What's Happening?
The Aspen Area Community Trust (AACT) has achieved a significant milestone by receiving its 501(c)3 nonprofit status from the Internal Revenue Service in mid-June. This community land trust, formed earlier this year, aims to preserve local businesses
by acquiring and holding lands for stewardship purposes. The AACT is the first of its kind in the area, and its board is actively working on establishing a strategic plan and hiring an executive director. The trust has contracted with the Aspen Community Foundation as its fiscal agent and technical advisor for the next two years. The board is also preparing to present an update to the Aspen City Council, outlining their progress and future plans.
Why It's Important?
The establishment of the AACT as a nonprofit is crucial for the preservation of local businesses in Aspen, a region facing challenges in maintaining affordable commercial spaces. By securing lands and properties, the trust aims to support businesses that serve the community, potentially reversing the trend of closures and ensuring the availability of essential services. This initiative could serve as a model for other mountain communities experiencing similar issues, providing a framework for sustainable economic development and community resilience.
What's Next?
The AACT is focused on identifying businesses that have closed and those at risk of closing, with the goal of preserving or bringing them back. The board plans to engage with landlords and business owners to explore opportunities for property acquisition and support. Additionally, the trust is looking to expand its board and create committees to refine criteria for selecting businesses and spaces to support. The upcoming presentation to the Aspen City Council will be a critical step in securing further support and funding for their initiatives.
