Colorado mountain town asks for $20M in donations for Eldora ski area purchase

Nearly two years after the Town of Nederland announced plans to buy neighboring Eldora Mountain Resort, the proposed $120 million deal is facing another major hurdle. The town says it needs to restructure the purchase and is asking for $20 million in donations to help fund improvements at the mountain.

The latest developments are also exposing a growing divide among residents over whether the town should move forward with the purchase at all, as a ski town considers purchasing its neighboring ski mountain.

"I think it'll be great, and I think the town should buy it," Nederland resident Robert Willard said.

But at a local shop, Nicole said she isn't convinced the town is ready to take on an investment of that size. She asked not to use her last name as she says the town has mixed feelings on the possible sale.

"I think the town doesn't run itself well enough to be purchasing something that big," she said. "Over time, I think it'll build itself back up, so not necessarily a waste. No, but I just don't think the funds are there."

At the local outdoor shop Mountain Man, John Thompson said he's excited about what buying Eldora could mean for Nederland, even as he acknowledges the community remains deeply divided over the proposal.

"As split as they are on anything," Thompson said. "The whole community loves to get their say on everything."

Town officials said they were unable to interview Thursday. But for the first time in months, the town posted an update this week explaining why leaders are continuing to pursue the purchase.

"...Because the fundamental opportunity has not disappeared. We have now spent nearly two years studying this mountain in extraordinary detail… financial modeling shows the mountain has the ability to service its required debt..." town officials wrote in a social media post on Tuesday.

The town acknowledged delays in moving the deal forward, including rising interest rates and updated financial models that account for lighter snow years.

Now, officials say they're also seeking $20 million in donations for improvements at the mountain.

The proposal has generated excitement among some residents who see Eldora as an opportunity to create town jobs, host events, and give the town more control over activities at the resort.

"It's a once-in-a-generation opportunity. If we can finagle it one way or the other to actually buy it, we got to do it," one resident said.

But other residents say they don't feel they've had enough say in the process.

"I don't really feel like the citizens of the town were really asked in a thorough way," resident Sarah Bishop said.

The debate has now stretched on for nearly two years, as Nederland works through the financial and logistical challenges of acquiring a major ski resort.

Included in their statement, the town said, "...The previous Purchase Agreement with POWDR has expired. Given the time required to develop the financing structure, that was not unexpected. Importantly, the conversation with POWDR remains active, and I continue to have regular discussions with their team..."

With ski season approaching, the town manager says officials are hopeful they can close the deal during the season, but there is not yet an exact timeline. Town leaders say they're still committed to getting the deal done.

CBS Colorado reached out to POWDR Thursday but has not yet heard back.