The Colorado Springs Gazette final

Developer seeks tax-increment financing agreement for hotel

BY PAT HILL pat.hill@pikespeaknewspapers.com

WOODLAND PARK • The developer of the proposed Fairfield Inn by Marriott appealed last week to the Downtown Development Authority for a tax-increment financing agreement. A TIF reimbursement is based on the incremental increase in value of a development upon completion.

Speaking at the DDA meeting Sept. 7, CK Patel said the project would include upgrades such as sidewalk lighting, a mountain-themed stone façade and underground water retention. “For things like that we’re applying for the TIF to offset some of those costs,” Patel said.

According to documents provided to The Courier, Patel paid $400,000 for the land adjacent to Natural Grocers in Paradise Lodge Marketplace, with improvement costs estimated at $325,000.

“I think the inn will be good for the community,” said DDA chair Merry Jo Larsen.

Board member Tony Perry complimented Patel for his efforts to be inclusive. “I am aware that you did reach out to the owner/ operators of the other hotels here, which I think is smart from a market perspective,” Perry said. “I know that Mr. Rabaut (Mark Rabaut, who owns the Microtel and the Country Lodge) is open to working with you so that tells me that we have the need for additional rooms. This is a great start.”

But there are no promises for the TIF approval, said board member Al Born. “Just because we talked about it does not mean we’re committed,” he said. “We’re interested to see what opportunities are there.”

Patel’s Realtor, Ed Beaumont, owner/broker with Midland Junction Realty, put in a plug for his client. “CK has made it clear that he needs help,” Beaumont said. “The numbers are not coming together the way he’d like them to, and he’s going to need some help and stimulus.”

The next step for the developer is to submit a concept plan to the city, said Sally Riley, Woodland Park Planning Director.

In other business, the board revisited a plan for Woodland Station.

While the DDA’s 10 acres in Woodland Station remain vacant, Tennessee developer Mike Williams has expressed renewed interest in a project he presented two years ago. TheALLEN proposed multi-use development includes retail and lodging components.

In an email to DDA attorney Paul Benedetti, Williams offered to put up $10,000 in earnest money, with $5,000 refundable if he withdraws the project. With a 90-day time frame, Williams asked that the entire amount be refunded if the DDA denies the request for a TIF.

“I think we need more information. I understand he couldn’t make it today but some of us have never seen Williams,” Jon Gemelke said. “I understand there is history there but, so far, that history hasn’t produced anything.”

Riley said Williams is scheduled to appear at the Oct. 5 DDA meeting.

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2021-09-15T07:00:00.0000000Z

2021-09-15T07:00:00.0000000Z

https://daily.gazette.com/article/281818581960357

The Gazette, Colorado Springs