Bonds downgraded as property values plunge $1.6 billion
BY BROOKE EDWARDS
VICTORVILLE • Moody’s Investors Services has downgraded more than $90 million in Southern California Logistics Airport Authority bonds to near-junk status, citing concern over whether the city will be able to continue covering the hefty debts amid plummeting property values.
Moody’s reports that property values are down more than $1.6 billion from last year in the 90,000-acre redevelopment area surrounding former George Air Force Base.
As property values drop, so does the amount of tax revenue flowing to every local city as members of the redevelopment area managed by the Victor Valley Economic Development Authority.