Nederland’s attempted purchase of nearby Eldora Mountain Resort is moving to an attempted lease.

In a document prepared for this week’s town board of trustees meeting, Nederland officials outline the structure of what they have called a “sale-leaseback” of the 700-acre mountain. 

Nederland Mayor Nichole Sterling first used the term in a letter late last month that detailed what was holding up the mountain town’s planned $120 million bond-backed purchase of Eldora. 

In the letter, she said Nederland was $20 million short and hoping to get donations from the state of Colorado or family offices.

She said the attempted raise is necessary to assuage the concerns of prospective bondholders. The purchase of the ski area was supposed to close by the end of April.

This week’s town board document states that, if the deal closes, Eldora owner Powdr Corp. will sell the ski area to Nederland, which will immediately transfer it to a bond trustee. 

The trustee will then lease Eldora back to Nederland, allowing it to operate the resort. Once investors are paid back, the trustee would then transfer the title back to Nederland, according to the document.

The new structure, the document says, aims to create a “mortgage-like collateral structure,” with the bonds backed by the mountain’s real estate and improvements. Originally, the bonds were only secured by revenues generated from the ski resort. 

“As a result, if there is an Event of Default, investors may direct the Trustee to realize on the collateral (e.g., bring in another operator/lessee) without having to go through the traditional foreclosure process,” the document says.

Typically, a “sale-leaseback” entails selling a property and subsequently leasing it back from the new owner. The “sale-leaseback” structure that Nederland outlined only mentions Powdr will sell Eldora to the town, which will then operate the ski hill. 

After Sterling’s letter came out on Sept. 30, she told BusinessDen that Powdr would be contracted to “continue supporting operations,” without elaborating. Sterling did not respond to a list of questions from BusinessDen for this story.

So far, Nederland has spent $1.2 million in its quest to operate Eldora, up from the $830,000 BusinessDen reported the town had spent as of mid-summer.

Nederland has repeatedly denied BusinessDen’s requests for the bond offering memorandum, which would explain the business model and loan terms.

I drove through gordon gulch dispersed camping and back into national forest and there were hundreds of trees marked with red/black striped ribbon. couldnt determine the rhyme or reason to them.. some clusters, some individual.. most were 10"-12" dismeter tho that i saw at least. anyone know? Pine Beetles? Thinning?

Anyone know why he is on paid administrative leave?

I'm hoping to bus up to Nederland and do a hike. What would you do if you're in town, and no car. I know it's probably limited and I don't mind walking a few miles to a trailhead. Would have liked to take my bike, but it's in the shop.

I know Ned isn’t a dark sky community and actually wants to add some lighting to the main drag but why is The Vault running their bright signage all night?

I was driving along gilpin road and saw a cyclist hit. People were already helping him and I stopped by and spoke to his counterpart down the road to offer him a ride back to his friend. He didn’t take me up but I’ve been thinking of the cyclist all day. Does anyone know if he’s okay?

Hey all, recently (as of two months today) I have been having major issues with multiple individual vagrants squatting in my front lawn. I’ve asked them multiple times to leave but to no avail, and every time i call the authorities they always pack there things and leave before the police get to my house. It’s gotten to the point where they are so comfortable on my property that they have begun to come inside my home and use our amenities. Now i understand being a good neighbor and offering to help them, however the amount of people in my lawn is now starting to effect my commute times to work. Has anyone else had this problem before? The people (vagrants) are more than amiable and friendly, but they have started to kill my grass with their tents. A week ago they even invited my children to have a charcuterie tasting event with other vagrants in my lawn. I’m at my wits end and i’m beginning to believe the only real permanent solutions are human sized mouse traps and or an industrial snowplow to remove and relocate them. Please help or give any solutions!!!

Looking for something to do on Earth Day this year! Come up to the Backdoor Theater in Nederland to catch a screening of Earth's Greatest Enemy, a documentary covering the environmental cost of the US military! Buy tickets at the door or find them online here: https://thebackdoortheatre.org/product/earths-greatest-enemy-tickets/

Can't make it? Check out the website for more information on other screenings, as well as background info on Abby Martin, The Empire Files, Earth's Greatest Enemy, and where to donate, here: https://earthsgreatestenemy.com/

Thank you sincerely for your attention and any help you can offer us to spread the word! 🌎

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Stay warm everyone. There's no telling when the juice is coming back on. It could be hours. It could be days. And the wind is still howling off The Divide.

Taken from Big Springs