The Rio Nuevo Board wrapped up its last meeting of 2017 in December by reflecting on the projects that were launched and accomplished this year.
Overall, an increase in private sector investment and public-private-partnerships with the Rio Nuevo Multipurpose Facilities District and the City of Tucson has spurred a surge in commercial development and investment into Downtown Tucson. Currently, 14 projects in downtown are receiving financial support and incentives from Rio Nuevo, a Tax Increment Financing (TIF) district approved by voters in 1999 to fund and support Downtown Tucson revitalization.
That support for projects include:
— $12 million in future TIF sales tax rebates for developer Scott Stiteler’s three projects under development: AC Hotel Tucson, Moxy Hotel and upgrades to 200 block of East Congress Street.
— $2.2 million in funds for the $5.3 million Mercado San Agustín Annex, which is being developed by Gadsden Co.
— $1.35 million loan to the Foundation for Senior Living to construct a $22 million low-income senior apartment tower on Cathedral Square.
— $2.6 million loan to Bourn Companies to build a $19 million mixed-use project called “City Park.”
— Building a $50 million Tucson Mining Center for Caterpillar Inc. to be leased back from 25-years.
— $5 million in funds to Dabdoub Investments and Peach Properties fore the redevelopment of four projects: 100 block of E. Congress, Arizona Hotel, Brings Building and 123 S. Stone.
— $1 million in funds for streetscape improvements to Ochoa Street between Church and Scott avenues.
— Sales tax rebates and site-specific tax payments through 2025 for a $20 million renovation of Hotel Arizona as a Hilton-branded convention hotel.
— Funds for renovations to the Tucson Convention Center.
The creation of the Rio Nuevo Multipurpose Facilities District was approved by Tucson voters in 1999, along with an appointed Board, to invest state tax dollars in public and public/private projects to create a vibrant Tucson core. For every dollar the Board invests, the community reaps $10 of construction activity with projects like the AC Hotel Tucson by Marriott, the Arena, Greyhound, the Mercado Annex, City Park, the Marist project and Caterpillar.
Board Chairman Fletcher Mccosker said, “Our partnership model is working.”