The Rio Nuevo Board this week unanimously approved a motion to authorize its executive officers to finalize and execute the $43M loan package issued by Rio Nuevo to finance the construction of Caterpillar’s Tucson Mining Center.
The entire $43M plus interest will be passed on to Caterpillar by the terms of a multi-year lease. At its regular board meeting Tuesday, the Board approved the next phase of construction for the Tucson Mining Center totaling approximately $7.4M dollars for the foundation work to begin November 1, 2017. Sundt Construction reported that the project is on time and on budget.
The Board also:
- Approved the final terms of an agreement with Flores Concepts to reinvigorate three downtown properties.
- Authorized the hiring of a project manager for improvements to Ochoa Street as part of the Cathedral Square project.