · · · · · · · · o n January 17th. It shows that it hasn't cleared. Can you check accounting one more time? We can stop payment and reissue. Kristin 868 On Fri, Mar 13, 2015 at 2:20 PM, Brian R.Lewandowski wrote: Kristin- I am just checking on the status of this invoice. I have not received payment yet. Thanks, Brian From: Brian R. Lewandowski Sent: Friday, January 16, 2015 11:26 AM To: 'Kristin Strohm' Subject: RE: 2014 Invoice Kristin- Here is the invoice. Thanks! Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, January 16, 2015 10:40 AM To: Brian R. Lewandowski Subject: 2014 Invoice 868 Brian, Can you get me a invoice for the rest of your 2014 services for REMI? Want to make sure that gets paid early this year. Also, do you need us to issue you a 1099? Thanks! Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 868 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 868 From: Tim Pollard Sent: Tue 3/17/2015 5:12 PM (GMT-00:00) To: Brian R. Lewandowski Cc: Kristin Strohm Bee: Subject: F W : · · · · · · · · · · · · · Brian, When you get a minute, can you give Kristin and I an update on timelines for a couple of projects: I I I Thanks! From: Tim Pollard Sent: Monday, March 9, 2015 4:20 PM To: Brian R. Lewandowski Cc: kristin@thestarboardgroup.com Subject: RE: Got it. Can you go ahead and do the first part? Thanks! 869 From: Brian R.Lewandowski[mailto:brian.lewandowski@Colorado.EDU] Sent: Monday, March 9, 2015 12:20 PM To: TirnPollard Tim- Thanks, Brian From: Tim Pollard [mailto:trpollard@eissolutions.com] Sent: Monday, March 9, 2015 10:04 AM To: Brian R. Lewandowski 869 Brian, This email has been scanned by the Symantec Email Security.cloud service. For more information please visit http://www.symanteccloud.com 869 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Thu 3/19/2015 2:37 PM (GMT-00:00) Brian R. Lewandowski Tim Pollard; Richard Wobbekind Re: Fiscal cliff study--next phase Thanks for the update on timeline, Brian. Really appreciate it. Have you updated Tom on this timeline and does he still want to proceed? I know it is being heard in the House and a just passed the Senate yesterday, so I am thinking April 10th will make the study too late. Let me know once you speak with him. Also, let me know when you would like me to schedule the next call with the committee, perhaps after the draft of the setback update is complete late April? Thanks, Kristin On Wed, Mar 18, 2015 at 7:05 PM, Brian R. Lewandowski wrote: Tim and Kristin- I talked with Tom Thibodeau today. We are targeting having the construction defects paper done April 101h. I will work on the setback update intermittently simultaneously to the construction defects paper, so l will plan to have it done mid-April to late April. The fiscal cliff update will be completed after these first two requests. Since we submitted the paper to you last fall, we have received updated REMI models and new state economic data is available, so the fiscal cliff study will require a comprehensive update. I suspect we are looking to complete that update in June. I have filled in responses to your suggestions below. I am on holiday for the next week, but I will be working/responding to email. Thanks! 870 C.R.S. 24-72-204(2)(a)(lll) Brian 870 C.R.S. 870 C.R.S. ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 870 C.R.S. 24-72-204(2)(a)(lll) From: Sent: To: Kristin Strohm Wed 5/27/2015 9:13 PM (GMT-00:00) Brian R. Lewandowski Cc: Bee: Subject: Re: April Jobs Report (resend) Thanks Brian. On Wed, May 27, 2015 at 2:58 PM, Brian R. Lewandowski wrote: lam resending our synopsis of the jobs report that was released today. One of my maps didn't update correctly. See attached. Thanks, Brian Brian Lewandowski Associate Director I Business Research Division Leeds School of Business University of Colorado Boulder Direct: (303) 492-3307 I http://leeds.colorado.edu/brd 420 UCB I Boulder, CO 80309 871 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com 871 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Tue 4/28/2015 2:54 PM (GMT-00:00) Brian R. Lewandowski Tim Pollard Re: Oil and Gas Brief Brian- No feedback. Looks good to us, go ahead and make final, then we can share with the entire committee. Do you want to do a committee call the next few weeks? Kristin On Tue, Apr 28, 2015 at 8:43 AM, Brian R.Lewandowski wrote: Kristin- Did you get any feedback on this? Can I share it? Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, April 23, 2015 11:38 AM To: Brian R. Lewandowski Subject: Re: Oil and Gas Brief Can you re-attach? Nothing came through. On Thu, Apr 23, 2015 at 11:37 AM, Brian R. Lewandowski wrote: 873 Mike, Tom, and Kristin- Here is another oil and gas brief report that summarizes the current industry metrics. Per our last conversation at the MDEDC, I have added your logos. Please let me know if you have any feedback, and if you want your logo included. I distribute this to a mailing list, including some media. Thanks, Brian Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 873 ~Starboard ~ Group d/C;ei&/in cfl'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 873 From: Kristin Strohm Sent: Wed 5/27/2015 4:30 PM (GMT-00:00) To: Brian R. Lewandowski Cc: Bee: Subject: Fwd: Consortium Lunch on June 3rd Where do you want to do the lunch? Want to sec if Tom would host at Chamber? ---------- Forwarded message ---------From: Fred Treyz Date: Wed, May 27, 2015 at 10:28 AM Subject: RE: Consortium Lunch on June 3rd To: "Brian R. Lewandowski" , "k:ristin@thcstarboardgroup.com" Cc: Richard Wobbekind , Chris Brown , Lisa Evans Dear Kristin and Brian, Thank you very much for your interest in meeting about the REMI forecasts. I would be happy to have a presentation and discussion on this. Please let me know the details, l look forward to meeting with you! Best regards, Fred Frederick Treyz, Ph.D. Chief Executive Officer REMI 874 433 West Street Amherst, MA 01002 Tel: 413-549-1169 Cell: 413-522-0228 Fax: 413-549-1038 fred@remi.com www.rcm1.com Washington, D.C. Office 1717 K Street, Suite 900 Washington, D.C. 20006 202-469-7861 From: Brian R.Lewandowski[mailto:brian.lewandowski@Colorado.EDU] Sent: Friday, May 22, 2015 1:47 PM To: Fred Treyz; kristin@thestarboardgroup.com Cc: Richard Wobbekind; Chris Brown Subject: Consortium Lunch on June 3rd Importance: High Fred- 874 Meet Kristin Strohm (copied). Kristin manages the consortium in Denver that purchased the REMI model for regional analysis in Colorado. The consortium would like to meet with you on June 3rd, the day prior to our conference. This would include individuals from the Denver Metro EDC, Denver South EDP, and the Common Sense Policy Roundtable. The purpose of the meeting is to discuss the model forecasts, particularly the oil and gas extraction forecast Chris Brown kindly responded to my inquiries over the past two days, but we need a deeper understanding of the forecast drivers. We have completed a paper on the oil and gas forecast, and we would like to get some clarity on our questions before we publish. We could plan to have lunch in Denver. Are you available that day? Thanks, Brian Brian Lewandowski Associate Director I Business Research Division Leeds School of Business University of Colorado Boulder Direct: (303) 492-3307 I http://leeds.colorado.edu/brd 420 UCB I Boulder, CO 80309 874 ~Starboard ~ Group d/C;eid'vn r;f/i-.u;,J,,m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 874 875 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardqroup.com Web: www.thestarboardgroup.com 876 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Fri 5/22/2015 6:21 PM (GMT-00:00) Brian R. Lewandowski Re: Consortium Lunch on June 3rd Thanks for sending. Great idea. On Fri, May 22, 2015 at 11:47 AM, Brian R.Lewandowski wrote: Fred- Meet Kristin Strohm (copied). Kristin manages the consortium in Denver that purchased the REMI model for regional analysis in Colorado. The consortium would like to meet with you on June 3'd, the day prior to our conference. This would include individuals from the Denver Metro EDC, Denver South EDP, and the Common Sense Policy Roundtable. We could plan to have lunch in Denver. Are you available that day? Thanks, 879 Brian Brian Lewandowski Associate Director I Business Research Division Leeds School of Business University of Colorado Boulder Direct: (303) 492-3307 I http://Ieeds.colorudo.edu/brd 420 UCB I Boulder, CO 80309 _A_ Starboard w_ Group dYCi&tmM~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 879 From: Sent: To: Cc: Kristin Strohm Wed 5/06/2015 8:38 PM (GMT-00:00) Brian R. Lewandowski Tim Pollard Bee: Subject: REM! Call Let's plan on 10:30AM on the 22nd. I'll send email to entire group ..... ~Starboard ~ Group dJCei&t'vn c;f/'~£.m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 880 5:5: From: Sent: To: Cc: Kristin Strohm Wed 5/06/2015 10:09 PM (GMT-00:00) Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; Tyler W. Graham; ; Courtney Steinford Bee: Subject: REMI Oversight Committee Conference Call Confirmed REMI Oversight Committee, We will have a conference call on Friday, May 22nd at 10:30AM. Participant Passcode: Brian and r will prepare an agenda for the meeting and send it the week prior. Please let us know if you have any discussion items. Best, Kristin a ~ starboard Group d/Ci:J.ti.n ef/~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 882 From: Sent: To: Cc: Bee: Subject: Tim Pollard Mon 5/18/2015 3:44 PM (GMT-00:00) Brian R. Lewandowski Kristin Strohm tcall Brian, Do you have some time for a quick call early this week? I'm going through the data on the setback study update and had a few questions for you. Let me know what times work and I'll be flexible. Thanks. 883 From: Sent: To: Kristin Strohm Fri 5/22/2015 12:00 PM (GMT-00:00) Brian R. Lewandowski Cc: Bee: Subject: Study Will you make sure to send it to the group prior to the call today? Thanks. Sent from my iPhone 884 From: Sent: To: Cc: Bee: Tim Pollard Mon 5/18/2015 8:48 PM (GMT-00:00) Brian R. Lewandowski Subject: RE: tcall Perfect. Should I call you at your office? From: Brian R. Lewandowski [mailto:brian.lewandowski@Colorado.EDU] Sent: Monday, May 18, 2015 1:41 PM To: TimPollard Subject: RE: tcall How about Wednesday morning at 10:30? Brian From: Tim Pollard [mailto:trpollard@eissolutions.com] Sent: Monday, May 18, 2015 9:45 AM To: Brian R. Lewandowski Cc: Kristin Strohm Subject: tcall Brian, Do you have some time for a quick call early this week? I'm going through the data on the setback study update and had a few questions for you. Let me know what times work and I'll be flexible. 885 Thanks. This email has been scanned by the Symantec Email Security.cloud service. For more information please visit http://www.symanteccloud.com 885 From: Sent: To: Kristin Strohm Thu 5/21/2015 3:07 PM (GMT-00:00) Earl Wright; WAKKOELBEL@aol.com; T. Scott Martin; Richard Wobbekind; Tom Clark; Pam Reichert; Steve Klausing; Mike Fitzgerald; Keith E Maskus Tim Pollard; Angela C. Roberts; Brian R. Lewandowski; Ruth Hartshorn; Hannah Heavrin; Tyler W. Graham; ; Courtney Steinford Cc: Bee: Subject: REMINDER REMI Oversight Committee Conference Call Attachments: REMI Oversight Committee Meeting Agenda 5_22.pdf Oversight Committee Members, Reminder we will have a conference call tomorrow, Friday, May 22nd at 10:30AM. Conference Call Number: Participant P a s s c o d e - - - Agenda for the call is attached. Thank you. Kristin On Wed, May 6, 2015 at 4:09 PM, Kristin Strohm wrote: REMI Oversight Committee, We will have a conference call on Friday, May 22nd at 10:30AM. Participant Passcode: Brian and I will prepare an agenda for the meeting and send it the week prior. Please let us know if you have any discussion items. Best, Kristin _A_ Starboard w_ Group (;f)'(;,u-m, r;flt~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com 887 Web: 887 REMI Oversight Committee Conference Call Friday, May 22nd 10:30AM Conference Call Number: Participant Passcode: 10:30AM Financial Update· Kristin - A. Current account balance 10:35AM General Updates- Brian A. REMI Conference at CU- modeling conference, everyone is invited to attend. B. DRCOG- Denver Regional Council of Governments 1) Also purchased a REMI Model 2) Will be attending the REMI conference 10:40AM 2015 Projects and Update- Brian & Tom A. Review and recap of 2015 REMI projects thus far B. Tl F Study Discussion 10:50AM Review and Discussion of Colorado Oil & Gas Industry: Updated Economic Assessment of Colorado Oil & Gas: Setbacks and Prices- Brian A. Review latest version of updated study with new pricing 896 C.R.S. 24-72-204(3)(a)(IV) From: Sent: To: Brian R. Lewandowski Fri 12/12/2014 5:36 PM (GMT-00:00) Richard Wobbekind Cc: Bee: Subject: FW: Talking today? FYI From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Friday, December 12, 2014 10:05 AM To: Brian R. Lewandowski Subject: Re: Talking today? Hey there. Sorry for the delay. Tim and I haven't had a chance to circle back on this. We have been preparing for our year end retreat and our focus has now shifted back to the setback study and potentially releasing it given the Task Force meetings. We are circling back with Tom and Mike on potentially releasing the setback early January and will let you know ASAP if the group wants to do that. In the meantime, have you given thought to your annual recap report for the Oversight Comm we had discussed with Rich? I think that would be good to send end of Dec/early Jan. On Wed, Dec 10, 2014 at 1:01 PM, Brian R. Lewandowski wrote: Okay. I can clear time tomorrow, Friday, or any time next week. 889 Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, December 10, 2014 9:42 AM To: Brian R. Lewandowski Subject: Re: Talking today? Hey Brian- sorry I am swamped today. Let me look at other options. Kristin On Wed, Dec 10, 2014 at 7:00 AM, Brian R. Lewandowski wrote: KristinJust checking in on the two times I suggested for today. Do either work for you? Brian Sent from my iPhone 889 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 889 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Mon 5/18/201510:16 PM (GMT-00:00) Tim Pollard Re: teal! Sure Sent from my iPhone On May 18, 2015, at 2:48 PM, Tim Pollard wrote: Perfect. Should r call you at your office? From: Brian R.Lewandowski[mailto:brian.lewandowski@Colorado.EDU] Sent: Monday, May 18, 2015 1:41 PM To: Tim Pollard Subject: RE: tcall How about Wednesday morning at 10:30? Brian From: Tim Pollard [mailto:trpollard@eissolutions.com] Sent: Monday, May 18, 2015 9:45 AM To: Brian R. Lewandowski Cc: Kristin Strohm Subject: tcall Brian, Do you have some time for a quick call early this week? I'm going through the data on the setback study update and had a few questions for you. 890 Let me know what times work and I'll be flexible. Thanks. This email has been scanned by the Symantec Email Security.cloud service. For more information please visit http://www.symanteccloud.com 890 From: Sent: To: Brian R. Lewandowski Fri 5/22/201512:16 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: Re: Study Sure. I was waiting for a response from REMI. I will send it this morning. Brian Sent from my iPhone > On May 22, 2015, at 5:59 AM, Kristin Strohm wrote: > > Will you make sure to send it to the group prior to the call today? Thanks. > > Sent from my iPhone 891 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Fri 5/22/2015 2:04 PM (GMT-00:00) Tim Pollard; Kristin Strohm Fwd: Rocky Mountain Economic Modeling Conference From: REMI Announcements Date: April 9, 2015 at 12:27:17 PM MDT To: "Brian R. Lewandowski" Subject: Rocky Mountain Economic Modeling Conference Reply-To: REMT Announcements Rocky Mountain Economic Modeling Conference Presented by Regional Economic Models, Inc. 892 REGISTER NOW! REMl is pleased to announce that it is proudly sponsoring the 2015 Rocky Mountain Economic Modeling Conference at the University of Colorado Boulder, Leeds School of Business. The two-day conference will be held June 4-5. This unique event will provide the latest information about economic and policy analysis and modeling techniques. It will include three main sessions addressing: • • • Transportation and Energy Fiscal Policy and Outlook Economic Development Staff economists from REMI and guest speakers will give presentations on the relationship between critical policy issues, such as falling oil prices, and economic modeling. The conference also offers an optional training session on the use of economic models, followed by a brewery tour. Attendees will have an opportunity to learn about economic analysis best practices. They will also have a chance to discuss policy issues and projects with their peers, and enjoy the wide range of food and entertainment offered by Boulder, a culturally rich city located at the foothills of the Rocky Mountains. Please mark your calendars and stay tuned for updates to the agenda. If you would like to be a guest speaker at this conference, please contact Leah Jalbert at 413-549-1169. 892 Register Online June 4 - 5, 2015 Upcoming Events: Western Regional Economic Conference 419 - 4110 Southeastern Economic Conference 4/23 - 4/24 REMl Events For More Information: Contact Leah Jalbert Email: leah@remi.com Phone: (413) 549-1169 lfyou would like to attend this conference, you can email Leah Jalbert at leah@remi.com, contact us by phone, or click on the link in the sidebar to register online. About REMI At REMI, our goal is to improve public policy. The information presented at this conference will enable you to make more detailed and efficient forecasts about the economic effects of policy changes. There is no charge to attend these events; however, space is limited and advanced registration is required. About Leeds School of Business Founded in 1906 as part of the University of Colorado, Leeds is the eighth oldest business school in the nation. Leeds is committed to providing students with the analytical abilities and skills needed to succeed in a global economy. Through its top-tier faculty, the school strives to produce innovative, principled business leaders. Leeds is also home to the Business Research Division, which conducts economic impact studies and customized research projects for the private, public, and nonprofit sectors. REMI Headquarters 433 West Street Amherst MA 01002 Phone: (413) 549-1169 REMl DC Office 1717 K Street, Suite 900 Washington DC 20006 Phone: (202) 469-7861 A'1i ~W.@@ru~~©~~ W>a:ilfuml@m!J~(b~c!if l)l!fiib!'~~ ~W~W.@@ru~~W>~lhiw1 ~@ilmmti tmJmiEi@m!)~ ~~lb wmiOO !llimiil(l®t ®m ~milO!m ~~~~-mmrmmmrow.tll!il;Hillw:i~~ w~wmnw:i ~@m!J~!hw wrote: How about May 12, 22, or 25 1h? Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, May 5, 2015 8:37 AM To: Brian R. Lewandowski Cc: Tim Pollard Subject: Re: Updated model Great thanks Brian- any dates for a call the next few weeks? On Tue, May 5, 2015 at 8:33 AM, Brian R.Lewandowski wrote: 898 Hi Kristin- REMI sent me a new model yesterday (l.7). This has newer economic data in the underlying model, so I plan to quickly run the oil and gas scenario through the new model. I hope this takes about a day. Thanks, Brian Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 898 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 898 From: Sent: To: Brian R. Lewandowski Tue 5/05/2015 2:36 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: Updated model How about May 12, 22, or 25th7 Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, May 5, 2015 8:37 AM To: Brian R. Lewandowski Cc: Tim Pollard Subject: Re: Updated model Great thanks Brian- any dates for a call the next few weeks? On Tue, May 5, 2015 at 8:33 AM, Brian R. Lewandowski wrote: Hi Kristin- REMI sent me a new model yesterday (l.7). This has newer economic data in the underlying model, so I plan to quickly run the oil and gas scenario through the new model. I hope this takes about a day. Thanks, Brian 899 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 899 Document Privileged in its Entirety 900 C.R.S. From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Wed 5/27/2015 4:34 PM (GMT-00:00) Kristin Strohm RE: Consortium Lunch on June 3rd If it is on Wednesday, then Denver is fine. If it is on Thursday or Friday, then it will be during the conference, so I think we should meet in Boulder. The Chamber would be good. If we meet on Thursday or Friday then it will be over lunch, so perhaps we could pick a restaurant on the Hill in Boulder or somewhere else close. Feel free to call if you want to talk through this. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, May 27, 2015 10:30 AM To: Brian R. Lewandowski Subject: Fwd: Consortium Lunch on June 3rd Where do you want to do the lunch? Want to see if Tom would host at Chamber? ---------- Forwarded message ---------From: Fred Treyz Date: Wed, May 27, 2015 at 10:28 AM Subject: RE: Consortium Lunch on June 3rd To: "Brian R. Lewandowski" , 901 "laistin@thestarboardgroup.com'' Cc: Richard Wobbekind , Chris Brown , Lisa Evans Dear Kristin and Brian, Thank you very much for your interest in meeting about the REMI forecasts. I would be happy to have a presentation and discussion on this. Please let me know the details, I look forward to meeting with you! Best regards, Fred Frederick Treyz, Ph.D. Chief Executive Qfficer REMI 433 West Street Amherst, MA 01002 Tel: 413-549-1169 Cell: 413-522-0228 Fax:413-549-1038 :fred@remi.com www.remi.com 901 Washington, D.C. Office 1717 K Street, Suite 900 Washington, D.C. 20006 202-469-7861 From: Brian R.Lewandowski[mailto:brian.lewandowski@Colorado.EDU] Sent: Friday, May 22, 2015 1:47 PM To: Fred Treyz; kristin@thestarboardgroup.com Cc: Richard Wobbekind; Chris Brown Subject: Consortium Lunch on June 3rd Importance: High Fred- Meet Kristin Strohm (copied). Kristin manages the consortium in Denver that purchased the REMI model for regional analysis in Colorado. The consortium would like to meet with you on June 3'd, the day prior to our conference. This would include individuals from the Denver Metro EDC, Denver South EDP, and the Common Sense Policy Roundtable. 901 We could plan to have lunch in Denver. Are you available that day? Thanks, Brian Brian Lewandowski Associate Director I Business Research Division Leeds School of Business University of Colorado Boulder Direct: (303) 492-3307 I http:llleeds.colorado.edulbrd 420 UCB I Boulder, CO 80309 901 ~Starboard ~ Group dJ'C,;u-,;n, eflt-_u;,J,ni MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 901 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Wed 5/27/2015 4:39 PM (GMT-00:00) Kristin Strohm RE: Consortium Lunch on June 3rd FYI - Rich can't make the Wednesday meeting, but could potentially meet on Thursday or Friday. From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, May 27, 2015 10:30 AM To: Brian R. Lewandowski Subject: Fwd: Consortium Lunch on June 3rd Where do you want to do the lunch? Want to see if Tom would host at Chamber? ---------- Forwarded message ---------From: Fred Treyz Date: Wed, May 27, 2015 at 10:28 AM Subject: RE: Consortium Lunch on June 3rd To: "Brian R. Lewandowski" , "kristin@thestarboardgroup.com'' Cc: Richard Wobbekind , Chris Brown , Lisa Evans Dear Kristin and Brian, Thank you very much for your interest in meeting about the REMI forecasts. I would be happy to have a presentation and discussion on this. Please let me know the details, I look forward to meeting with you! Best regards, 902 Fred Frederick Treyz, Ph.D. Chief Executive Officer REMI 433 West Street Amherst, MA 0 I 002 Tel: 413-549-1169 Cell: 413-522-0228 Fax:413-549-1038 fred@remi.com www.rerni.com Washington, D.C. Office 1717 K Street, Suite 900 Washington, D.C. 20006 202-469-7861 902 From: Brian R.Lewandowski[mailto:brian.lewandowski@Colorado.EDU] Sent: Friday, May 22, 2015 1:47 PM To: Fred Treyz; kristin@thestarboardgroup.com Cc: Richard Wobbekind; Chris Brown Subject: Consortium Lunch on June 3rd Importance: High Fred- Meet Kristin Strohm (copied). Kristin manages the consortium in Denver that purchased the REMI model for regional analysis in Colorado. The consortium would like to meet with you on June 3'd, the day prior to our conference. This would include individuals from the Denver Metro EDC, Denver South EDP, and the Common Sense Policy Roundtable. We could plan to have lunch in Denver. Arc you available that day? Thanks, Brian 902 Brian Lewandowski Associate Director I Business Research Division Leeds School of Business University of Colorado Boulder Direct: (3031492-3307 I http://Ieeds.colorado.edu/brd 420 UCB I Boulder, CO 80309 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 902 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Tue 4/28/2015 2:56 PM (GMT-00:00) Kristin Strohm Tim Pollard RE: Oil and Gas Brief A call would be good. Let me get the O&G updated paper to you with the lower price baseline. You should have it on Monday. Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Tuesday, April 28, 2015 8:55 AM To: Brian R. Lewandowski Cc: Tim Pollard Subject: Re: Oil and Gas Brief Brian- No feedback. Looks good to us, go ahead and make final, then we can share with the entire committee. Do you want to do a committee call the next few weeks? Kristin On Tue, Apr 28, 2015 at 8:43 AM, Brian R. Lewandowski wrote: Kristin- 903 Did you get any feedback on this? Can I share it? Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, April 23, 2015 11:38 AM To: Brian R. Lewandowski Subject: Re: Oil and Gas Brief Can you re-attach? Nothing came through. On Thu, Apr 23, 2015 at 11:37 AM, Brian R. Lewandowski wrote: Mike, Tom, and Kristin- Here is another oil and gas brief report that summarizes the current industry metrics. Per our last conversation at the MDEDC, I have added your logos. Please let me know if you have any feedback, and if you want your logo included. I distribute this to a mailing list, including some media. Thanks, Brian 903 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 903 Fax: 720-420-1386 Email: kristin@thestarboardgrougcom Web: 903 From: Sent: To: Brian R. Lewandowski Tue 4/28/2015 2:43 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: Oil and Gas Brief Kristin- Did you get any feedback on this? Can I share it? Thanks, Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Thursday, April 23, 2015 11:38 AM To: Brian R. Lewandowski Subject: Re: Oil and Gas Brief Can you re-attach? Nothing came through. On Thu, Apr 23, 2015 at 11:37 AM, Brian R. Lewandowski wrote: Mike, Torn, and Kristin- Here is another oil and gas briefreport that summarizes the current industry metrics. Per our last conversation at the MDEDC, I have added your logos. Please let me know if you have any feedback, and if you want your logo included. I distribute this to a mailing list, including some media. 904 Thanks, Brian Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 904 From: Sent: To: Brian R. Lewandowski Wed 4/22/2015 7:45 PM (GMT-00:00) Kristin Strohm Cc: Bee: Subject: RE: March Employment Numbers Attachments: symposium-agenda-web-2015-Apr1 ?ver.pdf Kristin- I am speaking at an energy symposium in Rifle next week. I will be discussing the oil and gas REMI model. See attached. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, April 22, 2015 1:42 PM To: Brian R. Lewandowski Subject: Re: March Employment Numbers Thanks Brian. On Tue, Apr 21, 2015 at 5:25 PM, Brian R. Lewandowski wrote: Mike, Kristin, and Tom- Here is a synopsis of what we saw in the employment numbers today (see attached). Thanks, 905 Brian Brian Lewandowski Associate Director I Business Research Division Leeds School of Business University of Colorado Boulder Direct: (303) 492-3307 I http://Ieeds.colorudo.edu/brd 420 UCB I Boulder, CO 80309 ~Starboard w_ Group (;fl{;i&fv& r;f/'~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 905 AGENDA Welcoming remarks by Garfield County and Colorado Mesa University Fiscal impacts of oil and gas to local governments (Session 1) • Macroeconomics of oil and gas and regulatory headwinds blowing against energy development • • Economic contribution of oil and gas In Colorado • From Saudi Arabia to Western Colorado: measuring the impact of the oil price collapse Waste injection and induced seismlcity • Introduction to seismology and history of waste Injection induced selsmlcity - Rick, Aster, • Understanding and managing risk related to earthquakes caused by fluid injection: click lli!rJl for supporting document· • Colorado's underground Injection control program: prevention and mitigation of Induced selsmlclty - p,m,, Lunch and Keynote Address • The outlook for energy: Changes In global energy demand and how It will be met by various energy sources, Including natural gas-predicted to be the world's fastest-growing major energy source In future years. State agency updates • The governor's task force and the path ahead In oil and gas regulation- Tools for effective local government, community and Industry engagement • Local government and other community engagement - industry perspectives • "KEEP IT SIMPLE" - How community priorities can enhance industry relationships: Steps a fiscally challenged and understaffed county took and the tools developed to make oil and gas exploration possible and manageable • Successfully negotiating a contentious oil and gas land use development code rewrite • Community Counts: Successfully a 501c3 organization to provide your community with 2417 reporting and Community Counts resolution of citizen concerns ,, Milo • Community and industry engagement amongst a citizen petition to ban tracking • Government, community and Industry engagement First day closing remarks and directions to welcome reception and dinner. p.m. Welcome reception and steak fry at WPX Energy ranch in the gas patch. Location 20 minutes from Symposium venue. Shuttle bus option for attendees. 912 Hot breakfast buffet for all attendees Prepare for field tour for up to 25 attendees: Safety orientation, outfit attendees with required safety gear Receive safety clothing and safety orientation, load into vans and depart for field tour of Wiiiiams Midstream Gas Processing Facilty in Parachute Colorado. Return to Conference by 10:15 am Research and updates from Colorado Mesa University and Colorado Mountain College • Integration of local college curriculum to provide skilled staff to the O&G industry Fiscal impacts of oil and gas to local governments (Session 2) • Wait ... have we been here before? A look back into the not so distant past when Garfield County Natural Gas production dropped 53% in one year· Ji1 n • State receipt, disbursement, volatility (and near term forecasts) for state severance tax and federal mineral lease Progrc1111 oflocal Gtll/tm:m,;11t. local governments • Federal receipt and disbursement of oil and gas royalties, rents, and bonus payments State agency updates • CDPHE, budget, legislation outlook, governor's oil and gas task force recommendations and next steps for CDPHE, federal program updates (ozone, 111(d), methane), other department Initiatives Public f'IBAlth and Envfrr:nnmnt • COGCC regulatory update and other relevant topics - Lunch and keynote speaker Dynamic local land use code: keeping up with industry technology • Rapid technological advances in the context of local land use change and permitting • Navigating land use change permitting during rapid industry technology advances • Small town/Big oil: how a small town handles massive oil and gas development Influx - Tcid:i • Centrali2ation, water technology (pipes/pits/tanks/injection wells) Local government elected official panel Q&A, speakers • Duschesne County Local government perspectives on managing oil and gas Countyutc,h • San Juan Basin New Mexico perspectives on managing oil and gas · • Colorado perspectives on managing oil and gas - Closing remarks and complete evaluation forms and topic/speaker requests for 2016 symposium topics 912 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Thu 5/28/2015 3:01 PM (GMT-00:00) Fred Treyz RE: Consortium Lunch on June 3rd Fred- Do you have time for a brief call so that I can fill you in on what the consortium will be asking over lunch? Thanks, Brian From: Fred Treyz [mailto:fred@remi.com] Sent: Wednesday, May 27, 2015 2:02 PM To: Kristin Strohm Cc: Brian R. Lewandowski; Richard Wobbekind; Chris Brown; Lisa Evans; Tim Pollard; Lisa Evans Subject: RE: Consortium Lunch on June 3rd Yes, thank you. I look forward to seeing you! Fred From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Wednesday, May 27, 2015 3:00 PM To: Fred Treyz Cc: Brian R. Lewandowski; Richard Wobbekind; Chris Brown; Lisa Evans; Tim Pollard Subject: Re: Consortium Lunch on June 3rd 906 Thanks Fred. Would Wednesday, June 3rd at Noon at the Denver Country Club work? Address is: 1700 E 1st Ave, Denver, CO 80218 Thanks, Kristin On Wed, May 27, 2015 at 10:28 AM, Fred Treyz wrote: Dear Kristin and Brian, Thank you very much for your interest in meeting about the REMI forecasts. I would be happy to have a presentation and discussion on this. Please let me know the details, I look forward to meeting with you! Best regards, Fred Frederick Treyz, Ph.D. Chief Executive Officer REMI 433 West Street Amherst, MA 01002 Tel: 413-549-1169 Cell: 413-522-0228 Fax:413-549-1038 906 fred@remi.com www.renu.com Washington, D.C. Office l 7l 7 K Street, Suite 900 Washington, D.C. 20006 202-469-7861 From: Brian R.Lewandowski[mailto:brian.lewandowski@Colorado.EDU] Sent: Friday, May 22, 2015 1:47 PM To: Fred Treyz; kristin@thestarboardgroup.com Cc: Richard Wobbekind; Chris Brown Subject: Consortium Lunch on June 3rd Importance: High Fred- Meet Kristin Strohm (copied). Kristin manages the consortium in Denver that purchased the REMl model for regional analysis in Colorado. The consortium would like to meet with you on June 3'd, the day prior to our conference. This would include individuals from the Denver Metro EDC, Denver South EDP, and the Common Sense Policy Roundtable. 906 We could plan to have lunch in Denver. Are you available that day? Thanks, Brian Brian Lewandowski Associate Director I Business Research Division Leeds School of Business University of Colorado Boulder Direct: (303) 492-3307 I http://Ieeds.colorado.edu/brd 420 UCB I Boulder, CO 80309 906 a ~ starboard Group d/Ci&ti.n r;f/'~£m MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 906 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Mon 6/01/2015 4:21 PM (GMT-00:00) Kristin Strohm RE: REMI Lunch with REMI CEO Fred Treyz llllllllllllllllllllllllllllllllllllllllllllllllllllllllllll~Thatisthe crux of the conversation, correct? Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, June 1, 2015 10:19 AM To: Brian R. Lewandowski Subject: Re: REMI Lunch with REMI CEO Fred Treyz Sorry, was on a call. It is a private room, so I'll do AV. What is his presentation going to be about? On Mon, Jun 1, 2015 at 10:09 AM, Brian R.Lewandowski wrote: Kristin- Don't worry about calling. I was just going to talk through the options. Chris can do either-a PPT presentation, or talk from the printed slides. If the venue has AV, then you may want a PPT. If we are sitting down in a public venue, then you may want him to talk from handouts. I will leave this up to you. 907 Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, June 1, 2015 9:16 AM To: Brian R. Lewandowski Subject: Re: REMI Lunch with REMI CEO Fred Treyz Sorry confused, so they do need AV? I think printing slides is fine if you'd rather not have AV. Who all is attending from REMI for my count? On Mon, Jun l, 2015 at 9: 12 AM, Brian R. Lewandowski wrote: Kristin- They can have AV. I talked with Chris Brown and ask him just to print the slides he plans on sharing. Does that work, rather than a formal PPT? Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, June 1, 2015 9:00 AM To: Hannah Heavrin; ; Brian R. Lewandowski Subject: Fwd: REMI Lunch with REMI CEO Fred Treyz Please let me know final head count/attendees from your organizations by COB today so I can let the Denver Country Club know how many we will have. 907 Brian- also, do you know if Fred will need any AV? Kristin ---------- Forwarded message ---------From: Kristin Strohm Date: Wed, May 27, 2015 at 2:05 PM Subject: REMI Lunch with REMI CEO Fred Treyz To: Earl Wright , "WAKKOELBEL@aol.com" , "T. Scott Martin" , Richard Wobbekind , Tom Clark , Pam Reichert , Steve Klausing , Mike Fitzgerald , Keith Maskus Cc: Tim Pollard , "Angela C. Roberts" , "Brian R. Lewandowski" , Ruth Hartshorn , Hannah Heavrin , "Tyler W. Graham" , "" , Courtney Stcinford REMI Oversight Committee Members, Per our call last week we have arranged to have a lunch on Wednesday, June 3rd with REMI CEO Fred Treyz. We arc finalizing the location, but it will likely be at the Denver Country Club at Noon. (Address is: 1700 E 1st Ave, Denver, CO 80218). Please let me know if you plan on attending. I will let you know ASAP once the location is final. 907 Best, Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 907 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 907 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 907 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Mon 6/01/2015 3:12 PM (GMT-00:00) Kristin Strohm RE: REMI Lunch with REMI CEO Fred Treyz Kristin- They can have AV. I talked with Chris Brown and ask him just to print the slides he plans on sharing. Does that work, rather than a formal PPT? Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, June 1, 2015 9:00 AM To: Hannah Heavrin; ; Brian R. Lewandowski Subject: Fwd: REMI Lunch with REMI CEO Fred Treyz Please let me know final head count/attendees from your organizations by COB today so I can let the Denver Country Club know how many we will have. Brian- also, do you know if Fred will need any AV? Kristin ---------- Forwarded message ---------From: Kristin Strohm Date: Wed, May 27, 2015 at 2:05 PM Subject: REMI Lunch with REMI CEO Fred Treyz To: Earl Wright , "WAKKOELBEL@aol.com" 908 , "T. Scott Martin" , Richard Wobbekind , Tom Clark , Pam Reichert , Steve Klausing , Mike Fitzgerald , Keith Maskus Cc: Tim Pollard , "Angela C. Roberts" , "Brian R. Lewandowski" , Ruth Hartshorn , Hannah Heavrin , "Tyler W. Graham" , "" , Courtney Steinford REMI Oversight Committee Members, Per our call last week we have arranged to have a lunch on Wednesday, June 3rd with REMI CEO Fred Treyz. We are finalizing the location, but it will likely be at the Denver Country Club at Noon. (Address is: 1700 E lst Ave, Denver, CO 80218). Please let me know if you plan on attending. I will let you know ASAP once the location is final. Best, Kristin 908 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 908 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Mon 6/01/2015 4:09 PM (GMT-00:00) Kristin Strohm RE: REMI Lunch with REMI CEO Fred Treyz Kristin- Don't worry about calling. I was just going to talk through the options. Chris can do either-a PPT presentation, or talk from the printed slides. If the venue has AV, then you may want a PPT. If we are sitting down in a public venue, then you may want him to talk from handouts. I will leave this up to you. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, June 1, 2015 9:16 AM To: Brian R. Lewandowski Subject: Re: REMI Lunch with REMI CEO Fred Treyz Sorry confused, so they do need AV? I think printing slides is fine if you'd rather not have AV. Who all is attending from REMI for my count? On Mon, Jun l, 2015 at 9: 12 AM, Brian R. Lewandowski wrote: Kristin- 909 They can have AV. I talked with Chris Brown and ask him just to print the slides he plans on sharing. Does that work, rather than a formal PPT? Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, June 1, 2015 9:00 AM To: Hannah Heavrin; ; Brian R. Lewandowski Subject: Fwd: REMI Lunch with REMI CEO Fred Treyz Please let me know final head count/attendees from your organizations by COB today so let the Denver Country Club know how many we will have. r can Brian- also, do you know if Fred will need any AV? Kristin ---------- Forwarded message ---------From: Kristin Strohm Date: Wed, May 27, 2015 at 2:05 PM Subject: REMl Lunch with REMl CEO Fred Treyz To: Earl Wright , "WAKKOELBEL@aol.com" , "T. Scott Martin" , Richard Wobbekind , Tom Clark , Pam Reichert , Steve Klausing , Mike Fitzgerald , Keith Maskus Cc: Tim Pollard , "Angela C. Roberts" , "Brian R. Lewandowski" , Ruth Hartshorn , Hannah Heavrin , "Tyler W. Graham" , "" , Courtney S teinfo rd 909 REMI Oversight Committee Members, Per our call last week we have arranged to have a lunch on Wednesday, June 3rd with REMI CEO Fred Treyz. We are finalizing the location, but it will likely be at the Denver Country Club at Noon. (Address is: 1700 E 1st Ave, Denver, CO 80218). Please let me know if you plan on attending. I will let you know ASAP once the location is final. Best, Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com 909 Web: www.thestarboardqroup.com Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com a ~ starboard Group d/Ci&ti.n r;f/'~£m MANAGING PARTNER 909 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 909 From: Sent: To: Cc: Bee: Subject: Brian R. Lewandowski Mon 6/01/2015 3:40 PM (GMT-00:00) Kristin Strohm RE: REMI Lunch with REMI CEO Fred Treyz Kristin- Can you give me a call in 5 minutes? 303.492.3307. Brian From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, June 1, 2015 9:16 AM To: Brian R. Lewandowski Subject: Re: REMI Lunch with REMI CEO Fred Treyz Sorry confused, so they do need AV? I think printing slides is fine if you'd rather not have AV. Who all is attending from REMI for my count? On Mon, Jun 1, 2015 at 9: 12 AM, Brian R. Lewandowski wrote: Kristin- They can have AV. I talked with Chris Brown and ask him just to print the slides he plans on sharing. Does that work, rather than a formal PPT? Brian 910 From: Kristin Strohm [mailto:kristin@thestarboardgroup.com] Sent: Monday, June 1, 2015 9:00 AM To: Hannah Heavrin; ; Brian R. Lewandowski Subject: Fwd: REMI Lunch with REMI CEO Fred Treyz Please let me know final head count/attendees from your organizations by COB today so I can let the Denver Country Club know how many we will have. Brian- also, do you know if Fred will need any AV? Kristin ---------- Forwarded message ---------From: Kristin Strohm Date: Wed, May 27, 2015 at 2:05 PM Subject: REMI Lunch with REMI CEO Fred Treyz To: Earl Wright , "WAKKOELBEL@aol.com" , "T. Scott Martin" , Richard Wobbekind , Tom Clark , Pam Reichert , Steve Klausing , Mike Fitzgerald , Keith Maskus Cc: Tim Pollard , "Angela C. Roberts" , "Brian R. Lewandowski" , Ruth Hartshorn , Hannah Heavrin , "Tyler W. Graham" , "" , Courtney Steinford REMI Oversight Committee Members, 910 Per our call last week we have arranged to have a lunch on Wednesday, June 3rd with REMI CEO Fred Treyz. We are finalizing the location, but it will likely be at the Denver Country Club at Noon. (Address is: 1700 E 1st Ave, Denver, CO 80218). Please let me know if you plan on attending. I will let you know ASAP once the location is final. Best, Kristin Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com 910 Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardgroup.com A W, starboard Group (;JX;i&fhz, cJ?~ MANAGING PARTNER Address: 7720 East Belleview Avenue, Suite B-325, Greenwood Village, CO 80111 Office: 720-524-7332 ext 101 Cell: 910 303-518-8970 Fax: 720-420-1386 Email: kristin@thestarboardgroup.com Web: www.thestarboardqroup.com 910 From: Sent: To: Cc: Bee: Subject: Kristin Strohm Mon 2/16/2015 3:15 PM (GMT-00:00) Brian R. Lewandowski Re: New O&G Data Thanks for the update Brian- much appreciated! On Sat, Feb 14, 2015 at 9:13 AM, Brian R. Lewandowski wrote: Mike, Tom, and Kristin- Enjoy the warm weekend! Brian Brian Lewandowski Associate Director I Business Research Division Leeds School of Business University of Colorado Boulder 911 C.R.S. 24-72-204(2)(a)(lll) Direct: (303) 492-3307 I http://Ieeds.colorado.edu/brd 420 UCB I Boulder, CO 80309 ~Starboard ' wrote: Kristin- To follow up, the interview I did with Tracy Hume, a freelance writer for the Greeley Tribune, will show up in a special print edition the first week of March. We talked extensively about the REMI model and the O&G reports. I also talked with someone with the Canadian government on Friday who read the REMI O&G reports. Lastly, I presented in Castle Rock on Thursday on the economy, and discussed the latest O&G results on the price decline. I talked about the model and the consortium. A number of people left their business cards asking me to email them the papers. Brian Brian Lewandowski Associate Director I Business Research Division Leeds School of Business 913 University of Colorado Boulder Direct: (303) 492-3307 I http://leeds.colorado.edu/brd 420 UCB I Boulder, CO 80309 913 From: Earl L. Wright Sent: Wed 6/11/2014 12:55 PM (GMT-00:00) To: Kristin S. Reid; kristin@starboardgroup.com Cc: Brian R. Lewandowski Bee: Subject: The Short Unhappy Life of ObamaCare - The Wall Street Journal. I thought you would be interested in the following story from The Wall Street Journal. The Short Unhappy Life of ObamaCare http://online.wsj.com/articles/stephen-t-parente-the-short-unhappy-life-of-obamacare1402441569 The Wall Street Journal App provides a new way to experience the Journal's award winning coverage, blending the best of print and online. Special features include: • • • "Now" Issue featuring updated coverage throughout the day, with top article picks from Journal editors Market Data including quote search and customizable Watchlist Videos and slideshows published with free articles Click or tap the link below to download The Wall Street Journal from the Apple iTunes App Store. http://www.wsi.com/mo bile Sent from my iPad NOTE: If you are not the intended recipient of this e-mail and any attachments ("communication"), please immediately destroy it. You may not retain or use this communication. Any such action may be unlawful. AMG National Trust Bank reserves the right to monitor and review all messages and enclosures sent to or from this e-mail address. 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