Rio Nuevo Authorizes $7M in Financing

At its August 30th meeting, the Rio Nuevo Board unanimously authorized its legal counsel to work with the executive officers to finalize two financing packages; one for $5,000,000 and one for $2,000,000. The money raised would fund the Board’s commitments to the AC Marriot Garage and the new Greyhound Terminal and thereby freeing-up as much as $7,000,000 of Rio Nuevo funds for use on other projects. Final approval will depend on the offers submitted including interest rates, fees and terms submitted including interest rates, fees and term.