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BOS approve lease agreement with Caterpillar

Posted at 3:36 PM, Jun 07, 2016
and last updated 2016-06-07 20:42:02-04
PIMA COUNTY, Ariz. (KGUN9-TV) - The Pima County Board of Supervisors voted unanimously to approve a lease agreement with Caterpillar.
Caterpillar plans to lease the county-owned building at 97 East Congress, according to a media release from Pima County. 
Initially, Caterpillar will lease the 20,000-square-feet of office space on the second and third floors of the building. By late 2016, Caterpillar intends to lease the remaining space, totaling 41,000-square-feet.
Caterpillar plans to utilize the building as an interim facility and will eventually relocate to a significantly larger facility Rio Nuevo will build west of Downtown and then lease to Caterpillar.
In May, the finalization of economic incentive package for Caterpillar was announced. The company intends to relocate as many as 600 jobs.
Pima County plans to spend $2 million on facility improvements at the building while Caterpillar has agreed to repay 30 percent of the capital tenant improvement costs over the four-year lease period.
Caterpillar also has agreed to pay all operating and maintenance costs associated with the building.