News & Important Updates

As of 12/28 the BOIR Filing Requirements Suspended Again Amid Legal Uncertainty; Oral Arguments Scheduled for March 25

2024 GRACIE Award Winner – Platte Canyon Area Chamber of Commerce

As the holiday season approaches, it's easy to get swept up in the convenience of online shopping and big-box retailers. But in our tight-knit Platte Canyon area, supporting local businesses during this time of year has a far-reaching impact. Choosing to shop and celebrate locally not only fills stockings but also fuels our community’s economy, sustains jobs, and preserves the unique character of Bailey, CO, and the surrounding areas.

We are thrilled to announce Robin Davis as the 2024 GRACIE Award winner, recognized by the Platte Canyon Area Chamber of Commerce! This honor celebrates Robin’s enduring commitment, generosity, and meaningful contributions that have significantly enriched our community. Robin exemplifies the qualities the GRACIE stands for—giving, resourcefulness, admiration, caring, involvement, and exceptional dedication.

A Family-Run Business with Community at Its Heart

As part of recent federal efforts to enhance transparency in business ownership and prevent financial crimes such as money laundering, a new filing requirement has been introduced that affects many local businesses: the Beneficial Ownership Information Report (BOIR). This filing is mandatory for most businesses and must be completed to remain compliant with federal law. Here’s what you need to know about this new requirement, why it’s being implemented, and how to file your report. Why Is the BOIR Required? The BOIR is part of a larger regulatory initiative under the Corporate Transparency Act (CTA), aimed at curbing illicit activities like money laundering, tax evasion, and terrorism financing. The goal is to make it more difficult for individuals to hide behind anonymous shell companies by requiring businesses to disclose detailed information about the people who own, control, or benefit from the company. By filing the BOIR, businesses will provide the government with essential information about their beneficial owners—those who ultimately have substantial control over the company or own at least 25% of it. This information will help law enforcement agencies identify and combat financial crimes that exploit corporate anonymity. What Is Required in the BOIR? The BOIR requires businesses to report key details about their beneficial owners, including: Full Legal Name Date of Birth Residential or Business Address Unique Identifying Information (such as a passport number or driver’s license) Businesses will also need to file information about their Company Applicants—the individuals who registered the business or were instrumental in forming it. Most corporations, LLCs, and similar entities registered in the U.S. will be subject to this reporting requirement. However, there are exemptions for some entities, such as publicly traded companies, certain nonprofits, and financial institutions. How to File Your BOIR Filing your BOIR is a straightforward process but must be completed by the deadline to avoid penalties. Here’s a simple step-by-step guide: Gather Your Information: Ensure you have all necessary details about each beneficial owner and company applicant. This includes full names, dates of birth, addresses, and government-issued IDs (such as driver’s licenses or passports). Access the FinCEN Filing Portal: The Financial Crimes Enforcement Network (FinCEN) provides an online portal where businesses can submit their BOIR. You will need to create an account or log in if you already have one. Go to https://www.fincen.gov Complete the Filing Form: Follow the prompts to enter the required information about your business, beneficial owners, and company applicants. Be thorough and accurate to avoid issues or delays. Submit and Save Confirmation: Once the form is complete, submit it through the portal. You should receive a confirmation of submission—save this for your records in case you need to refer to it later. Stay Updated on Future Filings: The BOIR is not a one-time filing. Businesses will need to update their reports whenever there are significant changes in ownership or control, or any other information that was previously submitted. Key Dates and Penalties The filing deadline for many businesses is January 1, 2025, although businesses formed after this date will be required to submit their BOIR within 30 days of formation. Failure to file or submitting inaccurate information could result in substantial penalties, including fines of up to $10,000 or imprisonment for willful noncompliance. Get Assistance If You Need Help We understand that navigating new regulations can be overwhelming, especially for small businesses. If you need help completing your BOIR, consider seeking assistance from a legal or financial professional who can guide you through the process. The Platte Canyon Area Chamber of Commerce is also here to help our members with any questions you might have about this new filing requirement. Ensuring that your business remains compliant is crucial, and we’re here to support you in every way we can. In Summary: Why, What, and How Why: The BOIR is required to combat financial crimes and promote transparency in business ownership. What: Businesses must report information about their beneficial owners and company applicants. How: Gather the necessary details, use FinCEN’s online portal to file, and stay updated on future reporting requirements. By filing the BOIR on time, you’ll help your business stay compliant with federal regulations and contribute to a more transparent and trustworthy business environment. Let’s keep our local businesses in Bailey and the Platte Canyon area strong and aboveboard. For more information or assistance, reach out to us at the Chamber.

The October 8th Chamber meeting brought together business owners and community members with key updates, exciting news, and upcoming events in the Platte Canyon area. Important Federal Reporting Requirement for Business Owners A crucial update was shared for local business owners: the federal government requires all businesses to register their Beneficial Ownership Information by the end of the year on the FinCEN.gov website. Failure to meet this requirement will result in significant fines and penalties. Nonprofits are exempt from this regulation. Community Announcements Flag Raising at McGraw Park There will be a flag raising in McGraw Park by the VFW, details and a schedule will be provided when available. Oso Hambre Burritos NOW at Mudslingers Coffee Starting Thursday (10/10), Mudslingers Coffee will offer Oso Hambre Breakfast Burritos, available bright and early at 6 AM. A perfect match for your morning coffee! New Food Truck – Fuego Pizza Exciting news for foodies: a new food truck, Fuego Pizza, will open in two weeks next to Oso Hambre, serving wood-fired pizzas! 🍕 Naming Bailey’s Divided Areas After a lively discussion, the Chamber has decided on unofficial names for the two distinct areas of Bailey separated by Crow Hill: Hi-Bai for the top and Lo-Bai for the bottom. Upcoming Events Pumpkin Patch Event This Saturday (10/12), from 10 AM to 2 PM, the Deer Creek Secure Self Storage location will host a Pumpkin Patch Event at 18 Bull Dogger Drive. With 600 pumpkins available for kids (one per child), it promises to be a fun-filled day. Parking is available at Crow Hill Bible Church, and the silent auction will be held online. Cowboy Christmas Celebration A cherished holiday tradition, Cowboy Christmas will feature a heated tent with a market next to Conoco, a visit from Santa at the Bailey Community Center, and an after-party at Craft Mountain Brewing with awards following the parade. Christmas lights decorating will take place after Thanksgiving, and volunteers are needed to help make the town festive! Community Projects Rebuilding Bailey – US 285 Safety & Mobility Study A major initiative, the 12-page US 285 Safety & Mobility Study focuses on improving safety and accessibility in several key areas around Bailey. The main goals are enhancing transportation modes, revitalizing public spaces, and improving infrastructure resiliency. Platte Canyon Fire Protection District (PCFPD) Update The firehouse repair following recent flood damage will cost around $100K, with work starting soon. Additional projects and fire mitigation efforts are underway, and the chipping grant program will continue until December. Controlled burns in Payne Gulch and Harris Park are on hold due to weather conditions, but updates will be shared when rescheduled. Local Support and Philanthropy Lifebridge Food Pantry Open Fridays (3–5 PM) and Saturdays (9 AM–12 PM) at the Bailey Business Center, Lifebridge Food Pantry is holding a Coat Drive through October. Donate new or gently used coats, sweaters, or sweatshirts to help those in need by dropping items in the red bin at Crow Hill Bible Church. Gracie Awards Voting The Chamber is seeking your votes for the annual Gracie Awards to recognize outstanding individuals and businesses in the community. Be sure to check out the categories and cast your votes online! https://www.bailey-colorado.org/annual-gracie-awards

The appearance of a town plays a significant role in shaping the experiences and perceptions of both residents and visitors. In Bailey, efforts to improve and maintain the town's look are essential to fostering community pride, attracting tourism, and supporting local businesses. From murals to public art, the visual elements of our town create a lasting impression that resonates with everyone who passes through. Building Community Pride A well-kept and visually appealing town instills a sense of pride among its residents. When locals see their town adorned with beautiful murals and public art, it fosters a connection and pride in their community. These artistic elements reflect the town's culture, history, and values, reinforcing a shared identity among residents. Murals depicting local history or significant events can serve as daily reminders of what makes Bailey unique, creating a sense of belonging and communal pride. Attracting Visitors For visitors, the look of a town can be a deciding factor in whether they choose to stop and explore or merely pass through. Vibrant murals and engaging public art can catch the eye of travelers, enticing them to spend time in Bailey. When visitors encounter a town that looks well-cared-for and inviting, they are more likely to explore local businesses, dine at restaurants, and participate in community events. This influx of tourists brings economic benefits, helping to sustain and grow our local economy. Supporting Local Businesses A town's aesthetic appeal directly impacts its local businesses. When the town looks attractive, more people are likely to visit, increasing foot traffic and potential sales for businesses. Public art projects can also serve as focal points, drawing people to specific areas of town where they might discover new shops, cafes, or other establishments. Moreover, businesses can collaborate with local artists to create unique pieces, further enhancing their storefronts and attracting customers. Creating Memorable Experiences Public art and murals contribute to the overall experience of being in Bailey. They provide visual interest and create a welcoming atmosphere. Art can tell stories, evoke emotions, and provoke thought, making a visit to Bailey memorable for all the right reasons. These elements make the town not just a place to pass through but a destination in itself. Encouraging Civic Engagement Art projects often involve community participation, whether through voting on designs, contributing ideas, or even helping with the creation. This involvement fosters civic engagement and a sense of ownership among residents. It provides opportunities for locals to come together, collaborate, and contribute to the town’s beautification, strengthening community bonds. Preserving and Showcasing Local Culture Murals and public art offer a platform to celebrate and preserve local culture, history, and heritage. They can highlight important aspects of Bailey's past, honor notable figures, and showcase the natural beauty of the surrounding area. This cultural preservation is vital for maintaining the town's unique character and ensuring that future generations understand and appreciate their heritage. Conclusion The aesthetic appeal of Bailey is more than just a visual treat; it’s a vital component of the town’s identity and economic well-being. By investing in public art, murals, and overall town beautification, we create a vibrant, inviting, and memorable environment that benefits everyone. Residents feel a sense of pride and connection, businesses thrive with increased traffic, and visitors leave with lasting positive impressions. As we continue to enhance Bailey's look, we build a stronger, more cohesive, and economically resilient community. By embracing these artistic endeavors, Bailey can ensure it remains a welcoming and attractive destination for years to come. Join us in celebrating the beauty and uniqueness of our town through continued support for public art and community beautification projects.

October Member Spotlight: Fancy Forest and Owner Terry Bracy

September Member Spotlight: Cottage Creations Custom Confections

A Journey from Virginia to Colorado