Committee endorses referral of downtown Keystone TIF restructure to budget

The Property Management Committee voted to forward a revised structure for the Keystone downtown TIF to the county budget committee after developer Bart Klein outlined changes intended to make financing viable.

Klein said the $26 million 20‑year TIF cap remains unchanged but has been split into three sections tied to specific components of the project: a phase for multifamily, retail, parking and the WGNS building; a section for for‑sale condominium units; and a hotel section. He told commissioners the change responds to lender feedback that previously tied multiple components together and made individual pieces unfinanceable.

Klein described the project scope (roughly 230–240 apartments, 80–100 for‑sale units, a 115‑room hotel and about 30,854 square feet of retail), said the PUD and design work are complete, and said he expects construction of the WGNS building in 2026 with major work beginning in 2027 and full delivery in the 2029–2030 range.

Commissioners discussed clawbacks and phased performance requirements built into the development agreement, and asked the developer about prior projects that stalled; Klein cited financing constraints as a primary reason earlier iterations did not proceed. The committee approved the motion to forward the revised Keystone TIF structure to the budget committee by roll call (motion passed; one commissioner recorded a no vote).