CMB Investment Group A - Phase I of the I.V.D.A. Project The Inland Valley Development Agency (IVDA) is a joint powers authority comprised of the County of San Bernadino and the Cities of San Bernadino, Colton, Loma Linda and Highland, 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. The IVDA also has a AAA bond rating from the international rating service, Standard & Poors.
Planning and redevelopment priorities of the San Bernardino International Airportand the surrounding redevelopment area. These important funding needs primarily consist of additions and upgrades to aviation and non-aviation facilities and infrastructure consistent with the master reuse plan of the former Norton Air Force Base. The CMB infrastructure redevelopment project will facilitate the integration of the new 2,500 employee multi-purpose Stater Bros. facility into the former base property. CMB’s $38 million commitment toward the base redevelopment plan is spread out over phases. To date, CMB has raised the first $12 million in immigrant investment capital available to the IVDA pursuant to the first two phases.
Phase I, $5 million project has been completely funded by CMB Investment Group A by ten CMB EB-5 investors. Phase I 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 by cover over teh 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 the ingress and egress to the hard cap. These road improvements now afford access to this facility 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 negotiations with Stater Bros. to locate their massive distribution, logistics and executive office center to the former base. The anticipated Stater Bros. distribution facility locating on the former base will create over 2500 jobs alone. CMB proved that many more jobs both direct and indirect were created as a result of the above investment. The fact that Stater Bros. and the surrounding warehouse operations that will depend upon this new facility is ample proof of well more than 100 jobs required of the ten investors.
