Catalyst’s $1.1B Debt Gamble: Will Greeley Mortgage Its Future?

On July 5th, the Greeley Tribune unloaded on the City Council’s bold—and by some, bone-chilling—plan to leverage 46 public buildings and $115 million in Certificates of Participation to bankroll a $1.1 billion entertainment district branded “Catalyst.” With opponents racing to collect nearly 4,600 signatures for an August ballot challenge, taxpayers are left wondering whether Greeley’s next big gamble will pay off or simply leave them holding the bag.

Let’s see if I can summarize it all in a Bullet Point Breif:

• Ordinance 2025-15 Approval

• On May 6, the Greeley City Council voted 5–2 to authorize a $1.1 billion financing plan for an entertainment district on land near Weld County Road 17 and U.S. 34—complete with an ice arena, hotel, water park, and the mixed-use “Catalyst” development. kunc.org

• Collateral & Certificates of Participation (C.O.P.s)

• The financing plan mortgages 46 public buildings—including City Hall, the Police Department, City Center North, the Ice Haus, and three fire stations—as collateral. It also leverages $115 million in C.O.P.s to lease those facilities to Zions Bancorporation to fund Phase 1 of Catalyst. (kunc.org)

• Citizen-Led Repeal Campaign

• “Greeley Deserves Better” won approval of its petition form and immediately began gathering signatures. They must collect 10% of the total vote from the last general election—4,586 valid signatures—by Aug. 6 to force a repeal vote on the Nov. 4 ballot. (kunc.org)

• Main Concerns

• Exposes taxpayers to $25 million–$30 million in annual debt service regardless of project success.
• Uses C.O.P.s to bypass TABOR’s strict limits on public debt, raising significant transparency and accountability red flags. (kunc.org)

• Grassroots Effort & Messaging

• Volunteers will canvas the Greeley Stampede, coffee shops, grocery stores, and community events, emphasizing fiscal responsibility, taxpayer protection, and giving citizens a direct voice. (kunc.org)

• Developer Tactics

• In a classic bit of online jiu-jitsu, the Catalyst developer’s team scooped up the “Greeley Deserves Better” domain before campaign leaders could. (kunc.org)

I know better than to mouth off about a municipal issue when I’m on cigar terms with half the council—and literally breakfast quarterly with all seven members. But here’s the rant nobody asked for:

1. Catalyst—Lots of Hype, Big Stakes
   This isn’t just another ice rink or hotel. It’s a full-blown entertainment Disneyland for Northern Colorado: hockey, water slides, spa suites, the works. If it succeeds, Greeley finally becomes more than a rest stop for Denver-bound tourists and “Not Hawaii.”
2. Risk-Taking Résumé
   Two decades as Johnstown’s councilman-turned-mayor taught me to swing for the fences—think Scheels, Johnstown Plaza, several paid-in-cash municipal buildings, including a rec center. But $1.1 billion? That’s a lotta cannoli’s.
3. C.O.P.s: The Shinobi of Debt
   These Certificates of Participation sneak around TABOR like fiscal ninjas. TABOR’s our only brake on runaway spending—Republicans love it, fiscal hawks worship it. C.O.P.s? They’re the dirty little secret that lets politicians pretend debt vanishes.
4. I Want to Love It, But…
   I’m all in on Catalyst’s vision—more visitors, more revenue, more reasons to leave Denver and FoCo in the dust. Yet my wallet screams, “Don’t do it!” Someday, debt is a smart tool. Today it feels a little clunky. To be fair, I haven’t read all the financials.
5. Peanut Gallery Confessions
   I haven’t torn into Catalyst like the council has. My commentary’s from my recliner, not the war room. That’s about as classy as an ice skater in Sunday dress shoes.
6. Signature Showdown
   Nearly 4,600 signatures by Aug. 6? That’s a steep hill—but if “Greeley Deserves Better” plants that flag, it’s game on. Popcorn, people.
7. County Justice Center Sideshow
   While Greeley’s galloping west, we’re stuck debating if our justice center stays downtown or hoofs it north – or elsewhere. Spoiler: I’ve got thoughts I need to share on our $1B+ decision.
8. Horace Greeley Would Be Proud
   “Go west, young man,” he said. Now the city’s cheering Catalyst while telling the county, “Stay east.” Commitment or double standard? We’ll find out.
9. Trust, But Verify
   Big decisions loom. I trust my council buddies to sweat the details—now let’s see if the voters buy their debt-spree pitch or just enjoy the spectacle.

There it is: I’m a reluctant heckler with one foot in the peanut gallery and one eye on the balance sheet. Let the ballot battles begin.