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Council approves conveyance framework for Project Keystone after debate over 120‑day due diligence and downtown parking
Summary
Council approved the conveyance item tied to Project Keystone, advancing negotiations for a development agreement (staff said there is a 120‑day negotiation window). Members pressed staff on due‑diligence length, downtown parking mitigation and the role of incentives; staff emphasized that any incentives and land‑use specifics will be spelled out in a future development agreement returned to council for approval.
Council considered Ordinance 27‑20‑26 and the associated purchase‑sale language that authorizes conveyance for Project Keystone, with staff making clear the transaction assumes successful negotiation of a development agreement before final disposition.
City staff said negotiations would begin upon passage and estimated a typical due‑diligence window of 120 days (with potential extension options). Several council members expressed concern that a long due‑diligence period could tie the city’s land up 12–18 months, possibly after the Sports & Events Center opens, and pressed staff to ensure the development agreement would protect the city’s objectives (including hospitality elements and downtown benefits). Staff and council discussed parking impacts for downtown merchants and committed to an intentional communications plan and mitigation strategies during construction and post‑construction. The council moved the item forward and directed staff to negotiate the development agreement and return to council for final approval.
