During the Rio Nuevo Board’s regular scheduled meeting February 24th, the Board unanimously agreed to sell the Rialto Theatre to the Rialto Foundation. Even with a bank commissioned appraised value of $1,075,000, the Rialto Foundation offered to purchase the Rialto Theatre from the Rio Nuevo District for $1,300,000 and pledged to put another $300,000 into theatre renovations. The Board accepted the Foundation's offer and instructed the Board's attorneys to draft the necessary documents, with the hope to close in 60 days or less.
Board Member Cody Ritchie congratulated members of the Rialto Foundation and Rialto management for the success they have enjoyed with the theatre; now ranked among the top 40 concert venues in the country. Secretary Mark Irvin and Member Jannie Cox echoed Mr. Ritchie's sentiments.
In other action, the Board approved the $75,000 investment to help launch the January 8 Memorial to be constructed in downtown Tucson; agreed to the language presented by its attorneys to fund the $1,100,000 allocated to the Mission Garden as part of the settlement with the City of Tucson and instructed its counsel to finalize a joint procurement agreement with the City to fund the $750,000 streetscape project.
Due to a death in the Norville family, the Board also granted Nor-Generation's request for a 30 day extension of the due diligence periods under its agreement to purchase the Arena Site from the District.