Monday, December 06, 2004 – Hillwood, the master developer for much of San Bernardino International Airport, is poised to take over the money-losing Palm Meadows Golf Course. On Wednesday, the Inland Valley Development Agency board will consider an amendment to Hillwood’s development agreement, which would allow the Dallas-based company to gain control of the 130-acre property on April 1. If the board approves the amendment, the golf course will close as of March 31 in order to facilitate the development of the area, according to IVDA documents made public Monday. The IVDA will license Hillwood to enter the golf course area to perform certain predevelopment work as soon as possible to avoid interference with the ongoing golf activities. Hillwood intends to combine the golf course with other properties it owns and other properties it intends to acquire south of the golf course area to the Santa Ana River, IVDA documents say. Hillwood Senior Vice President John Magness could not be reached for comment Monday. Beginning on April 1, Hillwood will pay a monthly license fee to the IVDA that will average $13,250 per month during the first four years. In addition to this payment of approximately $159,000 annually, the agreement will end losses to the IVDA that have amounted to approximately $7,000 per month during the last quarter, IVDA documents say. The net benefit to the IVDA will be approximately $20,000 per month. Ultimately, Hillwood will pay $4.5 million for the purchase of the golf course property. Among other projects Hillwood has brought to SBIA are the 1.2-million-square-foot Mattel warehouse and the 575,000-square-foot Kohl’s distribution center.
News Article | 12/6/2004