Nederland to buy Eldora ski area
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Snowboarders and skiers celebrate opening day at Eldora near Nederland on Nov. 7. Photo: Hyoung Chang/The Denver Post
The town of Nederland reached an agreement this week to purchase the nearby Eldora ski area.
Why it matters: The deal ends speculation about the future of Boulder County's only ski area after Utah-based POWDR announced it would sell the 680-acre property earlier this year.
By the numbers: The town, which began negotiations to buy the area in January, will pay with municipal revenue bonds backed by the resort's earnings.
- Yes, but: The precise purchase amount will remain "confidential," according to the town.
Nederland plans to annex the mountain, allowing it to control land use and collect sales tax, which could bring in $1 million to $2 million in annual revenue.
- Eldora employees will become Nederland town employees, adding about 700 people to its municipal staff.
Between the lines: Nederland's control of the area enables it to host summer events to help raise money for town projects like sidewalk and street repair.
- "These economic development opportunities will give the town a long-needed, sustainable way to fund infrastructure," the town stated in a post.
What they're saying: "Nederland aims to turn Eldora into a year-round, community-driven asset-expanding recreation, sparking local jobs and outdoor industries, and weaving sustainability and social equity ... into every run, trail, and event," the town stated in the post.
- Eldora officials said, "Together, we will continue to build a strong, community-focused resort that supports our employees and guests for years to come."
What's next: If all goes as scheduled, the sale will become official in October, according to the town post.
- Nederland's Board of Trustees must approve a "not-to-exceed" amount to cap the total debt it can assume in the purchase.
- POWDR will support the mountain during the transition and the town has already partnered with 303 Ski, a coalition of Front Range ski-industry veterans, to support operations once POWDR's contract expires.
- The town will also hire a "deputy town manager, executive director of mountain operations."
The bottom line: After the departure of Frozen Dead Guy Days, Eldora is the town's biggest draw, and this purchase gives Nederland control of the asset, making it one of the few municipally controlled ski areas in the state.
What we're watching: Mayor Billy Gilpin told Axios Boulder there will be a town hall at 6:30pm Thursday at the Nederland Community Center to discuss the move and take public comments.