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.
MORE FROM FORBES
Colorado
New affordable housing communities in Colorado aim to serve families with the greatest need
LONGMONT, Colo. — For Skye Beck and her husband, the decision to uproot their family of five from Nebraska and relocate to Colorado for a new job wasn’t easy — especially when it came to the cost of living.
“It was looking like it maybe was not going to be an affordable option for us to come out here,” she said. “We did find one eventually, but it was still just the two-bedroom apartment, and that was just a little tight for us for the year.”
After a year of cramped living, the Beck family moved into a much more spacious apartment at Ascent at Hover Crossing in Longmont. The newest affordable housing development in Boulder County, which officially opened its doors on Tuesday, includes four-bedroom units — a rarity in affordable housing.
“I think they only have six of those [units],” said Beck. “To have that much space for the five of us is a blessing.”
Katie Pung, housing development project manager for the City of Longmont, said the larger units were a deliberate priority.
“Having those larger units for families really came together in a way that we feel like is going to be meaningful for Longmont families,” Pung said.
The mixed-income apartments are available for a variety of incomes, with units ranging from 30% to 80% of the Area Median Income (AMI) — about $31,650 to $84,400 for a one-person household.
The development also includes an early childhood education (ECE) center on site, giving families an affordable childcare option.
OUR Center, a longtime local nonprofit specializing in subsidized early education for low-income families, will operate the center. The facility is set to open later this year, with availability for both residents and the broader Longmont community.
It reflects a growing statewide push to incorporate childcare into housing projects through state funding and technical assistance for developers.
p2-aff-housing-projects_030326AKB.mp4
A similar effort is underway in Denver’s Berkeley neighborhood, where the Colorado Coalition for the Homeless is partnering with the Denver Housing Authority to develop Charity’s House, a family housing development with 135 new units — also with an on-site child care center.
At least 40% of the units will be reserved for families earning 30% of the Area Median Income (AMI) — currently $37,850 for a family of three and $42,050 for a family of four in Denver. All units will be income-restricted to those at or below 60% AMI.
Cathy Alderman, chief communications and public policy officer for the Colorado Coalition for the Homeless, said land partnerships help reduce both cost and construction time.
“If we can enter into a partnership with another organization that owns land, and we can build on that, that cuts our cost and time down considerably,” Alderman said.
The DHA Delivers for Denver (D3) bond program, a partnership between DHA and the City of Denver, has funded 11 property acquisitions since its inception in 2019, according to Denver Housing Authority Chief Real Estate Officer Erin Clark.
“It is public partnerships like that and public-private partnerships that, even us, working with a nonprofit here, that are what deliver more housing across the community,” said Clark. “It’s just people thinking outside of the box and leveraging resources and saying, ‘What do you do best, and what do we do best, and how can we work together to make all this happen?’”
Construction is slated to begin in late 2027.
Denver7 has heard from multiple experts through the years about the lack of affordable housing options for families and seniors.
Years-long waitlists and housing lottery odds often make it tougher. More than 15,000 children and youth are currently experiencing homelessness in Denver.
Colorado has been making significant housing investments since the COVID-19 pandemic, leading to more affordable housing developments across the state. But Alderman said there is still more work to be done.
“My biggest concern is that not all of that housing is being targeted for those households in the greatest need,” Alderman said.
Longtime Longmont resident Karen Howerton remembers a time when rents hovered in the $600 range.
“When I came back to Longmont six years ago, I was surprised at how much inflation had happened here and how big the town had grown,” she said.
The last affordable housing development she lived in didn’t quite fit all her needs.
Now, she joins the Becks as one of the first tenants at Ascent at Hover Crossing.
“What I wanted to come over here for was a washer and dryer — I didn’t have that at my other place — and the little balcony, you know,” she said. “I’ve met a few of the neighbors already, and I can’t say enough about it. It’s just a great place to be, for sure.”
Howerton and Beck say the little comforts go a long way toward making a place feel like home.
“I mean, everyone deserves to have a space and be able to afford it without worrying about all the other parts of life,” Beck said. “I feel like here we’re able to finally rest a bit and able to enjoy life, but it shouldn’t be limited to just a waitlist.”
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Colorado
Colorado weather: Up to 14 inches of snow forecast for mountains
Snow started Monday night in Colorado’s mountains and will continue throughout the week, likely making its way into the Denver area on Friday, according to the National Weather Service.
Colorado’s mountain roads, including Interstate 70 at the Eisenhower-Johnson Tunnel and Berthoud Pass, were already snow-covered Tuesday morning, according to the weather service.
“With more snow to come throughout the day, a Winter Weather Advisory was issued for the Front Range Mountains,” forecasters said.
That advisory will be in effect until 8 p.m. Tuesday for parts of Jackson, Larimer, Boulder, Grand, Gilpin, Clear Creek, Summit and Park counties, including Rocky Mountain National Park. Additional snow accumulations between 6 and 14 inches are possible on Tuesday, forecasters said in the alert.
As of Tuesday, the weather service’s snow forecasts included:
- 2 inches on I-70’s Vail Pass, with up to 3 inches possible
- 3 inches in Winter Park, with up to 4 inches possible
- 4 inches in Eldora and on U.S. 6’s Loveland Pass, with up to 5 inches possible
- 4 inches on U.S. 40’s Berthoud Pass near Winter Park, with up to 7 inches possible
- 5 inches at Bear Lake in Rocky Mountain National Park, with up to 7 inches possible
- 6 inches on U.S. 34’s Milner Pass in RMNP, with up to 8 inches possible
- 7 inches on Colorado 14’s Cameron Pass near Fort Collins, with up to 8 inches possible
- 9 inches on Mount Zirkel, the highest summit of Colorado’s Park Range of the Rocky Mountains, with up to 11 inches possible
“Travel could be very difficult,” weather service forecasters stated in the winter weather advisory. “The hazardous conditions will impact the Tuesday morning and evening commutes.”
Snow is expected to pause in the mountains Wednesday and resume Thursday before wrapping up early Saturday morning, according to hourly forecasts from the weather service.
In the Denver area, snow is most likely between 5 a.m. and 4 p.m. on Friday, the hourly forecasts show. Rain is also forecast for the metro area during that time, so it’s unknown how much snow will stick.
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Colorado
Weiss keeps focus on job as Colorado AHL assistant, not historic promotion | NHL.com
In NHL.com’s Q&A feature called “Sitting Down with …” we talk to key figures in the game, gaining insight into their lives on and off the ice. This week, we feature Kim Weiss, assistant coach of the Colorado Eagles, the Colorado Avalanche’s American Hockey League affiliate. Weiss was named assistant for the Eagles on Jan. 16, joining Seattle Kraken assistant Jessica Campbell as the only women in the NHL or AHL to be a full-time assistant coach.
Kim Weiss doesn’t think about the history she’s made that often.
The 36-year-old is too busy with her duties that come with being the Colorado Eagles’ assistant coach, including breaking down 5-on-5 video — she was the team’s video coach prior to her promotion — presenting it to the team, pushing pucks and running practice drills.
“When the title change happened and the promotion happened, I left the office of the general manager (Kevin McDonald), and I got back to work,” Weiss told NHL.com. “In the moment you’re not really thinking about that kind of stuff, but obviously it’s an honor.
“I’m especially grateful just because of my background. I didn’t play on a national team, I didn’t grow up in Minnesota or any kind of a hockey hotbed. So to get at this level and to have this legacy, for lack of a better word, from the place I’m from, a kid from Maryland that played Division III (hockey at Trinity College), it makes me even more proud to show people that you can get somewhere no matter where you start from. Then you add in being a female and all of that, I’m really proud of my journey and I’m proud of all the people who helped me along the way to get here.”
It’s been quite a ride for Weiss with the Eagles, who are second in the AHL Pacific Division. Last week, Weiss talked to NHL.com about her new duties, working with the Avalanche and more women in hockey.
So what was it like the day McDonald called you into the office to give you the news of your promotion?
“Honestly, it’s an affirmation of the work you put in. That’s what the GM said to me. Last season I had a different head coach (Aaron Schneekloth) and we had a different assistant (Dan Hinote) that both moved onto the NHL, and they both spoke highly of me to our GM in the summer and to our new head coach (Mark Letestu). Getting to know Mark this year and working for him, everything that he had heard of me got confirmed through the first few months of the year.
“I don’t exactly know how the process went about to change the title, but I think he went to Kevin, and I know Kevin said this to me, this line of, ‘You’re doing all the work that the assistant does, so why aren’t we calling you one?’ I’m already on the ice with the team and I run skill skates and scratch skates and present (video). I’m doing everything the assistant coach does; I just had a different title. So I really appreciate them just giving me the opportunity to kind of advance my career and keep doing what I love to do, which is coach hockey.”
Letestu also had you run one of the practices earlier in the season. How did that come about?
“Every assistant got (that chance). The big thing coming in was, he had been an assistant coach before and he wanted to make sure we all had a voice and a say, and we weren’t just coming onto the ice for practice like, ‘Oh, here we go. Push some pucks. Put my track suit on for 20 minutes, push some pucks and jump off.’ He wanted to make sure we had the platform in front of the players.
“It started with our longest-tenured assistant coach, Tim Branham. It was nothing new or scary for any of us, but just a different dynamic. Not every staff allows their assistants to take full responsibility of a full practice. Then Derek (Army) took it and then the next week I took one.”
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