Summit Economics, LLC

ABOUT  |  OUR TEAM  |  PAUL ROCHETTE

EDUCATION

• MBA – International Business, American Graduate School of International Management (Thunderbird), Phoenix, AZ., 1985

• BA – Economics, University of Colorado-Boulder, 1976

• Certificate – Italian Language/History, Universita’ per Stranieri, Perugia, Italy, 1972-73

PROFESSIONAL EXPERIENCE SUMMARY

Senior Partner: Summit Economics, 2008

Provide economic, fiscal, business and market studies and provide regulatory and litigation support to the utility, natural resource, government, non profit and other sectors. Provide socio-economic impact analysis and modeling, demand analysis, financial forecasting, and international and domestic market research and business development services.

Owner: Rochette Consulting, 2004-2008
Served the utility, natural resource, government, and land development sectors, providing impact analysis and modeling, forecasting, and economic development strategies.

Instructor: Webster University, 1988-Present; and Colorado Technical University, 2005-Present
Teach macroeconomics and marketing in the Webster University graduate program; and international business and macro-economics CTU. Developed Emerging Markets course. Classes are based on current events and theory. All students work on practical, real world issues.

Financial Economist, Colorado Springs Utilities, 1991-August 2004
Developed corporate business plan template. Developed financial evaluation program (FEP) used to prioritize over $150M in annual capital projects and rolled out process to all managers and executives. Prepared annual corporate budget, exceeding $800 million. Ran long run revenue, expenditure and financial forecast model. Prepared economic impact evaluation for regulatory hearing process. Worked on bond issues.

Director of Research, David Bamberger & Associates, 1987-1991
Market, direct and perform economic and fiscal analyses, industrial and consumer product demand studies, competitor analysis, site location studies, and consumer image studies.

Production Planner, Honeywell Solid State Electronics Div., 1986-1987
Planned, monitored and facilitated production of wafers. Tracked starts, yields, output and schedule of production runs. Increased on-time delivery from 50% to 95%, while reducing WIP.

Regional Planner, Larimer/Weld Regional Council of Governments, 1978-1984
Developed economic and market research program for regional planning agency.
Project Planner, Peace Corps, Botswana Africa, 1976-1977
Developed project plans for health, water, and education facilities. Assisted with World Bank development projects.

PROFESSIONAL HIGHLIGHTS

– Front Range Water Council economic contribution and interdependence study supporting water management process in Colorado through the Colorado Water Conservation Board and the IBCC. Study examined the economic contribution of the urban front range to the State of Colorado, and the economic interdependence between the front range and the remainder of the state, related to water diversion and use. Initiated examination of the relative contribution to the economy of municipal & urban, agricultural, recreation, and environmental uses.

– Volume 5, Economic Analysis, Santa Ana Use Attainability Analysis (U.A.A.). This U.A.A. pioneered several areas of socio-economic impact analysis, including the linkage between job loss, stress and health; utility rate change effects on the elderly, housing affordability, and low income households; and job gain/loss impacts by educational and ethnic characteristics. Cited by City of Los Angeles officials at U.S. Senate sub-committee hearings on the economic impacts of environmental regulations. Resulted in significant compliance cost savings for client. Multi-disciplinary coordinated team effort that also included chemists, environmentalists, biologists, virologists, attorneys, recreationists, psychologists, engineers, and hydrologists.

– Socio-economic Impact Assessment – Cripple Creek & Victor Gold Mining Company. Since 1991, have prepared five studies for CC&VGMC in support of obtaining state permits for expansion of cyanide leach heap operations through demonstration of net positive socio-economic impacts of proposed expansions and operations. Studies have included employment and earnings effects, impacts on schools, housing, local government, tourism, utilities, safety and social services. All have assisted with gaining permit approval.

– Homestake II Water Diversion Project – Economic Impact Analysis. Prepared and presented research on the socio-economic impacts of construction of a proposed water diversion project in the Holy Cross Wilderness Area, Eagle County, Colorado, particularly as it impacted tourism. Provided expert witness testimony on economic impacts of construction. Project was extremely controversial, and subject to heated public involvement. Client was Colorado Springs Utilities.

– Maintenance and refinement of long run financial forecasts entailing the rebuilding, documenting, and revision of complex models to forecast and balance rate requirements, debt service coverage ratios and fund balance. These models drove capital expenditure, bond financing, and expenditure guidelines of Colorado Springs Utilities (CSU). CSU’s annual budget was almost $1 billion, with over $200 million in annual capital expenditures.

– Development of the Financial Evaluation Process used to evaluate significant new capital or other projects before funding. Process allows project engineers, managers, and proponents to provide detailed information on costs/benefits of a project, assess a variety of options to get the desired outcome, and model the variability around each assumption to determine the degree of risk around the estimated outcome. Forecast NPV and IRR of complex projects as well as ranking process for significant intangibles.

– Numerous other (approximately 150) economic, fiscal impact and market research studies for manufacturing, energy, tourism, health, government, and educational clients.
Graduate Projects

– Prepared and led U.S. market demand study for Jamaican Ministry of Agriculture for nine raw food products. Resulted in a new joint venture project. Presented recommendations in Kingston.

– Examination of the economic factors behind the emergence of Newly Industrialized Countries. Equivalent to thesis, the paper examined the political and economic forces behind the emergence of the 4 Tigers. A new course at Thunderbird followed, organized around themes of the paper.

Examples of Previous Research Engagements:

Economic impact of water in Colorado
Prepared study for Front Range water providers on economic contribution of urban areas to State’s economy, role and value of water, and economic interdependence. Presented at Colorado Water Congress, under auspices of Colorado Water Conservation Board.

Land absorption forecasts
Residential and commercial land absorption forecasts. Prepared numerous absorption forecasts in Colorado Springs, Pueblo, Salida, and other localities.

Economic impacts of environmental regulations, expert witness testimony
EPA Use Attainability Analysis – Santa Ana River Basin. Pioneered application of EPA guidelines for demonstrating substantial negative economic impact of spending $4 billion to meet proposed standards. Cited in U.S. Senate subcommittee hearings.

Economic development impacts
Fiscal benefit to municipality of economic development incentives. Included Air Training Command and Vestas Wind Energy to Pueblo, and analysis of economic development incentives for Colorado Springs.

School Sustainability Planning
Developed financial “Best Practices” for school sustainability programs for Colorado Governors Energy Office, with statewide training program for facility and energy managers

Golf course feasibility
Golf course feasibility study for City of Pueblo to underwrite bond issuance for development of Walking Stick golf course.

Cost/Benefit Analysis Process
Developed analysis and ranking methodology for Colorado Springs Utilities executives to assess more than 100 requests, totaling over $150 million, during annual capital improvement budget process.

Economic impact of processing mill
Economic impact analysis of the Cotter Uranium processing mill in Canon City to obtain Colorado operating permit.

Market Feasibility
Conducted marketing program review for US Pet Food Association of program in Mexico. Included visits to Mexico City to review on-ground projects and meetings with partners.

Socioeconomic impacts of mining
Six studies for Ashanti/AngloGold’s CC&V gold mine and Black Range Minerals’ uranium mine to support application for local and state operating permits. Included analysis of effects on tourism.

Downtown redevelopment
Fiscal and market analysis for proposed downtown redevelopment project in Woodland Park. Project dependent upon tourism, commuters and new urbanism trends.

Arts impact study
Study of the economic contributions of the arts in Colorado Springs.

Revenue impacts
Municipal impacts of program of retiree oriented housing developments in Pueblo.

Economic and fiscal impacts
Military impact studies and base closure studies in Colorado Springs in support of base retention and/or expansion efforts.

Litigation support
Prepared study on economic damages resulting from patent infringement resulting in favorable judgment for client.

Litigation support
Prepared study on damages from allegation defamation. Demonstrated allegations of financial damage were groundless, with in favorable judgment for client.

Enrollment forecasts
Enrollment forecasts for four Colorado school districts.

Tourism surveys
Survey of tourist origins, destinations, activities, expenditures and attitudes. One study for Royal Gorge and another for the Colorado Springs Visitor and Convention Bureau.

Location studies
Site location studies for new libraries and college campuses.

Fiscal & economic impacts of gaming
Prepared study of impacts to help Commissioners understand effects of gambling industry and change Colorado state impact fee distribution formula.

Growth impact and revenue shortfall analysis
Study of growth impacts on school district for consortium of developers & builders and school district. Resulted in compromise solution between growth and anti-growth elements and workable funding mechanism to mitigate financial impacts.

Fiscal analysis of suburban development
Economic and fiscal impacts of suburban residential development upon City of Colorado Springs municipal sales tax revenue during water supply negotiations between the rural water providers and the City.

Fiscal & economic impacts of auto racing
Prepared 3 studies of impacts from Champ car race events in Denver, Las Vegas and Phoenix.