— Annexation Marks Final Step for Entitlement of Complete Santa Paula
Project —
— Company 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, announced today that on May 15, 2013 the Ventura Local Area
Formation Commission (LAFCo) unanimously approved the annexation of
Santa Paula East Gateway Project/East Area 2 into the City of Santa
Paula. The annexation is expected to be completed and recorded during
June 2013. East Area 2 is comprised of 25 acres that, upon completion of
development, will consist of 350,000 square feet of new commercial
property and will complement the Company's residential development of
East Area 1. Following the annexation of East Area 1 into Santa Paula in
February 2013, the annexation of East Area 2 was the final requisite
approval for the Company's entire master planned community project. In
total, these plans consist of 550 acres for a master planned community
of residential units, commercial and light industrial properties,
comprising 1,500 residential units, 560,000 square feet of commercial
space, and 150,000 square feet of light industrial space.
Harold Edwards, President and Chief Executive Officer, stated, "We are
extremely excited to begin this new phase of real estate development for
Limoneira. With the annexation of East Area 2, we now have all the
necessary approvals to begin development of the project. Our team has
been working towards the development of East Areas 1 and 2 for ten
years, and we are looking forward to executing our plans. We have
already begun tract mapping of the area, applying for infrastructure
building permits, and we expect to break ground on the project in 2014."
Mr. Edwards continued, "The project will benefit from the land's highly
desirable location, which is just fourteen miles from the Pacific Coast
and 65 miles from Los Angeles and easily accessible to several major
highways, as well as Limoneira's deep knowledge of and longstanding
operating history in Santa Paula. As the development progresses, we are
looking forward to the additional cash flow that is expected to be
generated by the project."
About East Area 1 and the East Area 2 / 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 2000,
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 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 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;
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
Senior Managing
Director
310-954-1105
Source: Limoneira Company
News Provided by Acquire Media
