Murfreesboro — The Rutherford County Investment Committee on Nov. 6 voted to proceed with an amended and restated resolution to revise the Keystone (Broad Street) tax-increment financing plan, allowing the single TIF previously approved in 2024 to be separated into three financing components.

The committee voted to "proceed" on the amendment after a presentation by Bart Klein of Klein Sweeney Associates, who said the change is strictly a financing adjustment and does not alter the approved design or the project schedule. "We're not changing design. We're not changing what we're doing in terms of the quality and how much. It is an adjustment to the TIF, and it's not an adjustment in cost or in time frame," Klein said.

Why it matters: The project converts an underused site the presenter said currently generates roughly $4,600 a year into a mixed‑use urban development he estimated would generate about $2.2 million annually in property taxes at full buildout, with the county's share of the dedicated portion roughly $200,000. Klein and the development team told commissioners the TIF structure will allow different lenders and equity partners to finance the hotel, for‑sale condo and multifamily/retail components separately.

Details: The plan described to the committee includes roughly 30,000 square feet of retail, a plaza park, relocation and new facility for WGNS, a 350‑stall parking structure tied to multifamily and retail, a for‑sale condo building, and a hotel. Klein said the development footprint is about 7.2 acres. The project has received planned‑unit development approval from the city and schematic designs are roughly 25% complete.

The development agreement includes staged "clawbacks" and phased property purchases intended to protect the public interest: developers must complete specific infrastructure and site preparation tasks before receiving agreed reimbursements, and ownership transfers are staged so the city will not be left with a partially completed project.

Commissioner concerns and staff response: Commissioners asked about precedent and the project's likely impact on school enrollment, with one commissioner noting that projects of this type often attract young professionals rather than families. Klein said the product is geared toward professionals and "you're not gonna see many families that wanna move to a downtown core." Finance staff noted that while the project will increase property‑tax receipts when it is complete, the county's ability to fund large obligations elsewhere depends on borrowing capacity, revenue growth and fund‑balance policies.

Vote and next steps: The motion to proceed passed by roll call (6 yes, 1 no). The committee's action forwards the resolution for full commission consideration. Klein said the team expects relocation of WGNS and initial construction activity within about a year and substantial completion in 2028–29.

Provenance: Presentation and discussion begin at 00:15:00 and the committee vote is recorded at 00:35:33 in the meeting transcript.

Speakers quoted or referenced: Bart Klein, architect and principal, Klein Sweeney Associates; Commissioner Wayne (asked about student impacts); Chairman Phillips (commented in favor of downtown revitalization).