Although concerns about public financing led Larimer County to abruptly end its talks with the owner of the Colorado Eagles minor league hockey franchise last spring about a new and bigger home for the team there, the two sides are now talking again. This development weighs heavily on the City of Greeley's consideration of the project. Windsor-based developer Martin Lind continues to buy land on the west edge of Greeley and is pitching an even more complex public financing plan for "Cascadia," a $1.1 billion project that includes a hockey arena for the Eagles, three ice sheets for youth hockey programs, a hotel, convention center, and indoor water park. In November, he and representatives of his Water Valley Co. had a friendly meeting with Larimer County officials.

What the Future Holds

The Impact on Larimer County

Up until six months ago, Martin Lind was certain that his project would dominate the new Ranch master plan. His Ranch Development Partners responded to the county's request for proposals in December 2023 and was selected as the developer and operator of a new event arena and youth sports training center. However, in May, the county abruptly rejected the proposal, and Lind still doesn't know why. A document obtained by BizWest stated that "Larimer County terminates further negotiations with your firm. Larimer County appreciates RDP's collaboration regarding the negotiations, however, our teams were not successful in negotiating mutually agreeable terms and conditions consistent with the RFP, and the award is hereby rescinded."John Kefalas, chairman of the Board of Larimer County Commissioners, said that a new proposed Ranch master plan will be revealed in a public presentation on December 9. The plan includes an expansion of the Ranch's courtyard into a Great Lawn, additional vertical infrastructure, a teaching kitchen for commercial and community use, and updated exhibition space.

The Challenges in Greeley

Larimer County's termination of the discussions naturally aroused suspicions among Greeley city officials. An email from Deputy City Manager Rachel Flynn asked Lind to explain. Water Valley's chief financial officer, Gary Kerr, responded with a timeline of the project dating back eight years and wrote that the May 14 termination came as a complete surprise.Lind said the project would have been easier to do in Larimer County as it had a sales tax approved by voters in 2018. His company brought in Dallas-based Matthews Southwest because they needed a development team with experience in large projects. Lind said his team never saw a third-party study like Greeley's.He challenged Larimer County officials, asking what it would cost them to lose the Eagles. He said the project as presented to The Ranch had to be analyzed as a whole. Greeley leaders went to an outside firm to evaluate the project's financial viability and expect results next month.Lind's proposal to Greeley requires the city to guarantee the $1.1 billion debt. On Wednesday, he and third-party financial pros walked Greeley City Council members through a complex potential financing structure. The project would be funded through revenues, bonding, and a "conduit borrower."

The Potential Success

Lind said other successful projects were built with similar funding structures, such as Union Station in Denver, the hotel at Metropolitan State University of Denver, and the Polaris Hotel in Colorado Springs. He believes Cascadia will be successful and can cede ownership of the arena, hotel, and water park and focus on the developable land around the project.Greeley officials plan to return to the City Council with a final market study and an economic impact study on December 16. If approved, construction could begin next summer.Whether the Eagles move to Greeley or not, McGrath said the county will continue its plans for a new event center and arena at The Ranch. He is committed to serving the Eagles and fulfilling their roles.Kefalas said the door is always open for a partnership with Lind and is glad there have been renewed conversations.BizWest reporter Sharon Dunn contributed to this report.