UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20509
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) December 6, 2016
Tejon Ranch Co.
(Exact Name of Registrant as Specified in Charter)
| Delaware | 1-7183 | 77-0196136 | ||
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| P. O. Box 1000, Lebec, California | 93243 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code 661 248-3000
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
TABLE OF CONTENTS
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| Item 8.01 | Other Events |
On December 6, 2016, the Kern County Board of Supervisors unanimously approved the development of Grapevine at Tejon Ranch, a new master planned community in southern Kern County. The community will be located adjacent to the Tejon Ranch Commerce Center near the base of the foothills in the southern San Joaquin Valley, and is uniquely positioned for those who want to live an easy drive from other employment centers in Bakersfield and Los Angeles County.
| Item 9.01 | Financial Statements and Exhibits |
Exhibit 99.1 – Press Release of the Company dated December 6, 2016, announcing Kern County Board of Supervisors unanimous approval of Grapevine at Tejon Ranch.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: December 6, 2016 | TEJON RANCH CO. | |||||
| By: | /s/ ALLEN E. LYDA | |||||
| Name: | Allen E. Lyda | |||||
| Title: | Executive Vice President, and Chief Financial Officer | |||||
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Exhibit 99.1
FOR IMMEDIATE RELEASE
TEJON RANCH ANNOUNCES KERN COUNTY BOARD OF SUPERVISORS
UNANIMOUSLY APPROVES
GRAPEVINE AT TEJON RANCH
Master planned community will include 12,000 residential units and 5.1 million square feet of
commercial development
Bakersfield, CA (December 6, 2016) – With today’s 5-0 vote, the Kern County Board of Supervisors unanimously approved the development of Grapevine at Tejon Ranch, a new master planned community in southern Kern County. The community will be located adjacent to the Tejon Ranch Commerce Center near the base of the foothills in the southern San Joaquin Valley.
“We are very pleased the Kern County Board of Supervisors has approved these entitlements for Grapevine at Tejon Ranch,” said Gregory S. Bielli, President and CEO of Tejon Ranch Company. “This new community will support the thousands of jobs already in the area and will serve as a catalyst for further economic development and job creation in the region.”
The development plan for Grapevine at Tejon Ranch calls for 12,000 residential units and 5.1 million square feet of commercial space. The community will develop along both sides of Interstate 5 and will provide nearby residential opportunities for the thousands of workers currently employed at businesses within the Tejon Ranch Commerce Center, as well as support the attraction of future employers to further grow the employment base at Grapevine.
“By securing approval of these entitlements for Grapevine, Tejon Ranch Co. is taking an important step forward in unlocking the asset value of Tejon Ranch,” Bielli added. “Grapevine is a vital component of our strategic vision to create significant value as a fully integrated real estate development company.”
In addition to Grapevine, Tejon Ranch Co. is engaged in other real estate development efforts. They include the aforementioned Tejon Ranch Commerce Center—and Outlets at Tejon; and the master planned residential communities of Mountain Village at Tejon Ranch and Centennial at Tejon Ranch. With Mountain Village, the Company is currently in the tract map preparation stage of development, and in the case of Centennial, having already received the necessary zoning and land-use designations from Los Angeles County, the Company is now working with the Los Angeles County Department of Regional Planning to finalize the Centennial Specific Plan for public review.
Sustainable Development
Residents of Grapevine will enjoy a state-of-the-art community and active lifestyle in a beautiful foothill setting. All of the homes and commercial buildings within Grapevine will include solar panels, consistent with Tejon Ranch’s commitment to sustainable development. The community will be designed in a way that promotes water efficiency and will be developed as an extremely walkable community, with an extensive network of bike and walking trails, and with key retail and commercial uses being located within close proximity to residential areas.
The Supervisors were effusive in their praise for the community, noting its environmental sensitivity, the care and planning that went into its design, and the role Grapevine will play in the future of Kern County.
“Tejon Ranch should be thanked for its commitment to the environment and conservation, something which often gets overlooked,” said 4th District Supervisor David Couch.
In presenting the Kern County Planning Department’s recommendation to the Board of Supervisors, Director Lorelei Oviatt called Grapevine a comprehensive, connected, well-planned economic growth center.
Community Details
The community plan for Grapevine involves 8,010-acres of the 270,000-acre Tejon Ranch. 4,200 acres within the plan is designated and zoned for residential, commercial and civic uses, including public services, education, and medical opportunities. These uses will be grouped into six different mixed-use villages, which will be developed over an expected 20-year time period. 3,800 acres within the plan is designated as open space, with agriculture, recreation, and grazing as the primary uses, and will connect to 240,000-acres of open space and recreation on Tejon Ranch.
Next Steps
With today’s approval by the Board of Supervisors, Tejon Ranch Co. will begin the process of seeking and obtaining a number of discretionary permits from regional, state and federal agencies, and will begin the tract mapping process, which includes preparation of detailed engineering work necessary for construction to begin.
About Tejon Ranch
Tejon Ranch Co. (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 30 miles south of Bakersfield.
More information about Tejon Ranch Co. can be found on our website at www.tejonranch.com.
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CONTACT:
Barry Zoeller, Vice President of Corporate Communications & Investor Relations
(661) 663-4212
bzoeller@tejonranch.com