Rio Nuevo Approves Caterpillar Financing Package, 2017-2018 District Budget- June 23, 2017

On Tuesday June 20th the Rio Nuevo Board accepted the final language for the $43 million financing package component of the Caterpillar Surface Mining & Technology Division headquarters. On Thursday, June 23rd the final Notice to Proceed for the initial stage of construction was issued.

The Board convened its regular monthly meeting on Tuesday to review the 2017-2018 Rio Nuevo Multipurpose Facilities District budget and to move forward with negotiations with Caterpillar for the headquarters project being built at the base of A Mountain.

Sundt Construction is expected to begin site preparation on Monday, June 26.

The Board unanimously approved the budget for the year ending June 30, 2018. The budget projects revenue of $15,720,225 and expenses of $ $18,541,000. Expenses include $4.9 million for Caterpillar site preparation work.

The $2.8 million deficit will be covered by the District’s cash on hand, long planned as part of the Caterpillar project.

The creation of the Rio Nuevo Multipurpose Facilities District was approved by Tucson voters in 1999, along with an appointed Board, to invest state tax dollars in public and public/private projects to create a vibrant Tucson core. For every dollar the Board invests, the community reaps $10 of construction activity with projects like the AC Hotel Tucson by Marriott, the Arena, Greyhound, the Mercado Annex, City Park, the Marist project and Caterpillar. For more information, visit http://rionuevo.org.

 

 

The Rio Nuevo Board would like to welcome you to the Official Web Site for the Rio Nuevo downtown redevelopment and revitalization district.

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