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Woodland Park DDA approves modified TIF deal for TAVA, sets $400,000 cap with 90% reimbursement
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Summary
The Woodland Park Downtown Development Authority approved a revised tax-increment financing arrangement with TAVA House Properties LLC, adopting a 90% annual reimbursement rate for tax years linked to the project until a $400,000 cap is reached. The board said the cap limits public exposure while recognizing developer-funded public improvements.
The Woodland Park Downtown Development Authority voted to approve a tax-increment financing (TIF) arrangement for TAVA House Properties LLC on a motion to set a 90% annual reimbursement rate and cap total reimbursement at $400,000.
The decision came after a presentation from the DDA’s attorney and several hours of questions about the size of eligible public improvements, valuation assumptions and whether the proposal fairly balanced public benefit and developer return. The board’s amended motion was made by Director Alborn and seconded; the clerk read the roll call as "Bourne, yes; Good, yes; Gamelke, yes; Jones, yes; Miharis, abstains; Salazar, yes," and the chair announced the motion passed.
Why it matters: The TIF agreement is meant to reimburse TAVA for public improvements tied to the Woodland Station development by returning a portion of the incremental property tax revenues generated by the property as it develops. Supporters said the improvements — utilities, sidewalks, parking and regional CDOT work — will enhance downtown and catalyze further investment; opponents urged fiscal restraint and careful vetting of projected tax revenues.
What the board approved: The motion implements the TIF committee’s framework but replaces the committee’s recommended step-down schedule with a 90% reimbursement rate applied to the tax increment revenues for the reimbursement period until the $400,000 cap is reached. DDA attorney Josh explained the practical effect: if tax revenues are lower than projected, reimbursements stop at the amount actually collected; the DDA will not be required to make payments beyond what it receives. Josh said he will draft a formal TIF agreement for the board to approve at a future meeting.
Numbers and estimates: The TIF committee identified roughly $311,370 in required CDOT-related improvements and added $88,630 to reach the committee’s $400,000 cap. The committee estimated incremental tax revenues at about $126,000 per year; at 75% that had translated to about $94,500 annually (2026–2028) in the committee model, but the board’s amendment accelerates the developer’s payback by using a 90% rate during the reimbursement period until the cap is met. TAVA’s representative told the board the developer has committed about $1.7 million in public improvement costs (plus about $130,000 in soft costs) and asked for a higher return over a shorter, six-year window because of a potential DDA sunset.
Positions on the board: Directors who supported the amended motion said a higher percentage over a shorter window helps the project proceed under the DDA’s termination constraints and recognized the public benefits of the improvements. Directors expressing caution said many of the costs were foreseeable when the property was purchased and stressed that tax and mill levy assumptions are estimates and can change.
Conflict of interest disclosure: The DDA attorney read the board’s conflict-of-interest bylaw language during the meeting and confirmed prior disclosures and recusals (one director had disclosed contractor interest and refrained from voting on TAVA matters). The attorney characterized some concerns as perception issues while noting the duty to disclose substantial interests.
Next steps: The attorney will prepare the draft TIF agreement reflecting the board’s action and present it to the board for formal approval at a future meeting. The motion passed by roll call as recorded by the clerk.
