-Company to Immediately Begin Tract Mapping for Development and
Expects to Break Ground in 2014-
SANTA PAULA, Calif.--(BUSINESS WIRE)--
Limoneira Company (NASDAQ: LMNR), a leading agribusiness with prime
agricultural land and operations, real estate and water rights in
California, today announced that on February 12, 2013, East Area 1 was
formally annexed into Santa Paula. The annexation was the final required
step to enable Limoneira to immediately proceed with East Area 1, a
master planned community project. When completed, East Area 1 is
expected to consist of 501 acres of commercial and residential
properties, including 1,500 residential units, 210,000 square feet of
commercial space, and 150,000 square feet of light industrial space.
Also part of the planned community project is East Gateway Project (also
known as East Area 2), which is expected to consist of 350,000 square
feet of new commercial property.
Last week, the Santa Paula Planning Commission and the Santa Paula City
Council approved a specific development plan and accompanying
environmental impact report (EIR) for the East Gateway Project. This
approval allowed for the annexation of East Area 1 into the City of
Santa Paula. Annexation into Santa Paula was required in order to
re-zone the land for residential, commercial and light industrial
development.
Harold Edwards, President and Chief Executive Officer, stated, "We are
very excited that the expected annexation has been recorded. Our team
has been waiting for this day for nearly ten years when the project was
first conceived, and with the final hurdle now behind us, we are able to
proceed with executing our plans. We will begin tract mapping of the
area for development, applying for infrastructure building permits and
expect to break ground on the project in 2014."
Mr. Edwards continued, "This marks the beginning of an exciting new
phase of real estate development for Limoneira. We are looking forward
to the opportunity to leverage our deep understanding of our community
based on our long operating history in Santa Paula. As the project
progresses, Limoneira is well positioned to benefit from the expected
additional cash flow associated with the development."
About East Area 1 and the East 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. The MOU called for a series of
community-wide charrettes used to develop a specific plan for the
development of Limoneira's Teague McKevett Ranch, a 501 acre ranch
contiguous to the City of Santa Paula's eastern boundary. The Santa
Paula Planning Commission and Santa Paula City Council unanimously
approved the East Area 1 Specific Plan and accompanying EIR and
Development Agreement. 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.
In 2008 Santa Paula's East Area 1 Project successfully passed a
City-wide S.O.A.R. (Save Open Space and Agricultural Resources) vote
with Measure G receiving an 83% approval result at the City polls. This
S.O.A.R. vote victory represents the first and only large-scale
master-planned community project to obtain the approval of public voters
since Ventura County's S.O.A.R. initiative was implemented in 1991,
underscoring Limoneira's strong favor with its local community as well
as the significant community-wide benefits provided by the East Area 1
project. From 2008 — 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 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 — a project that later was
named Santa Paula's East Gateway Project.
About Limoneira Company
Limoneira Company, a 119-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 8,200
acres of rich agricultural lands, real estate properties and water
rights in California. 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.
Limoneira 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, Limoneira 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; general economic conditions for residential and
commercial real estate development; 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 Limoneira's SEC filings, which are
available on the SEC's website at http://www.sec.gov.
Limoneira undertakes no obligation to subsequently update or revise
the forward-looking statements made in this press release, except as
required by law.
ICR
John Mills
Senior Managing Director
310.954.1105
Source: Limoneira Company
News Provided by Acquire Media
