City, developer outline West Greeley predevelopment agreement; COPs and GID financing central to plan

City staff and outside legal advisers summarized the draft predevelopment services agreement (PDSA) for the West Greeley redevelopment plan at an April 2025 work session, describing the roles, financing sequence and key risk‑mitigation terms the city will ask the developer to accept before the council considers related financing and lease documents.

Stacy (city staff) told the council the PDSA starts the next contractual phase with the developer and that the agreement sets roles for a two‑part project: a city‑owned “catalyst” entertainment district (arena, ice center, hotel, waterpark, plaza and supporting infrastructure) and a separately developed Cascadia mixed‑use area intended to be catalyzed by the entertainment district. The city will purchase the land for the catalyst project from the developer for the price the developer paid (staff cited a just‑over $5.0 million figure discussed in the presentation) and -- if the council approves the PDSA and related financing documents -- will own the land beneath the entertainment district.

The PDSA sets a maximum cap on eligible predevelopment costs for the current phase at $115 million and contemplates interim financing with certificates of participation (COPs) to draw down funds as design, due diligence and preconstruction work proceed. Dalton, an outside attorney working on the deal, described the $115 million as a drawdown facility and said staff’s current modeling shows an initial budget near $105 million but the PDSA establishes a $115 million ceiling for this stage. The expectation discussed in the presentation is that conduit revenue bond…