For every $1 the state invests in the district, $10 in private investment was made. Contributed photo
The Tucson Metro Chamber conveyed its gratitude to Gov. Doug Ducey and state Rep. Mark Finchem (R-Tucson) for their leadership in passing House Bill 2456, which extended tax incentives for Rio Nuevo to 2035.
Rio Nuevo is a Tax Increment Financing district in Tucson. The public financing method is used for subsidizing redevelopment, infrastructure and other community-improvement projects.
Sponsored by Finchem, the bill overwhelmingly passed both chambers of the state legislature. Community supporters also testified in committees as to the positive economic impact the district has had under Fletcher McCusker’s leadership. A recent economic analysis of the district shows that for every $1 the state invests in the district, $10 in private investment was made.
Mark Irvin, a board member of Tucson Metro Chamber, testified that he was impressed with the results and supports the development of similar projects across the state.