Pure Cycle Acquires Title To Sky Ranch Property
DENVER, Nov. 4, 2010 (GLOBE NEWSWIRE) -- Pure Cycle Corporation (Nasdaq:PCYO) announced that effective November 2, 2010, pursuant to an order of the United States Bankruptcy Court, Northern District of Illinois (the "Court"), the Company was granted deeded title to the Sky Ranch property, along with the water rights associated with the property, free and clear of all unrecorded liens, claims and interests.
The Company acquired the note from Bank of America on October 19, 2010 and was able to obtain title to the property through the Court more expeditiously than anticipated. Prior to the previous owner's bankruptcy, development was slated to begin at Sky Ranch in 2007. Mark Harding, President and CEO of the Company, described the transaction as follows:
"One of the primary reasons we acquired the Sky Ranch property was to remove the encumbrances associated with the previous owner's bankruptcy and to position the property for development. In addition to the land and water interests, we are now the beneficiaries of millions of dollars' worth of land entitlement efforts and technical investigations undertaken by the previous developer including geotechnical reports, utility and roadway design and engineering studies, traffic impact studies, drainage studies, and school impact analyses."Although growth in the Denver housing market continues to be slow, it is showing signs of improvement from its 2009 lows. The approximately 940-acre property holds zoning approval from Arapahoe County for up to 4,850 residential/commercial/industrial units. We believe Sky Ranch is ideally positioned for entry level housing (houses costing less than $300,000). With the expeditious conversion of the note into ownership of the land and water, we are now free to work with area builders and developers on this property as we begin our fiscal 2011. While we are excited to pursue this land opportunity with builders and developers, our purchase of the property does not change our focus away from providing water and wastewater services in the semi-arid Denver metropolitan area in an environmentally sustainable and responsible manner. We look forward to implementing our dual pipe water distribution system to provide high quality potable water for in-house uses along with highly treated reclaimed water to meet the outdoor irrigation demands of our customers."
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