Source: Real Estate Daily News
Last week, the Rio Nuevo Board approved its budget for the fiscal year that begins July 1, 2015. The budget includes expenses of $10.2M, slightly more than the prior year’s expenses. Staff was awarded a 2.5% salary increase and the remaining increase is primarily in marketing dollars spent on projects designed to drive customers into TIF merchants. The board expects the 2016 revenue to be over $18M.
The board also unanimously approved the modified agreement with the Fox Theatre Foundation. The simplified agreement confirms that the Fox Foundation is Rio Nuevo’s tenant with annual payments of approximately $90K back to Rio Nuevo.
Rio Nuevo Board will place five members on the Fox board and has entered into restrictions that will prohibit the Fox from entering into new debt, changing its organizational structure, hiring or firing its CEO without Rio Nuevo approval.
The board took no action on the TCC Phase II proposal of nearly $10M to upgrade the ballroom, meeting rooms and locker rooms.
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