GREELEY — The fate of the Cascadia development and quite possibly the future direction of the city is in the hands of Greeley voters Tuesday during a special city election on whether the landscape-altering project should be halted.

Cascadia is a master-planned community designed to integrate housing, recreation, jobs, and quality-of-life amenities. Those include an 8,600-seat multiuse arena and ice center that will be the home of the Colorado Eagles — a popular minor-league affiliate of the Colorado Avalanche, a full-service conference hotel, an indoor waterpark, and housing.

Citizens opposed to the City Council-approved expansion petitioned the stoppage onto the ballot that will be be decided Election Day. Ballots were sent out to registered voters starting Feb. 3 and must be returned by 7 p.m. Feb. 24. 

Ballot Question 1A, a yes-or-no proposition, asks, “Shall Ordinance 30, 2025 authorizing changes to the zoning map of the City of Greeley establishing the Cascadia Planned Unit Development (PUD) for a property located North of US Highway 34 and East of Weld County Road 17 including approximately 834 acres to create a master-planned community, be repealed?” according to the City of Greeley website. 

A “yes” vote would stop or at least pause the development, and a “no” vote would continue the project.

Not everyone on board

A group of city residents calling itself Greeley Demands Better acquired the required 4,586 signatures needed to initiate a special election in opposition to the $1.1 billion Cascadia. Water Valley is the primary developer for the vast project.

Their efforts ultimately led to a special election, with election day happening Tuesday. 

Some opponents question the funding structure for the project, while others question just how much revenue the city will take in annually. 

The city has said it will finance the public-private project through bonding, general improvement district financing and operating revenues generated after it opens.  

Those supporting Cascadia, which includes the majority of the Greeley City Council and Greeley Mayor Dale Hall, believe the development will make Greeley a destination hub and also have a major economic impact on the city, which has often been cast in the shadows of Fort Collins.

Supporters say it could take Greeley to another level.  

The projected economic impact of Cascadia would generate nearly $3 billion of new spending by 2039 and create over 5,200 jobs, according to the Greeley Forward website.    

Water Valley CEO Martin Lind used the stage during a Feb. 13 event with Guild Mortgage to highlight the benefits Cascadia would bring to the city of Greeley, along with the city’s desire to move up a few years ago.

“About three years ago, former Greeley Mayor John Gates said: ‘Martin, we’re tired of Greeley not getting the cool stuff. Our Greeley people earn a living, make a living. They become successful, and they move west. Water Valley gets them, Rain Dance gets them. They move to Tinmath, or they move to Berthoud,’” Lind said, quoting Gates.

“We’re in the heart of the watermelon right here,” Lind said of the Cascadia location, north of U.S. 34 and east of Weld County Road 17.  “Greeley has the opportunity to have the coolest thing in the area.”

An add to city’s momentum

If the development of Cascadia goes forward, it could add momentum to a city that is about to be home this fall to the state’s third medical school at the University of Northern Colorado. It’s home base to the nation’s largest meatpacking processor, JBS, and one of the country’s leading 3D construction printing companies, Alquist.

When asked by reporters at the event whether Lind had a backup plan should Ballot Question 1A pass and a pause on Cascadia takes place, Lind was quick to respond. 

“There’s always Plan B, but it doesn’t fit well with the timing,” Lind said. “So, you definitely have to regroup. You probably will get into some litigation, which is timely and expensive. The timing is critical to projects like this one.”

Should 1A pass and halt the project, Lind said, “It’s not only going to be a gut punch to the project and all the hard work put into the project, but it’s also going to be an economic disaster for Greeley,” Lind said. “It’s going to leave a long-lasting tattoo on Greeley’s forehead saying: ‘We’re not open for business.’”

Trying to build traction

The Feb. 13 event at the Cascadia site was designed to highlight the benefits of an innovative financing initiative aimed at reducing upfront monthly housing costs for families looking to build and relocate to Cascadia in a collaboration with Guild Mortgage.  

Qualified homeowners may gain access to shared appreciation mortgage solutions that could reduce required down payments and eliminate interest and monthly payments on down-payment assistance. Overall, it could lower overall monthly housing costs without traditional mortgage insurance. 

“Affordability isn’t a buzzword for us — it’s a responsibility,” said Lind. “This partnership with Guild Mortgage is about opening doors for working families who want to live in Greeley, build equity, and stay rooted in this community.”

The enterprise intends to utilize Homium’s Shared Appreciation Mortgage (HSAM), offered through Guild Mortgage, which allows buyers to receive substantial down-payment assistance — up to 40% in some cases — in exchange for sharing a portion of future home appreciation at resale or refinance. The program requires no interest and no monthly payments on the assistance portion, improving monthly affordability at the time of purchase.

According to BankRate.com, Guild Mortgage was the eighth-largest mortgage lender in the United States in 2024. Headquartered in San Diego, Guild has over 300 branches across the U.S., with 46 offices in Colorado.

Mortgage benefits contrasted

“The quick summary of how this (mortgage program) works is this private investor will bring in 30% to 40% cash of the purchase price, and they’ll do a second lien with zero monthly payment,” said David Battany, executive vice president of capital markets at Guild Mortgage “The benefit to the homebuyer is your monthly cost of housing — your monthly payment just got reduced by 30% to 40%. But when you sell your home 30 years later, you agree to share that same ratio of future appreciation with them. So, if they brought in 30% or 40% cash, you would share 30% to 40% of your home appreciation.”

Still, some in the mortgage industry question the effectiveness of the mortgage initiative. 

Corey Seitz, co-owner of Excel Mortgage Brokers in northern Colorado, offered this rebuttal.

“I would caution that while shared appreciation and land lease programs can play a role in improving short-term affordability, the devil is always in the details,” Seitz said. “Equity share arrangements reduce upfront costs but require borrowers to give up a portion of future appreciation and can limit their ability to refinance when market conditions change. Land lease structures similarly lower payments but may restrict long-term equity growth and resale flexibility.”

Ultimately, Greeley voters will have the final say in whether Cascadia moves forward as planned and Water Valley’s partnership with Guild Mortgage comes to fruition. 

As one Greeley official noted: “We like to keep things spicy in Greeley, and this month has definitely been spicy.”