The Rio Nuevo Board this week unanimously approved a motion to authorize its executive officers to finalize and execute the $43 million loan package issued by Rio Nuevo to finance the construction of Caterpillar’s Tucson Mining Center.

The entire $43 million plus interest will be passed on to Caterpillar by the terms of a multi-year lease.

At its regular board meeting Tuesday, the Board approved the next phase of construction for the Tucson Mining Center totaling approximately $7.4 million dollars for the foundation work to begin November 1, 2017. Sundt Construction reported that the project is on time and on budget.

The Board also:

Approved the final terms of an agreement with Flores Concepts to reinvigorate three downtown properties.

Authorized the hiring of a project manager for improvements to Ochoa Street as part of the Cathedral Square 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