Event Sponsorship & Support
Following their ratification of the investment of $100,000 in current and future events downtown, the Board unanimously approved another $100,000 to support events during the current fiscal year. “This is not an expense, it’s an investment in our community. We’re bringing 350,000 people downtown!” said Board Member Edmund Marquez. Some of the events included in this sponsorship effort are the Mariachi Conference, Tucson Meet Yourself, and All Souls Procession.
Volvo Site
Following the results of a third-party economic evaluation on the Broadway Volvo Site, the Rio Nuevo Board unanimously approved a Government Property Lease Excise Tax (GPLET) lease for this project. The economic evaluation indicates that the GPLET lease may provide as much as $35 million in benefit to the taxpayer as opposed to slightly more than $8.4 million in benefits to the developer. Having already approved an investment of $400,000 into the project, the Board is excited to see development move forward. The site plan is flexible and the developer is exploring several options, including multi-family housing and/or a hotel.
Bungalow Block Updates
Additionally, the Board unanimously approved up to 50% credit on the appraised value on the purchase of the Bungalow Block. This was in response to the appraisal of the existing structures reflecting a higher than anticipated value. The Board discussed the importance of enabling the project to move forward enticing the developer to invest and renovate the properties.
This motion goes hand-in-hand with Rio Nuevo’s commitment to revitalize the Sunshine Mile and support the economic expansion happening along Broadway Boulevard. The highest-rated proposal involved morphing the historic bungalows into a showcase for Tucson’s designation as a City of Gastronomy and will feature an outdoor promenade that connects all properties.