ALAMOSA— The San Luis Valley Development Resources Board of Directors adopted a simple membership structure for the businesses and individuals to participate in the activities of the organization. Membership has been set at a flat $1,000 per year. Members in good standing are welcome guests at all SLVDRG meetings, as well as qualified for nomination to executive board seats.
Considered to be contributions, memberships will qualify for the Colorado Enterprise Zone 25 percent tax credit as a Contribution Project.
As 2018 draws to a close, the San Luis Valley Development Resources Group (SLVDRG) is preparing for year-end reporting of 2018 activities. As of November, $145 million of qualified investments have been certified for enterprise zone tax credits in the San Luis Valley, job training credits for 140 new employees and contribution tax credit for $1.4 million in qualified charitable contributions.
The loan operations of SLVDRG are in excess of $6 million. These loans are made in partnership with local lenders on businesses in all six counties of the San Luis Valley and range in size from less than $10,000 to over $500,000.
SLVDRG will remain busy with lending, granting and Enterprise Zone efforts in addition to completing new Comprehensive Economic Development Strategy (CEDS) for the region. The CEDS will be a major undertaking on building a valuable resource for the business and non-profit community. Keep your eye out for a way to participate by following us on Facebook or LinkedIn. The CEDS is prepared with support from the U.S. Economic Development Administration.
As a result of the 2017 Tax Cut and Jobs Act, and in cooperation with the Colorado Office of Economic Development and International Trade (OEDIT), six census tracts within the San Luis Valley have been designated as Federal Opportunity Zones. It is projected that aggressive use of these zones has the potential to attract a portion of an estimated $6 trillion in unrealized capital gains as a result of tax deferment and forgiveness awarded to projects located in the opportunity zones.
Donations in the form of membership in the San Luis Valley Development Resource group are not intended to replace support currently given to local economic development organizations, but enhance efforts through regional coordination and provide opportunity for input to the specific use of the funds.