Colorado
Why Is This Colorado Church Putting Its Chapel On The Blockchain?
![Why Is This Colorado Church Putting Its Chapel On The Blockchain? Why Is This Colorado Church Putting Its Chapel On The Blockchain?](https://imageio.forbes.com/specials-images/imageserve/66bfa5353ce2b973b5fdacbe/0x0.jpg?format=jpg&height=900&width=1600&fit=bounds)
Thanks to a slick real estate broker, a network of churches in Northern Colorado is embracing blockchain technology to securitize their sanctuary. Pray for its investors.
By Nina Bambysheva, Forbes Staff
In the Middle Ages, the Church held sway over souls with the sale of indulgences—essentially, money in the form of silver or gold coins exchanged for a faster ticket out of purgatory. Fast forward to the 21st century in Northern Colorado, where a different kind of church token is being offered—one that doesn’t promise salvation but instead aims to purchase Fort Collins’ oldest church.
Move over, GoFundMe. Enter a modern twist on community investment, led by local pastor named Blake Bush, who is spearheading an effort to raise $2.5 million for the purchase of the Old Stone Church, a historic 19th-century stone building his community has been renting for the past two years.
Pastor Blake Bush Photo by Colorado House of Prayer
Bush, 57, is no ordinary clergyman. A former franchise salesman and a veteran of 34 years in ministry, he and his wife founded the non-denominational Third Day Church and later established One Hope of Northern Colorado, a nonprofit ministry leading the Colorado House of Prayer. “We’re not a church,” Bush explains. “We are the church, a network of churches working together to bless our community.” The Colorado House of Prayer, currently housed in the Old Stone Church, is a place where volunteers run the show, and anyone can lead a prayer at nearly any hour. Multiple denominations currently rent the space. For example, every Sunday at 2:30 p.m. the Korean High Mountain Church holds a service.
In the summer of 2022, Pastor Bush fell down the crypto rabbit hole when a friend introduced him to XRP cryptocurrency. Ripple Labs, the company that developed the token, once promised that its digital ledger would replace banks in facilitating trillions in global money transfers, but despite XRP being valued at $31 billion by crypto traders, Ripple has accomplished little in the last decade. Intrigued, Bush bought some XRP and soon found himself immersed in the possibilities of blockchain. “I just began to research and listen, trying to figure out what they’re doing, [Ripple’s] lawsuit with the SEC… who’s the SEC, what do they do, and what does blockchain accomplish? Where is this thing going?” He says the idea of tokenizing real estate “entered his thoughts” in February.
“I heard the Lord say ‘’tokenize the building,’”says Bush. “I was like, what? I didn’t even know what that meant. I’ve been interested in the technology, but I could not have formed that sentence because that’s just not in my vocabulary. I’ve been praying for this for years, and God said, ‘Son, go get my house.’”
Enter REtokens of Spokane, Washington, founded in 2022 by Tyler Vinson, 45, whose real estate brokerage firm Extant shares headquarters with the digital asset operation. Vinson, a local realtor who got his BA in Marketing from Eastern Washington University, boasts more than 20 years of experience and is the author of “Freedom Through Cash Flow.” Tokenizing properties like Bush’s Old Stone Church may be just the gimmick needed to inject new life into Vinson’s Spokane Valley real estate practice.
In late May 2024, REtokens and a Swiss-based private blockchain operator Polymesh announced that they would jointly tokenize $30 million in real estate, “delivering enhanced liquidity and a wider pool of investors to the real estate market.” Not mentioned in the press release was the pair’s only other asset tokenization—a $2.25 million preferred stock offering in August 2023 for REtokens itself. According to the private placement memorandum available to accredited investors, more than $150,000 of the proceeds would go toward paying off a loan to Vinson’s Extant, and ReToken’s payroll, which includes Vinson as CEO, would eat up nearly 24% of the funds annually. When you throw in marketing costs, blockchain fees and convention/travel expenses, “corporate costs” were projected to eat up to 40% of the tokenization proceeds in year one.
While there are no specifics in the offering statement about how investors will actually earn a return from their blockchain-based investment in REtokens, the shares were initially priced at 75 cents each, with a minimum investment of $5,000. Vinson’s new blockchain company intends to take $10,000 upfront for new tokenizations, plus up to 0.74% per year in an “equity fee” from new tokens minted. So far, REtokens has raised less than half of the $2.25 million in tokenized preferred stock it began offering a year ago.
Blake Bush’s Old Stone Church is Vinson’s first real estate tokenization. The first phase, launched on Friday, targets accredited investors with a minimum of $50,000 to invest, and is seeking to raise $2.5 million within the first year to buy the 11,457-square-foot stone building. The Old Stone Church is currently owned by one of Blake’s parishioners, Warren Yoder, owner of a Chevrolet dealership and auto body operations in Northern Colorado, who bought it in 2022 for $2.2 million.
Eventually, the Stone tokens will become available on the secondary market, presumably to non-accredited church congregants at $500 per token, with a minimum investment of $1,500. These tokens will trade indefinitely, or as the initiative’s website puts it, “until Jesus returns or the majority of investors and the board decide to sell.” Already, several locals have joined Old Stone’s board including the mayor of nearby Severance, Colorado, a mortgage broker and an insurance salesman.
Potential investors don’t need a special crypto wallet; instead they will have to create an account with REtokens and complete a know-your-customer process, much like buying stocks on Fidelity, says REtokens’ Vinson. In fact, purchasers are buying securities, not cryptos. The tokens won’t be traded on exchanges like Coinbase or Binance but only marketable through REtokens. And since the small offering falls under regulation D of the Securities Act of 1933, Old Stone Church will be exempt from most disclosure requirements. Tokenholders won’t get a say in how the church is managed, either.
When Bush was asked the consequences of, say, a Satanist scooping up the majority of tokens, his response was, “I’d be like ‘great, thank you, let’s introduce you to Jesus.’” The Old Stone Church will be governed by its board and an operating agreement, he explains, so even a majority owner won’t be able to decide how to use the building. Tokenholders will only be able to vote for a president of the board and for or against the sale of the building.
Bush’s Colorado House Of Prayer is non denominational: “All churches who belong to Jesus are welcome to participate, regardless of their theological background.”
Photo by Colorado House of Prayer
Unlike traditional church and synagogue fundraisings, offered by not-for-profits and therefore tax-exempt, congregants wishing to “invest” in their church will not be getting any tax deductions. Tokenholders will be subject to normal income and capital gains taxes, which will come in the form of K-1 partnership distributions. “Even Jesus had to pay taxes and have a treasury,” says Bush.
As for returns, the pitch deck projects “a 2-3% yearly increase on each token in accordance with the rise in real estate value in downtown Fort Collins. In addition, each year, there will also be a small dividend based on the modest rent the LLC receives.” Pastor Bush is serious about managing investor expectations. “You’re not in this to make profits. You’re in this to do good in the community,” he says. The pitch deck notes that investors will be using their money to “advance the kingdom.”
The Old Stone Church is the first tokenized church, according to Graeme Moore, head of tokenization at Polymesh, but it may not be the last. Mark Elsdon, a minister and developer from Madison, Wisconsin, and author of Gone for Good?, writes that as many as 100,000 Christian church properties—a quarter to a third of all churches in the U.S.—are expected to be sold or repurposed in the next decade.
Already, hundreds of these properties are being acquired by businesses for use as offices, restaurants, co-working spaces, and hotels. New Yorkers may recall the 1983 transformation of the Gothic Revival-style Episcopal Church of the Holy Communion, built in 1844, into the Limelight nightclub, notorious for its drug-fueled parties. A more recent example is the Good Shepherd Lutheran Church on Lake Opeka in Des Plaines, Illinois, reborn as an upscale Mediterranean restaurant.
Pastor Bush’s vision stretches far beyond Fort Collins. He dreams of forming a foundation to help others tokenize their historic buildings. He may be onto something. Considering each communities’ zealotry, religion and blockchain may be a match made in heaven.
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Colorado
Christmas lights at risk from horned deer, Colorado warned
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This holiday season, festive decorations may be at risk of being ripped down by an surprising culprit.
Colorado Parks and Wildlife (CPW) has warned residents of the state that they are receiving large numbers of calls from people who have had deer getting their antlers tangled up in their Christmas decorations and other yard equipment.
While deer are usually rather clumsy creatures, they become much more erratic and aggression-prone at this time of year, as they are frantically searching for a mate.
“Our wildlife officers respond to calls every year of deer stuck in various netting and holiday decorations,” CPW Area Wildlife Manager Adrian Archuleta said in a statement.
Alan Ziff / CPW
Colorado Parks and Wildlife warns residents that male deer may find themselves getting tangled up in swing sets, sports netting, hosepipes, Christmas lights and even bicycles during the rut season.
There are two main types of deer native to Colorado: mule deer and white-tailed deer. The rut of both species typically peaks in mid to late November and can extend into late December in some areas.
During the rut, bucks are highly active and display behaviors aimed at attracting does and establishing dominance over other males. This can include traveling extensively, often during daylight, and also engaging in sparring or even full-blown fights to establish dominance and breeding rights.
This activity is how the male deer end up getting tangled up in things like Christmas lights.
“In some cases, these hazards prevent the deer from being able to eat and breathe. Additionally, this causes high levels of stress on the animal and can lead to fatality,” Archuleta said.
The public is advised to ensure holiday decorations and lights are firmly attached to solid structures, and hung at least eight feet from the ground. Hanging the lights on trees or bushes is discouraged, as the deer often rub their antlers against plants or tree trunks to sharpen them during the rut.
If you encounter a deer that has become tangled or trapped, you should not attempt to free it yourself, as the deer are often increasingly aggressive at this time of year.
“When deer do become entangled, it is important for the public to call their closest CPW office quickly with location information,” Archuleta said.
“People should never try to free deer of these hazards themselves because of the serious risk of injury that can be caused by antlers and hooves.”
Additionally, deer can carry diseases such as chronic wasting disease, tuberculosis and acidosis. This is why it is illegal to feed wild deer in Colorado.
“Attracting deer can concentrate them in small spaces, making disease easier to spread, attracting predators, and causing them to lose their natural fear of people,” the CPW warn on their website.
During the rut, deer may be seen on the roads more frequently, so drivers are also advised to keep an eye out.
“Drivers are also reminded to slow down and be on the lookout for deer on highways. Not only are bucks in pursuit of a mate, but animals are also migrating to winter range and will be more present crossing roadways both on highways and arterial roadways,” the CPW said in the statement.
Do you have a tip on a science story that Newsweek should be covering? Do you have a question about deer? Let us know via science@newsweek.com.
Colorado
Town Council in Colorado’s Castle Rock approves measure expressing support for Trump’s immigration policies
![Town Council in Colorado’s Castle Rock approves measure expressing support for Trump’s immigration policies Town Council in Colorado’s Castle Rock approves measure expressing support for Trump’s immigration policies](https://assets1.cbsnewsstatic.com/hub/i/r/2021/10/22/ff1f7ea3-0501-4907-a104-3853cd5367bc/thumbnail/1200x630/56c85e293a055a0a264cd293a202e468/castle-rock-1.jpg?v=564e83c5974b3893ba1bcac5fe5947af)
The Castle Rock Town Council on Tuesday approved a measure expressing support for President-elect Donald Trump’s immigration policies. The measure also expresses a willingness to lawfully cooperate with federal immigration officials in implementing policies in the Colorado municipality.
All of the council at the evening meeting voted in favor of the resolution, except for one council person who abstained. Right before the vote, the council members referenced the violence that has been happening in Aurora at an apartment complex.
Earlier this year the council voted unanimously to explore suing the city of Denver over its migrant policies.
Trump has selected Tom Homan to be his “border czar” and he recently blasted Denver Mayor Mike Johnston for his opposition to planned mass deportations and willingness to use civil disobedience to ignore deportation orders for Denver residents.
“Look, me and the Denver mayor, we agree on one thing. He’s willing to go to jail. I’m willing to put him in jail,” Homan said last month.
Colorado
Man arrested at Colorado trail on several charges after guns, police impersonation items found in his car
![Man arrested at Colorado trail on several charges after guns, police impersonation items found in his car Man arrested at Colorado trail on several charges after guns, police impersonation items found in his car](https://gray-kktv-prod.gtv-cdn.com/resizer/v2/UUWBEMFGQJG4BMUAXZSQ66BCRM.jpg?auth=b6618676d97b23fcccf580b9e23e3f337475ab16e4d46f8e2c317bcf585628d9&width=1200&height=600&smart=true)
CLEAR CREEK, Colo. (KKTV) – The Clear Creek County Sheriff’s Office said they spotted a suspicious vehicle with a fake license plate and covered VIN parked in a dirt lot in Silver Plume on Monday.
After eventually getting the VIN, deputies said they identified the owner of the car, 40-year-old Brian Cope, who had a warrant from Summit County for failure to comply and was reported to have violent tendencies.
Deputies said they then saw him walking down a mountain trail towards them. Cope then reportedly placed an item behind a rock before being spoken to by deputies. Cope was then arrested on the Summit County warrant without further issues.
Deputies then checked behind the rock, finding a handgun. Cope’s vehicle was to be towed due to the fake plates, so deputies said they also did an inventory check of the vehicle.
Inside the car, deputies said they found a loaded, short-barreled rifle without a serial number, six high-capacity magazines, multiple boxes of ammunition, a Kevlar tactical vest with metal plates, a tactical helmet, a police scanner, a federal law enforcement replica badge, burglary tools and drug paraphernalia.
After the search of Cope’s car, deputies said he is also facing charges of possession of a weapon by a previous offender, impersonating a peace officer, two counts of a violation of a protection order, unlawful conduct involving an unserialized firearm, prohibited large capacity magazine, possession of burglary tools and three counts of drug paraphernalia. The 5th Judicial District Attorney’s Office is scheduled to determine the final charges.
Copyright 2024 KKTV. All rights reserved.
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