SANTA PAULA, Calif.--(BUSINESS WIRE)--
Limoneira Company (the "Company" or "Limoneira") (NASDAQ: LMNR), a
leading agribusiness with prime agricultural land and operations, real
estate and water rights in California and Arizona, announced today that
it has rescheduled the Santa Paula city council hearing, previously
scheduled for December 15, 2014, until February 2015. Rescheduling the
hearing will provide the three out of five newly elected Santa Paula
city council members, sworn into office on December 1, 2014, additional
time to evaluate the updated specific plan for 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. Recently, the Company was encouraged to consider including
the potential for age targeted senior housing in the project's specific
plan. This update to the specific plan was based on recommendations from
potential development partners.
The Company has submitted the updated East Area 1 Master Tentative Tract
Map and the Supplemental Environmental Impact Report ("SEIR") to the
city of Santa Paula. In addition, the Company is currently in the
process of preparing responses to SEIR comments and finalizing an
updated Development Agreement, which it also plans to submit once
completed. These items are expected to be heard simultaneously at the
February 2015 city council hearing. Following the hearing, the Company
anticipates approval to break ground on the project.
Harold Edwards, President and Chief Executive Officer, stated, "Our
decision to reschedule the Santa Paula city council hearing allows the
newly elected officials additional time to evaluate the project. To ask
them to evaluate and vote on such a large and important project for the
city of Santa Paula two weeks after they were sworn into office would
not have been reasonable. We also now have the benefit of additional
time with the new council to address all comments and finalize the
updated specific plan and development agreement."
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 10,000
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.
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; 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.
Investor Contact:
ICR
John Mills
Partner
646-277-1254
Source: Limoneira Company
News Provided by Acquire Media
