The Cascadia / WestSide Entertainment district represents a unique opportunity for Greeley. This visionary project could really redefine the future of our city economically, culturally and socially.
City Leadership, in collaboration with high -level third -party consultants, adopted a thoughtful approach to this ambitious project. They carried out in -depth financial modeling, analyzing several scenarios to develop a sustainable and diverse financing plan. The result is a daring but realistic strategy that positions Greeley for long -term success.
The financing framework is based on a variety of sources, including participation certificates and economic development funds, to launch design and construction. A general improvement district, or GID, along the US Highway 34 corridor will be created in partnership with landowners and developers. The GID will use property taxes and costs to finance critical improvements in transport and infrastructure in the district.
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City works funds will support the construction of essential water, sewers and non -potable systems – in accordance with the historic role of Greeley in the license to develop major developments. For example, the sewer line of the trunk built along the sheep in the 1980s enabled Kelly Farms to the promontory.
One of the most overwhelmed funding components is the use of a 501 (C) non -profit organization (3). This model, successfully used throughout Colorado, allows the construction of public facilities without increasing taxes. Above all, the city will keep the property of the land and buildings of the district.
The income generated by the entertainment district will reimburse the bonds issued by the non -profit organization. While the first years will see higher debt and a drop in income, economic development funds will meet the gap. In the five to eight years, revenues should exceed debt obligations – finally creating excess income for the city. The refinancing of bonds is also likely, which would reduce long -term costs.
What does this project mean for Greeley? Economically, it means everything.
For the first time in decades, Greeley is systematically positioned to resume income from the sales tax that has long disclosed in neighboring cities. This project will also establish Greeley as a tourist center for northern Colorado. Developments such as Cascadia, Delanterro and other communities for mixed use will thrive nearby, generating new sources of income and essential housing.
As the owner of the WestSide Entertainment District, Greeley will offer residents direct access to a world-class aquatic center, a multi-purpose event center and three additional ice sheets. We are inspired by the City to explore partnerships with local school districts, the University of North Colorado, and aims at the Community College, supporting both access to students and sports opportunities.
We are enthusiastically awaiting the city to promote the links between the WestSide Entertainment District and existing local businesses, restaurants, breweries, hotels and cafes thanks to collaborative marketing and advertising. Tourism will increase beyond current levels.
Currently, the main tourist attractions that Greeley Stampede and Model Train Museum provide more than 250,000 visitors per year. This project will bring more business and visitors to downtown Greeley.
With events such as hockey tournaments in the United States, concerts, conventions and the destination hotel, Greeley could even double or triple its visitors. Greeley has just deployed a new tourist website on Visitgreeley.com.
The WestSide Entertainment District is an investment in the identity, vitality and future of Greeley. It is now time to think big, to act daring and to build a Greeley that future generations will be proud to call at home.
Tom Donkle is director of Ethos Land & Water Inc.