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Rio Nuevo TIF District

LOCATION

Tucson, Arizona

 

PROJECT HIGHLIGHTS

  • Update of overall District development projections ƒƒ

  • Operating projections of key projects including Convention Center, Arena, Museums, and Convention Center Hotel ƒƒ

  • Economic and fiscal impact analysis of key projects ƒƒ Projections of incremental spending within District ƒƒ

  • Projections of TIF revenues and operating revenues (or loss) of key projects

 

PROJECT DESCRIPTION 

Johnson Consulting was retained by the State of Arizona to provide market analysis, financial consulting and a comprehensive operations review of the Tucson Convention Center and to develop projections of Tax Increment Financing (TIF) and other project operating revenues to be generated by various planned developments within the Río Nuevo TIF District in Tucson, Arizona. Johnson Consulting performed the following analyses for the project: ƒƒ

  • Reviewed and/ or updated projections of development impacts and fiscal benefits of Río Nuevo Master Planned developments. ƒƒ

  • Developed and/ or updated operating projections of key projects within the District, which include the expansion of the Tucson Convention Center and development of a new Multi-Purpose Arena, four Museum attractions, and new Convention Center Hotel. ƒƒ Projected economic and fiscal benefits of these key projects. ƒƒ

  • Identified the amount of incremental spending to be generated within the District boundaries. ƒƒ

  • Projected the amount of TIF revenues to be refunded to the City, the amount of operating revenues (or loss) of the key projects within the District, which affects the amount of funds available to help pay for the District revitalization as well as the fiscal benefits from the construction of various projects within the District.

In 2012 and 2016, we were retained by the State Auditor General to prepare a performance audit of Rio Nuevo. We analyzed compliance with state statutes, reporting procedures, tax collection procedures and recommendations for improvement.

 

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