Authorizes development of Tentative Tract Maps; a significant step
on the path toward the start of construction
TEJON RANCH, Calif.--(BUSINESS WIRE)--Nov. 9, 2015--
The Board of Directors of Tejon Ranch Co. (NYSE:TRC) has approved the
detailed business plan that will guide the ultimate development and
marketing of Tejon Mountain Village, the company's upscale mountain
residential/resort community that will be located in the westernmost
high country of Tejon Ranch. The Board has also authorized the
management team to move forward with the creation of Tentative Tract
Maps.
"We have made outstanding progress towards making our vision of Tejon
Mountain Village a reality, and today's announcement is another exciting
step forward," said Gregory S. Bielli, president and CEO. "We have
already secured entitlements, permits and consumer and market research
for Tejon Mountain Village, and we now have a Board-approved business
plan showing the project's financial viability.”
Moving Forward with Tentative Tract Maps
The Tentative Tract Map process consists of a series of discrete steps,
reports and studies that are expected to take up to two years to
complete, including:
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Lot Feasibility Study
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Drainage and Water Quality Report
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Title Report
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Geotechnical Report
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Engineering and Systems Design
Once complete, the Tentative Tract Maps for Tejon Mountain Village,
which will be based on the County-approved Special Plan, are required to
be reviewed and approved by the Kern County Planning Commission.
Mr. Bielli continued, "Tejon Mountain Village will be an upscale retreat
from the city in a beautiful natural setting with exceptional resort
facilities, lodging, and primary and second home offerings. We believe
starting the Tentative Tract Map process sends a positive signal to the
marketplace as a whole that we are ready, willing and able to bring this
project to market with a clear path to execution."
About Tejon Mountain Village
Tejon Mountain Village is located approximately 60 miles north of Los
Angeles and 40 miles south of Bakersfield.
A high-quality mountain residential/resort community located just a
short drive from the large and affluent Southern California market is
expected to be a natural draw for people who want to live in a beautiful
natural setting, or for those who will use the community's exceptional
resort facilities, lodging, and primary and second home offerings for a
relaxing respite from the hustle and bustle of urban life.
Tejon Mountain Village will feature:
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Significant open space – 80% of the community will remain in its
natural state;
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Resort and recreational facilities, including up to 750 hotel rooms,
spa, dining, outdoor adventure, and equestrian opportunities and about
130 miles of hiking, biking and equestrian trails;
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Up to 3,450 new homes (ranging from resort condominiums to multi-acre
custom lots); and
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A 160,000-square foot publicly accessible Farm Village at the entrance
to the community.
About Tejon Ranch Co.
Tejon Ranch Company (NYSE:TRC) is a growth-oriented, diversified real
estate development and agribusiness company whose principal asset is its
270,000-acre land holding located approximately 60 miles north of Los
Angeles and 25 miles south of Bakersfield. Tejon Ranch is positioned for
growth with its fully operational commercial/industrial real estate
development and three master planned communities on the horizon.
The Company’s activities are performed through our four major business
segments:
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Real Estate – Commercial/Industrial development, which oversees
development, commercial sales and leasing, land planning and
entitlement, and income portfolio management.
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Real Estate – Resort/Residential development, which manages land
entitlement, land planning, and pre-construction activities such as
engineering, and conservation activities.
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Mineral Resources, which consists of the active management of oil and
gas royalties, rock and aggregate royalties, royalties from a cement
operation, and the management of our water assets.
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Farming produces and sales almonds, pistachios, and wine grapes.
More information about Tejon Ranch Co. can be found online at http://www.tejonranch.com.
Forward Looking Statements
The statements contained herein, which are not historical facts, are
forward-looking statements based on economic forecasts, strategic plans
and other factors, which by their nature involve risk and uncertainties.
In particular, among the factors that could cause actual results to
differ materially are the following: business conditions and the general
economy, future commodity prices and yields, market forces, the ability
to obtain various governmental entitlements and permits, interest rates
and other risks inherent in real estate and agriculture businesses. For
further information on factors that could affect the Company, the reader
should refer to the Company’s filings with the Securities and Exchange
Commission.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151109005378/en/
Source: Tejon Ranch Co.
Tejon Ranch Co.
Corporate Communications & Investor Relations
Barry
Zoeller, Vice President, 661-663-4212
bzoeller@tejonranch.com