Colorado
Why Is This Colorado Church Putting Its Chapel On The Blockchain?
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
Colorado neighbors lament likely closure of Roxborough library; $22 million regional library breaks ground nearby
For 22 years, the Roxborough library in Roxborough Village has served the entire Roxborough Park community. But that chapter might be coming to a close, as Douglas County Libraries prepares to break ground on a near-$22 million library in a growing master-planned Colorado community nearby.
A new regional library will be built near the intersection of West Titan Road and Taylor River Circle across from the incoming Douglas County School District elementary school in Sterling Ranch. It will also serve communities such as Louviers, Chatfield, Solstice and the greater Roxborough Park community.
“It’s an opportunity for this whole development to centralize a little bit,” said Alex Taylor, president for Sterling Ranch Community Board District No. 2
Taylor was among the first 100 residents to live in Sterling Ranch, and he can’t wait to take his two sons to the library when it opens near their home.
“Having an additional space for the kids to go and find the new set of books,” Taylor said. “Creating a centralized space for everybody in all of the various communities in this region to be able to congregate.”
The 18,000-square-foot library will break ground in Sterling Ranch this summer. But this developing situation does not satisfy everyone in the community.
“Don’t take ours to give them theirs,” community member Denise Martinez said.
Seven minutes away at the Roxborough library, some neighbors don’t want to say goodbye to their longstanding community hub. But the library board has set the lease to terminate next year.
“It would be devastating to this community on so many different levels,” Martinez said.
Martinez says the smaller Roxborough library is one of the only shared amenities in the community and is walkable for many.
“I truly believe that this is the hub of the community,” Martinez said. “This is the gathering spot.”
“Our community has been here for over 40 years, and people have paid into the library system for that amount of time,” said Ephram Glass, president of Roxborough Village Metropolitan District. They’ve been paying their property taxes. The library has been accumulating all this funding, so that they could build a new facility for Roxborough, and now for that money to then go to a brand new community that hasn’t been paying in for decades, I think a lot of people will be very pissed off.”
Glass and Martinez both enjoy taking their children to the library. They say it’s a close walk or bike ride from Roxborough Primary and Intermediate School and worry about children losing accessibility to the library.
“It would take an hour and 16 minutes walking to the new facility from this one, or a 25-minute bike ride. There’s really no shoulder,” Martinez said. “This doesn’t give our kids access at all. I mean, they will ultimately not be able to go to the library unless they have a ride.”
“I imagine some kids will take the e-bikes over. Many will just not go,” Glass said.
Glass is a member of the Roxborough Village HOA, which he says offered to donate a parcel of land near the existing Roxborough library with no strings attached.
“The board chose the Sterling Ranch site as the best site,” said Bob Pasicznyuk, executive director at Douglas County Libraries.
Pasicznyuk says there have long been plans to open a larger library in the area. He says DCL chose the other site, which was donated by the Sterling Ranch developer, partially because it was centrally located in northwest Douglas County.
“Ultimately around 35,000 people will live just in Sterling Ranch alone. The audience base would then go up to say (50,000) or 60,000. Right now it’s about half that many,” Pasicznyuk said.
Pasicznyuk says the all-in cost of the library in Sterling Ranch will be $21.6 million. That includes $250,000 for an outdoor porch, $200,000 for an outdoor children’s play area and $450,000 for other outdoor improvements, including a seating area, trellis and event and trail space.
Martinez is upset those outdoor amenities will come at the cost of the library and not the Sterling Ranch developer.
“I just think that it’s ridiculous to build a park and a veranda and even insist upon those things,” Martinez said. “I just do not understand what that really has to do with literacy or books or the library. I was kind of shocked by that actually.”
Despite terminating the lease, Pasicznyuk says the library board has not voted to close the Roxborough library just yet, but admits they have always consolidated smaller libraries when larger ones open.
“We’ve been 22 years in the second-floor strip mall rental, and while we’ve been glad for the opportunity, it’s going to be an amazing opportunity to move into a freestanding library with all the amenities that we have,” Pasicznyuk said.
“It isn’t good for this community. If you’re here to serve the community, why would you shut this down?” Martinez said.
Martinez started a Change.org petition to “Save Our Roxborough Library.” She now has more than 1,400 signatures.
“We need this. This is vital for our community,” Martinez said. “We just feel like we’re being absorbed.”
“It’s a prized amenity, so it makes sense that they want to keep it,” Pasicznyuk said. “I’ve never seen a reaction other than people love their library. So, even though you’re opening a new library, and I can describe 10 things about it that might be improvements over what we have today, people are going to, because they love their library, wish to keep what they have.”
Meanwhile, Taylor is excited for the library to open in Sterling Ranch next year.
“I’m absolutely empathetic to the fact that somebody might be disappointed that a library would move a few miles away from them versus where it’s historically been,” Taylor said. “The library will be something that everyone can enjoy. It’s going to be a library in Sterling Ranch, but not just for Sterling Ranch.”
Taylor says he’s been working with Sterling Ranch’s developers and the library on a partnership with the nearby Lamb Spring Archaeological Preserve. They are hoping to bring some artifacts or replicas into the library and use a mammoth hunter-gatherer theme for the children’s areas.
“It is a major archeological site in this region that there is evidence of mammoth activity and human activity going back possibly as far as 9,000 years ago,” Taylor said.
Roxborough-area residents say they plan to attend the next library board meeting on June 24 to make their voices heard.
(COLORADO SPRINGS) — Organizers for the Pikes Peak or Bust Parade announced on Friday, June 19, that due to a lack of resources, the parade has been canceled.
Originally scheduled for July 11 in Downtown Colorado Springs, parade organizers said they could not secure the resources needed to produce the event at the level the community deserves.
“We know many of you were looking forward to the parade, and we’re incredibly grateful to everyone who offered their time, support, sponsorship, and enthusiasm,” said organizers.
While the parade will no longer be taking place on July 11, organizers said the Pikes Peak or Bust Rodeo will return on July 14 through July 18, and tickets remain on sale.
Organizers hope to see the Colorado Springs community at the rodeo, and they remain hopeful that the beloved tradition can return in the future.
Denver Post writers have explored Colorado’s many corners and offer ways to find fun, relaxation or something new for summer. Take a look at how you can expand your possibilities this season if you’re keeping travel close to home this year.
In the mountains
Colorado’s 10 most popular hikes, according to AllTrails
Colorado waterfall hike: Copeland Falls best this time of year in early morning
This hiking trail near Red Rocks will help you get in shape for 14er season
Gorgeous Colorado hike reopens this summer with new rules for hiking, camping, human waste
An Estes Park getaway can be about more than just the outdoors
Camping
Gorgeous Colorado hike reopens this summer with new rules for hiking, camping, human waste
Forest service now charging $20 for dispersed camping in Homestake Valley
Within driving distance
These adult summer retreats can help Coloradans escape burnout
Big balloons will rise above Colorado’s heat this summer; watch ’em soar or take a ride
Looking for beach vibes? Here’s where to find them in landlocked Colorado
Movie-theater hotel adds vintage Airstreams, Quonset huts in San Luis Valley
Sleep in a treehouse, hike with llamas, stargaze and more summer whimsy
Pick your own flowers at these farms and garden centers in Colorado
Is city fishing safe? Yes, experts say, but there are updated guidelines to follow.
Big balloons will rise above Colorado’s heat this summer; watch ’em soar or take a ride
Here’s where to fish with kids near Denver
Summer fun
Biodegradable pickleballs, size-inclusive skorts made in Colorado and other sports gear we love
More women are playing padel than ever — and for good reason
Meet the Boulder dogs cast in this summer’s Colorado Shakespeare Festival
Gravel biking events are a hot commodity in Colorado this summer
Want to get off your phone? Learn blacksmithing or floral design at these Colorado classes and makerspaces.
Beyond Colorado
10 tree-house hotels in the U.S. for you to commune with nature in comfort
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