Plans for the Town of Nederland to buy Eldora Ski Resort are now a step closer.
The town’s board of trustees voted unanimously on Tuesday to approve a $120 million agreement with POWDR Corp to transition ownership of the resort.
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The town of about 1,500 people first signed a letter of intent to purchase the resort that sits about 20 miles away from Boulder. The location makes it an easy destination for Front Range families to avoid I-70 traffic for a more local ski experience.
“Our vision is to build on Eldora’s legacy and create a community-driven, sustainable, and year-round destination that supports local jobs, outdoor industries, and infrastructure development,” said Mayor Billy Giblin in a news release from last year.
The town’s plan to purchase the resort is being funded through bonds, but town leaders are hopeful that Eldora will eventually be funded through its own revenue. However, that did raise some concerns at the town meeting.
“We are fairly confident in our consultants in what they've given us,” said Nederland Town Administrator Jonathan Cain. “They've looked at the historic revenue that was generated by the mountain, and they've modeled that out, given different kinds of conditions on the mountain and we've taken a conservative approach.”
The purchase plans also protect local taxpayers from having to foot the bill. Town leaders hope that in the end, it’s a win for the community and ski and snowboard fans.
“It allows for economic resilience by supporting year-round recreation and more stable revenue across seasons,” said Cain. “And then public accountability, because we will have board oversight, financial covenants and reporting to ensure that the operation of the resort remains aligned with community value.”
Before the deal can be completed, the U.S. Forest Service needs to issue a special use permit to the town. From there, the town will work with POWDR for a two-year transition period. Officials say this will help with “providing critical management, technical, and administrative support during the early stages of Town ownership.”
The town plans to keep all the Eldora employees. The 700 or so people will become municipal staff.
Officials are also still working to finalize an agreement on the Ikon Pass.
