Thursday, July 29, 2004
San Bernardino, Calif., airport authority approved for $2.6 million loan
The San Bernardino (CA) County Sun
LOMA LINDA, Calif. — The Inland Valley Development Agency board, meeting here Wednesday, unanimously approved a $2.6 million loan to the San Bernardino International Airport Authority. The loan will allow the SBIAA to partially repay loans made by several area cities and San Bernardino County. Under the agreement, the 10-year loan will be made on Sept. 1 at an interest rate of 2 percent.
An additional $2.6 million loan should be approved in the next 10 months, said Don Rogers, the agency’s interim executive director.
“This was money that was loaned by member agencies to the airport during the first six years when the IVDA didn’t have the funds available to help sustain operations,” Rogers said.
The loan also will have an annual payment that includes a minimum principal payment of $50,000 for the first five years, $100,000 annually in years 6 through 9, and a balloon payment of $1.9 million in year 10.
The cities receiving the money include:
–San Bernardino, $867,000.
–Loma Linda, $433,500.
–San Bernardino County will receive $433,500.
“These are significant sums and are important to their operations,” Rogers said.
Martin E. Romero, a member of the SBIAA board, said the loan would save the airport money in the long-term.
At Wednesday’s IVDA board meeting at Loma Linda City Hall, members also unanimously approved the appointment of Rogers to another term as interim executive director.
His fourth term will expire Dec. 31. Rogers was first appointed as the IVDA’s interim executive director in August 2003.