Nederland is closing in on purchasing a ski resort after Eldora’s current owner put it up for sale last year.
The small mountain town west of Boulder signed a letter of intent to buy Eldora from POWDR, the Salt Lake City-based ski company that has owned the ski area since 2016. Under the agreement, all 700 employees of Eldora would become Nederland employees, according to an emailed statement. No price was given.
“There are many treasures that make the Town of Nederland and the Peak-to-Peak Region a unique and incredible place to live. Eldora is one of those treasures," Nederland Mayor Billy Giblin said in the statement. “Our vision is to build on Eldora’s legacy and create a community-driven, sustainable, and year-round destination that supports local jobs, outdoor industries, and infrastructure development.”
The purchase could be finalized in October, according to the town website.
Town officials estimate potential sales tax revenues of $1 million to $2 million annually. The money will be reinvested in infrastructure like streets, sidewalks and water systems.
The purchase will be financed with municipal bonds backed by Eldora’s earnings. Taxpayers won’t be on the hook, according to the statement. Nederland will also seek out grants and private-sector partnerships.
POWDR, which also owns Copper Mountain, first announced its intent to sell Eldora last August. As part of the deal with Nederland, the resort operator would stay on for at least two years to make sure the transition goes smoothly. Nederland is partnering with 303 Ski, a coalition of ski-industry veterans working to vet operating plans and financial models.
Eldora will stay on the Ikon Pass, which will help ensure stable and predictable revenue.
"This is a rare and exciting moment," said Dwight DeBroux of 303 Ski in the statement. Debroux, a small business owner in Nederland, worked at Vail Resorts for roughly a decade. "When a town and a mountain are aligned, great things can happen. Not just for the resort, but for the entire community.”
In a December interview with CPR, Nederland town administrator Jonathan Cain said the community will lean on decades of experience some residents already have running the mountain.
Since purchasing Eldora, POWDR has made upgrades, including updating snowmaking equipment and trail systems, expanding parking and the addition of the Caribou Lodge — the new home of Ignite Adaptive Sports, Eldora’s adaptive ski program.
According to Cain, these improvements, along with Eldora’s position as the only ski resort in Colorado served by RTD, gave the town good reason to put in an offer.
CPR’s Molly Cruse contributed to this report.
