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Thursday, May 8, 2008

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Catastrophe for the Condor? Tejon Ranch Makes Deal With Some Eco Groups That Brings 25,000 Homes to Pinch-point of Eco-Crossroads of California

(Click on maps to enlarge)
Condor Habitat map from 9/2007 Sierra Club brochure



Map of Deal Reached Between the Owner of Tejon Ranch and Some Environmental Groups from http://ca.audubon.org/tejon.php




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Owner of Tejon Ranch Will Only Seek to Develop 10% of the Land in Deal with Some Eco Groups; At Least One Calls it a Disaster for the Condor

Governor Praises Historic Tejon Ranch Agreement
5/8/2008
http://gov.ca.gov/index.php?/fact-sheet/9526/
Today, Governor Schwarzenegger visited Tejon Ranch and announced a historic agreement between Tejon Ranch landowners and conservation and environmental groups to give California its largest ever privately conserved parcel. Under the agreement, up to approximately 90 percent of the expansive 270,000 acre ranch will be permanently preserved. Aside from being home to the California condor and countless other plant and animal species, the ranch includes four of state's most important ecological regions: the Sierra Nevada, the Mojave Desert, the Coastal Range and the San Joaquin Valley. With 30,000 acres set aside for the development of smart-growth, sustainable communities, this agreement also allows its landowners to develop enough of the ranch to create thousands of jobs, millions of dollars in tax revenue and exciting places for people to live.

See the 38 Minute Press Conference: http://msmedia.dot.ca.gov/governor/20080508_tejon.asf

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Tejon Ranch Deal Destroys Critical Habitat for California Condor, Paves Way for Largest Development Ever Proposed in California


http://www.biologicaldiversity.org/news/press_releases/2008/tejon-ranch-05-08-2008.html
For Immediate Release, Thursday, May 08, 2008
Contact:
Adam Keats (415) 436-9682 x 304, (415) 845-2509 (cell) Ileene Anderson, (323) 490-0223

\LOS ANGELES— Tejon Ranch Corporation and several environmental organizations announced a deal today that may pave the way for massive development in the Tehachapi Mountains north of Los Angeles. The deal allows for unprecedented destruction of federally designated critical habitat for the endangered California condor to make way for thousands of luxury vacation estates. It also greenlights a behemoth city on the last wild edge of Los Angeles County.

“While there are a few aspects of today’s accord we can celebrate, including the potential acquisition of 49,000 acres for a state park, this deal contains numerous ‘poison pill’ provisions, including the development of Tejon Mountain Village in the heart of condor critical habitat and Centennial, the largest single development ever to be proposed in California,” said Peter Galvin, conservation director at the Center for Biological Diversity. “We know that the environmental groups who have negotiated the accord did so with the best of intentions, but the Center for Biological Diversity could not sign off on this highly flawed agreement. Virtually all of the areas to be acquired or managed under the conservation easement are undevelopable anyway. On paper the deal sounds good, but a close examination shows that very little is gained biologically and far too much is sacrificed.”

“While Tejon claims to have pulled development off the important northern ridges, this pullback is illusory. The fact remains that development will still occur in active, occupied condor critical habitat. The heart of condor country is designated as critical habitat for a reason: the science clearly shows that it is essential to the survival and recovery of the species,” said Adam Keats, urban wildlands program director at the Center. “It cannot and should not be sacrificed.”

The deal would allow the building of Tejon Mountain Village, a luxury vacation resort in the wild and rugged highlands of the Tehachapi mountains, designated as critical habitat by the U.S. Fish and Wildlife Service to protect condors. The designation imposes strong protections on the land, and its habitat qualities cannot be harmed or “adversely modified.” Housing developments are completely incompatible with this designation.
The agreement also allows the leapfrog sprawl development known as Centennial. Located in rolling native grasslands and wildflower fields on the northern border of Los Angeles County off Interstate 5, this development would add extreme pressures to the region, already gridlocked in development-related traffic and choking in pollution and congestion. The 11,600-acre city would house 70,000 or more automobile commuters, expose residents to severe wildfire threats, and destroy irreplaceable native habitat and wildlife linkages.

The Center has a different vision for Tejon Ranch: Tejon-Tehachapi Park. “Tejon Ranch is a true gem of California and can never be replaced,” said Ileene Anderson, staff biologist at the Center. “Once these sprawl cities are built, they will further fragment Southern California from the rest of the state. Coupled with the hit that condor will take, this agreement deals away one of the greatest environmental opportunities that California has ever seen. And it will be lost forever.”

Tejon Ranch covers over 270,000 acres of wilderness at the crossroads of Northern and Southern California. The Mojave Desert, the southern Sierra Nevada Mountains, the great central valley and the southern forests all converge on Tejon Ranch — the only place in California where four ecoregions come together.

“This deal does a disservice to the wildlands and wildlife of Tejon, to the people of Southern California who will suffer the consequences of overdevelopment, and to all Californians, who will pay the price,” said Keats. “We can and must demand better. We live in a world too fragile to allow this kind of sacrifice. Now is the time to say enough is enough.”
Preserving Tejon Ranch as a new national or state park would protect a bounty of native plant and animal communities, cultural and historic features, and scenic vistas. See http://www.savetejonranch.org.
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Conservationists, developer reach major Calif. land deal

By NOAKI SCHWARTZ – 9 hours ago
http://ap.google.com/article/ALeqM5iAJNnJswd2ke8NW1hqQZNRVOiyVAD90HD2B80
LEBEC, Calif. (AP) — A group of environmentalists and the owners of a large stretch of wilderness have reached a deal that would set aside the largest parcel of land for conservation in California history.
After years of legal tussles, conservationists including the Sierra Club have agreed not to challenge proposed development on the sprawling Tejon Ranch north of Los Angeles in exchange for close to 240,000 acres, in a deal to be announced Thursday.
At 375 square miles, the preserve of desert, woodlands and grasslands would be eight times the size of San Francisco and nearly the size of Los Angeles, said Bill Corcoran, the Sierra Club's senior regional representative.
"There is, in my opinion, no other place like it in California — it's unrivaled in the diversity of native wildlife and plants," said Corcoran, who helped negotiate the deal. "Tejon is key to us because it's the only place where the Sierra Nevadas, the coastal range and Mojave Desert and Central Valley all meet."
Tejon Ranch sits atop the Tehachapi Mountains 60 miles north of Los Angeles and is home to elk, wild turkeys, coyotes, bears and eagles, as well as a critical habitat for condors.
The Tejon Ranch Co. has been trying for years to develop three projects, or 10 percent of the 270,000 acre ranch, while appeasing environmentalists.
The other groups that have signed on are the Natural Resources Defense Council, Audubon California, Planning and Conservation League and Endangered Habitats League.
In 2005, the company and a national land trust hailed an agreement to sell more than one-third of the ranch for use as a nature preserve. That agreement, however, failed to satisfy the Tejon Natural Heritage Park Committee, a coalition of 12 conservation groups.
Less than a year later, another promising agreement fell through. The developer promised to set aside 100,000 acres as a natural preserve but environmentalists wanted more than double that size.
At the time, Sierra Club executive director Carl Pope and other environmental leaders said they would make the Tejon Ranch their top priority in California. Conservationists threatened to unite and file a lawsuit against the developer under the federal Endangered Species Act.
Instead they went back to the negotiating table.
"After nearly two years of negotiations, which were often difficult but always in good faith, we have achieved an unprecedented agreement protecting close to 90 percent of the ranch," Corcoran said.
The Tejon Ranch Co. is dedicating 178,000 acres and about 62,000 will be purchased in part with state conservation bond money. While it is not clear how much the land will cost, the developer agreed to a state appraisal.
An independent conservancy will be set up to manage the land and the developer has agreed to donate some money for its upkeep, Corcoran said. The agreement also seeks to establish a large state park that will be open to the public.
"In my opinion it's a near certainty that California will never again see a private land conservation agreement of this size and ecological importance," said Corcoran.

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Associated Press - May 8, 2008 5:34 AM ET
LEBEC, Calif. (AP) - A landmark agreement could result in an unprecedented land preserve.
A group of environmentalists and the owners of a large expanse of wilderness have hammered out a deal that would result in the largest piece of land set aside for conservation in California history.
It could rival Yosemite National Park in its diversity of wildlife.
After years of legal fights, conservationists including the Sierra Club have agreed not to challenge proposed development on Tejon (teh'-HONE) Ranch in exchange for close to 240,000 acres for preservation.
Bill Corcoran of the Sierra Club says the preserve would be eight times the size of the city of San Francisco and nearly as big as Los Angeles.

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By Louis Sahagun, Los Angeles Times Staff Writer May 8, 2008
http://www.latimes.com/news/printedition/california/la-me-tejon8-2008may08,0,4242813.story

A coalition of environmental groups and a developer have agreed on a landmark plan to conserve 90% of the largest chunk of privately owned wilderness remaining in Southern California.The agreement ends years of debate over the fate of an untrammeled tableau of mountains, wildflower fields, twisted oaks and Joshua trees in the historic Tejon Ranch in the Tehachapi Mountains, about 60 miles north of Los Angeles.


The developer, the Tejon Ranch Co., has agreed to set aside 178,000 acres and provide an option for public purchase of 62,000 additional acres -- 49,000 to create a state park, 10,000 to realign a 37-mile segment of the Pacific Crest Trail through the heart of the wild lands and the rest to provide docent-led tours of sensitive habitat. It also will pull back development plans along some ridgelines considered crucial to the California condor.In exchange, a coalition led by the Natural Resources Defense Council, the Sierra Club, Audubon California, the Planning and Conservation League and the Endangered Habitats League will not oppose the company's plans to build three urban centers, including more than 26,000 homes as well as hotels, condominiums and golf courses at the western and southwestern edge of the ranch.Those groups and others had threatened a campaign against development of the property, saying it would extend Southern California's suburban sprawl to the Central Valley, add to regional traffic and air pollution woes, and harm endangered species such as the condor.The pact was the second major truce among environmental groups and developers in as many months in Southern California, where such projects can be tied up in court for decades. Last month, conservationists struck a deal with a Houston oil company that would allow for offshore drilling this year in exchange for early retirement of several large-scale oil facilities along an otherwise pristine coastline in Santa Barbara County.In a prepared statement, California Gov. Arnold Schwarzenegger said the success in reaching the Tejon agreement underlines how "we can protect California's environment at the same time we pump up our economy."Some environmentalists expressed reservations about the accord, to be announced today. Ilene Anderson, a biologist and spokeswoman for the Center for Biological Diversity, said her group remains worried about habitat for the condor."So while we support significant open space," she said, "it's precedent-setting that critical habitat for a species just brought back from the brink of extinction would be written off for development."Eight times the size of San Francisco, the unfragmented 270,000-acre property embraces the juncture of four ecosystems: Mojave Desert grasslands, San Joaquin Valley oak woodlands, Tehachapi pine forests and coastal mountain ranges.Like Louisiana PurchaseThe 165-year-old ranch, first cobbled together by Edward Fitzgerald Beale, was owned for decades by an investment group led by former Los Angeles Times owner Harry Chandler and land developer Moses Sherman."For Southern California, this is the ecological equivalent of the Louisiana Purchase," said Bill Corcoran, senior regional representative for the Sierra Club. "It is the only place in the region where within a few minutes a visitor can ascend from Joshua tree woodlands to oak-filled canyons on up to vast plains with views across the coastal range."Permitting for residential and commercial development of the remaining 30,000 acres is expected to be easier with the agreement, although plans still must be approved by state and federal regulatory authorities, as well as Los Angeles and Kern counties, according to Robert A. Stine, president and chief executive of Tejon Ranch Co."Our vision has always been to preserve California's legacy and provide for California's future, and this agreement does exactly that," Stine said in an interview. "It's good for conservation, good for California and good for the company and its shareholders."Finding common ground between the nation's most powerful environmental groups and the Tejon Ranch Co. wasn't easy."We've come a long way from where we started," said Joel Reynolds, senior attorney and director of the Southern California Program of the Natural Resources Defense Council. "This was an extremely complicated deal, but also a once-in-a-lifetime conservation opportunity."The agreement guarantees Tejon Ranch Co. the right to proceed with massive development projects near Interstate 5: Centennial, a planned community of 23,000 homes east of Quail Lake in northern Los Angeles County; and Tejon Mountain Village in southern Kern County, which will include a resort featuring spas and boutique hotels, commercial space, golf courses and 3,400 estate homes. The Tejon Industrial Complex in the Kern County portion of the ranch is already home to IKEA's 2-million-square-foot main distribution warehouse, among others.In each project, Stine said, "a whole set of design parameters will be reviewed by all parties to ensure that all development activity that takes place will consider all green opportunities into the future; that means transportation, building and landscape materials, water usage. Everything."The agreement also creates an "independent Tejon Ranch Conservancy" composed of 12 members appointed by the company and its environmental partners to manage the preserved land in perpetuity. The company will provide about $800,000 a year for seven years to get the conservancy off the ground. Later, it will be funded through transfer fees from the sale of residential properties."It's not enough to simply set aside land," Reynolds said. "We also need an entity whose focus is restoration and conservation."Tejon Ranch remains a vast wildlife stronghold where deer, elk, bobcat and wild turkey flourish. Canyon bottoms are full of oaks. Along old lumber roads edging the brows of hills, flocks of wild pigeons rise. On the uplands, pine and cedar hold their own, and golden eagles ride warm air currents from coastal mountains to the Sierra.Graham Chisolm, director of conservation for Audubon California said, "There is probably no more important property for the future of the California condor." Only a week ago, he said, roughly half of the 38 California condors in Southern California were foraging on the property.4 ridgelines sparedA key to unlocking the stalemate was the developer's agreement to pull back from four of five northern-facing ridgelines, including one hemming scenic Bear Trap Canyon, that are prime foraging grounds inside critical California condor habitat."By removing the potential obstacles that have plagued similar development efforts in California, we'll be able to move ahead with the entitlement processes on our current development projects in a much more timely fashion," said Michael H. Winer, portfolio manager for Third Avenue Management, Tejon's largest shareholder, and a member of its board of directors.The company had been seeking an "incidental condor take permit" from the U.S. Fish and Wildlife Service, which would have relieved it of liability in the event that its projects were linked to the death of any of the endangered raptors. However, the company recently determined that such a "lethal take permit" was no longer needed given the reconfiguration of development plans under the agreement.Reynolds, of the Natural Resources Defense Council, said he was satisfied that the condor would be protected under the new plan."The condor is a very high-profile species, and there's been significant public investment in its recovery," he said, "and throughout these negotiations an enormous amount of attention was paid to ensuring that this agreement would be consistent with its recovery, and we believe it does so."

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Tejon Ranch Company Press Release:

http://www.earthtimes.org/articles/show/tejon-ranch-co-amp-major-environmental-groups-reach-deal,385353.shtml

TEJON RANCH, Calif. - (Business Wire) Tejon Ranch Co. (NYSE:TRC) announced today that it has reached agreement with the country’s largest and most respected environmental resource organizations on a conservation and land use plan for the 270,000-acre Tejon Ranch.

The agreement between Tejon Ranch Co., The Sierra Club, Natural Resources Defense Council, Audubon California, Planning and Conservation League and the Endangered Habitats League, would result in the permanent conservation of a significant portion of the Ranch’s landholdings while guaranteeing that the signatory environmental organizations would not oppose the Company’s development plans for approximately 30,000 acres located on the western edge of the Ranch: the planned communities of Centennial and Tejon Mountain Village, and a development project at the base of the Grapevine in the area adjacent to Tejon Industrial Complex.

“Without a doubt, this agreement is good for the Company and its shareholders,” said Michael H. Winer, Portfolio Manager for Third Avenue Management LLC, the company’s largest shareholder, and member of the Tejon Ranch Co. Board of Directors. “It’s the key to unlocking the value of Tejon Ranch. By removing the potential obstacles that have plagued similar development efforts in California, we’ll be able to move ahead with the entitlement processes on our current development projects in a much more timely fashion.”

The agreement calls for Tejon Ranch Co. to commit to phased conservation over the next several decades. Through a combination of dedicated conservation easements, either initially dedicated or tied to project approvals, and designated project open space areas, Tejon Ranch Co. will permanently protect approximately 178,000 acres. The agreement also lays the groundwork for the purchase, at a price determined by a state appraisal process, of an additional 62,000 acres of Ranch land, resulting in a total of 240,000 acres of conserved land. Under the agreement, the Ranch will also be able to continue with its historic revenue producing activities on those lands.

The agreement is an outgrowth of the vision for its land that Tejon Ranch Co. has been articulating for years, a vision that included extensive conservation.
Over the years, Tejon Ranch Co. had routinely engaged in conversations with environmental groups and government agencies that could have an interest in or influence over the planned future activities on its land. Those conversations evolved into two years of formal negotiations with the signatory environmental organizations.
“Our vision has been to preserve California’s legacy and provide for California’s future, and this agreement does exactly that,” said Robert A. Stine, President and CEO of Tejon Ranch Co. “The agreement we’ve reached is good for conservation, good for California and good for the company and its shareholders.”
The agreement is strongly supported by key state government officials, including California Governor Arnold Schwarzenegger, the Secretaries of the California Department of Resources and the California Environmental Protection Agency, the Directors of the California Departments of Fish and Game and Parks and Recreation, along with the Director of the Wildlife Conservation Board and the Chair of the State Water Resources Board.

“The success of environmental organizations and Tejon Ranch Co. in reaching this historic agreement to protect a California treasure illustrates something that I have stressed since taking office — we can protect California’s environment at the same time we pump up our economy,” Governor Arnold Schwarzenegger said.
Tejon Ranch Co. 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 http://www.tejonranch.com.

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.
Tejon Ranch Co.Barry Zoeller, VP of Corporate Communicationsbzoeller@tejonranch.comAllen Lyda, VP & CFOalyda@tejonranch.com661-248-3000
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http://la.curbed.com/archives/2008/05/tejon_ranch_dea.php
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http://www.turnto23.com/news/16201081/detail.html#
LEBEC, Calif. -- A group of environmentalists and the owners of a large expanse of wilderness have hammered out a deal that will conserve 90 percent of California’s Tejon Ranch.

Gov. Arnold Schwarzenegger is meeting with the Tejon Ranch Company and environmental groups Thursday morning to unveil future plans for the Tejon Ranch.
The deal would result in California's largest parcel of land designated for conservation that could rival Yosemite National Park in its diversity of wildlife. The preserve would be the rough equivalent of Los Angeles.

The Tejon Ranch, located in the Tehachapi Mountains 60 miles north of Los Angeles and includes, mountains, woodlands, grasslands and desert terrain. Wildlife includes elk, wild turkeys, coyotes, bears, eagles and a crucial condor habitat.
View: LA Times Map Of Ranchland

Conservationists have agreed not to challenge proposed development on Tejon Ranch in exchange for close to 240,000 acres.
Past agreements failed, including a deal that sought in 2005 to sell a third of the ranch as a nature preserve. That agreement fell through, failing to serve the vision of the Tejon Natural Heritage Park Committee, a coalition of 12 conservation groups.
In 2006 another deal fell through as environmentalists sought more than double the acres that developers offered for a preserve.

The Tejon Ranch is dedicating 178,000 acres, while an additional 62,000 will be purchased with state bond funds.
An independent conservancy will be set up to manage the land. The developer has agreed to donate some money for its upkeep. The agreement also seeks to establish a large state park for public use.

Development will include homes and business. There’s already a large IKEA 2-million-square-foot facility within the Kern County portion of the ranch.
The Department of Veterans Affairs recently announced Kern County as the new home to a national cemetery located off of Highway 58 on a 500-acre site donated by Tejon Ranch.

The new cemetery will serve close to 200,000 veterans in Central California who are currently not provided burial space. Construction of the first phase is set to begin in summer 2008.

Tuesday, May 6, 2008

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Newhall Land Company Owner's $1 Billion Loan Default Cuts into Public Employee Retirement Fund; Firm Owns 15,000 Acres North of the L.A. Sprawl Where they Have Proposed 20,000 Homes


(to learn more about this development , go to http://scope.org)

CalPERS-Linked Land Partnership Gets Default Notice

MICHAEL CORKERY

April 26, 2008; Page A3
http://online.wsj.com/article/SB120916479361446151.html?mod=wsjcrmain

A large California land partnership involving one of the largest U.S. pension funds has received a notice of default on a $1 billion loan after failing to meet certain terms of its lenders.

LandSource Communities Development LLC, a partnership that involves the California Public Employees' Retirement System, received the default notice Tuesday, amid talks to restructure $1.24 billion of debt. The partnership, which owns 15,000 acres in Southern California, had received an extension to meet its current loan terms, including a required payment, but the deadline expired on April 16. The default notice applies to about $1 billlion of the total debt.

LandSource spokeswoman Tamara Taylor said that the default notice won't accelerate the company's debt payments and that negotiations with lenders are continuing.

Hundreds of lenders, including banks and institutional investors, hold the syndicated debt. Barclays Capital arranged the financing in early 2007. At the time, LandSource's assets were appraised at $2.6 billion.

Partnerships such as LandSource were a common way to own and develop land during the housing boom. They provided high returns to investors and lenders and a way for builders to keep highly leveraged land off their books. But the ventures have run into trouble as the value of undeveloped land has plummeted and as demand for new homes has eroded.

MW Housing Partners, which includes Calpers, took a 68% financial stake in LandSource in early 2007 amid the slowing housing market. Cerberus Capital Management's LNR Property Corp. unit has a 16% stake, and home builder Lennar Corp. has a 16% stake. Lennar and LNR operate the management of LandSource. None of these equity partners is liable for the debt if LandSource defaults. Calpers and Cerberus representatives declined to comment.

One problem with ventures such as LandSource is that they typically require builder partners to acquire land on a schedule, even if they don't need the lots. They also can require partners to contribute more equity if the land's value falls below a threshold.

LandSource's trouble followed mounting stress at two large joint ventures in Las Vegas, called Kyle Canyon Gateway and Inspirada, involving many of the nation's largest home builders. One partner in these ventures said Friday that it is unlikely that it will meet its obligations to the deals. The partner, home builder Kimball Hill Homes, announced Wednesday that it had filed for Chapter 11 bankruptcy protection.



CalPERS Takes Hit on Land Deal
In a Rare Misstep, Pension Fund Trips On Real-Estate Bid

By MICHAEL CORKERY and CRAIG KARMIN, Wall Street Journal
May 1, 2008
http://online.wsj.com/article/SB120960362036258063.html?mod=wsjcrmain

The nation's largest pension fund is involved in one of the biggest land deals to fall victim to the housing bubble. It is an unusual position for the investor, which has a reputation for avoiding such blowups.

The deal involved a $970 million investment by an investment entity that included the California Public Employees' Retirement System in a venture that owns thousands of acres of undeveloped residential land north of downtown Los Angeles. Now, due to the downward spiral of the housing market, Calpers may find itself having to relinquish the well-located land to creditors and possibly lose much of its investment.


Pension funds have been players in the property market stretching back to at least the 1970s and have recently pursued more-complex real-estate investments. Land investment remains rare among these large institutional investors.

Calpers, a $244 billion fund, did its first undeveloped land deal in 1994 and today has seven partners for such deals and investments in more than 12 states.

"Land is the riskiest form of speculative real estate," said Paul Puryear, a housing analyst at Raymond James & Associates. "That's why you have such huge swings in value." Selling land to home builders can yield huge profits. But when demand from builders stall, land can lose value quickly because there are few other ways to generate income from it. "Maybe you can put cattle on it and wait until people can afford to buy houses again," Mr. Puryear said.

At the time of Calpers's investment, February 2007, the venture was appraised at $2.6 billion. The value of that venture, whose backers included the builder Lennar Corp. and LNR Property Corp., a unit of Cerberus Capital Management, is now much less.

The venture, LandSource Communities Development LLC, had assets valued at $1.8 billion as of the end of February, according to a filing with the Securities and Exchange Commission, but debt of about $1.24 billion. LandSource also is under siege by debtholders. The venture is running low on cash and may have to file for bankruptcy in coming weeks, according to a person involved in the venture. Still, while creditors could take ownership of LandSource's land and other assets, they have little other recourse against Calpers, LNR or Lennar.

The deal could prove a rare public misstep for Calpers, which had nearly $21 billion of real-estate investments at the end of September, or about 8% of its total assets, and is one of the largest land owners in the country. Calpers's investment in the LandSource deal represents less than 1% of its total assets, and the rest of its real-estate portfolio has performed well, with a 12.4% nominal return after fees for the 12 months ending Sept. 30.

In that portfolio, some deals have suffered deep losses. M/W Housing Partners III LP, which includes the LandSource investment, had a return after fees of negative 53.6% for the year ending in September. Another deal, Hearthstone Housing Partners II LP, lost 40.2% in that period.

Rob Feckner, Calpers board president, said for a portfolio as big and diverse as the fund's, some losses were to be expected. "Real estate is a very cyclical business, especially right now," he said in an interview.

Details of the soured land deal are emerging amid upheaval in Calpers's executive suite. The chief executive, Fred Buenrostro, said this week he planned to step down. Last week, Russell Read, the chief investment officer, announced his resignation. People familiar with Calpers said the moves don't appear to be related to the LandSource deal.

The venture is structured similar to dozens of deals that were popular ways for builders like Lennar to buy highly leveraged land during the boom years and reduce the risk of owning the land outright. They would buy the land with partners in off-balance-sheet entities that would borrow money while limiting the builders' exposure to the debt. Many of these deals are unraveling.

The LandSource deal has the twist that the Calpers investment vehicle took a significant stake in the venture, amid the slowing housing market and months before real-estate values plummeted. MW Housing took a 68% stake in LandSource in February 2007, while Lennar and LNR reduced their exposure, each taking a 16% stake and each receiving $660 million after bringing MW Housing into the venture.

MW Housing was co-managed by MacFarlane Partners, a veteran manager of Calpers money, with $11.7 billion in real-estate assets under management. In recent years, MacFarlane has invested as much as $4 billion from Calpers in real-estate projects, such as the Time Warner Center and the Tribeca Green, a 24-story apartment building, both in New York City.

LandSource's California assets are prime real estate. They include some of the only undeveloped acreage in the greater Los Angeles area, about 15,000 acres known as Newhall Ranch lands.

MacFarlane recommended the deal because the land was located in an area with "long-term growth prospects" and investors would realize returns over 12 to 15 years, according to a person familiar with the matter. At the time, MacFarlane anticipated a slowdown in the real-estate market and obtained an independent appraisal of the land as part of its due diligence.

Shortly after Calpers made its investment, Barclays Capital arranged about $1.5 billion in loans for LandSource, which were snapped up by more than 100 investors. The March 2007 offering was oversubscribed.

LandSource's plan was to sell hundreds of ready-to-go house lots to builders to generate cash to service the debt, while the Newhall land was prepared for development, which could take years.

Once the credit crunch hit, demand for the lots evaporated, and the venture was left with less income than it expected.

Negotiations over debt restructuring between LandSource and its lenders are continuing. LandSource recently pulled back from a proposal to contribute several hundred million dollars of additional equity.

LNR didn't respond to a request to comment.

Lennar's chief investment officer, Emile Haddad, who is a managing member of LandSource, said the builder has an "excellent" relationship with Calpers. "These are tough times for all of us," he said. "It's during these times that relationships get tested."

Saturday, May 3, 2008

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Maxxam/Pacific Lumber Agrees to Go Along With Mendocino Redwood Co. Bid for Company; Debt-Owners Have Only Other Plan Before the Bankruptcy Court;
All-cash $530 million bid for Pacific Lumber likely to get OK

By MIKE GENIELLA/THE SANTA ROSA PRESS DEMOCRAT
May 03, 2008
http://www1.pressdemocrat.com/article/20080503/NEWS/805030358/1033/NEWS&template=kart


Mendocino Redwood Co. and a $9 billion New York hedge fund are still seen as the likely new owners of bankrupt Pacific Lumber Co., the North Coast's biggest producer of premium redwood lumber products.

Despite a flurry of new outside interest, a revised all-cash $530 million takeover proposal by Mendocino Redwood and partner Marathon Structured Finance Fund remains the only binding proposal before a federal bankruptcy court in Texas.

Federal Judge Richard Schmidt on Friday set a final Pacific Lumber hearing for May 16, indicating he might decide soon after."We're confident of a positive outcome," said Sandy Dean, chairman of Mendocino Redwood.The Ukiah-based company, which already owns 200,000 acres of Mendocino County timberlands, was formed 10 years ago by members of San Francisco's Fisher family. Its timberland management practices have drawn praise from within the timber industry, among state and federal regulators, and the North Coast environmental community.

A revised Mendocino-Marathon proposal that is all cash is being scrutinized by a consortium of investment banks, which until now have resisted the takeover. They've wanted more for the $714 million they hold in Pacific Lumber's bonded indebtedness.

Analysts said Friday they believe lenders might now accept the Mendocino-Marathon deal to resolve a bankruptcy case that's dragged on for 15 months. Pacific Lumber executives have warned the company could run out of money by May 20 and be forced to close the Scotia sawmill complex and lay off up to 350 workers.

Texas financier Charles Hurwitz, Pacific Lumber's current owner, and company executives on Thursday reached an agreement with Mendocino-Marathon for an eventual takeover. In addition, the deal is favored by state and federal regulators, leading political figures -- including Gov. Arnold Schwarzenegger and U.S. Sen. Dianne Feinstein, D-Calif. -- and key North Coast environmental groups.A flurry of speculation about a potential bidding war was sparked Thursday by expressions of interest in Pacific Lumber assets from Harvard University's $40 billion endowment fund, and a proposed partnership involving a Dallas banker and lumberman Red Emmerson, California's biggest timberland owner.

But analysts said Friday an auction could raise a host of new concerns for lenders, who are eager to get paid."It appears lenders are giving the new Mendocino-Marathon proposal a hard look," said a West Coast analyst, who asked not to be named.

Friday, May 2, 2008

Come Design a Mountains To The Sea Trail in Los Angeles!

Thursday May 8th, 7 to 9 P.M.

Purpose:

• Envision a multi-use trail that connects the
mountains to the sea across the LA Basin

• Identify potential trail connections and nodes

• Prioritize areas for restoration

• Increase greenspace in our communities and
reduce automobile use

• Launch a collaborative strategic planning effort

For further information and to RSVP:

Please contact Elizabeth Pulido at:
goldennecklace@gmail.com or
310.210.0252

Sponsored by
Urban and Regional Planning Capstone Graduate Planning Studio Students
California State Polytechnic University, Pomona

Avenue Twenty-six, Los Angeles, California 90065
The Los Angeles River Center and Gardens are a focal point for the renewal of the Los Angeles River,
and a prime location for gatherings, conferences, and special events.

For meeting location map and directions: http://www.lamountains.com/maps/riverCenter.pdf

Wednesday, April 30, 2008

-----
Pacific Lumber settlement may be brewing

John Driscoll The Times-Standard
04/30/2008

http://www.times-standard.com/localnews/ci_9103820?source=rss


The Pacific Lumber Co. asked the U.S. Bankruptcy Court to break hearings mid-stride Tuesday so key parties, including Mendocino Redwood Co., can try to carve out a settlement.

In a surprise announcement in Corpus Christi, Texas, Palco attorney Shelby Jordan told Judge Richard Schmidt that the company had spent the past 30 hours working out a potentially consensual plan. The proposal would fit within the boundaries of the plan by Palco creditor Marathon Structured Finance Fund and Mendocino Redwood, Jordan said.

The proposal would not require going back to creditors for a vote, Jordan said. That suggests the reorganization plan would keep with Mendocino's desire to run the mill in Scotia and for Marathon to run the town.

At the time of the announcement, the negotiations did not appear to include the creditors whose $714 million loan is secured by Palco subsidiary Scotia Pacific's 210,000 acres of timber. But the noteholders' attorney, Bill Greendyke, agreed to the interruption, adding that if a settlement is reached, Palco would forego arguing for its own plan.

Essentially, the proposed deal would be a settlement among Marathon, Mendocino Redwood, Palco, Scotia Pacific and Palco's parent company, Maxxam Inc. If a settlement is reached, Maxxam and Palco would support the Mendocino plan, and scrap its own unlikely and controversial plan.

That could help push a settlement between all the parties and speed the case to an end. The announcement changes the tone somewhat after mediated talks between Mendocino Redwood and the bond holders last week failed to produce an agreement.

”The settlement, of course, is in process, and it's not done,” Mendocino Redwood Chairman Sandy Dean told the Times-Standard by phone from Corpus Christi Tuesday. “Mendocino Redwood is interested in settling with as many parties as possible.”

The announcement came after a representative for the indentured trustee Bank of New York, representing the noteholders, testified about an amended offer to buy the timberlands by Beal Bank. The bank is owned by investor and poker player Andy Beal, and its subsidiary, Scotia Redwood Foundation, has put in a bid of $603 million.

If the plan is confirmed by the court, it could lead to an auction of the timberlands. Bank of New York Vice President Chris Matthews testified in court Tuesday that he's confident the foundation's bid is real, and that bids would be forthcoming on the property once the “cloud of uncertainty” -- the bankruptcy process -- is lifted.

But a revised term sheet from the foundation apparently failed to make corrections promised by a Beal Bank official during earlier hearings. Matthews said he hadn't seen estimates of expenses for administrative claims, board members or for the sales process and what that might mean for what the noteholders can recover.

”It's a very real offer,” Matthews said.

Questioning by Mendocino Redwood and Marathon attorneys appeared directed at the uncertainty of the foundation's bid, and at how the company would be operated. The judge also raised concerns about the treatment of Scotia Pacific's unsecured creditors under the revised term sheet. Greendyke said there was a realization that those creditors would have to be “crammed down,” or would need to take less than they're owed.

”That is not an insignificant change,” Schmidt said.

Marathon attorney David Neier said the issue, and others regarding employee benefits, was not fully disclosed to creditors.

”Now they're rejecting all those claims,” Neier said. “I think their plan is patently unconfirmable as of today.”

A progress report is expected this morning.


Tuesday, April 29, 2008

-----

Over 130,000 acres of Wildlife Habitat Were Saved in California Land Acquisitions by State and Federal Agencies and Local Land Trusts As Reported between the beginning of September 2007 to the end of April 2008:

Summary:

Southern California:
San Diego County: 6266 acres
Orange County: 27 acres
Riverside County: 4578 acres
Los Angeles County: 2172 acres


Central Coast:
Ventura County: 2638 acres
Santa Barbara County: 4066 acres
San Luis Obispo County: 230 acres
Monterey County: 4443 acres
San Benito County: 1967 acres
Santa Cruz County: 253 acres

San Francisco Bay Area:
Contra Costa County: 2000 acres
Sonoma County: 2892 acres
Marin County: 993 acres
San Mateo County: 2215 acres
Santa Clara County: 29,227 acres
Napa County: 1277 acres


Central Valley and Sierra Nevadas:
Shasta County: 141 acres
Lassen and Modoc Counties: 2180 acres
Placer County: 21 acres
El Dorado County: 440 acres
Nevada County: 1343 acres
Sierra County: 725-Acres
Glenn County: 259 acres
Fresno County: 681 acres
Madera County: 1799 acres
Kern County: 236 acres
Mono County: 4341 acres

North Coast:
Mendocino County: 50,224 acres
Humboldt County: 4673 acres
Del Norte County: 9.5 acres

--------------------------------------------------------------------

DETAILED SUMMARY OF LAND PURCHASES:

Abbreviations:

WCB is Wildlife Conservation Board

CC is the Coastal Conservancy

State Parks Dept. was checked and no purchases were announced in this period.

Also, see the Land Trust Alliance’s page on recent purchases:

http://www.lta.org/yourregion/pacific.htm

-----------------------------------------------------------------------

SOUTHERN CALIFORNIA:

San Diego County:

--950 acres by WCB 2-20-2008, Ramona Grasslands, Expansion 2, $25,000

http://rare-earth-news.blogspot.com/2008/01/4259-acres-of-california-wildlife.html

--Over 100 Acres Saved at San Diego River, Eagle Peak Preserve, 5-8-07 http://www.sandiegoriver.org/

http://rare-earth-news.blogspot.com/2007/09/over-100-acres-saved-at-san-diego-river.html

--204 Acres Added to San Diego River Park Within National Forest Boundary

9/10/2007

http://rare-earth-news.blogspot.com/2007/09/204-acres-added-to-san-diego-river-park.html

--1206 acres, North San Diego County’s Margarita Peak, 8/2007 by WCB and Fallbrook Land Conservancy and is part of the Marine Corps Camp Pendleton buffer and open space connectivity program.

http://rare-earth-news.blogspot.com/2007/10/north-san-diego-countys-margarita-peak.html

--1,000 acres expansion of Anza-Borrego Desert park by Nature Conservancy

http://rare-earth-news.blogspot.com/2008/01/nature-conservancy-buys-1000-acres-so.html

--476 acres by WCB 5-22-2008, Ramona Grasslands, Expansion 3, $5,000, located west of the community of Ramona, in San Diego County.

http://rare-earth-news.blogspot.com/2008/04/state-wildlife-board-to-buy-5035-acres.html

--230 acres by the U.S. Fish and Wildlife Service for $4.9 million for land in the East Elliot and Otay Mesa areas
--1080 acres by the U.S. Fish and Wildlife Service for $600,000 for land in the Jacumba area for the Quino's checkerspot butterfly
--1020 acres by the U.S. Fish and Wildlife Service for $1 million in the La Posta area

http://rare-earth-news.blogspot.com/2008/04/feds-actually-give-almost-18-million-to.html

-----------------------------------

Orange County:

--16.6 acres CC 11-2007: disburse an amount up to $860,000 to the Huntington Beach Wetlands Conservancy to acquire the 16.6-acre University of California Riverside property at Brookhurst Marsh in Huntington Beach, Orange County.

(--100 acres by WCB 2-20-2008: Hellman Wetlands in Seal Beach, $6,100,000; item was pulled from agenda for ???? reason)

http://rare-earth-news.blogspot.com/2008/01/4259-acres-of-california-wildlife.html

--10.38-acre SBD Property near the Laguna Coast Wilderness Park by CC 4-24-2008

------------------------------------------

Riverside County:

--998 acres total by WCB 11-15-2007 to be Purchased in Riverside County:

http://rare-earth-news.blogspot.com/2007/10/8403-acres-of-california-wildlife.html

--18+ acres at Wilson Creek, located south of Hemet;

--352 acres at Wilson Creek;

--172+ acres located along the Interstate 15 corridor;

--100 acres located in the Santa Rosa Mountains area south of the city of La Quinta, in Riverside County;

--30 acres Santa Rosa Plateau, Tenaja Corridor;

--6 acres north of the city of Murrieta;

--320 acre addition to Coachella Valley Ecological Reserve, Edom Hill Unit, located southeast of the city of Desert Hot Springs.

--321 acres of land was dedicated Tuesday to the Coachella Valley Fringe-toed Lizard Preserve. The 321-acre parcel is part of an 8,880-acre acquisition that serves as a wildlife movement corridor between the preserve and Joshua Tree National Park.

http://rare-earth-news.blogspot.com/2007/09/feds-cough-up-for-coachella-valley-land.html

All of the following are by the WCB on 5-22-2008:

--80 acres at Coachella Valley Ecological Reserve (Edom Hill Unit) $5,000.00 Expansion 31, a cooperative project with the Coachella Valley Mountains Conservancy to acquire fee title to 80± acres located southeast of the City of Desert Hot Springs, in Riverside County.
--91 acres at San Jacinto Wildlife Area, Expansion 30, $400,000, acquisition of a conservation easement over 91± acres as an addition to the Department of Fish and Game's San Jacinto Wildlife Area located southwest of Mystic Lake, near Lakeview.

--10 acres at Santa Rosa Mountains Wildlife Area, Expansions 9 and 10, $280,000 as additions to the Department of Fish and Game’s Santa Rosa Mountains Wildlife Area; located west of Jefferson Street and south of Avenue 62, in the City of La Quinta, in Riverside County.
--36 acres at Triple Creeks Conservation Area, Expansion 3, $5,000 to acquire fee title to 36± acres located west of State Highway 79, south of Scott Road in Murrieta, in Riverside County.
--102 acres south of Hemet, Western Riverside County MSHCP, Expansion 3, $5,000 to acquire fee title to 102± acres located approximately eight miles south of Hemet, in Riverside County.

--71 acres at El Sobrante, $2,504,700 to acquire fee title to 71± acres located within the Department of Fish and Game’s Natural Community Conservation Plan area, northeast of the City of Wildomar, south of Lake Elsinore, in Riverside County.

http://rare-earth-news.blogspot.com/2008/04/state-wildlife-board-to-buy-5035-acres.html

--2869 acres by the U.S. Fish and Wildlife Service for $466,000 at the Santa Rosa Mountains

http://rare-earth-news.blogspot.com/2008/04/feds-actually-give-almost-18-million-to.html

--------------------------------------------

LOS ANGELES COUNTY:

Santa Monica Mountains:

-total of 825 acres at Corral Canyon in Malibu, by CC and WCB:

Rancho Corral

http://rare-earth-news.blogspot.com/2007/10/parks-agency-to-buy-850-acres-that.html

--10 acres Saddle Peak, by MRCA, by donation

--29-acre conservation easement donation adjacent to Liberty Canyon, Agoura Hills.

http://rare-earth-news.blogspot.com/2007/11/l.html

L.A. County Funds Major Land Purchases in Santa Monica Mountains
5/18/07

The projects, funded by a combination of sources, are:

--18 acres Lindero Creek

--8 acres Upper Topanga Canyon Trail between Summit to Summit at Henry Ridge Motorway

--266 acres Cold Creek Trail

--99 acres Cold Creek High Trail

--80 acres Upper Solstice Canyon

-199 acres Corral Canyon

http://rare-earth-news.blogspot.com/2007/09/la-county-funds-land-buys-in-santa.html

San Gabriel Mountains:

--262+ acres by WCB 11-15-2007 in the city of Glendora,

http://rare-earth-news.blogspot.com/2007/10/8403-acres-of-california-wildlife.html

--400 acres in Elsmere Canyon, adjacent to Angeles National Forest. This property connects the thousands of acres of parks in the Santa Monica Mountains, Simi Hills and Santa Susana Mountains with the Angeles National Forest and parks in the east half of L.A. County! This pinch point is just north of Sylmar and Granada Hills and south of Santa Clarita.

http://mrca.ca.gov/pdf/attachment598_Map.pdf

http://rare-earth-news.blogspot.com/2007/09/connector-between-las-angeles-forest.html

--175 acres in Verdugo Mountains and San Rafael Hills in Glendale, donated by developer

http://rare-earth-news.blogspot.com/2008/01/developers-donate-175-hillside-acres-in.html

-----------------------------------------------

CENTRAL COAST COUNTIES:

VENTURA COUNTY:

--10 acre Santa Monica Mountains Backbone Trail land connector purchased

http://rare-earth-news.blogspot.com/2008/01/backbone-trail-land-connector-purchased.html

--2400 acre Simi Hills Rocketdyne site will be donated to public after cleanup of toxics; Parcel is Vital Link in Parks Corridor Connecting Santa Monica Mountains and Open Spaces in North L.A. and Ventura Counties

http://rare-earth-news.blogspot.com/2007/10/saved-parcel-is-in-red-outline.html

--228 acres at Santa Clara River by CC 4-24-2008

http://www.scc.ca.gov/sccbb/0804bb/0804Board03_Santa_Clara_River_Parkway.pdf

http://rare-earth-news.blogspot.com/2008/04/coastal-conservancy-votes-on-crucial.html

-------------------

Santa Barbara County:

--143 acres by CC 1-2008: Paradise Beach for conservation of open space and dunes habitat, Point Sal, northern Santa Barbara County.

http://rare-earth-news.blogspot.com/2008/04/143-acres-of-pristine-san-luis-obispo.html

--23 acre Carpinteria Ranch is Saved with Conservation Easement

http://rare-earth-news.blogspot.com/2008/02/santa-barbara-county-ranch-is-saved.html

--3900 acres north of Lompoc and on Gaviota coast-- Oil firm, Plains Exploration and foes strike major deal on Santa Barbara Coast; to donate land for preservation if they can tap offshore oil from existing platform. http://rare-earth-news.blogspot.com/2008/04/oil-firm-foes-strike-major-deal-on.html

San Luis Obispo County:

-8 acres by CC 1-2008 and WCB 5-22-2008: for East Sweet Springs property on the south Morro Bay shoreline

http://rare-earth-news.blogspot.com/2008/04/state-wildlife-board-to-buy-5035-acres.html

--222 acres added to Carrizo Plain National Monument by the federal Bureau of Land Management for $118,500.

http://rare-earth-news.blogspot.com/2007/09/carrizo-plain-national-monument-gets.html

--143 acres by CC 1/2008 at Paradise Beach near the Guadalupe-Nipomo Dunes http://rare-earth-news.blogspot.com/2008/04/143-acres-of-pristine-san-luis-obispo.html

----------------

Monterey County:

Big Sur Area:

--12 acres by CC 1-2008: disburse up to $500,000 to the Big Sur Land Trust for acquisition of the McWhorter Property for the Carmel River Parkway in Monterey County.

--3200 acre conservation easement at Carmel River’s Violini Ranch funded by the Big Sur Land Trust and The Nature Conservancy. Read full story. http://rare-earth-news.blogspot.com/2008/02/salinas-valley-farmers-act-to-protect.html

--860 acre Glen Deven Ranch, located above Highway 1 in the hills of Big Sur, is a striking example of the beauty, simplicity and raw power of the area. Land was donated to the Big Sur Land Trust in 2001 More

--160 acres Horse Pasture Preserved by Wilderness Land Trust and donated to U.S. Forest Service (3/2007)

Monterey Peninsula Herald Article

http://rare-earth-news.blogspot.com/2008/02/several-key-wildlife-area-tracts-are.html

Elkhorn Slough:

--7.47 acres of land by WCB 11-15-2007 as an addition to the Elkhorn Slough Ecological Reserve, located in the town of Castroville in Monterey County,

http://rare-earth-news.blogspot.com/2007/10/8403-acres-of-california-wildlife.html

--204 acres by WCB 2-20-2008, Elkhorn Slough Ecological Reserve, Expansion 17 $3,483,377

http://rare-earth-news.blogspot.com/2008/01/4259-acres-of-california-wildlife.html

SAN BENITO COUNTY:

--1967 acres given by Nature Conservancy at “Pinnacles Gateway” to National Park Service (4/2006) http://rare-earth-news.blogspot.com/2007/10/nature-conservancy-transfers-pinnacles.html

----------------------

Santa Cruz County:

--189 acres by WCB 2-20-2008: Santa Cruz Sandhills $1,510,000.00, located near town of Scotts Valley

http://rare-earth-news.blogspot.com/2008/01/4259-acres-of-california-wildlife.html

--64 acres in Willow Canyon by the U.S. Fish and Wildlife Service

http://rare-earth-news.blogspot.com/2008/04/feds-actually-give-almost-18-million-to.html

---------------------------------------------------------

SAN FRANCISCO BAY AREA COUNTIES:

Sonoma County:

--1235 acres by CC 9-2007: Poff Property for addition to Sonoma Coast State Beach in western Sonoma County.

--1,657+ acres by CC and WCB 11-15-2007 of land located west of Highway 121, south of the city of Sonoma, in Sonoma County; Napa-Sonoma Marshes Wildlife Area, Tolay Creek Unit known as Roche Ranch

Contra Costa County:

--2000 acres by the U.S. Fish and Wildlife Service to save red-legged frog habitat

http://rare-earth-news.blogspot.com/2008/04/feds-actually-give-almost-18-million-to.html

Marin County:

--750 acres by CC 9-2007: acquire a conservation easement over the 750-acre Poncia Ranch south of the town of Tomales, in western Marin County.

--243 acres by CC 11/2007; buy conservation easement at the Tomales Farm and Dairy in west Marin County.

San Mateo County:

--206 acres bought by POST at Wavecrest Property in Half Moon Bay
Read full story. (posted 2/1/2008)

--3.67 acre Pillar Point Bluff: The $495,000 acquisition will be added to POST’s Pillar Point Bluff property, 119 acres that surround the new purchase on two sides. Read full story. (posted 1/8/2008)

--1047 acre Mindego Hill bought by POST, located Along Skyline Ridge

Read full story. (posted 10/12/07)

http://rare-earth-news.blogspot.com/2008/02/open-spaces-on-west-side-of-san.html

http://www.scc.ca.gov/sccbb/0804bb/0804Board12_Mindego_Hill_Acquisition.pdf

http://rare-earth-news.blogspot.com/2008/04/coastal-conservancy-votes-on-crucial.html

--952 acres conservation easement south of Half Moon Bay donated 4/2/2008

http://rare-earth-news.blogspot.com/2008/04/san-mateo-county-coastside-landowner.html

--6.4 acres at Brisbane Acres by CC 4/24/2008

http://www.scc.ca.gov/sccbb/0804bb/0804Board22B_Brisbane_Acres.pdf

http://rare-earth-news.blogspot.com/2008/04/coastal-conservancy-votes-on-crucial.html

Santa Clara County:

--28,359 acre conservation easement near San Jose – A huge stretch of land near Mount Hamilton that is nearly the size of San Francisco has been donated as a conservation easement by the Hewlett and Packard families to protect the property from development, the Nature Conservancy said Sunday. The protection of the 28,359-acre San Felipe Ranch from development will complete a 70-mile long corridor of protected natural lands that extends from Pacheco Pass to Livermore Valley, according to the conservancy.

http://rare-earth-news.blogspot.com/2008/02/big-south-san-francisco-bay-ranch.html

http://rare-earth-news.blogspot.com/2008/02/protecting-heart-of-mount-hamilton.html

--868 acres by CC 1-2008: acquire the Blair Ranch in Morgan Hill for habitat preservation, open space protection, public access and incidental agricultural use. Purchase made in conjunction with POST Read full story

Napa County:

--1000 acres at the Duff Ranch by CC 4/24/2008, located northeast of Calistoga

--120 acres by CC 1-2008: acquisition of property interests in the 120-acre Smith-Madrone Property adjacent to Bothe-Napa Valley State Park in Napa County, for the protection of natural resources and public access.

--157 acres by CC 1-2008: disburse up to $485,000 to the Regents of the University of California for the acquisition of approximately 157 acres for inclusion in the Quail Ridge Reserve located on the south shore of Lake Berryessa in Napa County.

------------------------

CENTRAL VALLEY /SIERRA NEVADA COUNTIES:

Shasta County:

--141 acres by WCB 5-22-2008, Mouth of Cottonwood Creek Wildlife Area $1,745,000, Balls Ferry Unit, Expansion 2, as an addition to the Department of Fish and Game's Mouth of Cottonwood Creek Wildlife Area located east of the community of Cottonwood, in Shasta County.

http://rare-earth-news.blogspot.com/2008/04/state-wildlife-board-to-buy-5035-acres.html

Lassen and Modoc Counties:

--2180 acres including 86 miles of railroad track by WCB 5-22-2008. Rails to Trails, Modoc Line $420,000, a grant to the Lassen Land and Trails Trust for a cooperative acquisition with the Department of Fish and Game, the Bureau of Land Management, and the Sierra Nevada Conservancy to buy the rail line running north from the town of Wendel, in Lassen County and ending south of Alturas, in Modoc County.

http://rare-earth-news.blogspot.com/2008/04/state-wildlife-board-to-buy-5035-acres.html

Placer County:

--21 acres at the Big Gun property, by the U.S. Fish and Wildlife Service to save red-legged frog habitat

http://rare-earth-news.blogspot.com/2008/04/feds-actually-give-almost-18-million-to.html

El Dorado County:

--80+ acres by WCB 11-15-2007 of vacant land in El Dorado County, Pine Hill Ecological Reserve, Salmon Falls Unit

http://rare-earth-news.blogspot.com/2007/10/8403-acres-of-california-wildlife.html

--40 acres by WCB 2-20-2008: South Fork American River, Lower Canyon Unit near the community of Pilot Hill, Expansion 2, $360,000

http://rare-earth-news.blogspot.com/2008/01/4259-acres-of-california-wildlife.html

--320 acres by WCB 2-20-2008,Upper Cosumnes River Basin (north fork), Expansion 2 $1,465,000, http://rare-earth-news.blogspot.com/2008/01/4259-acres-of-california-wildlife.html

Nevada County:

--1343 acres donated at the Truckee River (WCB 11-15-2007): by the Truckee Donner Land Trust to the Department of Fish and Game; Truckee River Wildlife Area, Gray Creek Canyon Unit, http://rare-earth-news.blogspot.com/2007/10/8403-acres-of-california-wildlife.html

Sierra County:

--725-Acre Working Forest Conservation Easement Nears Completion; 1-2008: Turner Creek Ranch Project Helps Safeguard the southwest Sierra Valley
http://www.pacificforest.org/news/pdf/TurnerCreek-PR-1-10-08.pdf
PFT is pleased to announce our latest working forest conservation easement - the Turner Creek Ranch Project - is set to close by year's end. Turner Creek Ranch is a 725-acre working landscape that supports cattle grazing, hay farming and sustainable timber harvests. The Ranch has been owned by the Turner family for more than 150 years and is currently stewarded by Russell and Elva Turner. http://rare-earth-news.blogspot.com/2007/10/turner-creek-ranch-project-helps.html

Glenn County:

--259 acre conservation easement by WCB 2-20-2008 at Bird Haven Ranch, $440,000,

located off of County Road 67, east of Afton, adjacent to the Department of Fish and Game's Upper Butte Basin Wildlife Area.

http://rare-earth-news.blogspot.com/2008/01/4259-acres-of-california-wildlife.html

Madera County:

--719 acres at Fine Gold Creek Saved (7-27-07) by Sierra Foothills Conservancy and the Trust for Public Land http://rare-earth-news.blogspot.com/2007/09/fine-gold-creek-saved-in-madera-county.html

--1080 acres by WCB 5-22-2008, Millerton Preserve (Ecker Ranch) $3,015,000, a grant to the California Rangeland Trust to acquire a conservation easement over 1,080± acres located 25 miles northeast of the City of Madera, near the community of Coarsegold, in Madera County.

http://rare-earth-news.blogspot.com/2008/04/state-wildlife-board-to-buy-5035-acres.html

Fresno County:

358 acres by WCB 5-22-2008 at Black Mountain Preserve, Expansion 3, $1,150,000, a grant to the Sierra Foothill Conservancy to acquire fee title to land located off of Tollhouse Road, in the Sierra Nevada Foothills, in Fresno County.

http://rare-earth-news.blogspot.com/2008/04/state-wildlife-board-to-buy-5035-acres.html

--323 acres by WCB 2-20-2008: San Joaquin River Riparian Habitat, Expansion 14 $6,435,500, as an addition to the San Joaquin River Parkway, located northeast

of the City of Fresno, http://rare-earth-news.blogspot.com/2008/01/4259-acres-of-california-wildlife.html

Kern County:

--40 acres by WCB 2-20-2008 at Canebrake Ecological Reserve, Cap Canyon Unit, Expansion 2, $100,000, http://rare-earth-news.blogspot.com/2008/01/4259-acres-of-california-wildlife.html

--196 acres by WCB 5-22-2008 at Canebrake Ecological Reserve, Canebrake Creek Unit $404,500, Expansion 3, as an addition to the Department of Fish and Game's Canebrake Ecological Reserve located near the community of Canebrake, northwest of State Highway 178, in eastern Kern County.

http://rare-earth-news.blogspot.com/2008/04/state-wildlife-board-to-buy-5035-acres.html

----------------------

NORTH COAST COUNTIES:

Mendocino County:

--160 acres by WCB 2-20-2008: Montgomery Woods, Expansion 1, $255,000, Mendocino County, ten miles northwest of Ukiah.

http://rare-earth-news.blogspot.com/2008/01/4259-acres-of-california-wildlife.html

--50,000 acre Usal forest: Redwood Forests Foundation Now Owns 50,000 Acres in Mendocino County Between Coast and 101 Freeway; Bought from Timber Company with Help from Bank of America

http://rare-earth-news.blogspot.com/2008/02/redwood-forests-foundation-now-owns.html

--64 acres of coastal dunes at Mackerricher State Park by the U.S. Fish and Wildlife Service

http://rare-earth-news.blogspot.com/2008/04/feds-actually-give-almost-18-million-to.html

Humboldt County:

--4500 acres upstream of Redwood National Park bought by BLM in 2006: Last year another major part of the Lacks Creek drainage was bought by the U.S. Bureau of Land Management with help from private conservation groups. In a $5.5 million deal including $2.5 million from the Save-the-Redwoods League and money from the Resource Legacy Foundation Fund, 4,500 acres was procured from the Barnum Timber Co., Eel River Sawmills and landowner Veena Menda.

http://rare-earth-news.blogspot.com/2007/09/redwood-national-park-grows.html

--53 acres by WCB 5-22-2008:. Humboldt Bay Coastal Reserve, Expansions 2 and 3, $495,000, located west of State Highway 255, southwest of Arcata, in Humboldt County.
http://rare-earth-news.blogspot.com/2008/04/state-wildlife-board-to-buy-5035-acres.html


--120 acres by WCB 5-22-2008 at Jacoby Creek Forest, Expansion 4, $509,000, a grant to the City of Arcata for land approximately seven miles southeast of the City of Arcata, in Humboldt County.

http://rare-earth-news.blogspot.com/2008/04/state-wildlife-board-to-buy-5035-acres.html

Del Norte County:

--9.5 acres by CC 9-2007: disburse up to $20,000 to the City of Crescent City to complete the Battery Point and Brown Property Feasibility Study for potential acquisition, restoration and public access on 9.5-acres of property on the waterfront in Crescent City, Del Norte County.

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EASTERN SIERRA:

Mono County:

--480 acres saved by Eastern Sierra Land trust adjacent to the Mono Basin National Forest Scenic Area.

http://easternsierralandtrust.org/

http://rare-earth-news.blogspot.com/2008/02/eastern-sierra-land-trust-adds-480.html

--80 acres Donated to BLM Near Granite Mountain, Near Mono Lake

http://www.blm.gov/ca/st/en/info/newsroom/2008/january/CCNews0822_granitemtn_donation.html
1/18/2008:An 80-acre parcel in the eastern Sierras is open for public access following a donation to the Bureau of Land Management Bishop Field Office. The parcel is located in the Granite Mountain Wilderness Study Area, east of Mono Lake. The Wilderness Land Trust recently acquired the land from a willing seller and donated it to the BLM to be managed as public lands.

http://rare-earth-news.blogspot.com/2008/01/blm-opens-donated-land-near-granite.html

--3748 acre Former Island in Mono Lake Now Public Land

http://www.blm.gov/ca/st/en/info/newsroom/2007/july/CCNews0758_cedarhi%20lls_acquisition.html

July 27, 2007. The Wilderness Land Trust acquired the 3,748-acre property from Mel Arthur in 2006 and recently donated it to the BLM

http://rare-earth-news.blogspot.com/2007/09/former-island-in-mono-lake-now-public.html

--33 acres by WCB 5-22-2008 at Wheeler Ridge Wildlife Area, Expansion 1, $840,000; a grant to the Eastern Sierra Land Trust to acquire fee title to 33± acres located west of State Highway 395, south of Crowley Lake, in southern Mono County.

http://rare-earth-news.blogspot.com/2008/04/state-wildlife-board-to-buy-5035-acres.html

Sunday, April 27, 2008

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San Mateo County Coastside Landowner Donates Conservation Easement to POST

Gift protects expansive 952-acre ranch along Highway 1.

April 2, 2008

Peninsula Open Space Trust (POST) announced today that it has received a donation of a conservation easement on a 952-acre ranch along Highway 1 south of Half Moon Bay. Landowner Kathleen Scutchfield donated the easement, valued at $7.9 million, to preserve the scenic vistas and rich natural resources on the property, known as Toto Ranch.

“I’ve seen how development has been creeping up and down the coast and feel it’s important to make a statement and save this land just as it is, in its open, natural state,” said Scutchfield. “POST has done so much to preserve the character of the Coastside, and I want to see that this beautiful land is protected forever.”

For rest of story:

http://www.openspacetrust.org/news/pressreleases08-0402.html

LA meetuphikes.org

E-Mail the editor:

rexfrankel at yahoo.com

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