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Second Investment Group A
The Inland Valley Development Agency (IVDA) is a joint powers authority comprised of the County of San Bernardino and the Cities of San Bernardino, Colton and Loma Linda, California (see the chart below). Formed in 1990, the IVDA is responsible for the redevelopment of the former Norton Air Force Base. The Group “A” Partnership made a $5 million loan to the IVDA. The IVDA is chartered to receive tax increment financing, grants, and receive funds from the sale of the former military base property. IVDA bond issuances have carried AAA ratings from the international rating service, Standard & Poors.
CMB and the IVDA worked together reviewing the planning and redevelopment priorities of the San Bernardino International Airport and the surrounding IVDA redevelopment area. CMB made a commitment of $38.1 million dollars for several infrastructure projects that were promised in order to attract certain prospective tenants. The CMB partnership “A” infrastructure redevelopment project has helped facilitate the integration of the new 2,500 employee multi-purpose Stater Bros. facility into the former base property. CMB’s $38.1 million commitment toward the base redevelopment plan is spread out over phases.
Our investment involved a $5 million project and it has been completely funded by CMB Investment Group A consisting of ten CMB EB-5 investors. This investment involved utilizing the site of the former military base landfill as a cargo container and semi-trailer staging facility. (See the map on this page). The plan called for the construction of a 28 acre hard cap area created by covering over the old landfill with asphalt and concrete to allow for a staging area for the multitude of trucks servicing the warehouse developments on the airport property. Related to the hard cap facility, is an additional $1 million in CMB funds to improve roadways in and around the former military base. These roadway improvements now afford additional access to the former base property to a number of users including the new Stater Bros. office and distribution complex. This hard cap development and related road project is critical to the future development and expansion of the airport facility and adjacent commercial/logistics business campus that has grown up around the airport. In fact it was critical in the IVDA’s negotiations with Stater Bros. to locate their massive distribution, logistics and executive office center to the former base. The Stater Bros. distribution facility is now complete and is expected to create over 2500 jobs alone. CMB proved that many more jobs both direct and indirect were created as a result of the above investment. All investors in this project were approved some in record times of under 30 days.
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