Solicitation Number: 2021-95
Description: City of Loveland, Colorado Development Opportunity
The City of Loveland (City) is seeking to promote and facilitate a private / public partnership to complete the development of a Whitewater Adventure Park and Resort. The intent of this Request for Expression of Interest (RFEI) is to provide an open and transparent process for the City to solicit and select investors interested in this development project. While the City intends to select a respondent to this RFEI, the issuance of this RFEI does not constitute a commitment by the City to issue a Request for Proposals (RFP), award a contract, or pay any costs incurred by a firm in the preparation of a response to the RFEI. The City reserves the right to engage in discussions with any of the respondents to this RFEI to explore the viability of, and potentially commit to, a development arrangement or partnership and/or to negotiate a potential memorandum of understanding and/or a definitive agreement.
The State of Colorado (State) passed the Colorado Regional Tourism Act C.R.S. 24-46-301 in 2009 to help fund large tourism projects to attract new visitors and increase out-of-state visitor spending after the 2008 Great Recession. In 2015, four Northern Colorado regional entities (City of Loveland, Larimer County, Town of Estes Park, and Town of Windsor) united to submit a joint application for four unique tourism projects. The State’s Economic Development Commission (EDC) approved the RTA application in December 2015 for State sales tax increment revenue. As a result of this award and in compliance with State law the Northern Colorado Regional Tourism Authority (NCRTA) was formed in 2016.
As with many developments, the process has been very dynamic with project elements changing and a need to adapt to economic conditions and market trends. In 2020, the Windsor project withdrew and over the next year the two Loveland projects became a single project structure – the Loveland Whitewater Adventure Park and Resort. The Stanley Film Center project in Estes Park separated its financing from the NCRTA and is pursuing its development and financing through the Aurora Urban Renewal Authority.
The City is open to consideration of a variety of options, creative approaches, and partnership configurations to best leverage the State pledge of sales tax increment revenue and the City’s pledge of revenues which, includes on-site municipal sales tax and lodging facilities property tax increment revenues and a portion of lodging tax revenues generated on-site. Time is of the essence as the State tax increment pledge is conditioned on meeting specific terms demonstrating substantial work has commenced on the Loveland project by November 12, 2021.
The City is requesting expressions of interest to complete the design, financing and operation needs associated with this project. This request does not in any way obligate or commit respondents to participate in any project with the City. Interested parties are highly encouraged to submit a RFEI. The City also reserves the right to engage in discussions with any of the respondents to this RFEI to explore the viability of a development arrangement or partnership and/or to select a respondent to negotiate a potential memorandum of understanding and/or a definitive agreement.