|
To further diversity our business and investment portfolio, EDA determined that land development in the Tucson area is a solid investment strategy based upon the increasing population, limited developable land and the high demand for housing in the region. Therefore, EDA participated in a land auction of approximately 100 acres by the University of Arizona held on February 28, 2006. As the successful bidder, EDA closed on the land purchase on May 30, 2006.
|
Our plan for this land, which is located southwest of Tucson, Arizona, is to form a joint venture with a local land developer to make enhancements through rezoning, engineering, entitlements and platting of the land with the objective of selling the engineered and platted lots to a home builder for residential homes construction in the future. On July 20, 2006 EDA and our business partner signed and executed documents for the formation of a company called San Joaquin Land Investment, LLC.
|
