October 24, 2013

Highlights from October 23, 2013 Rio Nuevo Board Meeting

Beach Fleishman, the District’s, independent auditors indicated that they have completed the annual audit, on time and with an unqualified opinion for the second year in a row. Jim Lovelace, the lead auditor indicated they expect to release the audit in the next few days.

Elaine Weaver, project Manager, for the $7.8M renovation of the TCC arena advised the boare that they had selected the top three contracting firms that had responded to the proposal Concord, WE O’Neil and Mortenson. The Project Team will now negotiate the fees with the number one ranked firm, and indicated they expect construction to start in March after the Gem and Mineral Show. The Arena Expenses to date versus the budget will be posted to the Rio Nuevo website.

Secretary Mark Irvin and attorney Mark Collins updated the board, minus Chairman McCuskerand member Chris Sheafe, on the status of the AC Hotel and the District’s interest in purchasing the parking structure associated with the project. Mr. Irvin and Mr. Collins indicated they expect it will be Decemberor January before a final proposed planwill be submitted to the board for consideration.

The District board continues to work with the city of Tucson to obtain the deeds to the parcels of land that have been awarded to Rio Nuevo as part of the global settlement. Mr. Collins expects the arena lot deed to be in escrow shortly. The city, county and district continue to define the boundaries of the west parcel.

Don Bourn, with architect Rob Paulus, presented the conceptual plan for the Post Development which will include the restoration of the historical Indian Trading Post as well as a mixed use development with cafes and restaurants, market rate apartments, office and residential space. The developers indicated they intend to spend an additional $15,000,000 on the project.

The District approved a$6,000 proposal for the Not for Profit News Source to manage a name change contest that will allow area high school seniors to submit names. Each ward will select a winner and the Rio Nuevo board will select the champion, awarding scholarships to the finalists and to the overall winner. Subject to the preparation of an appropriate contract, $1,500of the $6,000budget would be scholarship funds offered to high school seniors. Cody Ritchie offered to help raise the scholarship dollars rather than use Rio Nuevo funds.