At an August 13th special meeting, the Rio Nuevo Board of Directors unanimously approved a $65M improvement plan for the Tucson Convention Center and surrounding campus, including the Tucson Music Hall, Leo Rich Theater and the Eckbo Plaza and Fountain. Rio Nuevo officials will now solicit bids and select a contractor for the project.
The board also voted to proceed with a $126M financing plan that will earmark about $70M for the renovations and any contingency costs that could emerge, and refinance nearly $48M in debt for the Rio Nuevo district. The funds will also establish an $8M debt service reserve.
The TCC renovation plan is 20 years in the making. Rio Nuevo was created in 1999 with a mission to revitalize downtown Tucson, including the Convention Center, which was built in 1971.