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Council approves Prime West development agreement for Downtown Block C5; project includes 188 public parking spaces and TIF-backed payments
Summary
Council approved a development agreement with Prime West Development LLC for Block C5 in downtown Westminster. Staff said the project will rely on TIF and GID revenue, estimated annual parking income, and a multi-stage payment schedule; Councilor Ireland raised parking sufficiency concerns. The first-reading motion passed 6-1.
Westminster City Council approved on first reading a development agreement with Prime West Development LLC for Block C5 in Downtown Westminster, advancing a mixed-use project that includes 188 publicly accessible parking spaces and financing tied to tax increment financing (TIF) and a general improvement district (GID).
Heather Conover, identified in the meeting as a real estate development manager, described the expected revenue sources: “We're estimating about 500,000 in TIF once it comes online in about 2028 and about 250,000 in GID revenue.” She said the city also expects “estimated parking income” from the 188 public spaces and that staff had…
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