CMB Infrastructure Investment Group VI-C, L.P.
The owners of McClellan Business Park have authorized CMB Export LLC. to raise up to $120 million to provide bridge financing and fund new infrastructure, environmental clean up and various capital improvements in direct support of infrastructure upgrades and other capital improvements at the former McClellan Air Force Base now McClellan Business Park (MBP).
The CMB Group VI project has been divided into three separate partnerships that will be funded consecutively thus the names Group VI-A, B, and C. CMB has made the commitment to fund this request in three separate EB-5 Investment Partnerships and this investment CMB Infrastructure Investment Group VI-C is the third of the planned three investment partnerships. The first two partnerships CMB Infrastructure Investment Group VI-A and Group VI-B are fully funded and the petitioners are in various phases of the application process for their I-526 approval.
This investment by the CMB Infrastructure Investment Group VI-C Limited Partnership follows five previous CMB EB-5 investment partnerships that invested in infrastructure at this former military base. This will be (phase three of three thus the name “Group VI-C” of A, B, C) a $39 million project on the former McClellan Air Force Base located in North Highlands (near Sacramento), California The master developer, McClellan Park, LLC (“McClellan Park”) will combine CMB investment of $39 million from the Partnership with federal grant funds, U.S. Air Force funds, Sacramento County Regional Sanitation District (SCRSD) funds, Tax Increment Revenue funds, county tax funds, MBP funds, and private capital for a total capital outlay of approximately $156 million. This is part of CMB and MBP’s overall plan to utilize CMB funding to build infrastructure and will be the sixth investment by a CMB investment partnership with the base master developer MBP of the former McClellan AFB (McClellan Park LLC.)
The MBP infrastructure initiative is again a classic transformation of outmoded former military base infrastructure totally revamped to become a very productive job creating canvas. McClellan Park has entered into tentative agreements with several major manufacturing, Research and Development and logistics companies as well as administrative offices of certain Federal and State government agencies on parcels located on and adjacent to the MBP. Future development of parcels of land that will be environmentally clean will add to the job creation of the area. But for these substantial environmental clean up efforts, infrastructure construction and upgrades, tenants could not locate at McClellan and create jobs. Using foreign national capital to jump start transforming this outdated and polluted infrastructure to useable modern platforms for job creation is the finest use of EB-5 investment funds in partnership with public and private capital. CMB is proud of the work being done with our partners at these former military bases. This concept is a win-win for all parties.
THE SECOND INVESTMENT BY THE PARTNERSHIP
The CMB Group VI-C L.P. second investment will consist of lending capital in the amount of a $10,000,000 loan to the City of San Bernardino Economic Development Agency (SBEDA) for various capital improvement and infrastructure projects as further described below. The Agency will serve as the borrower and utilize this proposed funding for capital improvement and infrastructure projects. The infrastructure construction projects will utilize several different sources of funding such as federal grant funds, private expenditures, State of California bond proceeds, local area matching funds from the Agency and CMB funds.
SBEDA has authorized CMB Export LLC. to raise up to $10 million to provide bridge financing and fund new infrastructure, and various capital improvements in direct support of infrastructure upgrades and other capital improvements in the City of San Bernardino.
The City of San Bernardino will combine CMB investment of $10 million from the Partnership with federal grant funds, State of California bond proceeds, local area matching funds from the Agency and private capital for a total capital outlay of approximately $39.45 million. This is part of CMB and SBEDA overall plan to utilize CMB funding to build infrastructure and will be the third investment by a CMB investment partnership with the City of San Bernardino.
CMB again has the opportunity again to raise capital for various capital improvements, and infrastructure projects for the City of San Bernardino through this investment partnership, CMB Infrastructure Investment Group VI-C. The funding for this group of projects will significantly aid in the further development of the City of San Bernardino and surrounding region.
