By Josh Dulaney Staff Writer
Posted: 06/23/2011 05:06:13 PM PDT
The agency in charge of redevelopment around the former Norton Air Force Base has approved its budget for the next fiscal year.
The board of the Inland Valley Development Agency – a joint-powers authority comprising San Bernardino County and the cities of San Bernardino, Colton and Loma Linda – approved a $27.3million operating budget for the fiscal year beginning July 1.
In so doing, the agency’s net operating income is $1 million in the black.
Since 2007, the IVDA has completed more than $25.5 million in roadway construction around San Bernardino International Airport.
An additional $7.5 million in construction is expected through several grant programs, which are included in the 2011-12 budget approved this week.
The IVDA also has issued $162 million in 2011 bonds to fund a number of road projects.
“Our bond issue made this budget what it is today,” said Martin Romeo, the agency’s chief financial officer.The IVDA has more than $94million in capital projects lined up, Romeo said.
Those include the $12 million Mountain View Avenue bridge connecting San Bernardino and Central avenues, and $20 million in improvements on Fifth Street toward the 210 Freeway.
To read entire story, click here.