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A year after the Indy exposed a series of sweetheart land deals that transferred ownership of 10 of Ithaka Land’s affordable housing properties, the nonprofit has reached an oversight agreement
Ithaka Land, under fire for selling its properties that served the poor to an exclusive buyer at below market values, has hired a management consultant in the wake of its
Esther Kisamore and Bill Sulzman, long time Ithaka residents, outside their homes. Pam Zubeck A group of former board members of Ithaka Land Trust has asked Attorney General Phil Weiserâs office to investigate the nonprofitâs recent sales of nearly half its 21 properties to one chosen developer at prices below market value, while loaning $555,717, interest free, to the same developer on some of those sales. The transactions represent a radical departure from Ithakaâs original mission, when established in 1981, to care for the poor and provide...
Ithaka plans to build new transitional housing at 301 S. Union Blvd., a nine-acre tract for which City Council approved rezoning from public facility to office complex on May 11. Ithaka's buildings will occupy only a portion of the property, with retail, office and townhomes planned for the site. Pam Zubeck
Ithaka Land Trust has borrowed nearly $750,000 from the city of Colorado Springs to acquire properties over the years, and it still owes most of that money.