Master developer Hillwood Development Company LLC
Goods In 2002 the Inland Valley Development Agency (IVDA) entered into a Master Developer and Disposition Agreement (MDDA) with Hillwood for the redevelopment of the Norton Air Force Base, which officially closed in 1994. Under the agreement Hillwood agreed to develop a master-use plain for the airport and surrounding properties, spend $11 million to build a 400,00-square-foot building on the site, provide up to $400,000 a year to cover airport and IVDA operating deficits, pay another $800,000 to cover debt service payments, and install landscaping and signage around the base. In exchange, Hillwood would have control of the development and sale of property around the base. Hillwood would receive 25% of rental income on existing buildings, 85% of rental income on new buildings, and 80% of the profits from the sale of land or buildings within the area. To date, at least 22 properties have been sold to private owners in the redevelopment area—including 17 properties that were purchased by Hillwood controlled companies. The sale prices for the transactions were not disclosed, but according to the earliest-available assessment records the properties had a total value of $569 million . Under the terms of the MDDA would have taken in around $484 million in proceeds from the sale of those properties. The 10 properties that are currently owned by Hillview-controlled companies are worth a combined $279.5 million.
Updated over 4 years ago

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