Editorial: ‘Cascadia’ offers opportunity, but Greeley leaders should weigh risks carefully

Windsor developer Martin Lind’s proposal for “Cascadia,” a new arena, hotel and water park development in west Greeley, has excited municipal leaders, who view it as a catalyst not only for the western part of town, but also to add to the narrative of the city itself.

Greeley is destined one day to be the largest community in Northern Colorado, eventually overtaking Fort Collins in population, according to projections. And city leaders want to plan for that growth, especially along the western corridor.

A project such as Cascadia could solidify the city as a center for sports, recreation and entertainment.

But Lind’s proposed financial structure would mean that the city would have to fully guarantee $1.1 billion in debt for the project, which would be located on the north side of U.S. Highway 34 between Weld County Road 17 and 131st Avenue.

Lind points out that similar financial structures were used for other projects, such as Union Station in Denver, the hotel at Metropolitan State University of Denver and the Polaris Hotel in Colorado Springs. It also is the same structure used to create North Colorado Medical Center in Greeley.

But such a financial undertaking and risk requires the city to exercise extreme caution and due diligence. Among the questions to be answered:

• What would the economic impact be? Greeley has commissioned a study to understand what the project would mean for the city’s economy. Results are to be reported this month. It’s critical to ensure that this project would add to the economy, not be a drag.

• What competition would a new arena experience from the existing Blue Arena at the Ranch Events Complex in Larimer County? While Lind’s Colorado Eagles minor-league hockey team would relocate to the new arena, it’s likely that Blue Arena would continue to compete for concerts and other events. Greeley leaders must take that competition into account, as it’s uncertain whether the market is large enough to support two such venues.

• How would this development differ from the ill-fated 1stBank Center in Broomfield? The City and County of Broomfield built the 6,500-seat facility in 2006, spending $135 million over the years. But due to the arena’s failure to attract (or retain) sports teams, concerts and other events, Broomfield is pulling the plug on the center, with demolition imminent. (Significantly, perhaps the biggest drawback for 1stBank Center is the lack of a sports-team anchor, after losing minor-league hockey and basketball teams. Greeley’s new arena would have the Eagles.)

• Would a new arena compete with Greeley’s Island Grove Regional Park? How might it affect that complex, home of the Greeley Stampede?

• What impact would Cascadia have on traffic congestion along U.S. Highway 34? The stretch from Interstate 25 to Weld County Road 17  and beyond already is subject to long backups. How would this project affect those patterns, as well as along other arterials?

Cascadia could represent the biggest economic-development boon in decades for Greeley. But caution and prudence should be the words of the day.

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