On Tuesday June 20th the Rio Nuevo Board accepted the final language for the $43M 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.