With special election ballots arriving in Greeley mailboxes, voters may want to brush up on the key terms involved in the Catalyst and Cascadia projects, which many residents and city council members have described as complicated to follow.
Ballot question 1A asks whether the city should repeal the council-approved zoning for the projects, which supporters of the measure hope will freeze development progress due to concerns about financing and transparency. Opponents worry the measure would delay new jobs and economic impacts projected by studies commissioned by the city.
The council also weighed in on the upcoming ballot decision on Tuesday, approving a resolution urging residents to vote “no” on 1A because of concerns about undermining the integrity of the zoning process by a vote of 4-2. Regardless of the outcome of the special election, city staff have also said the project will proceed, though a “yes” vote could delay work by a year, potentially exposing the city to unintended financial consequences.
The Catalyst project is admittedly complex with several moving parts, according to city staff. A list of terms is provided below to help residents better understand the different aspects and how they relate to the project.
Catalyst: The $1.1 billion Greeley-owned entertainment district that will bring a luxury hotel, water park and new hockey arena to western Greeley. This district will be located at the intersection of U.S. 34 and Weld County Road 17.
Cascadia: A residential and commercial development that will surround the Catalyst district and will be entirely developed and paid for by Martin Lind, CEO of The Water Valley Company. Cascadia is planned to include a variety of housing types, as well as new neighborhood shopping centers to serve them, all of which will pay property taxes to Greeley.
The Water Valley Company: The developer for both Catalyst and Cascadia projects that is run by CEO Martin Lind.
Planned Unit Development (PUD): The zoning the council approved and designated for the entire 834-acre parcel encompassing both Catalyst and Cascadia. This classification allows mixed-use development, such as residential, commercial and recreational development. It authorizes vertical construction at the site, which is anticipated for completion by 2028. The same zoning was used for construction of the Centerplace Shopping Center and the Poudre Heights community in west Greeley.
Holding Agriculture (HA): The previous zoning for the area. If Greeley residents vote “yes” on 1A, then this is the zoning classification to which the land will revert, restricting development on the property until future zoning actions are approved.
Certificates of Participation (COPs): A lease-financing tool approved by the city in May to fund $115 million in pre-development costs for the Catalyst project. Doing so “mortgaged” 46 city-owned buildings to The Zions Bancorporation, National Association. The city has used COPs in the past to fund construction for fire stations and City Center South.
Nonprofit bond financing (501(c)(3)): A nonprofit organization that will take out $832 million in bonds to first pay off the COPs before they can generate interest and also pay for the construction of Catalyst. This places the project debt on the nonprofit rather than the city. Once the bonds are repaid, the nonprofit will transfer ownership of Catalyst back to the city.
Moral obligation: This is a promise the city will make to the nonprofit that if revenue from Catalyst is not enough to cover the debt service, the city will step in to help pay it. This is not a legal obligation, and the city could choose not to help the nonprofit, but doing so would affect the city’s credit rating. If that were to happen, it could make future city projects — like new roads, parks or fire stations — more expensive to fund because the city would have to pay higher interest rates to attract investors.
Economic development payment: This will be an annual $12 million payment from the city to the nonprofit until Catalyst begins generating revenue. This payment will be used if the city needs to step in to fulfill its moral obligation promise and will be repaid by the nonprofit once revenue allows.
General Improvement District (GID): A special district that property owners create to help fund the construction, operation and maintenance of infrastructure such as sewer, water and streets. It bears many similarities to a metro district, except the council will act as the district’s board. The district encompasses only the area where the Cascadia residential development is planned and would impose higher property tax rates on residents there. These higher taxes are anticipated to help pay off project debt.
Enterprise funds: These are special city funds used for water, wastewater and stormwater. This fee will also be paid by users within the Cascadia development to help cover those aspects of the project. These fees will not be paid by existing Greeley residents.
Public Improvement Fees (PIFs): These are fees that will be paid by retail and restaurants coming to the area, which will be used as another source of project revenue.
Special election ballots went out to voters on 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.
Follow the Greeley Tribune’s ongoing coverage of the Cascadia development and stay up to date on all project milestones at greeleytribune.com/cascadia.
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