The Aspen Area Community Trust is making headway after receiving its formal 501(c)3 nonprofit status from the Internal Revenue Service in mid-June.
The community land trust aimed at preserving local businesses formed earlier this year. It’s the first land trust of its kind, and, as such, requires some navigating to establish the model that will preserve properties for local businesses, AACT Board President Ann Mullins previously said. But board members have made headway in establishing a strategic plan and are working toward hiring an executive director.
The AACT is now contracted with the Aspen Community Foundation as the trust’s fiscal agent and technical advisor for the next two years, Mullins said in an email on Friday.
The board will present an update to the Aspen City Council during a work session on Monday.
“What we’re doing is very methodical,” Mullins told the Aspen Daily News. “It’s very step by step, and we’re creating a really strong base that has results that we’re continuing to build on.”
The board held a retreat earlier this month to define strategies, priorities and implementation methods.
It also is gearing up for an executive director search, a person who will help connect with businesses and identify properties they may be able to preserve for affordable commercial businesses.
A community land trust is a nonprofit organization that acquires and holds lands for stewardship purposes. It can come in multiple forms. The Aspen Valley Land Trust, which conserves land in Western Colorado, is one example.
They are formed as nonprofits that purchase land or take land donations, establish ground leases and sell properties at a restricted price.
Mullins said there likely won’t be a one-size-fits-all approach for the AACT as it looks to preserve and bring back locally serving businesses.
“It’s tough because you need your first big win,” Mullins said. “And then you can show that to people and say, whether it’s a space that you’ve managed to buy down in some way or deed-restrict in some way and you get some tenant there, you show that it’s a win, and then you should start getting some funds to expand your programs.”
Mullins said one way the board wants to operate is to identify businesses that have closed in town and which they want back.
“Whether it’s the laundromat or some place like the Gap where you can buy a pair of socks,” she said. “What places have we lost that we want to come back in? What places are in town that we really want to make sure stay in town, and somehow we can support them, whether monetarily or with knowledge, to maintain their status in town?”
“Start talking to landlords, start talking to business owners, and find out where the opportunity is,” she added.
Mullins said the board is looking for more members and hopes to create ad hoc committees to identify criteria for choosing businesses and spaces that are feasible for entities that serve the community.
They’re hoping to eventually be a model for other mountain communities who are seeing the number of local, affordable businesses dwindling.
“So many people are not far behind us in the same problems, the same issues, and if we could provide some help, that would be great,” Mullins said.