Airport Land Value: $77M
Posted on: Tuesday, 25 March 2008, 02:00 CDT
By Jason Pesick
RIALTO - The city and the Federal Aviation Administration appear close to reaching an agreement on the value of the Rialto Municipal Airport property.
On March 18, interim City Attorney Rahsaan Tilford reported that the City Council determined $77.4 million was an appropriate dollar figure for the property.
That value coincides with what FAA officials indicated they were comfortable with, said Rialto Economic Development Director Robb Steel.
"We have approved it in concept, and we are certainly aware of the action that is going before the Rialto City Council," said San Bernardino International Airport Authority Commission Vice President and Loma Linda Mayor Robert Christman.
A significant portion of Rialto's airport tenants and about $50 million will be headed to San Bernardino International Airport roughly 13 miles to the east.
Rialto's March 18 move, which the council could approve in open session on April 1, is another step in the complex process of turning a working municipal airport into a commercial, industrial and residential development known as Renaissance Rialto.
Renaissance, which will be developed by a partnership between Upland-based Lewis Group and Texas-based Hillwood, will be located along the newly extended 210 Freeway.
Rialto's own appraisal put the value of the airport at about $67 million before taking into account the costs of preparing the land for development, but FAA officials thought the value should be higher.
According to legislation passed by Congress in 2005, 45 percent of the value of the airport property must be paid to SBIA.
That amount - $49.5 million - will be governed by a separate value of about $110 million for the property. The new value of $77 million will be used to determine how much of the $49.5 million goes to accommodating new tenants and how much goes to improvements at SBIA, Steel said.
"There's no set guidebook for how this closure works," said Mike Burrows, SBIA's assistant director.
He said no matter how the money is supposed to be spent by SBIA, he's elated that all of it will be invested in the airport.
FAA spokesman Ian Gregor was unable to comment for this story.
Steel said he hopes City Council approves plans for Renaissance by the end of this year, especially since the first payment to SBIA is due in September.
After the plans are approved, the Lewis-Hillwood consortium will start purchasing the 441 acres of airport property, which will be the heart of the 1,500-acre Renaissance Rialto development.
Rialto's airport would close by the end of 2009, after new facilities are built at SBIA and other airports to house Rialto's tenants.
Rialto also needs to regain control of state land so it can move Easton Street and finalize an airport-closure plan with the FAA.
After all the details are worked out, the Super Target-anchored retail center could open in time for Christmas 2010, Steel said. "That's still pretty tight," he said.
(c) 2008 The Sun, San Bernardino, Calif.. Provided by ProQuest Information and Learning. All rights Reserved.
Source: The Sun, San Bernardino, Calif.
1 comment:
Here it has been almost a year since the planned closure of the Rialto Airport was to take place, but since the Economic Fall Out, The Airport is still in tact, Allowing Airplanes to Land and take off, the businesses are all there still working on Airplanes, and the best of all the Sheriff's Department's Helicopter, which was supposed to move with the Businesses at the Airport to the San Bernardino International Airport.
Now, Like I pointed out earlier, the economic turn down in the Real Estate has made it better to keep the businesses that were in tact making money open at the airport, and allow those that were not making it close, Never the Less! The Rialto Renaissance to this Date is a total FAILURE!! Since it was supposed to be open and running right now, and it has not even begun since the land that is under the Airport has seen fit to make its worth drop from the original $77 Million to a much lower price, but since the Brilliant Scientists that were elected to better the City of Rialto have felt that the closure of Miro Field at this time would be a disaster not only to the city but to the investor's in the land that was purchased to make a mint! So, those that have purchased Land at & Surrounding the Airport, Namely the Friends & Family of those that were elected to Manage the City of Rialto, must sit tight on their Investment and wait for the turn around of the Real Estate before they do anything to better the Renaissance at this time, Mainly to better their Own Pocket Books!! After all I always thought that it was strange that nobody at City Hall had tried to have the brand new Corridor Developed (I'm typing about Easton Blvd of Coarse). The Rumor surrounding the whole City is that some of the Council Member's and their Friends had Purchased the land that was on both sides of the, Then Proposed, Easton Blvd! Now if it is developed, the likely hood that they would make their money back and then some is so great that I would say that their investment is better then if they were to have invested in GOLD!!
BS Ranch
July 18, 2009
Post a Comment