Developers present amended Bridal Street redevelopment agreement; council hears schedule and financing changes

Developers and city staff presented amendments to the Bridal Street redevelopment agreement during the Murfreesboro City Council meeting on Feb. 13, describing revised project phasing, financing updates and additional public improvements.

The amended and restated agreement — presented by Matt Taylor of SCC and city staff member Darren (last name not specified) — updates the development timeline, removes the hotel parcel from an immediate purchase while preserving the project's overall purchase price, and adds street and intersection improvements that will be part of the developer's obligations. Taylor said the team selected an equity partner and a general contractor, and that drawings for all buildings except the hotel are about 25% complete.

Staff and the development team said the change separates the hotel parcel from the rest of the project so the hotel's tax-increment financing (TIF) allocation would not be triggered until the hotel parcel is constructed. Taylor said the hotel parcel is being pulled out as a separate element worth about $550,000 of the previously stated…