Financial Reporting

Río Nuevo receives a significant portion of its funding through Tax Increment Financing, or TIF, which the City matches dollar for dollar - essentially doubling the public sector investment in the revitalization of Downtown. TIF is a special finance mechanism created by the State of Arizona that is used to fund special State improvement projects, including Río Nuevo.

Here's how it works: the Arizona Department of Revenue
tracks the State's share of sales tax collected within the Río Nuevo District, compares it to the tax collected during the 'base year' of 1999, and refunds the difference to Río Nuevo. As of July 2005, approximately $12.5 million in TIF funds have been generated for Río Nuevo, and it is estimated that TIF will provide $124 million to help revitalize Downtown within the next ten years.

Investment from the private sector is also an important part of Río Nuevo. In the housing market alone, more than a dozen developers have committed $250 million to a variety of residential projects, adding approximately 1,200 new housing units to Downtown.