US (CA): Vote to amend Santa Paula Gateway Development Plan
The amended development plan allows for greater flexibility in the housing product mix and provides for more drought tolerant landscaping for the Project, which includes the development of a 500 acre master planned community with approximately 1,500 residential units. The Company received $2 million in September 2015 and upon the completion of certain conditions to close the transaction, expects to receive an additional $18 million from the Lewis Group in November 2015 for a 50% interest in the joint venture. In addition, Limoneira is expected to receive approximately 70% of the net cash flow of the Project over its estimated 7 to 10 year life.
Harold Edwards, President and Chief Executive Officer of Limoneira, stated, “The unanimous vote from Santa Paula’s City Council for our development plan underscores the strong community support for the Santa Paula Gateway. We are very excited about our partnership with the Lewis Group. Over its long operating history, the Lewis Group has earned a reputation for creating high quality development projects with a strong focus on community. In addition, they have established excellent relationships with home builders, which will be extremely beneficial as we begin selling developed lots over the next several years.”
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