The newly reconstituted Rio Nuevo District Board will hold a public meeting today to discuss a possible settlement with the City of Tucson and what to do with the debt remaining from the Fox Theatre. The meeting will be held at 1:00 p.m. at 400 W. Congress Street, Room 222.
The District Board is expected to discuss it annual audit, as well as hear from Susan Vos, who will update the board and public on the status of the two pending audits.
According to the meeting’s agenda, the Board may take action on the Fox Theatre Debt. “The $5.8M debt remaining from the Fox Theatre had been termed out between the Rio Nuevo board and the Fox Theatre Board. However, the National Historic Preservation Trust, the lessee for the theatre for 32 years, objected to the certain terms and according to the underlying agreements has the significant authority over the Fox debt arrangements. As a result no payments have been made and the note’s collectability is now in doubt,” reads the agenda. “Accounting rules provide that in such situations a reserve should be calculated and interest should not be accrued. The auditors have recommended that we reserve 50% of the debt. It would not be written off but its collectability is in doubt.”
The District Board will hear from bond counsel on the final results of his review of the 2008 Bonds and unspent funds. The Board may be required to take action.
The District board continues to make good faith offers to the City of Tucson, and has prepared yet another one for the intractable Mayor and Council to consider.
The public is encouraged to speak at the Call to the Audience. Presentations are limited to 3 minutes per speaker, for 15 minutes in sum. All those interested in speaking should submit a Speaker’s Card that will be made available at the meeting.