Town leaders say the purchase will boost local economic development and will allow it to better support mountain ski employees.

To pay for Eldora, the town will issue municipal revenue bonds “backed only by the resort’s earnings, which is profitable enough to service the debt.”

The small mountain town west of Boulder signed a letter of intent to buy Eldora from POWDR, the Salt Lake City-based ski company that has owned the ski area since 2016. Under the agreement, all 700 employees of Eldora would become Nederland employees, according to an emailed statement. No price was given.