IE Business Daily Business news for the Inland Empire.
San Bernardino County has agreed to sell an estimated 1,252 acres of surplus flood control land in Rancho Cucamonga.
The board of supervisors voted to sell the property – which it declared surplus in 2009 – to Rancho Etiwanda LLC for up to $93 million plus interest, according to a statement on the county’s website.
Ultimately, the sale price could include up to $20 million in profit-sharing revenue.
Much of that land is expected to be used for housing. The land includes a 159-acre open space easement that will remain on the property.
Historically, the district used the property to manage stormwater runoff from the San Gabriel Mountains. However, the property is no longer needed for flood management because of improvements made to the site by the county flood control district, according to the statement.
