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Large donations enable JCC to purchase its campus

A coalition of donors is spending millions to buy the Staenberg-Loup Jewish Community Center (JCC Denver) campus in an effort to enable the organization to sustainably operate on a debt-free basis, strengthen its programs, services and infrastructure.

The funding agreement includes multimillion-dollar leadership gifts from the Rose Community Foundation, Mizel Family Foundations, Michael Staenberg and the Sturm family, as well as support from a host of other community donors. The money will be used to purchase the JCC Denver campus, which will enable the JCC Denver to repay the $14.3 million in debt it has accumulated since the 1990s, put aside reserves for deferred maintenance needs and provide for a financially sustainable future.

“On behalf of our staff, outgoing board and membership, we are grateful for this unprecedented generosity and lifeline,” said Lara Knuettel, CEO of the JCC Denver. “This financial stabilization combined with a new staff, a new board and renewed community engagement will propel the JCC Denver forward into a new era.”

To set the stage for the new era, the current JCC Denver board has agreed to step down and a new board chaired by longtime community leader Don Kortz will be installed.

“I look forward to working with Lara and the highly qualified management team she has been building to ensure the JCC Denver continues to grow, thrive and serve even more community members with excellent programming for people of all ages,” Kortz said.

The property will be held in a nonprofit subsidiary of Rose Community Foundation solely for the exclusive and perpetual benefit of the JCC Denver. The foundation’s nonprofit subsidiary, which will be chaired by trustee Jerry Glick and comprised of volunteer real estate experts from the Rose Community Foundation board, will enter into a 100-year lease agreement with the JCC Denver for a nominal $1 a year to ensure the JCC will survive and thrive for generations to come.

Read more articles by Margaret Jackson.

Margaret is a veteran Denver real estate reporter and can be contacted here.
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