SAM Magazine—Nederland, Colo., July 9, 2025—The Town of Nederland has signed a letter of intent to buy Eldora Mountain Resort from Powdr following months of negotiations that began in fall 2024.
The two entities will continue negotiating based on the rules set forth in a mutually agreed upon term sheet and could close by early October, according to the town.
"There are many treasures that make the Town of Nederland and the Peak-to-Peak Region a unique and incredible place to live. Eldora is one of those treasures," said Nederland Mayor Billy Giblin. “Our vision is to build on Eldora’s legacy and create a community-driven, sustainable, and year-round destination that supports local jobs, outdoor industries, and infrastructure development. We are proud to partner with POWDR and 303 Ski to ensure a seamless transition and continued excellence in mountain operations.”
If the sale goes through, Powdr will support Eldora’s operations for at least two years as part of a transition services agreement. Nederland has partnered with 303 Ski—a group founded by Dwight DeBroux, who worked for nearly a decade in retail for Vail Resorts, and has an advisory team that includes longtime Vail Resorts executives Blaise Carrig and Mark Gasta, Snow Partners CFO Dave Belin, and former Powdr general counsel Emily Smith, among others—to support operations following Powdr’s departure. The town will create the new role of deputy town manager, executive director of mountain operations, who will interface between the mountain and the town government.
Nederland will finance the acquisition through municipal revenue bonds backed solely by Eldora’s earnings from product and service sales as well as Ikon Pass revenue. “This structure protects local taxpayers by ensuring no tax dollars are used to service the debt,” the town said in a press release. “The Town will also pursue grants and private-sector partnerships to reduce overall debt.”
While the final purchase price will reportedly remain confidential, the Board of Trustees is expected to approve a not-to-exceed ceiling amount so residents will know the maximum debt the town can assume, even if the final purchase price is lower.
Nederland plans to annex the land to control its use and potentially operate summer activities. The town estimates that annexation could produce sales tax revenue increases of $1 million to $2 million annually.
“While we cannot disclose exact figures, we can share that mountain revenue will cover our municipal bond obligation,” it says in a FAQ on the Nederland website. “Current models show we can build a reserve of $10 million in the first couple of years” that will sit in a fund to help pay debt during bad snow years. The town hopes to pay off the subordinate bonds within 10 years, or sooner through grants and donations. “After that, free cash flow will fall between $2M - $5M+, and we can reinvest those funds in streets, sidewalks, and water infrastructure.”
In addition, all current Eldora staff members—up to 700 in winter—will become town employees. Eldora will remain an Ikon Pass partner.
“We are grateful for the opportunity to have stewarded Eldora for the past decade, and are confident that the Town of Nederland will carry forward the high-quality guest experience and employee culture that has made Eldora a beloved resort,” said Powdr CEO Justin Sibley. “We look forward to supporting the town over the next two years to ensure operational continuity and a smooth transition.”
Powdr sold Killington and Pico in Vermont in August 2024 and is still seeking a buyer for SilverStar, British Columbia. The company had also intended to sell Mt. Bachelor, Ore., but took it off the market in April. Powdr’s other mountain resort properties are Boreal and Soda Springs, Calif.; Snowbird and Woodward Park City, Utah; and Copper Mountain, Colo.
