The Rio Nuevo Board unanimously approved an investment in one of the biggest projects in the history of the District. The Bautista, a $72.5 million, mixed-use development near West Cushing Street and South Linda Avenue, will sit along what will soon be a year-round flowing section of the Santa Cruz River. This mid-rise project includes 16,500 square feet of retail space, 253 residential units and a restaurant. Other water features will harken back to canals associated with 18th-century farms that were in the area.
After a request from Adam Weinstein, president and CEO of The Gadsden Company, the board agreed to provide a $2.8 million investment as part of a Government Property Lease Excise Tax (GPLET). The deal includes $1.8 million in cash from Rio Nuevo and $1 million in sales tax rebates. This financing allows Gadsden to meet a December 31, 2019 deadline to qualify for Opportunity Zone funds used for tax-incentive developments. The “O-Zone” funds are designated by the federal government as tax-incentive developments.
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