Alpine Bank purchases $920,000 tax credit certificate from Walking Mountains
AVON — Walking Mountains Science Center successfully sold its tax credit certificate issued by the state of Colorado for the conservation easement that was placed on 3.5 acres of the 5.8 acres the nonprofit purchased in December 2016.
The tax credit was sold to Alpine Bank at 90 cents on the dollar for $920,000, which was based on an independent appraisal of the property value. Along with purchasing the tax credit, Alpine Bank made a $50,000 philanthropic donation to Walking Mountains’ recently announced capital campaign.
“Alpine Bank was pleased to be a part of this creative and unique mutually beneficial deal,” said Mike Brown, regional president of the Vail Valley and Steamboat Springs region of Alpine Bank. “It’s not often that an opportunity comes along for a corporation to make such a large contribution to a nonprofit and receive a tax credit from the state. These types of deals align perfectly with our organizational values.”
Colorado statute allows landowners to claim a state income tax credit for placing land under a conservation easement. Typically, landowners place their land under conservation easement and then use the tax credit for their own savings. Since Walking Mountains is a tax-exempt organization, the statute allows it to sell its tax credit to an organization like Alpine Bank.
“We are thankful to Alpine Bank for working with us to reach our goals and for their generous $50,000 gift on top of the tax credit purchase,” said Markian Feduschak, president of Walking Mountains Science Center. “Alpine Bank is very supportive of all nonprofits in the community, and we are appreciative of their continued support of Walking Mountains. The Eagle Valley is lucky to have such a community-focused bank.”
Walking Mountains recently launched a comprehensive fundraising campaign to expand its campus and programs. This expansion includes purchasing the 6-acre lot adjacent to the Science Center in Avon and 224 acres of land along Sweetwater Creek in Dotsero. For more information, visit http://www.walkingmountains.org.
The proposed deal would be a three-way agreement between the town, the developer and the Eagle River Water and Sanitation District.