Rio Nuevo Authorizes $43 Million in Financing for Caterpillar Building

The Rio Nuevo Board voted unanimously last week to finalize and execute a $43 million loan package to finance construction of Caterpillar’s Tucson Mining Center building. The entire $43 million, plus interest, will be passed on to Caterpillar by the terms of a multi-year lease.

Rio Nuevo also approved the next phase of construction for the Tucson Mining Center, which totals approximately $7.4 million for the foundation work that is set to begin around Nov 1.