Overview:
During a tense town hall meeting, Nederland officials defended the $120 million Eldora deal as residents raised concerns about the process.
Nederland officials faced a skeptical crowd Feb. 10 as they attempted to clarify the town’s controversial $120 million purchase of Eldora Mountain Resort.
Mayor Billy Giblin, Town Manager Jonathan Cain and members of the Board of Trustees hosted what they described as a community town hall. The format was structured and restrained: scripted statements were read from a packet addressing previously submitted community questions, and while residents were invited to speak, officials did not respond in real time due to legal constraints tied to bond financing and nondisclosure agreements with POWDR, the current owner of the ski area.
“We have to be disciplined about what to say and what to not say,” said Trustee Andrew Joslin. “These scripts help, so bear with us, please.”
Reading from prepared remarks, town leaders expressed confidence that Nederland, with POWDR’s two-year Transition Services Agreement and plans to hire or contract additional operational consultants, can run the mountain without the involvement of 303 Ski. POWDR recently appointed Andrew Gast, formerly of Mt. Ashland Ski Area in Oregon, as Eldora’s general manager.
Officials emphasized four key points during the meeting: existing Eldora management will remain in place during a two-year transition period with POWDR; the ski area will remain on the Ikon Pass; property taxes will not increase as a result of the purchase; and the acquisition will not be put to a townwide vote.
That final point has drawn particular frustration from some residents who feel excluded from the decision-making process. “People are worried because they don’t know what’s going on,” said Andrew, a resident who attended the meeting.
Many residents expressed unease over what they see as broad authority with limited public oversight. “The town is acting less and less democratic,” said Susan Wagner, who has lived in Nederland for over 40 years. “I find it so hypocritical.”
The Board approved the Asset Purchase Agreement in early January and authorized the issuance of revenue bonds through a newly created Mountain Recreation Enterprise fund to finance the deal. According to the Town’s FAQ about the project, the bonds will be repaid solely from ski area revenues, including lift tickets, lessons and rentals, and are not backed by Nederland’s general fund or taxing authority. Because the Enterprise qualifies under Colorado’s TABOR law, voter approval is not required.
Still, several details have fueled scrutiny. The ordinance authorizes bond issuance up to $225 million, a figure that exceeds the stated $120 million purchase price. Town officials say that number represents a maximum authorization that could include reserves and capital improvement funds, not the expected borrowing amount.
Complicating matters further is the departure of 303 Ski, a group of ski industry insiders who had initially been presented as part of the “coalition” helping steward the deal. While officials now say 303 Ski were never equity partners or financial backers, earlier public messaging suggested they would play a significant operational advisory role.
The Town has not issued a detailed public explanation for the shift, citing ongoing nondisclosure agreements. Dwight DeBroux, a ski industry insider who was part of 303 Ski, claims they were “underutilized” in the process, and the Town chose to proceed independently.
“To implement 303 Ski into the strategy would have added another layer of bureaucracy between the town and mountain team, adding complexity and cost,” said Mayor Pro Tem Nichole Sterling.
Financial risk was another dominant theme of the evening. Residents raised concerns about whether the ski area consistently generates profit and what would happen in low-snow years or amid long-term climate shifts. The FAQ states that bond payments would be structured with required reserve and stabilization funds and that the Town’s general fund would not cover operating losses.
Beyond bond repayment, property tax implications remain an open question for some special districts. Property taxes paid in 2026 are based on 2025 ownership and valuation, meaning there will be no immediate change. However, once parcels become municipally owned, future allocations could shift depending on how the county assesses those properties.
Annexation concerns also surfaced. Officials clarified that annexation of privately owned land would require a petition from a majority of landowners and follow state law. Annexation of municipally owned property would not require a separate vote under current municipal code, though it would still involve public notice and hearings.
Officials repeatedly stressed that the Town’s goal is to maintain Eldora as an independent mountain aligned with community values, rather than positioning it for expansion or redevelopment. The FAQ notes that no expansion projects, summer programming or night skiing plans have been approved, and any future changes would require additional public process.
Still, attendees questioned whether the acquisition is simply about owning a ski hill or part of a broader economic development strategy tied to housing, tourism and year-round vitality.
“Summertime is 50% of the year,” said Jesse, a Nederland resident. “I’d like to know what the plan is there and how that will affect traffic through the town as well.”
Trustee Tierney Maris closed by noting that the Board had multiple opportunities to pause or reconsider the deal before approval and that public comment has been accepted throughout the process. Despite the town official’s defense, community members continue to express concern about the lack of transparency.
“There’s a bit of hubris here,” Wagner said. “I feel like they’re giving a big finger to the town.”
As the bond issuance moves forward and the required U.S. Forest Service permit transfer remains pending, questions about long-term financial sustainability, climate resilience, water rights and community impact are likely to continue.
“There’s a lot of town frustration over this,” Wagner said. “People have just given up.”
For now, Nederland stands on the brink of becoming one of the only municipalities in the country to own and operate a ski resort — a bold move that some see as visionary and others as risky. Whether it ultimately strengthens or strains the mountain town remains to be seen.
“In a couple of weeks, we’ll get a new FAQ turned out,” Giblin said. “We’ll try to answer all your questions as best as we can.”
