By Becky Pallack for Arizona Daily Star
The Tucson City Council gave the go-ahead to a major hotel project in downtown Tucson when it signed an agreement Sept. 24 with Rio Nuevo and Nor-Generations.
The agreement lets Rio Nuevo take over as landlord of the temporary Greyhound bus station currently on the site of the proposed hotel development. That expedites the relocation of the station, allows Rio Nuevo to close on the sale of its part of the site to developer Nor-Generations, and allows the developer to move more quickly on construction.
TMC HealthCare Incentive
The council approved a tax incentive deal for TMC HealthCare to build an $11M medical office building at the southeast corner of South Houghton and East Drexel roads.
TMC qualified for the Primary Jobs Incentive program by making a large capital investment and by creating 22 new jobs that pay above-average wages. The project will create about 60 jobs, with room to grow.
The city expects to receive more than $286K in new tax revenue over five years from the project.
TMC will get an 88 percent discount on building permit fees and will be allowed to apply 88 percent of the construction sales taxes from the project to offset impact fees. The value of the incentive is about $120,000.
The building, to be called the TMC Rincon Health Campus at Civano, is expected to open in September 2016.
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