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DDA enters executive session to discuss Tava House Properties loan subordination request
Summary
The board moved to executive session under Colorado law to receive legal advice and discuss negotiation strategy related to a request by Tava House Properties LLC to subordinate a performance deed of trust for the Woodland Station project's construction financing.
The Woodland Park Downtown Development Authority moved into executive session to receive legal advice and discuss negotiation strategy related to a request by Tava House Properties LLC to subordinate a performance deed of trust to proposed construction financing for the Woodland Station project.
The motion invoked Colorado’s Open Meetings Act provisions for executive sessions, citing CRS §24-6-402(4)(b) for legal advice and CRS §24-6-402(4)(e) for determining positions and instructing negotiators. A board member moved the executive-session motion and another member seconded; the board then approved the motion on a roll-call vote and proceeded to the executive session. The public record in the meeting notes the motion and statutory citations; no substantive details from the closed session were disclosed in the open meeting minutes.
The board returned to the executive session location to carry out the closed-door discussion; staff earlier had identified Tava House Properties LLC as the requesting party and the negotiation as related to construction financing with a bank and trust entity. The board did not disclose instructions or outcomes from the executive session in the public portion of the meeting record.
