Progress on the Catalyst project continues as city staff have projected all the design work and documents needed before construction begins will be completed a couple days shy of June 2026.
Greeley Public Works Director Paul Trombino provided the city council with an updated timeline for the project’s pre-development stage on Tuesday, giving an anticipated completion date of May 29.
By the end of this month, the city also plans to launch a project dashboard showing progress on the Catalyst project and how much money the city has spent on it.
“The initial project dashboard will provide an open and transparent view of the Catalyst project progress through the current pre-development phase and then during construction,” Trombino said. “We will continue to add clear metrics to show the expected spending and the actual spending graphically. These will provide clear, straightforward metrics to show the project’s status and expected cost at completion.”
The $1.1 billion Catalyst project consists of an entertainment district on the west side of Greeley that will include a luxury hotel, waterpark and a new hockey arena for the Colorado Eagles Hockey team, as well as youth hockey. It will also include retail space and a mobility hub to help ease traffic in the area.
Financing and development of this project are set to be done in phases. In April, the city council voted to begin the process, approving the city’s temporarily leasing of 46 city buildings to secure a loan of $115 million, while keeping full ownership and making lease payments with existing revenue.
City staff and members of the council said the $115 million is the maximum amount they can withdraw, not the actual amount they will withdraw.
To date, the city has already used almost $45 million of that total loan and is working to secure the remaining amount by the end of the month. According to Councilman Tommy Butler, the city expects to spend an additional $15 million before November.
The council also clarified that the withdrawals happen in phases and are made from different banks, with the final two contracts for the remainder of the $115 million scheduled to be finalized before the end of the month.
Councilman Johnny Olson said the project has been costing the city less than what was initially budgeted, a point Trombino confirmed. But as the design work is completed, the costs will begin to align with what was budgeted, Trombino added.
As part of the city’s efforts to protect itself from any financial difficulties relating to this project, the city council has designated spots throughout the project where it can decide to stop the project. These “off-ramps” are timed with independent cost estimates that, according to Trombino, will update the council on the expected cost of the project and the revenue it’s expected to provide.
“We’re doing our diligence to make sure that we’re protecting the citizens and protecting the project through the processes that we put in place,” Olson said. “One of the things I hear often is that we didn’t do our due diligence. And I want to make sure that people understand that we have done that.”
The council’s approval of the $115 million financing plan in April could be sent to the ballot after the city clerk’s office on Wednesday determined the initiative committee Greeley Deserves Better collected enough signatures to put a repeal on the ballot. The clerk’s office will first have to address a complaint filed against the initiative.
However, the city has already begun spending the money, and if the initiative were to pass, the city would have to source the funds to pay back the $115 million earlier than initially planned. This could come with its own additional costs, Butler said after the meeting.
With nearly double the number of signatures collected than were required to bring the initiative to the ballot, Butler questioned whether the city should refrain from withdrawing more of that loan than is necessary. Butler noted that withdrawing more of the loan early on could increase the interest by $5,000, decreasing the amount of money they could spend on the project.
“Taking more than we need to, to pay what we’re going to owe between now and November, and having that cost more is foolhardy of us,” Butler said. “Doing it in private and just hoping that people won’t be mad about it later on is only going to decrease trust in the city.”
Though Mayor John Gates agreed it’s an important conversation to have, he said it wouldn’t be productive until they have finalized the contracts for the remainder of the $115 million, as those contracts could have their own stipulations and terms about withdrawing.
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