Loveland water feature seeks developer, land vote Tuesday

LOVELAND — The Loveland City Council plans a vote Tuesday on removing 42 acres from an urban renewal area near Centerra for a whitewater park and resort the city envisions, if it can also find a new developer.

The land needs to be excluded from a master finance agreement with McWhinney so that Loveland can commit incremental increases in sales and property tax receipts to the new project, which would be partially funded through the Northern Colorado Regional Tourism Authority.

“Removing the properties allows the property taxes to be paid to the relevant taxing entities as determined by the Larimer County Assessor and allows the collection of future city sales tax for the benefit of the NCRTA project,” according to a staff document submitted to the City Council.

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Also, a new developer is needed after the city ended its deal with Scottsdale, Arizona-based P3 Partners LLC.

The project dates to 2016 and at that time expected about $86 million in state tourism grant money. A January news report pegged costs for the full project at about $200 million. Projections then were for the development to bring 1,300 new jobs, $38 million in wages, and 119,000 room nights a year.

The city would have to commit sales and property tax revenue, public improvement fee money, part of the bed tax, and a fee on the price of admission.

Loveland councilman John Fogle, who is also head of the regional tourism authority that would oversee portions of the project, said, “My sincere hope is the project moves forward; Loveland could use the tourism.”

Though popular with many for its arts efforts, Loveland is “not a tourism destination for young people and young families,” Fogle said. “It takes something like a water park to get ‘em to [come]. Otherwise, we become the Doritos and gasoline stop.”

The latest speed bump on the project is the departure of its developer due to legal troubles.

Steve Nielsen, at one time a senior executive with P3, was indicted in late July with two others in an alleged scheme involving a company called Educational Facilities Development Services and kickbacks on construction of educational facilities for two school districts, according to local Arizona media.

Nielsen has represented P3 and a company called Brydant Real Estate on proposed wellness projects planned for veterans and athletes in Nevada and Virginia. A cached version of his LinkedIn page calls him a P3 senior partner, a Google search shows.

His LinkedIn page no longer lists that position, and he’s not among P3 executives named on the company website. Brydant shares an address with P3. Nielsen was formerly an assistant vice president for real estate at Arizona State University and Tempe community development director, according to his LinkedIn profile.

A spokesperson for Loveland could not be reached by press time.