When first envisioned and approved by voters, the Rio Nuevo project was estimated to cost $360 million; however, the latest estimate by a financial analyst says the cost now is closer to $750 million and could be even more, says City Manager James Keene. But the additional millions won't come out of the pocket of local taxpayers, he says.
The $750-million figure is the total amount of projects that could be built as part of the sprawling development, which runs from one side of the Downtown area to the other. Those projects may or may not materialize during the next 40 years as the project evolves, and most of those additions would be borne by private developers, he says.
The first 10 years of spending occurring on the Rio Nuevo Multipurpose Facilities District will remain the same, he says. Also, only if everything in the design were developed would the price tag approach $750 million.
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