-Approval Enables the Company to Proceed with its 550 Acre Planned
Community Project Once Annexation is Complete-
-Community Project Plan Consists of 1,500 Residential Units,
Commercial and Light Industrial Space-
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 January 22, 2013, the Santa Paula
Planning Commission and the Santa Paula City Council approved a specific
development plan and accompanying environmental impact report (EIR) for
Santa Paula's East Gateway Project (also known as East Area 2). The East
Gateway Project will bring 350,000 square feet of new commercial
property into the City of Santa Paula on property owned by the Limoneira
Company. Approval of Santa Paula's East Gateway Project by the Planning
Commission and City Council now allows this project to apply for an
application for annexation into the City of Santa Paula from LAFCO
(Local Agency Formation Commission). Annexation into Santa Paula is
required in order to re-zone the land for residential, commercial and
light industrial development.
Harold Edwards, President and Chief Executive Officer, stated, "This is
an extremely exciting time for Limoneira. We have been working towards
the development of East Areas 1 and 2 for nearly ten years. Once the
annexation is complete, which we believe will happen shortly, we will
begin tract mapping of the area for development. We should be well
positioned to break ground on the project in 2014."
Mr. Edwards continued, "The development of East Area 1 and Santa Paula
East Gateway Project represents a robust opportunity for Limoneira. 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. Our estimates suggest
that the East Area 1 master planned community represents approximately
25% of Ventura County's buildable residential lots for the next ten
years. The East Gateway Project's commercial features will complement
the residences of East Area 1 and the people of Greater Santa Paula.
Limoneira is well positioned to benefit from the expected additional
cash flow as the project progresses."
In total, these plans consist of 550 acres for a master planned
community of commercial and residential properties, including 1,500
residential units, 560,000 square feet of commercial space, and 150,000
square feet of light industrial space.
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 then 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 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 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
ICR
John Mills
Senior Managing Director
310-954-1105
Source: Limoneira Company
News Provided by Acquire Media
