The Rio Nuevo Board and its attorneys reviewed the due diligence associated with the lot under contract for the new downtown Greyhound Terminal. The appraisal supported the purchase price, the environmental reports were clean, City Development Services staff indicated the zoning was appropriate, and the City Council concurred with the Board's expenditure. The Board directed its counsel to negotiate a lease with Greyhound Corporation and to retain Swaim and Associates as the project architect. The Board will continue to discuss access into the lot with the City and affected neighbors, and plans on bidding the construction in late spring so that the Greyhound is off the Arena Site before the next gem and mineral show.
The Board also announced that the local BBVA Compass Bank has acquired all the bonds recently released by the District to refinance the City led bonds issued in 2008. Interest expense will decrease from 6.5% to 2.78%, saving the District and taxpayers a total of $5.4 million. In addition, because Compass Bank agreed to lower the reserve requirements and eliminate credit rating agency reports, the District and taxpayers will receive an immediate transfer of $3.69 million to District bank accounts for the Board's use in leveraging capital improvements in the District.
The Board approved a $320,000 loan to the Foundation for Senior Living to construct housing near the cathedral, east of the TCC, which will also restore the adobe Marist College. The total project cost is estimated at $24 million
The Board also approved a flood control proposal from Pima County to place the dirt removed from the Santa Cruz River onto the Rio Nuevo owned land south of Mission Lane. The County will berm and landscape the fill, creating a developable lot above the capped landfill. In so doing, the Board will work with neighbors and the Native American nations to design an attractive and meaningful use in activating the space, which could not be developed without the tons of fill provided by the County.