El Pomar Foundation has completed the donation of a building in Colorado Springs to Space Foundation, a nonprofit advocacy organization founded in 1983 for the global space ecosystem. The forgiveness of the $4.1 million loan by El Pomar allows Space Foundation to acquire full ownership of the 131,035-square-foot property located on Arrowswest Drive that currently houses its operations, offices and Discovery Center.
In 2018, El Pomar’s trustees approved a project that made available the adjacent building at Space Foundation’s existing location for an expansion effort to support the organization’s educational initiatives. The project allowed for a long-term leasing arrangement followed by a transition of building ownership to Space Foundation within seven years.
“In light of the impacts of COVID-19 and subsequent changes to Space Foundation’s operations and its annual Space Symposium, El Pomar’s trustees saw great value in accelerating the timeline in which building ownership would be transferred to them,” said Kyle H. Hybl, El Pomar president and CEO. “Facilitating the transfer now can be a catalyst for Space Foundation’s continued success with the iconic Space Symposium and their other public engagement efforts — all of which are a beacon to our region and the world of Colorado Springs’ leadership to the international space community.”
A host of initiatives are carried out at Space Foundation’s Colorado Springs-based facility, including the annual Space Symposium, Space Foundation Discovery Center, Space Technology Hall of Fame, Center for Innovation and Education, Space Certification, The Space Report, government policy work and more.
Space Foundation CEO Tom Zelibor commented, “El Pomar’s continued investment in Space Foundation’s mission and operations will allow us to extend our work in building a future where everyone can find their place in the global space ecosystem. From the very beginning of Space Foundation nearly 40 years ago, El Pomar has been part of our organizational fabric, and all of us who are part of this organization are enormously grateful for their belief and trust in the work we do. Their steadfast generosity will further enable the reach and impact of our information, education and collaboration missions in Colorado Springs and around the world.”
El Pomar Foundation is one of the largest and oldest private foundations in Colorado. El Pomar contributes approximately $22 million annually through grants and Community Stewardship programs to support Colorado nonprofit organizations involved in health, human services, education, arts and humanities, and civic and community initiatives. Spencer and Julie Penrose founded El Pomar in 1937 with the mission to enhance, encourage and promote the current and future well-being of the people of Colorado.
Photo courtesy of Space Foundation
