Ballots are out for Greeley’s special election on whether to repeal the recently approved zoning for the Catalyst and Cascadia projects.
The ballot question asks whether the city should repeal the council-approved zoning for the projects, which supporters of the measure hope will freeze progress on development over concerns about financing and transparency. Opponents worry the measure would delay new jobs and economic impacts projected by studies commissioned by the city.
Voters within Greeley city limits have until Feb. 24 to return their ballots.
What are the Catalyst and Cascadia projects?
Catalyst is a city-owned entertainment district spanning nearly 100 acres with plans to bring a professional sports arena, an indoor water park and a full-service conference hotel to west Greeley. The city aims to generate significant revenue, with an estimated $2.9 billion in economic activity over 10 years, and to create 1,385 jobs per year, according to one city study.
Catalyst is being developed by The Water Valley Company, which will also be the developer for the residential and commercial neighborhood known as Cascadia, which will surround the Catalyst district. Martin Lind, the CEO of The Water Valley Company, is also the owner of the Colorado Eagles hockey team, which has signed a 30-year contract with two five-year extension options to play at the Catalyst arena.
How the city will pay for Catalyst
City staff say this project, with an $832 million price tag and about $200 million more for roads and water lines, will not cost the city or existing taxpayers anything. The city acquired $115 million through certificates of participation, or COPs. The city plans to acquire $832 million through bonds issued by a nonprofit that will pay off the COPs before they can generate interest.
The city plans to repay this debt with revenue from the Catalyst project, public impact fees and taxes collected from homes in Cascadia. This debt will be tied to the nonprofit rather than the city, but the city will enter into a moral obligation agreement to help repay the bonds if revenues do not meet expectations. If the city failed to help repay in such a scenario, it would likely affect the city’s credit rating.
The city will make a $12 million annual economic development payment until the project begins generating revenue, helping the nonprofit cover the debt. Under the city’s projected model, once the project generates a surplus, the nonprofit would repay the city until the full amount is returned.
Greeley Demands Better, the local issue committee that brought the special election forward by petitioning, is primarily concerned about the city’s plan to fund the project, believing the risk will fall on the city’s taxpayers. Their concerns were heightened when another city-funded study reported that the project would not generate enough revenue over the first nine to 16 years to keep pace with the debt service.
By “freezing” the project through delays caused by the zoning repeal, Greeley Demands Better hopes to compel the city to pursue alternative financing structures that the group believes would better protect taxpayers.
What your vote means in the special election
Voting “yes” on the ballot question will revert the zoning for the Catalyst and Cascadia development sites to their previous holding agriculture designation, which could be changed back to planned unit development zoning through the council a year later. Work on the Catalyst and Cascadia projects would proceed, according to city officials.
Voting “no” would preserve the zoning ordinance and allow the project to continue as planned. The council could then consider alternative financing methods or take a project off-ramp without the financial difficulties that reversing the zoning would present, though there is no indication the council will do so.
How to vote in the special election
Ballots starting going out to residents Tuesday. Voters may return their ballot by mail with postage or by dropping it off at one of four secure, 24-hour drop box locations:
Aims College Cornerstone Building, 5401 W. 20th St. Greeley City Hall, 1000 10th St. University of Northern Colorado University Center, 2101 10th Ave. Weld County Election Office, 1250 H St.Ballots must be received by the city clerk by 7 p.m. Feb. 24 to be counted. Ballots received by mail after the deadline will not be counted, no matter the postmark. Voters who do not receive a ballot or need a replacement may request a mailed replacement through Feb. 16, or obtain a ballot at Greeley City Hall.
For more information, go to bit.ly/SpecialElection26.
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