County Board of Supervisors expected to vote later this year
SACRAMENTO, Calif., July 9 /PRNewswire-FirstCall/ -- GenCorp Inc.
(NYSE: GY) announced today that the Sacramento County Policy Planning
Commission voted unanimously to recommend approval of the Company's project
for Glenborough at Easton and Easton Place (the "project") to the
Sacramento County Board of Supervisors. The vote occurred at the
commission's July 8, 2008 meeting. Sacramento County (the "County") will
work on the final Environmental Impact Report in preparation for the County
Board of Supervisors hearings later this year.
"We are pleased to have reached this important milestone towards our
goal of repositioning our excess land in anticipation of a real estate
market recovery," said Scott Neish, interim president and chief executive
officer of GenCorp.
Located on approximately 1,400 acres in eastern Sacramento County, the
project is located between Hazel Avenue and Prairie City Road south of
Highway 50. This is the first major entitlement step for a project within
Easton, GenCorp's approximately 6,000-acre multi-jurisdictional, visionary
master plan for its excess landholdings.
"In 2004, the County and GenCorp initiated a collaborative proactive
planning process that represents a new model in land use planning for
Sacramento County," said David C. Hatch, vice president, GenCorp Realty
Investments, LLC. "We look forward to continuing to work closely with the
County on this entitlement effort."
Grounded in principles for smart growth and sustainability, the
project's land use plan includes 4,883 units in a wide range of residential
densities and 4.2 million feet of commercial and office space. The project
also includes more than 480 acres of open space and parks, and an extensive
network of biking and walking trails that link it to the American River
Parkway and the Hazel Light Rail station.
Envisioned as a major transit-oriented development, Easton Place
surrounds the Light Rail station at Hazel Avenue, and will be a
high-density, mixed-used area featuring residential, employment, retail and
entertainment options, as well as civic and public spaces.
"We have taken great care to design a project that will capitalize on
the unique opportunities presented by the land and enhance the Alder Creek
open space area that has been inaccessible to the public for more than 50
years," said Hatch.
The approximately 6,000-acre Easton master plan is comprised of a
series of smaller planning areas known as "boroughs." In addition to
Glenborough at Easton and Easton Place, the boroughs of Easton include Rio
del Oro and Westborough located in the City of Rancho Cordova, California,
as well as Hillsborough located in the Folsom, California Sphere of
Influence.
Forward Looking Statements
This release may contain certain "forward-looking statements" within
the meaning of the United States Private Securities Litigation Reform Act
of 1995, relating to the timing and planning of the Company's real estate
projects. Such statements are based on management's current expectations
and are subject to risks, uncertainty and changes in circumstances. A
variety of factors could cause actual results or outcomes to differ
materially from those expected and expressed in the Company's
forward-looking statements. Some important risk factors that could cause
actual results or outcomes to differ from those expressed in the
forward-looking statements are described in the section "Risk Factors" in
Item 1A of the Company's Annual Report to the SEC on Form 10-K for the
fiscal year ended November 30, 2007.
About GenCorp
GenCorp is a leading technology-based manufacturer of aerospace and
defense products and systems with a real estate segment that includes
activities related to the entitlement, sale and leasing of the Company's
excess real estate assets. Additional information about the Company can be
obtained at the Company's web site at http://www.GenCorp.com.
SOURCE GenCorp Inc.
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Related links:
http://www.gencorp.com/
CONTACT:
Linda Cutler, vice president, corporate
communications, +1-916- 351-8650; or Investors: Yasmin Seyal,
senior vice president and chief financial officer,
+1-916-351-8585, both of GenCorp Inc.
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