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) April 30, 2019
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 April 30, 2019, the Los Angeles County Board of Supervisors approved the development of Centennial at Tejon Ranch, a new master planned mixed-use community in northwest Los Angeles County. The specific plan for Centennial includes 19,333 residential units and more than 10.1 million square feet of commercial space.
| Item 9.01 | Financial Statements and Exhibits |
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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 1, 2019 | TEJON RANCH CO. | |||||
| By: | /S/ ALLEN E. LYDA | |||||
| Name: |
Allen E. Lyda | |||||
| Title: |
Executive Vice President, and Chief Operating Officer | |||||
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Exhibit 99.1
FOR IMMEDIATE RELEASE
April 30, 2019
LOS ANGELES COUNTY BOARD OF SUPERVISORS FINALIZES APPROVAL OF
CENTENNIAL AT TEJON RANCH
Master planned community to positively impact housing and job creation in Southern California
(Los Angeles, CA) The Los Angeles County Board of Supervisors today gave final approval to the specific plan for Centennial at Tejon Ranch, a master planned mixed-use residential community located in the northwest Los Angeles County section of Tejon Ranch. Centennial addresses the serious need to develop additional housing that’s within the reach of middle-class families in Southern California. The specific plan for Centennial includes 19,333 residential units and more than 10.1 million square feet of commercial space. A full 18% of the housing units at Centennial will be officially designated affordable units.
Centennial is part of the historic Tejon Ranch Conservation and Land Use Agreement that conserves 90% of Tejon Ranch property—240,000 acres, and limits development to only the ten percent of the property that’s located in the western-most region of the ranch.
Back on December 11, 2018, by a vote of 4-1, the Board of Supervisors affirmed the recommendation of the Los Angeles County Regional Planning Commission and Department of Regional Planning that Centennial be approved. Los Angeles County uses a two-step process for land use approvals and today’s action included approval of specific ordinances, resolutions, and findings of fact related to the Board’s initial vote last December.
Located in the Western Economic Opportunity Zone designated in the Antelope Valley Area Plan and the Los Angeles County General Plan, Centennial, in addition to much-needed housing, is projected to create more than 23,000 permanent jobs on site and nearly 25,000 construction jobs. In addition, Tejon Ranch has made a commitment that at least 30% of the construction jobs will be filled by people living in the local area.
“We again want to thank the Board of Supervisors for its support of Centennial, which is an important part of our vision to engage in the environmentally-sustainable development of a portion of Tejon Ranch,” said Gregory S. Bielli, President and CEO of Tejon Ranch Co. “California, and Los Angeles County in particular, is suffering from a severe housing deficit. Our regional development plan will help address our state’s housing crisis, create jobs, and provide additional opportunities for businesses to locate in an area where their employees can afford to live; all while preserving 240,000 acres of open space within Tejon Ranch.”
Tejon Ranch Co.’s (NYSE: TRC) regional development plan includes nearly 35,000 housing units and more than 35 million square feet of commercial space, all divided amongst four master planned developments: the Tejon Ranch Commerce Center, the company’s growing commercial/industrial center, and three planned residential communities—Mountain Village, Grapevine and Centennial.
“This is an important step forward for Tejon Ranch Co.,” Bielli added. “Centennial is the fourth and most recent of our master planned developments to receive legislative approval. We look forward to advancing each of these projects as we execute our plan to develop ten percent, and conserve 90% of Tejon Ranch.”
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About Tejon Ranch Co.
Tejon Ranch Co. is listed on the New York Stock Exchange under the symbol TRC. Tejon Ranch is a 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 online at www.tejonranch.com.
CONTACT:
Barry Zoeller, VP, Corporate Communications & Investor Relations, Tejon Ranch Co.
(661) 663-4212
bzoeller@tejonranch.com