What exactly does Ordinance 2025-15 do?

Ordinance 2025-15 authorizes the city to:

• Mortgage 46 essential public buildings (including City Hall, Police Department, and Fire Stations) as collateral

• Take on over $1 billion in financial obligations for the Cascadia project

• Pay the developer $25-30 million in guaranteed fees regardless of project success

• Maintain a $33.2 million annual reserve fund

• Expose taxpayers to unlimited liability if the project fails

What is the Cascadia project?

The Cascadia project is a proposed $1.1 billion entertainment district on the west side of Greeley that includes a hockey arena, 12-slide water park, hotel and convention center, and future housing and retail development.

Are you against the Cascadia project itself?

No! We think the project vision looks amazing. This isn't about being anti-development or anti-progress. This is about getting a fair deal that doesn't put our essential city services and buildings at risk while guaranteeing profits to private developers. Cool project, bad deal.

What buildings are at risk?

The city has mortgaged 46 essential public buildings as collateral, including:

• City Hall

• Police Department

• Fire Stations

• Ice Haus

• Other critical city facilities

If the city can't meet its debt obligations, these buildings could be lost.

How much money are we talking about?

The total financial exposure exceeds $1 billion, including:

• $115 million in Certificates of Participation (secured by mortgaging city buildings)

• ~$832 million in bonds

• $129 million through General Improvement District

• $55 million from water/sewer funds

• $25-30 million annually in guaranteed developer fees

• $33.2 million annual reserve fund requirement

What risks does the developer take?

Virtually none. The developer:

• Receives $25-30 million in guaranteed fees regardless of project success

• Provides no financial guarantees

• Takes on no personal or corporate liability

• Profits from selling land to the city

• Owns surrounding development land for future profit

What will repealing the ordinance accomplish?

Repealing Ordinance 2025-15 would:

• Force renegotiation of financing terms more favorable to taxpayers

• Potentially require the developer to invest their own money or provide financial guarantees

• Could require a public vote on any new deal

• Protect taxpayers while potentially keeping the project alive with better terms

This doesn't necessarily kill the project—it forces a better deal.

Why wasn't this put to a public vote originally?

Despite over $1 billion in taxpayer risk, the City Council structured the financing to avoid requiring voter approval. Over 30 citizens requested a public vote at council meetings, but the council voted 5-2 to approve the deal anyway.

What do polls show about public opinion?

Recent polling shows:

• 87% of likely voters support repeal after learning key facts about the deal

• 92% believe the developer should provide financial guarantees

• 69% oppose the current financing approach

• 78% would sign a petition to put repeal on the ballot