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Caterpillar financing package approved by Rio Nuevo board - KVOA | KVOA.com | Tucson, Arizona

Caterpillar financing package approved by Rio Nuevo board

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Courtesy Caterpillar Inc. Twitter page Courtesy Caterpillar Inc. Twitter page
TUCSON -

The Rio Nuevo Board this week accepted the final lease language for the $43 million Caterpillar Surface Mining & Technology Division headquarters financing package and authorized that Notice to Proceed with construction be 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.

The creation of the Rio Nuevo Multipurpose Facilities District was approved by Tucson voters in 1999, along with an appointed Board, to invest state tax dollars in public and public/private projects to create a vibrant Tucson core. For every dollar the Board invests, the community reaps $10 of construction activity with projects like the AC Hotel Tucson by Marriott, the Arena, Greyhound, the Mercado Annex, City Park, the Marist project and Caterpillar.

For more information, visit rionuevo.org.

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