Q: Where is the proposed project site?
A: The project is roughly bounded by Highway 34 to the south, Highway 257 to the north, and located between County Road 17 and Highway 257. 

Q: What kinds of uses are proposed for the development?
A: This project will be a transformative mixed-use, transit-oriented entertainment district featuring a new arena and ice center, a transit center, new opportunities for retail, commercial, restaurants, lodging (including a water park hotel) and much needed mixed-income housing. 

Q: What are the major components of the site?
A:

• State of the art 8600 seat arena 

• 3 additional NHL regulation sheets of ice 

• Hotel & conference center 

• Water park

• Retail and restaurant options

• Housing 

• Plaza designed for community gathering 

• Multimodal transit hub
  

Q: Who is the developer?
A: This is a collaborative project between the City of Greeley and The Water Valley Company, acting as the fee developer as outlined in the pre-development services agreement. Greeley will own the entertainment district portion of the site, including the arena, hotel and water park. 

Q: Is there a major tenant planned for the arena?
A: The state of the art arena will be home to the Colorado Eagles, a professional ice hockey team. The Eagles compete in the American Hockey League (AHL), the top minor league of the National Hockey League (NHL). This team serves as the feeder team of the Colorado Avalanche. Known for their passionate fanbase and exciting style of play, the Eagles have consistently been a strong contender in the AHL, bringing multiple championship and playoff appearances to the State of Colorado. Their fanbase spans northern Colorado and has consistently sold out games throughout the last 20+ years.

Q: What is the pre-development services agreement?
A: This agreement:

• Memorializes terms between the City of Greeley and The Water Valley Company (TWVC) prior to execution of design and construction contracts and development agreements

• Provides a framework for TWVC to serve as the City’s fee developer for conceptual, preliminary and final planning for the entertainment district project and terms regarding broader development of the surrounding area 

• Defines roles, conditions, and funding mechanisms

• Lays ground work for additional key agreements (Eagles lease, land transfer, development incentives)

Q: What is Greeley’s role in the project?
A: Greeley has approved a Pre-Development Services Agreement with The Water Valley Company to partner in creation of this new economic engine and community destination for Greeley. Greeley will own the entertainment district (or Catalyst) portion of the site, including the arena, hotel, water park and plaza. 

Q: Why is the City interested in partnering on this development? What is in it for Greeley?
A: 

• This project has the potential to become a compelling regional destination, creating stringer connectivity and generating new revenue streams that will benefit all of Greeley and the entire region. 

• Growth is inevitable, and this project allows the City of Greeley to have a real hand in shaping that growth to reflect the community’s character and ideals/ 

• A key goal for this project is to align with Greeley’s established economic development goals, opening new opportunities for local businesses and positioning Greeley as a regional leader and dynamic regional destination. 

• The development will be supported by key infrastructure investments, including the Greeley MERGE project. 
  

Q: What is “Catalyst”?
A: The Greeley-owned heart of the entertainment district portion of the project is currently referred to as “Catalyst”. This portion of the project is anchored by the professional sports arena and year-round water park and full-service conference hotel.  It will act as a regional draw and catalyst for additional revenue generating development in West Greeley. 

Q: What is “Cascadia”?
A: Cascadia is the name of the large scale mixed-use community surrounding the entertainment district site. The full 300-acre master planned project is designed to create a live-work-play environment for Greeley. 

Q: What is the timing of this project?
A: Construction is anticipated to begin in 2026, with major components, including the arena and water park targeted for completion by 2028.

Q: How will the project be funded and how much will it cost?
A: The estimated project costs are $823 million. The project will pay for itself through revenue generated on site. Funding comes through a variety of sources, including operating revenues generated after opening, bonding/certificates of participation, and General Improvement District financing. 

Q: What is a General Improvement District?
A: A GID is a special local taxing district formed by property owners within a specific geographic area to fund public improvements. It is a mechanism for development to pay its own way by providing funding for constructing, operating and maintaining infrastructure. It applies only to property owners within the project boundaries

Q: What is a Certificate of Participation (COP) and how will they work for this project?
A: COPs are a common financing tool in municipal government used to fund capital projects. Investors purchase shares in a lease, making it a form of lease-backed financing.

For this project, COPs will serve as an interim financing tool to fund pre-development costs. The debt service will be structured to not require any payment for 15 months prior to issuance of permanent bond financing. The proceeds from bond financing will be used to pay off COPs.  

For additional detailed FAQs on Project Financials, please click here

Q: What zoning changes are required?
A: Zoning generally describes what uses and building forms are allowed on a property. Much of this site is currently Zoned H-A (Holding-Agricultural). H-A zoning is assigned to parcels that have been annexed into the city but do not have immediate plans for development at the time of annexation. It is effectively pre-development placeholder zoning. 

This site is currently going through a rezoning process, which includes community meetings and public hearings at Planning Commission and City Council, to assign zoning that will allow this site to be a vibrant mixed-use area with commercial, entertainment, housing and other public amenity uses.  An application for zoning and annexation of parcels that are not yet within the city boundaries has been submitted to the City.  Zoning is proposed to be Planned Unit Development (PUD), which allows a variety of uses on site. 

Q: What is the process for rezoning?

Q: Is the West Greeley Community Sub-Area Plan related to the rezoning of this site? 
A: This site is a proposed project within the West Greeley area, but the West Greeley Sub-Area Plan is designed to stand on its own regardless of whether this project moves forward and provide a comprehensive framework for development across West Greeley.  

Additional information on the Sub-Area Plan work can be found here.