Highlights from December 16th Board Meeting

The Rio Nuevo Board and Greyhound have selected a site within the Rio Nuevo district for the new terminal and instructed attorneys to finalize a purchase agreement with a 60 day due diligence period.  The location will be announced publicly once both buyer and seller have executed the agreement.  The Rio Nuevo board has agreed to relocate the Greyhound, build a  new terminal and lease if to the Greyhound operation to make way for a four star Hyatt, parking and mixed use development along the freeway and Congress.

In other action the Board agreed to work with SMG, the private managers of the Tucson Convention Center, to finalize a rent incentive package for large volume users of the TCC venues. The intent would be to offset rent costs for customers that could generate significant sales tax revenue and enable the TCC to be more competitive attracting regional users.

Action on the Mercado Annex, which requires an agreement with the City of Tucson, was tabled while negotiations between the District, city and developer are ongoing.