IE Business Daily Business news for the Inland Empire.
Moreno Valley, Riverside County, the county’s transportation commission and developer Highland Fairview have reached a collective agreement that supports development of Highland Fairview’s World Logistics Center.
The pact requires all four entities to finance a $1 million regional transportation study that will establish a logistics-related regional transportation fee, according to a statement released by the city late Friday.
That fee will help lessen the impact of future logistics projects in the county. Moreno Valley-based Highland Fairview has agreed to pay the city’s share of the study, according to the statement.
Highland Fairview also will pay $3 million for Highway 60 transportation studies and improvements, and it will finance the widening of Gilman Springs Road.
At buildout, World Logistics Center would cover about 2,600 acres. The project is expected to create 20,000 jobs and generate an estimated $2.5 billion in annual economic activity.
