Nederland's $120M Eldora deal faces new hurdles

• What they're saying: Town officials insist the deal is still alive despite missing their closing deadline. "This type of municipal acquisition has NEVER been done before," Nederland Mayor Nichole Sterling said in an update to residents at the end of September. "So, with that comes a bit of figuring things out along the way."

Flashback: Nederland missed an April 30 deadline to close the deal with Eldora parent company Powdr, which put the mountain up for sale in 2024, per BusinessDen.

The latest: Investors balked at the risk of municipal bonds Nederland planned to sell to finance the purchase, per the town's update.

• Officials are restructuring the deal to reduce overall borrowing and a sale-leaseback arrangement.
• They now hope to fund upgrades like a mountaintop lodge through $20 million in donations, possibly from the state.

What we're watching: Key details, like who'd buy and lease back the property to the town, aren't yet public.

• It's also unclear how realistic the town's philanthropic fundraising goal is and whether the state has the appetite to pitch in.
• Neither Eldora officials nor representatives of Powdr responded to a request for comment this week.

Of note: Nederland will owe about $2.5 million in transaction costs if the deal collapses, according to the town.

What's next: Eldora plans to open Nov. 13. The mountain previously told Axios the sale process shouldn't affect operations.