Champlain Area Trails (CATS) completed its first “tradeland” transaction at the end of 2016 when it accepted the gift of a 21-acre property in Crown Point and immediately sold it to fund its work to make trails and save land.
“Ray Asmar of Danbury, Connecticut contacted me in early 2016 about the property which he purchased in 1972,” said Chris Maron, CATS executive director in an announcement sent to the press. “He and his wife camped there occasionally but were now looking to find a new owner. Their children didn’t want it and selling it would have incurred capital gains taxes. So, he contacted me about donating it to us as a nature preserve. We inspected it and decided that although it was entirely forested, it didn’t meet our conservation criteria. I suggested he give it to us as a “tradeland” which we would sell and use the funds to advance our mission. He liked that idea because he could use the property for a beneficial purpose, get the tax benefits of donating the property at its current market value, and not be taxed for its increase in value if he sold it.” » Continue Reading.