That money could be devoted to improvements at San Bernardino International Airport and its surrounding infrastructure, and at this point, it's uncertain whether the IVDA will be able to continue to collect those dollars or if the money will go to state government.
It's also unknown, thus far, what a loss of that money may mean for the development of San Bernardino International Airport facilities or improvements to nearby roads.
"We assume that we can make payments for the airport, and Tippecanoe and etcetera," said interim IVDA director A.J. Wilson.
Tuesday, the IVDA's new oversight board met to begin the process of unwinding its redevelopment power, in case that becomes necessary.
The IVDA is preparing to go to court to seek a ruling that it is exempt from the state law that ended city and county redevelopment agencies this year, Wilson said.
The IVDA is different from most redevelopment agencies, which were created, typically by a single local government, to stop urban blight.
Instead, San Bernardino County, along with the cities of San Bernardino, Colton and Loma Linda, created the IVDA in 1990 to deal with the then-pending closure of Norton Air Force base.
The IVDA has since provided financial support to San Bernardino International Airport and is also empowered to provide redevelopment incentives for surrounding land and improve nearby roads.
The IVDA's self-preservation lawsuit will be ready for filing soon, Wilson said.
Generally, redevelopment agencies' authority vanished as of Feb. 1.
All redevelopment agencies must create payment schedules to unwind debt that won't be paid off until the passage of decades. Accordingly, the IVDA's oversight board on Tuesday approved a plan to pay $42.1 million worth of debt and other obligations by June 30.
The IVDA has nearly $994.4 million in outstanding obligations.
The repayment schedule will become moot if the courts uphold the IVDA's view that it is exempt from the law that ended redevelopment, Wilson said.
If the IVDA loses its case, a successor agency is likely to take its place. That agency will not be able to collect roughly $20 million in annual property tax dollars that went to the IVDA in support of its redevelopment role.
Reach Andrew via email, call him at 909-386-3872, or find him on Twitter @InlandBizz.