The Nederland Board of Trustees voted unanimously Tuesday night to approve the $120 million purchase of the Eldora Mountain Ski Resort, bringing an end to the town’s roughly 16-month effort to capture ownership of the closest ski resort to Denver.
Nederland will pay for the purchase through revenue bonds that are backed by the resort’s earnings. The town says that residents are not responsible for repaying those ponds, nor is the town’s general fund on the hook. Once the debt is paid off, Nederland has said, free cash flow could exceed $5 million. Nederland announced its intention to purchase Eldora in July and has been exploring the possibility since August 2024.
Nederland is purchasing Eldora from POWDR, a Utah-based company that bought the resort about a decade ago and also owns Copper Mountain. POWDR will continue to operate Eldora for the next two winters. From there, the company 303 Ski will operate Eldora. The town believes it can build a financial reserve in the first few years of ownership that would cushion the blow of a bad snow year. Eldora’s 700 employees will become municipal staff.
Nederland also plans to annex the mountain, which will allow it to collect sales tax revenue and control land use. The town anticipates that sales tax revenue could bring as much as $2 million annually.
A memo to the trustees says that the resort’s facilities and core infrastructure are well maintained and are positioned to support continued and sustainable operations.
“The resort is in good overall condition and represents a high-quality, viable asset for the community,” the memo says.
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