Third Street Center’s Legacy Program offers the unique opportunity to support TSC’s work immediately while the actual gift is given later at estate disbursement.
To date, we have received $1M in planned gifts through our Legacy Program, which have already reduced TSC loan payments by $30,000 per year. In short, Legacy Gifts make the Third Street Center more financially sustainable.
Gifts pledged to the Third Street Center for a future date are credited to our loan with Alpine Bank and reduce our loan payments today. More of our earned income can then go to much-needed capital improvements projects like the Gym Renovation Project, Lighting Upgrades, Parking Improvements, a Community Kitchen and additional Solar Energy Production.
This innovative program was designed by Richard Fuller (while at Alpine Bank), Jim Calaway, and former TSC director Jody Ensign. Jim and Connie Calaway were the initial Legacy Program donors.
The transformation of the old Carbondale Elementary School into the Third Street Center required a $4.5M capital campaign. Half of that goal was raised from community members, local and state government, and local, state and national foundations. The balance of resources for the renovation came in the form of a tax-exempt conduit bond (loan) through the support of the Town of Carbondale and Alpine Bank.
Renting space in the renovated Third Street Center to 36 nonprofit organizations, artists and small businesses at below-market rates supports payment of the low-interest loan from Alpine Bank. Our Legacy Program reduces this debt faster and allows the Third Street Center to invest in the facility to meet growing demand.
Our goal is to raise $1.2M in Legacy Gifts by 2020 to retire the Alpine Bank Loan.
Please contact Executive Director Colin Laird, 970.963.3221 or Board President Jim Kenney, (214) 676-6835 if you have questions and are interested in making a legacy gift.