Supervisors authorize acquisition/funding agreement to support Airpark 599 infrastructure and future bond issuance

San Joaquin County supervisors on March 25 approved an acquisition and funding agreement with Cattellus Stockton LLC to establish procedures for the county to accept and reimburse public infrastructure constructed for the Airpark 599 industrial development north of Stockton Airport.

County staff said the project — a county public‑private partnership originally authorized in 2008 and amended in 2020 — now includes completed infrastructure (roadway realignments, frontage improvements, water and sewer extensions connected to the City of Stockton, stormwater basins) and two large industrial buildings that have reached occupancy. The agreement establishes the county’s process for reviewing developer payment requests, verifying eligible construction costs and reimbursing those costs from Community Facilities District (CFD) proceeds and special taxes when bonds are issued.

Project revenues to date have largely come from prepaid ground‑lease payments tied to 99‑year ground leases on subdivided parcels. County staff estimated approximately $27.9 million of eligible infrastructure costs that could be reimbursed by CFD 2009‑1; they also said the county will only issue bonds sized to the special‑tax revenue the district can support and therefore likely will issue a series of bonds rather than a single large issuance.

Supervisors voted 5‑0 to approve the agreement and authorized the county administrator to execute it; staff said they will return to the board with any bond issuance recommendations and that proceeds will not be county‑backed debt but instead secured by special taxes on the leaseholders.