FAQs

Yes, the full cost is about $1.1 billion, but it is not all paid by the city. Here’s the breakdown:

• Catalyst, the city-owned project and entertainment district, is about $832 million that will go toward building the arena, three ice rinks, a hotel, and a water park. The cost breakdown for the entertainment district facilities is as follows:

• Around $200 million will cover the cost of borrowing money (like interest) and building roads, water lines, and sewer systems to support not only the Catalyst project, but the future growth in West Greeley. For the additional costs, the money will come from a nonprofit organization (a 501c3), the General Improvement District (GID), and Enterprise Funds. These groups will pay the debt using money made by the project—like profits from the facilities, fees and taxes generated in the project area.

Certificates of Participation (COPs) are a lease-financing tool used by public entities, such as cities or school districts, to fund large capital projects without needing voter approval for traditional bonds. Instead of borrowing money like a regular loan, the city lets investors buy shares in a lease. The city then uses the money to build the project and pays the investors back over time—like paying rent. 

It’s projected that by 2065, after covering the cost of city services like police, fire, and maintenance, the combined entertainment and Cascadia districts are projected to generate $13.5 million in net revenue for the City each year, adding up to more than $360 million over time. These revenues can support future community investments and help strengthen Greeley’s long-term financial health. 

The West Greeley project is intentionally structured to diversify revenue sources in order to protect taxpayers and city assets. The City is not on the hook to repay project debt if the private elements don’t perform as expected.

Key safeguards are in place:

• The City is not legally required to make bond payments. While Greeley has offered a non-binding moral obligation pledge, it is only used if necessary and only with City Council approval.
• If long-term financing doesn’t go through, the City could choose to refinance predevelopment costs using 20-year Certificates of Participation (COPs)—a tool Greeley has used before. This would involve leasing existing City buildings like City Hall without selling them or raising taxes. This does not affect ownership and usage. 
• The project uses a 501(c)(3) nonprofit financing structure, with reserve funds in place and nonprofit ownership, so assets and liabilities do not sit on the City’s balance sheet.

Like all cities, we carefully manage our budget in response to economic conditions. This project is part of a long-term investment strategy to strengthen our local economy, create jobs, and enhance quality of life. Amenities like the Catalyst district help retain talent, attract new employers, and grow the tax base.

City Property & Staffing:

• City-owned land remains public unless formally conveyed. Any lease or transfer would go through the standard approval process.
• Staffing for municipal services provided to the arena and related amenities will grow only as needed, based on actual usage, protecting long-term budgets and avoiding unnecessary hires.
• Working with a master developer like Water Valley helps reduce the burden on City staff while bringing in proven expertise to guide complex development. This partnership ensures the project moves forward efficiently and thoughtfully, combining local oversight with experienced leadership to deliver lasting value for Greeley.

Taxes:

• Under this current structure, no new taxes are being proposed. Only properties within the new general improvement district will pay for infrastructure improvements through a mill levy and special-purpose fee.
• Related Utility improvements will be covered by the general improvement district, existing enterprise funds and development fees—not by current Greeley ratepayers.

Yes, there is a contingency plan in place. The project’s financial strategy is to bring in revenue from a variety of sources—including retail, restaurants, commercial activity, Public Improvement Fees (PIFs), long-term leases, sponsorships, and possible state-level revenue-sharing. By diversifying these revenue sources, the plan allows stronger areas to help offset weaker ones in any given year. This helps ensure debt payments can still be made without requiring the City to use its own funds. 

Land use decisions are made through Greeley’s PUD (Planned Unit Development) process, with final say by City Council. This ensures all new development aligns with community values and adopted standards for design, access, and quality of life.

Ownership:

• Arena, Ice Center, Water Park Hotel: These facilities will be owned by a 501(c)(3) nonprofit during the financing term. Once bonds are repaid, ownership reverts to the City.
• Cascadia: This private residential and commercial area is owned by The Water Valley Company. 
• City parcels: The vacant land within the Catalyst project is owned by the City and is reserved for future development that complements the district—such as restaurants, entertainment, and other community-focused amenities. This public ownership gives Greeley flexibility to shape the area in ways that align with local priorities and enhance the overall experience for residents and visitors.
• City land remains public unless explicitly conveyed through a Council-approved agreement.

A strong partnership between the City, the nonprofit owner, and the private developer ensures the businesses brought into the district serve Greeley’s goals—bringing jobs, housing, and entertainment that match community needs.

A General Improvement District (GID) will be considered by the City Council at an upcoming meeting.  If approved, the GID will pay for transportation, water, and sewer infrastructure in West Greeley. These projects will be funded through revenue bonds, which will be repaid using impact fees and taxes only from properties located within the GID boundaries that benefit from the improvements. This way, the costs are shared by those who directly benefit. 

Martin Lind, through The Water Valley Company and affiliated companies, is making significant private investments in land and surrounding infrastructure. This includes:

• Millions in up-front investment for land acquisition. 
• Full financial responsibility for the Cascadia residential and commercial developments, excluding the entertainment district
• Ownership and operation of the Colorado Eagles, the anchor tenant in the new arena.

The developer is not an owner or profit recipient of the entertainment district. This structure ensures public control and benefit.

The Eagles lease is still under negotiation.  

Colorado Eagles Lease:

• The Eagles (Soaring Sports Group) have agreed to a 30-year lease, with two 5-year extension options.
• The City and Eagles share certain revenues, like food and beverage sharing and naming rights, and the agreement includes rent payments that increase over time.
• The team is guaranteed priority dates for games, practices, and events, while the facilities are also available for public and community use.

Other long-term tenants:

• The City, through the 501c3 owner, retains flexibility to lease space to youth, collegiate, or Olympic-level hockey programs and other partners.
• Additional agreements will ensure that the community has year-round access to the Ice Center and other public spaces.

No development is without risk, but the City is taking proactive steps to manage uncertainty and maintain financial stability:

• Greeley is protected by non-recourse financing—meaning the City isn’t legally responsible for the 501c3 bond debt.
• A $53 million reserve fund is built in to cover shortfalls before any additional City funds are considered.
• If interim financing can’t be refinanced, the City may use COPs to repay early-stage costs—this does not affect general taxes or require selling public assets.

Impact on Martin Lind:

• If the project doesn't succeed, Martin Lind and Water Valley could see major losses in land value and development opportunities.
• As a private developer and team owner, Lind’s business is directly tied to the health of the district. That creates strong alignment with Greeley’s goals.

Greeley Water Enterprise, formed in 1958, makes sure the community has well-planned and operated water utilities. It is a not-for-profit service that follows City Charter guidelines and meets all regulations. The city's water utility will not be affected by the Cascadia project or other growth. Greeley Water remains publicly owned and managed for all residents and businesses. 

All new developments, including those in West Greeley, must purchase raw water and follow city codes and water use efficiency rules. The water needed for the City's Catalyst entertainment district, about 235 acre-feet per year, must be bought with the bonds issued  by the 501(c)3 and paid to the City’s water utilities, just like other fees.   

New developments like Cascadia must buy into the water supply and utility infrastructure, paying their share of the costs. The City’s Water Enterprise will maintain its strict ownership and control of all water rights. 

Strong controls and best management practices will be used during the construction of the catalyst project to follow all stormwater regulations. The project’s infrastructure is being designed to ensure that environmental health and safety are protected, and water quality downstream is not at risk. 

The growth in West Greeley, including Cascadia, won't require the use of Terry Ranch groundwater. The city's surface water supplies provide more than enough to meet the new demands. The Terry Ranch project is a deep aquifer water supply and storage that’s protected from surface contamination risks, and will be treated to meet all standards when needed. 

The estimated admission cost we used in our financial planning is $63.80. However, we recognize this may be out of reach for some families. We're actively exploring discounted rates for Greeley residents to help make the water park more accessible. Additionally, the park will work with local schools and youth organizations to create special events and opportunities for area kids. 

The estimated admission cost is on slide 40 of the council meeting presentation. It is important to note that these prices were used for financial modeling and are subject to change.

Yes. While admission to the water park and arena events will be charged, the overall project includes public spaces that families can enjoy for free, such as plazas, green spaces, walking areas, and community gathering spots. Our goal is to create a destination that offers something for everyone, regardless of budget.