Tava House investors requested $743,224 in reimbursements in tax increment financing from the Downtown Development Authority to help fund public improvements to the nearly 2-acre development in Woodland Station. The payments would be spread out over the next six years.

 The Tava House restaurant, the first phase of the 6.62-acre development, is schedule to open in the spring.

The DDA countered with an offer of a $400,000 cap over the next six years, when the DDA is expected to sunset. The reimbursements are due to the increase in the value of the property, from vacant land to a commercial enterprise.

“What we’re asking for we feel is reasonable for the amount of public benefit that is occurring,” said Mark Weaver, speaking at the DDA meeting March 3.  Weaver is an investor and spokesperson for the project.  

At one point, Jon Gemelke, DDA chair, asked why Tava hadn’t asked for a TIF agreement in the first place.

“Four years ago we didn’t think we’d need to ask for a TIF,” Weaver said. “As this project moves along, cost evolution comes into play; we didn’t anticipate that all these improvements would cost this much money.”

In a public document, the investors estimated that the improvements total $1.7 million for infrastructure, turn lanes into the property, extension of Saddle Club Drive and sidewalks along U.S. 24. Some were required by the Colorado Department of Transportation.

Tava expects to invest $9.7 million into the entire project, with an  event center and retail.

“We could have just done Bergstrom Alley and built Tava; however, it became apparent that what’s best for Woodland Station, the city, the taxpayers, and for parking, was to do to those improvements as well,” Weaver said.

Throughout the negotiations, Gemelk expressed concern about the cost to taxpayers if the DDA increased the cap of $400,000. In addition, he felt the DDA had given Derek Waggoner a good deal on the cash purchase of the 6.62 acres for $800,000. Waggoner is the founder and chief executive officer of the investor group. He was in the audience that morning.

At one point, Woodland Park Mayor Kellie Case addressed the DDA board from the podium.

“I’m hearing a lot of negativity,” she said, adding that Tava had taken a “big hole,” in Woodland Station, added improvements and is opening a restaurant to begin a larger project.

In the end, Al Born, an original member of the DDA, suggested that the DDA agree to increase the annual tax increment financing to 90% of the cap.  The usual TIF agreements offer new businesses in the district 75 % for the first two years and 50% for tax years 2029-2931 when the DDA is expected to sunset. “The 90% will give Tava a quicker payoff,” Borne said.

The board agreed and voted to approve the TIF agreement,

Three days after the meeting, Weaver responded to a request for comment: “We are grateful for what we received,” he said. “And we are moving forward.”