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 schedule: the WGNS relocation was described as scheduled for March 2026 to February 2027; construction on Sections 1 and 2 was described to begin in February 2027 with completion targeted around December 2028. The agreement includes a two‑year option for the hotel parcel (purchase deadline shown in the documents as Jan. 31, 2029) and anticipates TIF reimbursements for Sections 1 and 2 beginning around 2030 and for the hotel (Section 3) beginning in 2032.

Darren Gore, city staff involved in negotiations, and Matt Taylor of SCC presented technical updates and said the project team had advanced 25% design drawings, secured an equity partner and engaged preconstruction services to refine cost estimates. The development team told council the project commitments on architecture and public benefits (including a "hometown heroes" program previously discussed) remain intact.

Several council members voiced strong reservations in a lengthy debate. Councilmember Maxwell said he opposed selling city‑owned property to a private developer and criticized the use of a TIF and taxpayer land to support apartments, saying the city should invest in other public amenities. Councilmember Wright also voted no, citing concerns about downtown character and the potential for successive apartment approvals to change the area.

Other council members supported the deal. Supporters said the plan brings a mix of housing, retail, parking and a hotel to downtown, leverages previously approved infrastructure investments (including an adjacent $15 million downtown investment), and would enable additional pedestrian and public‑space improvements. Some supporters said downtown vitality and small‑business activity benefit from adding residents near the core.

Financial details presented to council included sale prices for city parcels: roughly $3,000,000 for Section 1 and $1,400,000 for Section 2 (combined roughly $4.4 million). Staff said the city previously committed $25 million toward a TDOT partnership (separate item) and that the city's proceeds from the parcel sales would be used to support public road improvements associated with the project; staff estimated the off‑site road costs at about $4 million. Project renderings, assumed retail square footage and unit counts remained consistent with prior zoning approvals.

The council approved the agreements in a 4–2 vote (ayes: Gail Harris, Vice Mayor Bill Shackelet, Mister Wade, Mayor McFarland; nays: Mister Maxwell, Mister Wright). The deed sales, project timelines and TIF reimbursements remain subject to agreement conditions and subsequent permitting and construction milestones.