Jul 2, 2012 7:57 PM
TUCSON - The board of the Rio Nuevo downtown revitalization project has unanimously approved a new, $11 million budget.
This money will be used through the end of next June.
"We are pleased to report a financially healthy district, with revenue from the special taxing district, or TIF receipts, up significantly year over year," said Fletcher McCusker, newly elected Chairman of Rio Nuevo. "While we don't have a lot of money, compared to the first ten years of the district, we believe we can be successful leveraging our tax dollars similar to what other districts have done."
"Looking ahead, our marching orders from legislative leadership are clear. We are on track to finalize the forensic work while at the same time advance the economic development agenda in a prudent manner, properly investing state dollars to help revitalize downtown Tucson. We believe this budget establishes that balance," concluded McCusker.
Tucson voters approved the development project back in 1999. So far, the city has spent $77 million on Rio Nuevo