The Nederland Board of Trustees Unanimously Approves $120 Million Purchase of Eldora Mountain Ski Resort
The Nederland Board of Trustees voted unanimously Tuesday night to approve the $120 million purchase of the Eldora Mountain Ski Resort, marking the end of the town’s 16-month effort to acquire ownership of the closest ski resort to Denver.
Nederland will finance the purchase through revenue bonds backed by the resort’s earnings. Residents will not be responsible for repaying the bonds, and the town’s general fund will not be at risk. Once the debt is settled, Nederland anticipates a free cash flow exceeding $5 million. The decision to purchase Eldora was announced in July, with exploration beginning in August 2024.
POWDR, a Utah-based company that acquired Eldora about a decade ago and also owns Copper Mountain, is the current owner. POWDR will continue to operate Eldora for the next two winters, after which 303 Ski will take over. Nederland aims to establish a financial reserve in the initial years of ownership to mitigate the impact of poor snow seasons. The resort’s 700 employees will transition to municipal staff.
Additionally, Nederland plans to annex the mountain, enabling the collection of sales tax revenue and control over land use. The town estimates potential annual sales tax revenue of up to $2 million.
A memo to the trustees highlights the well-maintained facilities and core infrastructure of the resort, positioning it for sustainable operations in the future.
This story is still developing.
