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Investment

Rio Nuevo

Rio Nuevo is the City of Tucson’s downtown redevelopment project. Financed through a sales tax-increment-financing (TIF) district, Rio Nuevo is bringing back historical sites, attractions, entertainment, retail, and other commercial development to Downtown.

The Rio Nuevo Master Plan, adopted in 2001, calls for a mix of housing, commercial space, attractions, and an expanded Tucson Convention Center, with associated hotels. Public investment in Rio Nuevo is expected to leverage over $1 billion in private investment in Downtown Tucson over the coming years.

Tucson voters approved Rio Nuevo in 1999, and the financing was triggered in 2003. The State of Arizona approved an extension of the TIF in 2006, allowing the City of Tucson to capture revenue for this project until 2025. The TIF is expected to generate at least $500 million in sales tax rebated to Tucson for the renovation of historic venues such as the Fox and Rialto Theatres, construction of the Tucson Origins Project, University of Arizona Science Center, Arizona Historical Society Museum and Arizona State Museum, Tucson Arena, and other projects. Rio Nuevo can directly finance public improvements, infrastructure, parking, and attractions, while inviting the private sector to invest in housing and commercial activity.

Projects completed to date using the TIF funding include the completion of renovations to the Fox Theatre and Rialto Theatre, the construction of El Presidio San Agustin del Tucson (recreated portion of original Presidio wall), the Tucson Convention Center box office, land assembly and extensive environmental remediation for the projects to be constructed on the West Side.

Set to be underway in 2007 are infrastructure and streetscape improvements along Congress St., Broadway Blvd., and Scott Ave., preparing for new development and the arrival of the Modern Streetcar in 2011. The 4-mile-long Modern Streetcar, funded separately, will connect the University of Arizona and its Health Sciences Center with the 4th Avenue District, Downtown, and the Rio Nuevo projects west of the Santa Cruz River, including the Cultural Plaza, Tucson Origins Park, and the Mercado District at Menlo.

Rio Nuevo celebrates Tucson’s past while bringing its downtown into a bold new future.

Visit Rio Nuevo’s website.