After months of petitions and legal maneuverings, the debate over the Cascadia and Catalyst projects in west Greeley comes to a head Tuesday night.
The new Greeley City Council will will vote Tuesday on a resolution that would send the planned-unit development zoning for the projects before voters on Feb. 24.
For months, a group of residents have sought to challenge the projects, most recently as the Greeley Demands Better initiative with a petition that requires the city council to either repeal the ordinance that set the zoning for the projects or to send the question of whether to repeal that ordinance to the voters.
Former Greeley city manager Leonard Wiest, along with John DeWitt, Tom Hacker and Zach Bliven, had filed a protest against the petition with claims against the validity of the petitioners’ signatures, but they’ve since withdrawn the challenge.
“Withdrawing this petition makes it easier for new and existing members of Council to have the space for an informed discussion on Cascadia, and to separate facts from misinformation,” Wiest said in an email.
The private, mixed-use development known as the Cascadia project is adjacent to the city-owned Catalyst entertainment district, which aims to construct a hotel, water park and hockey arena for the Colorado Eagles hockey team in west Greeley. City staff estimates that the project will create 2,480 temporary construction jobs and 1,220 permanent jobs, and will generate revenue within 10 years of construction start.
Residents who oppose the projects have expressed concerns about the project’s financing and transparency.
“The plan for the new ice rink and event center was ushered through without a vote of Greeley residents,” Greeley Demands Better Co-Chair Brandon Wark said. “The voters’ message to the City Council is crystal clear — let our residents see the books, examine the zoning, weigh the tradeoffs, and vote for ourselves. This type of transparency and citizen partnership is vital in helping to shape a responsible and sustainable path toward Greeley’s future.”
The city has estimated costs of the initial development of the Catalyst project to total $832 million, including design work, construction, infrastructure and utilities. A CBRE analysis estimates $486 million in construction spending and $44 million per year in new revenue from the arena, ice rinks, hotel and water park, according to the city.
Officials say tourism-related revenue is expected to cover the project costs without requiring an increase in taxes, adding that it could bring in revenue for investments in other areas of the city.
The city plans to fund the project with six key tools, according to a city webpage: certificates of participation, nonprofit bond financing, a moral obligation pledge, annual economic development payments, a General Improvement District and enterprise funds.
With the certificates of participation, the city temporarily leases city-owned buildings to secure a loan, makes lease payments using existing revenue and keeps full ownership. To pay off the outstanding certificates of participation issuance, a nonprofit partner will issue long-term bonds that will finance the entertainment district. The nonprofit will also manage construction of the arena, ice center, water park and hotel, and operate the project.
Revenues from the sales tax, lodging tax, ticket sales and more will be used to pay off the nonprofit’s debt. Once the bonds are paid off, the city regains full ownership of the Catalyst assets. The $12 million annual economic development payments ensures the debt payments, according to the city, and will be reimbursed by the nonprofit.
The project’s supporters have highlighted the projected revenues as a benefit, as well as the amenities it would provide as the city continues to grow.
“Just as they have with their vigorous vetting and due diligence of Cascadia over the past several years, we’re confident that the council will act wisely,” Cascadia spokesman Bill Rigler said in an email.
Should the council or the voters repeal the project’s zoning, property owners can reapply to restore the repealed zoning. If the ordinance is repealed, city documents say the council would not be able to enact the same ordinance for a year following the repeal. According to City Councilman Tommy Butler, work on the Catalyst project would continue but at a reduced pace.
Councilman Brian Rudy, one of two new faces on the Greeley City Council after this month’s election, would not indicate how he plans to vote on Tuesday’s resolution. He said he’d have more to say during the meeting.
The city council meeting will be open to the public, and time will be made for public comment at the beginning of the meeting. This will be the first city council meeting held by the new council since its swearing-in on Nov. 18.
Anyone can attend the meeting at 6 p.m. Tuesday at City Center North, 1100 10th St. Virtual attendance will also be available at greeleyco.portal.civicclerk.com.
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