July 9, 2008
Sacramento County Policy Planning Commission Recommends Approval of GenCorp’s Glenborough at Easton and Easton Place Project
SACRAMENTO, Calif., July 9 /PRNewswire-FirstCall/ -- GenCorp Inc. 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.
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/.
CONTACT: Linda Cutler, vice president, corporate communications, +1-916-351-8650; or Investors: Yasmin Seyal, senior vice president and chieffinancial officer, +1-916-351-8585, both of GenCorp Inc.
Web site: http://www.gencorp.com/