- Santa Paula City Council's Unanimous Decision Represents Final
Approval to Break Ground on Santa Paula Gateway Project -
- Company Expects to Commence Construction in 2015 -
SANTA PAULA, Calif.--(BUSINESS WIRE)--
Limoneira Company (the "Company" or "Limoneira") (NASDAQ: LMNR)
announced today that in a February 17, 2015 city council meeting, the
City of Santa Paula unanimously approved the Company's updated East Area
1 Master Tentative Tract Map, Supplemental Environmental Report
("SEIR"), and updated Development Agreement. Following the vote, the
property is now fully entitled, and Limoneira has all the requisite
approvals to break ground on the Santa Paula Gateway project.
The Santa Paula Gateway project consists of a 550 acre master-planned
community with up to 1,500 residential units, 560,000 square feet of
commercial space, and 150,000 square feet of light industrial
facilities. The plans for the project also include a Kindergarten
through Grade 8 public school and a 38 acre community park. In addition,
land is earmarked for a future high school/academy site, as well as
other master planned community amenities. The Company is currently
engaged in negotiations with potential development partners for the
project.
Harold Edwards, President and Chief Executive Officer, stated, "We are
extremely excited to receive the expected final approval for the Santa
Paula Gateway project. We have been working with the City of Santa Paula
on the development of East Areas 1 and 2 for over ten years, and we have
now cleared the final regulatory hurdle in order for us to move forward
on the project and execute on our plans. We expect this project will
bring greater prosperity and amenities to the City of Santa Paula and
represents a continuation of Limoneira's leadership within our
community."
Mr. Edwards continued, "The Santa Paula Gateway project will benefit
from its highly desirable location, which is fourteen miles from the
Pacific Coast and 65 miles from Los Angeles and easily accessible to
several major highways. Our estimates suggest that our master planned
community represents approximately 25% of Ventura County's buildable
residential lots for the next several years. We plan to announce a
development partner within the next few months, and pending market
conditions, we anticipate beginning construction in 2015. As the project
progresses, we believe we are well positioned to benefit from expected
additional cash flow, which will in turn enhance shareholder value."
About East Area 1 / East Area 2 / Santa Paula Gateway Project
Santa Paula's East Area 1 project was conceived in 2004 by the Limoneira
Company and the City of Santa Paula under the formation of a Memorandum
of Understanding between the two parties. In addition to the
aforementioned residential units, commercial property, and
light-industrial property, the plan also proposed building new schools,
parks, recreational fields/facilities, public-safety facilities and a
new community center to support a healthy and sustainable community.
From 2008 to 2010, the City of Santa Paula diligently worked with the
City of Fillmore to establish a Greenbelt Ordinance for all of the
agricultural and open-space property between Haun Creek (to the west
near Santa Paula) and Sespe Creek (to the east near Fillmore). Following
the establishment of this Greenbelt Ordinance, the City of Santa Paula
then submitted its application for annexation of the East Area 1
property into the City of Santa Paula to the Local Agency Formation
Commission (LAFCO) in 2011. The East Area 1 project was approved by the
LAFCO commissioners in 2011 but annexation of the East Area 1 property
into the City of Santa Paula was contingent upon the successful
application for annexation of East Area 2. Together, East Area 1 and
East Area 2 were named the Santa Paula's Gateway Project. The annexation
of the Santa Paula Gateway project into the City of Santa Paula was
completed in 2013.
The approval of the East Area 1 Master Tentative Tract Map, SEIR, and
updated Development Agreement was the final requisite approval for the
project. Limoneira has already begun rock remediation and anticipates
construction to commence in 2015, pending market conditions.
About Limoneira Company
Limoneira Company, a 120-year-old international agribusiness
headquartered in Santa Paula, California, has grown to become one of the
premier integrated agribusinesses in the world. Limoneira (pronounced lē
mon΄âra) is a dedicated sustainability company with approximately 10,700
acres of rich agricultural lands, real estate properties and water
rights in California and Arizona. The Company is a leading producer of
lemons, avocados, oranges, specialty citrus and other crops that are
enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements are based on Limoneira's current expectations
about future events and can be identified by terms such as "expect,"
"may," "anticipate," "intend," "should be," "will be," "is likely to,"
"strive to," and similar expressions referring to future periods.
The Company believes the expectations reflected in the
forward-looking statements are reasonable but cannot guarantee future
results, level of activity, performance or achievements. Actual
results may differ materially from those expressed or implied in the
forward-looking statements. Therefore, the Company cautions you
against relying on any of these forward-looking statements. Factors
which may cause future outcomes to differ materially from those foreseen
in forward-looking statements include, but are not limited to: changes
in laws, regulations, rules, quotas, tariffs and import laws; weather
conditions that affect production, transportation, storage, import and
export of fresh product; increased pressure from crop disease, insects
and other pests; disruption of water supplies or changes in water
allocations; pricing and supply of raw materials and products; market
responses to industry volume pressures; pricing and supply of energy;
changes in interest and currency exchange rates; availability of
financing for land development activities; political changes and
economic crises; international conflict; acts of terrorism; labor
disruptions, strikes or work stoppages; loss of important intellectual
property rights; inability to pay debt obligations; inability to engage
in certain transactions due to restrictive covenants in debt
instruments; government restrictions on land use; and market and pricing
risks due to concentrated ownership of stock. Other risks and
uncertainties include those that are described in the Company' SEC
filings, which are available on the SEC's website at http://www.sec.gov.
The Company undertakes no obligation to subsequently update or revise
the forward-looking statements made in this press release, except as
required by law.
Limoneira Company:
ICR
John Mills
Partner
646-277-1254
Source: Limoneira Company
News Provided by Acquire Media
