The Property
Earthrise owns a one-acre tract in Durango zoned for high-density multi-family use. This tract is at the intersection of Florida Road and North College, about 2 miles from the center of downtown.

We are currently doing site layout and choosing building methods. We intend to begin construction on our first building in the spring of 2005 and hopefully move in by that fall. We will keep the layout and design of future buildings flexible, so we can accommodate the needs of new members.

(click thumbnails below to see larger pictures of the Earthrise property and models of the proposed buildings)

Financial Structure:
The community is set up as a Cooperative Housing Corporation (CHC). A CHC is a corporation that owns houses and/or apartments, and all the shares of the corporation in turn are owned by the residents. Ownership of the shares thus represents ownership the apartments and a shareholder is entitled to live in an apartment. When members leave the community, they can sell their shares to incoming members, exactly as one would sell a house or condo unit. For tax purposes, ownership of shares is considered the same as ownership of a primary residence.

Currently we have the cost of the land covered from member investments. We intend to take out loans that will cover the construction costs. To keep the total debt as low as possible, we will use as much sweat equity and investment from supporters as we can.
Membership & Investing:
Members are expected to purchase shares in the company, attend meetings, and help with ongoing projects. New members are expected to observe meetings and participate in projects for at least three months before deciding to join. Membership is mostly self-selection, but the community can screen members.

The minimum number of shares required for membership currently cost $13,500 or an equivalent contribution in some other form. These shares can be resold if you leave, less a $1,000 transfer charge. Members are expected to contribute time on tasks beneficial to the community. This time commitment will increase when we begin construction.

Of course, $13,500 is not sufficient buy a home these days. Additional investments of money and time will be required to cover the land, materials and labor required for building an apartment unit. We also hope to have some rental units available.

For more about membership, investment opportunities, and Earthrise shares click here, or call Carsten at (970)-259-9488 or Paul at 259-6818.