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History Colorado asks legislature for authority to sell 1966-donated mineral rights to fund collections care
Summary
History Colorado asked the committee for legislative drafting authority to permit sale of mineral rights donated in 1966 so proceeds can support collections-care work; presenters said royalties to date total $5,000 and market estimates for a sale could reach about $800,000.
History Colorado asked the Bellamy Committee to authorize drafting of a bill that would allow the state historical society to sell mineral rights it received as part of an estate donated in 1966.
Dawn DePrince, President and CEO of History Colorado, told the committee the rights came from the estate of Eleanor Beine and that selling them would support the organization’s collections-care facility. “We are seeking approval to be able to sell mineral rights that were donated to us in 1966,” DePrince said.
Chris Creighton, the organization’s chief financial officer, said the rights have generated modest royalties so far. “So far today, we’ve received $5,000 since we’ve had these properties,” Creighton said, adding that the properties are not fully developed and that the principal value would be realized if future development occurs. He estimated market interest could place value “up to $800,000,” depending on what developers are willing to pay.
Committee members asked whether History Colorado intended an outright sale or a lease; DePrince said the organization seeks an outright sale rather than a lease. Representative Winter pressed for historical revenue; Creighton reiterated that royalties have been small to date and that selling now could maximize potential proceeds.
Madam Vice Chair moved to give the Office of Legislative Legal Services drafting authority to prepare a bill permitting the sale. The committee conducted a roll-call vote; one member was excused, and the motion passed with all voting members in favor.
The committee’s action authorizes bill drafting only; it does not itself transfer property or set sale terms. The next procedural step is drafting the bill language through OLLS and subsequent formal introduction and committee consideration in the legislature.
