After months of negotiations, Nederland officials announced July 8 they signed a letter of intent to finalize the purchase of Eldora from POWDR. The cost of the deal was not disclosed.
The town plans to issue municipal bonds to fund the acquisition, which will add about 700 mountain staff to city ranks.
A press release said the bonds will be backed solely by Eldora’s earnings, including lift tickets and revenue from concessions and rentals.
The 680-acre resort 20 miles west of Boulder will remain on the Ikon Pass, which the city said ensures “a stable and predictable revenue stream.”
By acquiring Eldora, Nederland Mayor Billy Gilblin said they seek to “create a community-driven, sustainable, and year-round destination that supports local jobs, outdoor industries, and infrastructure development.”
As part of the deal, POWDR CEO Justin Sibley said they will support Eldora for the next two years to ensure a smooth transition of resort operations.
Nederland plans to annex the mountain for expanded land use control and potential sales tax revenue increases estimated at $1 million to $2 million annually.
The sale is expected to close as soon as this fall.
Last year POWDR sold Killington and Pico in Vermont. The company, which owns Woodward Park City, has been diversifying its business lately.
POWDR recently secured contracts with the National Park Service to manage concessions and lodging services at Zion and Death Valley national parks.
