Supes loan $2M for next phase
As the next phase of the Imperial Regional Center Project is already in the works, the Imperial County Board of Supervisors on Tuesday unanimously approved a $2 million loan for Pacificland International Development to continue the development at the site.
The loan is expected to cover gap funding needed by the developer to move forward with the next stage of the project. The loan funds will come from the Community Benefit funds which are voluntary payments the county collects from solar developers to offset the inability to collect property taxes from where the projects are located.
The developer, Pacificland International Development is expected to pay back the loan in full within the next nine months and have offered the land where Imperial Center is located as security for the loan. The Imperial Center is located at the Intersection of Highway 111 and Heber Ave. Currently, the site has five restaurants, a wholesale market and a gas station. County officials expressed their support for the approval of the loan because of the positive economic impact they believe it will have, the short payback time and the security of the loan.
“This is going to be a plus in providing additional jobs to the community,” said Ray Castillo, Supervisor for District 5 where the Imperial Center is located. “The fact that there is adequate security for this loan makes it a win-win for everybody.”
Among the amenities that are planned for the next phases of the project include an integrated retail and business park which will have wholesale retail, night-time markets, product exhibition space and entertainment performance stage and a hotel. County Executive Officer Ralph Cordova said the proposed hotel is already in the works.
According to backup material in the agenda, the center currently employs 150 people and once the center is finalized it is expected to have a total of 1,300 working at the site.
“This project has been a long-time coming and we just can’t afford to not assist this project because of the job creation in the future and how it will help make that portion of the county successful,” said John Renison, District 1 supervisor. “It will be paid in nine months and we have proper security, so that is the key there.”
Prior to the approval, District 4 Supervisor Ryan Kelley asked about the current balance the county has on its community benefit funds. Cordova said the county has a bit over $2 million, but is expecting additional payments in the next six months, in addition to the full repayment of the Pacificland loan which will be due in nine months.
Kelley gave direction to the CEO to report back to the board on other loans the county has approved in previous months to get an update on where each of the projects is at. Other matters
The Board of Supervisors also received an update on the progress made at the Oren R. Fox Detention Facility. The developer said the project is on budget and on-time and is expected to deliver the new facility by early 2018. The board requested county Sheriff Raymond Loera to report back to the board on April 25, to start planning procedures for increasing staff ahead of the facility’s opening.
The International Boundaries and Water Commission requested the county of Imperial make an appointment to the Mexicali Sanitation Binational Technical Committee, which conducts planning that will improve the quality of the international waters and the health of residents on both sides of the border. The board appointed Jeff Lamoure, deputy director of the Imperial County Public Health Department to participate in the bi-monthly meetings.