35 E. Toole Avenue Proposal
The Rio Nuevo Board this week unanimously agreed to a sale/leaseback incentive program in order to assist developers in activating property at 35 East Toole, in the Warehouse District, as a new restaurant and beverage establishment.
The new concept will be anchored and managed by Zach Fenton, the founder of the extremely successful Reilly Craft Pizza restaurant. Rio Nuevo will not advance any cash to the developers.
The Board also unanimously approved $19 million to initiate construction of Caterpillar’s Tucson Mining Center building. Sundt Construction advised the Board that the site work is done and the project is on time and on budget, targeting a March 2019 completion.
This contract is the third of four that will total approximately $43 million, all of which is being financed with private sector dollars, not state funds.
In related action, the Board authorized the City of Tucson to utilize the Rio Nuevo Multipurpose Facilities District’s existing agreement with Sundt to remediate the landfill on City-owned parcels adjacent to the southern and western boundaries of the Caterpillar Tucson Mining Center. This approach will maximize the remediation benefit that can be accomplished with the public funds authorized by the Tucson City Council in August.
The Board further approved the Intergovernmental Agreement among the City, the Regional Transportation Authority and Rio Nuevo that will allow the District to take possession of the surplus properties acquired by the City as part of the Broadway widening project. The Board plans to partner with private developers to reactivate properties along Broadway as retail.
The District’s independent auditors presented the Board with an unqualified audit for fiscal 2017 and acknowledged that the District’s transparency and web posting of expenses makes Rio Nuevo an easy organization to audit because every check written is posted to the website.
Finally, the Board unanimously continued the current slate of officers for another two-year term: Fletcher McCusker, Chairman; Mark Irvin, Secretary; and Chris Sheafe, Treasurer.