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) May 17, 2017
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)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
On May 17, 2017, Tejon Ranch Co. (Company) distributed a press release announcing the issuance of a Draft Environmental Impact Report (DEIR) for the Centennial at Tejon Ranch project. The DEIR was published for public review on May 18, 2017 by the County of Los Angeles. The Centennial at Tejon Ranch project is a proposed master plan community located in Los Angeles County that is expected to offer a wide array of housing, business park/office, commercial, schools, natural open space, and other public services and amenities.
A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by this reference.
Centennial Founders, LLC (Centennial Founders) is the applicant for the project. Tejon Ranchcorp (TRC), a wholly-owned subsidiary of the Company, is the owner of land within the project area, is Centennial Founders’ development manager and TRC holds in excess of 85% interest in Centennial Founders (as of March 31, 2017). Centennial Founders was organized to pursue the entitlement and development of land owned by TRC and Centennial Founders in Los Angeles County. Additional information on Centennial Founders can be found in the Company’s 2016 Annual Report on Form 10-K, filed March 13, 2017.
Certain statements in this Current Report on Form 8-K may be deemed to be forward-looking statements under the Private Securities Litigation Reform Act of 1995. The Company intends that all such statements be subject to the “safe-harbor” provisions of that Act. Such statements include those pertaining to the ultimate approval of the project by governmental entities, the level and intensity of development that may be approved, the timing of potential governmental approvals, the timing of commencement of project development and the potential public revenue surpluses resulting from the project. Many factors may cause the Company’s actual results to differ materially from those discussed in any such forward-looking statements, including risks and uncertainties described in the Company’s filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Item 9.01 Financial Statements and Exhibits
| (d) | Exhibits |
| 99.1 | Press Release, dated May 17, 2017 | |
2
SIGNATURES
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: May 19, 2017 | TEJON RANCH CO. | |||||
| By: | /s/ ALLEN E. LYDA | |||||
| Name: | Allen E. Lyda | |||||
| Title: | Executive Vice President, and Chief Financial Officer | |||||
3
Exhibit 99.1
LA COUNTY RELEASES DRAFT ENVIRONMENTAL IMPACT
REPORT
FOR CENTENNIAL AT TEJON RANCH
Consistent with the Antelope Valley Area Plan, Centennial will create
30,000 permanent jobs and a $31.1 million surplus to LA County.
Tejon Ranch, Calif. (May 17, 2017) – The County of Los Angeles has released the Draft Environmental Impact Report (DEIR) for Centennial at Tejon Ranch. The public will have 60 days to review and comment on the document. Centennial at Tejon Ranch is a master planned community that will offer a wide array of housing, business park/office, commercial, schools, natural open space, and other public services and amenities. It is a self-sustaining community where working families can affordably live, work, and play.
At buildout, Centennial will bring 30,000 permanent jobs to the area, and 25,000 construction jobs. This will result in a $31.3 million annual public revenue surplus for Los Angeles County.
“Centennial implements the vision for the Antelope Valley Area Plan,” said Greg Medeiros, Vice President of Community Development for Tejon Ranch Co. “Inclusion and transparency are at the forefront of this project, and the AVAP has made it possible for the residents to work one-on-one with us to help develop the plan for Centennial.”
In 2015, the County of Los Angeles adopted the Antelope Valley Area Plan (AVAP), which provided a balanced plan of economic opportunity and conservation. The AVAP designates Centennial in the westerly Economic Opportunity Area and it includes land use and zoning for residential, commercial, and light industrial development, as well as significant conserved open space.
For more than a decade, the Centennial team has proactively reached out to the surrounding communities, giving updates on the progress of the project. They have presented to numerous Town Councils, hosted workshops where they have reviewed every aspect of the project, and sought input from the community.
“We take pride in the strong relationships we’ve built with the local community,” said Nathan Keith, Director of Planning for Tejon Ranch. “From Town Councils to public meetings, we made sure all the communities surrounding Centennial were continuously in the loop and had input in our plan.”
The DEIR is set for a 60-day public review, which is longer than the minimum 45-day review required by state law. This will allow members of the public time to read through the document and submit their comments to the County. Once the comment period closes, all comments will be reviewed and responded to in the Final EIR.
About Tejon Ranch
Located along Interstate 5 approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield, the 270,000-acre ranch is the largest single piece of private property in the state. At
422 square miles, it is just about as large as the City of Los Angeles. Tejon Ranch Company is developing several master planned residential communities, including a fully-approved mountain resort community known as Mountain Village at Tejon Ranch, and Grapevine at Tejon Ranch, a master-planned community that was unanimously approved by the Kern County Board of Supervisors last December.
About Centennial
Centennial will consist of homes ranging from estate to small lot single-family detached residences, multi-family attached residences, including townhomes, condominiums, and apartments. Centennial is situated in the northwestern portion of the Antelope Valley. The project site is strategically located approximately 50 miles south of Bakersfield, 5 miles east of Gorman, 36 miles west of Lancaster, and 35 miles north of Santa Clarita.
# # #