Río Nuevo / DowntownDowntown Tucson is currently home to thousands of residents and employees in a rich mix of neighborhoods. In the greater downtown area there are several hundred businesses, extraordinary artists and galleries, professional theater and performance groups and houses, art cinemas and acclaimed film series, live music clubs, world class cycling events, restaurants and an established housing market with exciting new opportunities. The center of downtown is approximately one mile from Pima Community College and the University of Arizona, the latter a renowned public research university. In 1999 voters approved the creation of the Rio Nuevo tax increment district: the Rio Nuevo Multipurpose Facilities District. This vote authorized the District to receive State-shared funds derived from transaction privilege taxes (i.e. sales tax) collected from within the District Boundaries. Rio Nuevo is a municipal district with the powers, privileges and immunities granted to municipal corporations for district purposes: a planned multi-faceted development project, including cultural and recreational amenities and improvements, unique historic re-creations, mixed-use developments, etc. Expenditure of money collected is disbursed and managed by the Rio Nuevo Multipurpose Facilities District Board of Directors whose permanent members are appointed by the State’s Governor, President of the Senate, and Speaker of the House of Representatives.
The City at large is the beneficiary of strategic investments to stimulate the marketplace and support new private sector development. Those tax increment dollars are invested in ways that augment a shared vision for a vibrant city center by leveraging downtown Tucson’s unique competitive advantage as the region’s urban and cultural center.
FINANCIAL REPORTS [PDF] Annual Independent Audit December 2008 Bond Sale Authorization Final Pricing Book - Series 2008 Revenue Bonds Rio Nuevo Flow of Funds as of 10/31/2010 Rio Nuevo Expenditures from Inception through 10/31/2010 New Convention Headquarters Hotel |
The new Rio Nuevo Multipurpose Facilities District website has public information provided and posted by the District, including Agendas and Meeting Minutes. Resource Links Arizona Office of the Auditor General Metropolitan Tucson Convention and Visitors Bureau Tucson Regional Economic Opportunities
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Rio Nuevo Multipurpose Facilities District |