NEDERLAND — The Nederland Board of Trustees (BOT) met on July 7, 2026, to take action on a matter regarding financial advisory services connected to the Town’s acquisition of Eldora Mountain Resort, which was originally contracted to close over two months ago.   

Trustees last voted regarding the ski area acquisition on April 21, when they approved a professional services agreement with Plante Moran for “operational transition planning and project management support. At that time they also authorized “emergency expenditures” the Town said were required for operational continuity of the ski area. 

With there being little communication from officials on progress of the sale, the community has been expressing concern over the Eldora acquisition seemingly taking priority over—and in some cases, delaying—other capital projects, from things as complex as emergency management initiatives to more standard responsibilities like the operation of Town facilities.

Behind closed doors

Though the Town and BOT still failed to provide any insight on the acquisition’s progress, their only action to be taken during their first meeting of the month was related to the acquisition process, as was the Executive Session which preceded the meeting. 

The session, which was closed to the public, was “for consideration of and discussion of the Town’s purchase of property and operations for recreational activities and other municipal services, including issues subject to negotiation.” 

In the recent past such language has referred to the Eldora acquisition. However, the Executive Session was also dedicated to legal advice pertaining to both the previously quoted consideration, and to “documents protected by the mandatory non-disclosure provision of [the Colorado Open Records Act]” 

Also in the same session, Trustees discussed the possibility of acquiring property somewhere in the downtown area, and received legal advice relating to acquiring properties associated with one of the proposed routes for the long-delayed Big Springs Emergency Egress project. 

In for a penny…

As for any Eldora matters open to the public, the BOT were tasked with voting on a Municipal Advisory Services Agreement with Stifel, Nicolaus & Company, Incorporated, who advise the Town of Nederland on “bond, note, refunding, municipal lease, bank loan, and other financing transactions.” 

The agreement would extend until June 30, 2027. Payment of the $325,000 fee for services would not be required until the completion of the bond sale, and is payable from Bond Proceeds.

This cost, when added to the $830,000 of expenditures accrued through the Town’s due diligence and financial structuring processes—according to data collected from public record by BusinessDen and released by The Denver Post—would bring the total cost of the acquisition process to just over $1.1 million. 

A majority of these costs fall under the same protective provision that is used in the services agreement in question, which states that the fee “will be paid at the completion of the sale of the Bonds.” Despite the bond structure being designed to prevent any impact to tax revenues, the public has not received a definitive answer from the Town on who will foot the bill if the acquisition falls through. 

Such revenue bond structures typically place the debt responsibility on the issuer, unless a contract specifies otherwise. If the Town were forced to take on a potential million-dollar debt, some residents speculated online that the Town would try to raise taxes in an attempt to mitigate that debt.

The matter at hand 

The scope of work outlined within the agreement states that Stifel, Nicolaus & Company are responsible for providing counsel to the underwriters and to the Town regarding transactions, which includes financial analysis, structuring recommendations, and maintaining consistency of related documents for federal and state compliance. 

The firm will also continue assisting the Town with selecting and reviewing the hired underwriters; coordinating with consultants, accountants, bond counsel, and other attorneys; handling the distribution and transference of documents, bonds, and funds; coordinating pre-pricing discussions of bond pricing and structuring; and with obtaining specific financing-related services, including bond insurance or escrow investments. 

After a brief reading of the matter at hand by Town Manager Jonathan Cain, there was only one question from the Board, from Mayor Pro Tem Luke Miller, who inquired about whether the Town would continue to retain Stifel, Nicolaus & Company after the closing of the ski area sale. 

Cain answered that it is possible the Town would require the firm’s assistance post-acquisition, but to do so would require another agreement to be drafted and approved. 

Though no other Trustee prompted further discussion or asked any more clarifying questions, there was one member of the public who had some questions regarding the matter, particularly whether the $325,000 cost of the contract renewal was going to be added to the reported $830,000 debt. 

That individual also asked whether debt reported by The Denver Post was accurate, and how the debt would be handled if the Town fails to acquire Eldora.

Mayor Nichole Sterling, one of the primary architects of this acquisition, began to state that the article in question was not “representative,” though as to what she did not say as she did not complete the statement. Sterling did state, however, that the community’s questions will be answered in a document to be released “within a week.”

Some of those questions have been raised online, with residents inquiring whether the Eldora acquisition is taking Town staff’s focus away from other pending projects and issues, as well as from several proposed initiatives that were to be discussed and prioritized during the BOT’s delayed Strategic Planning sessions. 

In addition to the scrutiny surrounding the Town’s inability to staff and open the Visitor’s Center, some in the community expressed concern that the acquisition is taking priority over emergency management efforts, including the design for a Big Springs Emergency Egress and the implementation of outdoor fire sirens, the need for which has become urgent as a result of the October 2025 Lakeview Fire and the recent weather.   

Without any further comments from the public or questions from the Board, a motion was made to approve the Municipal Advisory Services Agreement with Stifel, Nicolaus & Company, Incorporated, which was seconded and approved unanimously. 

The Nederland Board of Trustees meets on the first and third Tuesday of every month. The next meeting is scheduled for Tuesday, July 21, 2026, at 7 p.m. and can be attended either online or in person at the Nederland Community Center. 

For more information go to: townofnederland.colorado.gov/board-of-trustees.