West Greeley Project: Catalyst and Cascadia
In May 2025, Greeley City Council approved the Catalyst project – an investment in West Greeley that will shape the city’s future for decades. An independent analysis run by CBRE estimates $486 million in construction spending and $44 million per year in new revenue from the arena, ice rinks, hotel and water park. Tourism-related revenue is expected to cover the cost of the project without increasing taxes, and could contribute to future public and economic investments.
Greeley is growing. The question isn’t if, but how. Without strategic development, Greeley risks becoming a residential area primarily serving nearby cities. Alternatively, with a clear development strategy, Greeley has the potential to establish itself as a destination, allowing the retention of tax revenue to benefit local residents.
Explore this page to learn more about the project’s funding, timeline and more.
What is Catalyst and Cascadia?
The West Greeley Project is an initiative bringing together neighborhoods, industry, agriculture, and natural spaces. A key feature is a public-private partnership in the city’s west side, including a 300-acre mixed-use development:
- Catalyst (~100 acres) is the city-owned entertainment district that will bring a professional sports arena -- future home of the Colorado Eagles – along with three sheets of ice for youth hockey, a year-round indoor water park and a full-service conference hotel to West Greeley.
- Cascadia is the privately developed, mixed-use community by The Water Valley Company. The plan features include new neighborhoods, parks, retail, dining, and office spaces – creating a vibrant district that complements Catalyst and supports long-term growth.
Why now?
The Catalyst project aims to represent a significant development opportunity for Greeley, positioning the city as a leader in Northern Colorado. It’s expected to boost Greeley’s economy and create jobs.
The entertainment district is projected to:
- Create an estimated 2,480 temporary construction jobs
- Create an estimated 1,220 permanent jobs:
- 450 Arena and Ice Rink Jobs
- 550 Hotel and Water Park Jobs
- 220 Visitor Service Jobs
- Attract new businesses and investment
- Boost local business through increased visitor traffic
- Increase tax revenue without raising taxes
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Catalyst’s Funding and Repayment Structure Explained
Share Catalyst’s Funding and Repayment Structure Explained on Facebook Share Catalyst’s Funding and Repayment Structure Explained on Twitter Share Catalyst’s Funding and Repayment Structure Explained on Linkedin Email Catalyst’s Funding and Repayment Structure Explained linkGreeley is using proven financial tools to fund Catalyst – without raising taxes. These tools protect public ownership, maintain city services, and support continued investment in other major projects across the city. The City of Greeley estimates all project costs will be repaid by 2038.
Key Funding Tools
- Certificates of Participation (COPs):
A standard financing method used for past projects like our fire stations and City Center South. The city temporarily leases buildings (like City Hall) to secure a loan, makes lease payments using existing revenue, and keeps full ownership.
- Nonprofit Bond Financing (501(c)(3): A nonprofit partner will issue long-term bonds to finance the Entertainment District, manage construction of the arena, ice center, waterpark and hotel, and operate the project. Once the bonds are paid off, the city regains full ownership of the Entertainment District assets – without taking on the long-term debt itself.
- Moral Obligation Pledge: A promise that the City Council makes to support the project financially if needed. It is not a legal debt and does not commit tax payer funds when made. If funding is needed in the future, the City Council would consider providing this funding through the standard appropriation process.
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Annual Economic Development Payment: The city will provide a $12 million annual payment, to be reimbursed by the nonprofit over time.
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General Improvement District (GID): A special taxing district will fund infrastructure improvements – paid only by properties that directly benefit.
- Enterprise funds: Water, sewer, and other utilities will be paid for by the users – not with tax dollars.
These tools have been used successfully in Greeley before and are common in cities across Colorado.
- Certificates of Participation (COPs):
Videos
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Discover how cities fund large projects without raising taxes using Certificates of Participation (COPs). Learn how COPs enable upfront capital by leasing—not selling—public buildings, while ensuring facilities stay open and local control is preserved. See real examples from Greeley, like fire stations and City Center South, where public ownership and oversight remain protected. Understand the balance between financing needs and taxpayer interests, and where to find more details.
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Discover how the West Greeley Entertainment District and Cascadia project are set to generate over $13.5 million yearly in net revenue by 2065. Find out why this is more than simple growth—it's a strategic long-term investment aimed at enhancing public services, infrastructure, and open space. See how the plan supports Greeley’s community and pays for itself, bringing lasting improvement for generations. Learn what these changes mean for every resident.
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Learn how General Improvement Districts (GIDs) work as a focused financing tool to support city infrastructure, such as roads, parks, and stormwater systems, within specific areas. Discover why only properties inside district boundaries contribute, and how GIDs make sure new developments pay their fair share—benefiting the local community directly. See how Greeley applies this approach to promote sustainable growth and fairness from day one.
Resources
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West Greeley Project Financials (1.58 MB) (pdf)
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West Greeley Certificates of Participation (COPs) (3.28 MB) (pptx)
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Financing of Municipal Buildings (84.8 KB) (pdf)
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Map of West Greeley Project.pdf (315 KB) (pdf)
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ORDINANCE NO. 15 2025
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Petition Filed to Repeal West Greeley COP Funding Ordinance (199 KB) (pdf)
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West Greeley Financial FAQs - English and Spanish (380 KB) (pdf)
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City of Greeley Property List for COPs - Revised for All Tranches (87.5 KB) (pdf)
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Budget Dashboard (185 KB) (jpg)
FAQs
- Why didn’t people get to vote on the project?
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Funding and Costs FAQs
- Who pays for this project?
- Is the West Greeley Project going to cost $1 billion? How much will it really cost?
- What steps will the city take to ensure financial stability and adapt to market changes in the entertainment district?
- What financial benefit will this bring to the city?
- Is there a contingency plan in place for this project?
- How are COPs different from traditional loans and bonds?
- How is the construction of the project being paid for?
- How will the project’s debt be repaid – and when?
- Will this raise my taxes?
- What happens if the project fails? What does that mean for our city properties, staffing, and taxes?
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Infrastructure FAQs
- Who decides what businesses go into Cascadia and Catalyst? Who owns the land and buildings?
- Who pays for developing the necessary infrastructure for this project?
- Given school district boundaries, does this development benefit Windsor schools?
- Will there be a Traffic Impact Study done? Is the city working with the Colorado Department of Transportation (CDOT)?
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Developer FAQs
- How is the developer being paid?
- How will this development impact property values?
- What investment funds is Martin Lind contributing to the project — how much skin does he have in the game?
- What are the lease terms between Lind/Eagles and the City? Are there other long-term tenants?
- What happens to the project and mortgaged properties if the project fails? How are Greeley and the developer impacted?
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Water FAQs
- Will this project impact how Greeley Water is managed?
- Will I pay for this project through my water or sewer bills?
- Who pays for the water on this project?
- Will the project increase demand for water?
- Is the city’s current water supply enough to meet forecasted growth?
- Are there impacts to City water rights?
- How does the city plan to protect the health of our rivers during construction?
- Does the West Greeley project accelerate the timeline for Terry Ranch?
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Amenities
- Will this project take money away from downtown or east Greeley projects?
