The CMB Investment Group B Partnership made a commitment to the IVDA, a Joint Powers Authority of the County of San Bernardino County, California, USA for an additional $7 million in funding. This project involves the construction of three separate infrastructure needs for the area managed by the IVDA.
The CMB Group B Partnership consists of fourteen investors for a total investment of $7 million. One important point about this project is that $7 million in CMB investor capital was packaged or combined with $32 million in additional Federal and public funding. Thus CMB investors have leveraged more capital than their own invested capital yielding greater economic impact in creating jobs caused by this project. The focus of this Group “B” investment will consist of three distinct parts:
Part 1 is the South Mountain View Avenue Bridge Construction. It involves the initial phases of constructing a new bridge over the Santa Ana River as part of the overall Mountain View Road extension and widening, providing additional access to a major area Interstate Highway. The plan calls for widening the road to provide four lane access to the former military base to accommodate additional semi-trailer traffic. This part of the funding is in the planning and permits stages. The total cost of this planning and permit stage of the bridge is $16 million.
Part 2 is the construction of airport parking facility that expands parking capacity. The plans called for a one to three story parking structure or a flat land based parking for future terminal use as well as Stater Bros. visitor and employee parking. The parking construction is now complete as of this time. The cost for this facility is $14 million that was funded in part by an $11 million Federal EDA grant.
Lastly, Part 3 of the Group “B” Partnership projects includes the widening, re-stripping, and signal modification for Leland Norton Way which is a frontage road that provides additional access to the Airport Terminal Area, hangars, airport tenants and the San Bernardino International Airport administrative offices. This road provides additional ingress and egress for major tenants such as Stater Bros., and General Aviation operations. There is a $4 million EDA grant associated with this project. The total cost of this part of the third project in the Group “B” investment is $8 million. The project today is completed and has had the desired effect and now provides access to Stater Bros. bakery facility now under construction as part of the next CMB investment in infrastructure for the former military base.
Group B investors have begun filing for their removal of conditions and nearly all of the Group B investors have already received permanent Green Cards.
