City outlines redevelopment payment plan


Published on Friday, August 08, 2008

Inside Tucson Business



Saying they wanted to show things are moving forward on downtown redevelopment, members of Tucson’s City Council Aug. 6 approved a plan to sell $453 million worth of bonds in four installments over the next six years to pay for various projects.


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The Rio Nuevo tax increment financing district will pay for the bonds.

Here’s the basic plan for the four sales:

• 2008 - $73.2 million of which $17.3 million is for a westside parking garage for Tucson Origins, $13.6 million for a parking garage for the Depot Plaza, $10 million for Cushing Street bridge to Tucson Origins, $9 million for Clark Street Interstate 10 underpass, $7 million on infrastructure, $5.4 million for remediation of a westside landfill, $3.6 million to pay off refinancing of the bond on the Fox Theatre renovation, $3 million each for Mission San Agustín and Arizona History Museum, and $1.2 million to begin the Children’s Museum.

• 2009 — $112.5 million includes $65 million for the University of Arizona’s Science Center, $34 million for infrastructure focusing mainly on the Tucson Convention Center, a hotel and new arena and in barrios Viejo and Sin Nombre, $11 million for Mission San Augustin, $2 million more for Arizona History Museum and $500,000 to start a westside library.

• 2010 — $91 million includes $50 million for a new arena, $20 million for the convention center and parking, $11 million for Mission San Augustin and $10 million for infrastructure.

• 2014 — $177 million includes $60 million to complete the UA Science Center, $40 million each to complete the Arizona History Museum and arena, $12 million for infrastructure, $10 million for parking, $8.8 million to complete the Children’s Museum, $4.5 million to complete a westside library and $2 million for parking at the Tucson Museum of Art.

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