The Catalyst project in west Greeley could drive $2.9 billion in economic activity over 10 years, creating 1,385 jobs per year, according to a new study released Monday.
No On 1A, a Greeley Forward coalition in favor of the project, released an economic impact study performed by Hotel & Leisure Advisors at a news conference Monday outside the Greeley Ice Haus, 900 8th Ave.
The Catalyst project is set to include a hotel, water park and arena for the Colorado Eagles hockey team in west Greeley. The city estimates the project will cost $832 million, which includes design, construction, infrastructure and utilities.
A special election on Feb. 24 will allow voters to decide whether to repeal the project’s zoning, which could delay the project by a year if passed. The Greeley Demands Better issue committee, which considers the project too risky, petitioned for the special election in a bid to freeze the project.
“Ballot Measure 1A would only temporarily overturn the previously approved zoning designations for the site — it would not stop or prevent Cascadia, and the developer can reapply for zoning approval,” Greeley Forward spokesman Tom Donkle said Monday. “These opportunities are simply too big to let slip through Greeley’s fingers.”
Greeley Forward's Tom Donkle speaks during a press conference by Greeley Forward asking voters to vote no on ballot proposal 1A outside of the Greeley Ice Haus in Greeley on Monday, Jan. 5, 2026. (Brice Tucker/Staff Photographer)The study, provided to the city on Nov. 3 and obtained under the Colorado Open Records Act by Greeley Forward, estimates the Catalyst project will have a combined economic impact of $2.92 billion over the first 10 years, creating 1,385 jobs annually once built. Over 30 years, the project will generate $459 million in tax revenue for the city, according to the study. It also estimates the project will create 3,800 construction-related jobs.
“The economic analysis that Greeley Forward has shared is projecting $292 billion of total economic impact over the first 10 years alone. In other words, Cascadia is going to make it possible for Greeley to strengthen public services that people rely on every day,” Weld County Commissioner Kevin Ross said. “Delaying this project in any way would create real harm. Thousands of jobs would be unnecessarily delayed by a year or more, and local businesses and restaurants would lose out on all the spending and the new customers that would potentially be coming downtown during the construction phase.”
Colorado Eagles mascot, Slapshot, stands with people holding "No on 1A" signs during a press conference by Greeley Forward outside of the Greeley Ice Haus in Greeley on Monday, Jan. 5, 2026. (Brice Tucker/Staff Photographer)Several Greeley officials showed their support of the project Monday, including Mayor Dale Hall, Mayor Pro-tem Melissa McDonald and former mayor John Gates, as well as other city council members. They all shared the same message: voting to repeal the zoning would only delay the project and endanger Greeley’s future.
“Cascadia is a once-in-a-generation opportunity to create thousands of good-paying jobs and generate hundreds of millions of dollars in new tax revenues that can be reinvested back into our community,” Hall said. “To unnecessarily delay this project risks thousands of good-paying jobs and also prevents us from fixing Highway 34.”
Greeley Mayor Dale Hall speaks during a press conference by Greeley Forward asking voters to vote no on ballot proposal 1A, outside of the Greeley Ice Haus in Greeley on Monday, Jan. 5, 2026. (Brice Tucker/Staff Photographer)Other city council members at the news conference echoed Hall’s concerns, with McDonald adding the city will retain ownership of the entertainment district. The city will be able to use it to host more than 200 concerts, games and special events each year, she said.
Any delays in this project will disrupt the city’s plans to repay the certificates of participation used to fund pre-development, which are on track to be paid off by the end of the year, Gates said.
“1A would be disastrous to the city of Greeley if passed. There’s been a lot of controversy over this project, and a lot of that has been caused by misunderstandings and misinformation about the $115 million in certificates of participation used to kickstart the financing in Cascadia,” Gates said. “I want to be clear. A yes vote injects malicious uncertainty into a financing structure that is currently stable and performing as intended.”
People hold signs during a press conference by Greeley Forward asking voters to vote no on ballot proposal 1A, outside of the Greeley Ice Haus in Greeley on Monday, Jan. 5, 2026. (Brice Tucker/Staff Photographer)The land surrounding the Catalyst project will draw increased interest from developers seeking to build residential and commercial projects, according to the study, which also projects increased usage of existing restaurants, hotel, retail and other commercial establishments in the city. The development is also expected to raise property values in the immediate neighborhood.
“The development of the proposed project will positively influence the city of Greeley and the overall neighborhood surrounding the subject. The subject resort and arena will add to the list of attractions Greeley has to offer,” the study says. “We accounted for this influence in the previous projections, which indicate the direct and indirect impact from visitor spending both at the subject and in the surrounding area.”
After listing similar indoor water park resorts that received government assistance across the U.S., the study’s authors say the risks associated with the development justify such assistance.
Hotel & Leisure Advisors also conducted the feasibility study released by the Greeley Demands Better issue committee in late December. That study warned the project’s debt service, estimated at $41.5 million annually, cannot be covered by the city’s proposed revenue sources in the first nine to sixteen years. But it also noted that the “broader context” should be considered, including additional revenues from surrounding commercial and residential activity that could offset that gap.
The economic impact study similarly mentioned its own limitations, noting that the estimated results are based on “efficient management” of the water park, resort and arena, as well as “an aggressive marketing program.”
“As in all studies of this type, the conclusions reached do not consider or provide for the effect of any sharp rise or decline in local or general economic conditions not presently foreseeable,” the study says.
The city, which ordered both studies, said in December there were four studies it had commissioned and that one alone would not show the full picture.
Greeley Forward representative Bill Rigler said the economic impact study, along with the feasibility study, will be officially published on Friday and will be discussed at the city council meeting on Jan. 13.
Greeley Demands Better representatives were unavailable to provide a comment before the article’s deadline.
Greeley Forward has published the drafts of both Hotel & Leisure Advisors studies at greeleyforward.com.
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