The NoCo Herald

Oversight committee urges Greeley to pause West Greeley Project until financing changes city risk

A citizens oversight committee told the Greeley City Council on Tuesday that the West Greeley Project should be paused for up to 60 days and revisited only if the city can secure a financing partner that changes the deal’s risk profile and makes it bondable.

Mayor Dale Hall, speaking as part of the committee presentation, said members had been reviewing the project when they learned last week that the city was not bondable under the current model. Hall said that once that became clear, recommending the project as structured was no longer an option. The committee’s placeholder position, he said, is for staff to seek an equitable partner and then return with updated numbers so the group can review new business plans, consultant analysis and pro formas before advising council whether to move forward or shut the project down.

Another presenter told council the committee felt "blindsided" by the late change and had spent weeks reviewing data that was suddenly irrelevant. The presenter said earlier analysis of the project’s "moral obligation" and "economic development payment" no longer applied once the bondability issue surfaced. Reading comments from absent members, the presenter said the committee wanted to make clear it was neither endorsing nor rejecting the project outright, but instead taking a temporary position until financing conditions change.

That presenter also relayed a statement from Nick Kenny saying, "Without a meaningful financing partner and a different risk profile for the city, we are not in a position to recommend moving forward." If those conditions change, the presenter said, the committee would reevaluate the full financial picture.

Hall also argued the project still could benefit Greeley if the financing structure improves. He pointed to housing demand, the role of multiple developers and the long-term tax and utility revenue that could come from residential and commercial buildout. He also said the committee still needs stronger projections and highlighted Anderson Analytics, along with the possibility that Providence could help connect the project to an investor or nonprofit partner.

Hall also criticized how information about the project has been shared publicly, saying "terrible would be a generous description" of the communication process. He said a committee subcommittee is working on a plain-language summary of about five to seven pages so residents can better understand a project that has generated confusion and division. Ward II Deb DeBoutez thanked the committee for its research and said pausing, gathering more information and "doing it right" was the best course for the community.