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Council approves phased Broad Street "Keystone" redevelopment plan, TIF capped at $26 million
Summary
After extended debate about downtown character and public land sales, Murfreesboro City Council approved development, purchase and tax‑increment financing agreements for the Broad Street "Keystone" project, splitting the project into three sections and preserving a capped $26 million TIF over 20 years.
Murfreesboro City Council on Oct. 2 approved development and tax‑incentive agreements for the Broad Street redevelopment project (branded "Keystone"), authorizing a phased plan for public‑private development, related property sales to the developer, and a tax‑increment financing (TIF) package capped at $26 million over 20 years.
Under the approved agreements the project is divided into three sections. Section 1 will include a parking garage, the relocation and redevelopment of the WGNS parcel and commercial space; Section 2 includes a for‑sale condominium building, a second parking garage and additional commercial space; Section 3 is the hotel component, staged to begin later. Project documents presented to the council show the TIF cap of $26,000,000 and a 20‑year reimbursement term.
City staff and the development team described design progress and a construction…
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