The Colorado town located closest to unincorporated Eldora Mountain Resort plans to purchase the mountain from Powdr Corporation by October. A signed term sheet comes after months of negotiation and work behind the scenes between Powdr and the Town of Nederland. Powdr will continue to operate the mountain for two years until a “coalition of Front-Range ski industry veterans” takes over. The town plans to quickly add summer activities, a first for the 63 year old mountain. “Nederland aims to turn Eldora into a year-round, community-driven asset– expanding recreation, sparking local jobs and outdoor industries, and weaving sustainability and social equity (i.e. workforce housing) into every run, trail, and event,” said an announcement from Nederland’s Board of Trustees. “These economic development opportunities will give the Town a long-needed, sustainable way to fund infrastructure.” Eldora will remain partnered with the Alterra-owned Ikon Pass as it has been since Ikon’s inception in 2018.

Eldora is one of five mountains Powdr placed on the market last summer. Killington and Pico in Vermont sold to a local ownership group while Mt. Bachelor, Oregon was eventually pulled off the market in April. SilverStar, British Columbia remains for sale. Powdr always planned to retain Boreal and Soda Springs in California; Woodward Park City and Snowbird in Utah as well as Copper Mountain, Colorado.

Once the Eldora acquisition is complete, Nederland plans to annex the ski area, which operates partially on private land and mostly in the Roosevelt National Forest. Annexation could add $1-2 million in annual tax revenue to the town’s general fund. Eldora’s 700 staff will eventually become municipal employees, offering new benefits to them. “To the Powdr team: Thank you for stewarding the mountain thus far,” wrote the town trustees. “We take our responsibility seriously and we are forever thankful for your belief in us to continue your legacy.”

The town plans to issue municipal revenue bonds backed by the resort’s earnings, not tax revenue for the purchase. The total sale price remains confidential. The mountain is profitable though and projections show the town could build a $10 million reserve in the first few years of ownership. “The Town will also be exploring opportunities for grants and private-sector dollars to help lower the total debt,” an FAQ noted. The sale is expected to close by the beginning of October if everything goes smoothly.