Rio Nuevo plan seeks to buy out city, develop 14 acres downtown

Rio Nuevo
Rio Nuevo
The Rialto Theatre renovation was an early Rio Nuevo success.

By Becky Pallack | Arizona Daily Star

Rio Nuevo wants to buy out the city’s stake in an agreement to develop 14 acres on the west side of downtown.

Rio Nuevo, a special taxing district whose purpose is to develop downtown Tucson, proposes to pay the city about $1.2 million.

That’s the amount the city would receive if it decided developer Gadsden Co. has defaulted on a performance bond tied to the agreement.

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