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Council OKs bond plan for Tucson redevelopment
08:47 AM MST on Thursday, August 7, 2008
TUCSON, Ariz. (AP) -- The Tucson City Council has approved a capital project plan for the downtown Rio Nuevo redevelopment area that calls for $453 million in bonds between now and 2014 to fund all the high-profile projects.
Much of the money won't be available until 2014, which means the University of Arizona and the city will have to scramble for advance funding to fully pay for the UA Science Center/Arizona State Museum and city arena, Rio Nuevo director Greg Shelko said.
Shelko said the city would also have to find a way to advance $40 million for the proposed $130 million arena until a 2014 bond could reimburse Rio Nuevo.
A financial adviser outlined for the City Council a way to issue bonds this year and in 2009, 2010 and 2014 to cover Rio Nuevo expenses for the Tucson Origins museum complex, the Tucson Convention Center and arena, downtown infrastructure and parking.
The 2008 bond for $73 million could be issued in about 60 days, said Jaret Barr, assistant to City Manager Mike Hein.
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Information from: Tucson Citizen, http://www.tucsoncitizen.com
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