Nederland has announced plans to acquire the Eldora ski resort, as revealed in a news release on Tuesday afternoon.
According to the town, a “signed term sheet” has been agreed upon, outlining the terms both parties will adhere to during the final negotiations of the purchase. If all goes according to plan, the transaction is expected to be completed by October.
To fund the acquisition of Eldora, the town plans to issue municipal revenue bonds that will be supported solely by the resort’s profits, which are deemed sufficient to cover the debt, as mentioned in the news release.
The exact sale price of Eldora will remain confidential, as stated on the town’s website.
Should the purchase be finalized, all current employees of POWDR, the company that currently owns Eldora, will transition to become staff members of Nederland.
Furthermore, Nederland has confirmed that Eldora will remain a part of the Ikon pass program.
Discussions between Eldora and Nederland initially commenced last fall and have progressed significantly this year.
This story is still developing and will be updated accordingly.
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