Los Angeles
County Board of Supervisors Tentatively Approves Newhall Ranch Project
VALENCIA, Calif.--(BUSINESS
WIRE)--Nov. 25, 1998--
The Newhall
Land and Farming Co. (NYSE:NHL) (PSE:NHL) announced that on Tuesday,
the Los Angeles County Board of Supervisors voted 4-0 (with one
supervisor absent) to tentatively approve the company's Newhall
Ranch Project, which is located adjacent to Valencia on the remaining
12,000 acres the company owns in Los Angeles County.
The current
plan contains 21,600 homes and 1,000 acres of commercial, industrial
and mixed-use development. It also will feature the dedication of
6,200 acres of high country and river open space, a significant
amenity for the community.
The vote indicates
the board's intent to approve the general plan amendments, zone
change, conditional use permit and vesting tentative parcel map
associated with the Newhall Ranch Specific Plan, subject to review
of final conditions and certification of the environmental impact
report.
At the meeting,
the board closed the public hearing and directed its staff to prepare
the needed documents for final approval, which is expected to occur
in the first quarter of 1999. Following final approval of these
actions, the company plans to begin processing subdivision maps
and applications for permits that need to be approved before development
can occur. Initial development is expected to begin in 2001.
A motion by
Fifth District Supervisor Mike Antonovich states: "The Board has
required the applicant to make a number of substantive changes and
to forge agreements with his neighbors, and the applicant has responded.
The community will benefit considerably from all of the amenities
that this development brings. The primary benefit is the early access
to the `high country,' an amenity desired by nearly everyone in
the Valley, but there are many others as well."
Newhall Land
is a developer of new towns and master-planned communities. Its
primary activity is the new town of Valencia. Newhall Ranch and
Valencia together form one of the nation's most valuable landholdings.
They are located on the company's 37,000 acres, 30 miles north of
downtown Los Angeles.
The company
maintains a Web site through the Internet at http://www.newhall.com.
CONTACT:
The Newhall
Land and Farming Co.,Valencia
Marcia Ward,
805/255-4445
or
Mickaelian
Associates, South Pasadena, Calif.
Fred Mickaelian
Jr., 323/268-1152
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