CUCHARA — After working with the IRS constantly for over 14 months to secure an exempt organization (non-profit) 501(c)(3) status, the Cuchara Mountain Resort has announced that this goal has finally been accomplished.
The approval will allow CMR, through its foundation, to operate a four season multi-use, arts, educational, and recreational ski and summer sports facility available to the entire community.
At the same time, the Colorado Department of Revenue has certified CMR as a “Qualified Enterprise Zone”, which means that all companies working on this project will receive a state tax credit. Once the project is operational it will bring in over $5,000,000 dollars to our community and add 30 jobs at the resort. The project will be broken into two phases: The first phase will include extensive mountain biking trails, tubing hill, zip line, cross county trails and lower mountain skiing; The second phase will expand the skiing, add a longer zip line, mountain coaster and revamped base area facilities. The total eventual expenditures on the project will be over $18M.
The operation of a community ski and alpine recreational area as a non-profit will mean that the pricing structure will allow an affordable price point for all local residents. Educational opportunities in music and theater, production programs, summer concerts, art exhibits, guest speakers, authors and the promotion of physical and mental well being for everyone will be provided by the project.
The 501(c)(3) Cuchara Valley Recreational Foundation will immediately start a fund raising drive to reach a goal of $850,000 to open and operate the resort.
The project has been on hold for more than a year.
“We are very excited because we finally have a path to proceed,” according to Bruce Cantrell, the property owner.
“We had to stop everything because it became quite evident that we needed the 501(c)(3) status to allow us to run as a community operation instead of a for-profit organization.”
The project will be divided up into two distinct areas: (1) The aforementioned non-profit recreational operation and; (2) a for profit LLC that will develop the balance of the property into a viable residential and commercial subdivision. Cuchara Mountain Resort Management LLC will soon be offering a shareholder investment plan to raise $2,000,000 to complete the project.