Quote:
Originally Posted by Azstar
Since Rio Nuevo is funded primarily (if not completely) by sales tax revenues, which, I'm sure, have pretty much evaporated, what are the chances they will be able to continue with projects like the TCC Music Hall renovation, and other Rio Nuevo funded projects?
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From the bits and pieces I was able to watch of today's board meeting:
1. In response to your question, Fletcher McCusker reminded everyone that the TCC improvements already have their own financing and are not dependent on TIFF revenues. Phil Swaim noted that the TCC projects will now be accelerated, since most events there have been cancelled for the immediate future.
2. I saw parts of the rather lame proposal from Nor-Gen, but not sure what the board did with it. I would hope they would reject it, hit Norville with the fines he owes as specified in the development agreement, and start the RFP process over again. I think downtown is in a different place now than it was a few years ago, and might attract some nationally-known developers who could propose something iconic and truly urban for this major parcel at downtown's west entrance.
3. The board approved a request from Ross Rulney to transfer his tax credits approved for the Julian Drew Lofts project to the adjacent Access 12 property that he recently acquired from the city. He said the lofts are going to get built (as well as the 7-story apartment building at 127 S. 5th Ave.), but that he wants to focus on the Access 12 property, probably due to a requirement of that purchase to spend $1M in improvements within 30 months.