Tejon Mountain Village Unanimously Approved

Monday, October 05, 2009

FOR IMMEDIATE RELEASE

Kern County Board of Supervisors Unanimously Approve Tejon Mountain Village

Bakersfield, Calif. (October 5, 2009) – The Kern County Board of Supervisors has unanimously voted to approve development of Tejon Mountain Village, a remarkable mountain resort community planned for the westernmost high country of Tejon Ranch. The new community is being developed by Tejon Mountain Village LLC, a joint venture of Tejon Ranch Company (NYSE: TRC) and DMB Associates.

“We are pleased the Kern County Board of Supervisors has decided to support Tejon Mountain Village and the new jobs, enhanced public services and expanded tourism economy it will bring,” said Robert A. Stine, President and CEO of Tejon Ranch Company.

Tejon Mountain Village is located approximately 40 miles south of Bakersfield and 60 miles north of Los Angeles.

“A high-quality mountain resort community located just a short drive from both Bakersfield and the large and affluent Los Angeles market will be a natural draw for people who want to live in a beautiful natural setting, or for those who will use the community”s exceptional resort facilities for a relaxing respite from the hustle and bustle of urban life,” Stine added.

The Supervisors were effusive in their praise for the community, noting its environmental sensitivity, the care and planning that went into its design, and the role Tejon Mountain Village will play as a prestigious new gateway to Kern County.

“Tejon Mountain Village reflects the highest standards and should serve as a model for the rest of the state when it comes to development,” said Supervisor Michael Rubio.

Community Details Tejon Mountain Village is planned on 26,417 acres in the Tehachapi Mountains. The plan will preserve 80 percent of the land as open space; an area roughly one-third the size of Bakersfield. The developed portion of the community will consist of:

• Resort and recreational facilities, including up to 750 hotel rooms, golf and equestrian opportunities and about 75 miles of hiking, biking and equestrian trails;

• Up to 3,450 new homes (ranging from resort condominiums to multi-acre custom lots); and

• 160,000 square feet of publicly accessible commercial space.

 

The community is expected to generate an estimated 3,100 new jobs, including 1,600 construction jobs during the expected 15- to 20-year build-out process and 1,500 permanent positions. The community will also provide funding for public services such as fire stations and equipment, Sheriff facilities, libraries and schools as well as provide improvements to local interchanges along Interstate 5.

The homes in Tejon Mountain Village will also help fund the Tejon Ranch Conservancy, an independent body established to guide the stewardship of up to 90 percent of the Ranch (240,000 acres) that will be conserved as open space.

Next Steps With today’s approval by the Board of Supervisors, Tejon Mountain Village will begin the process of obtaining a number of discretionary permits and approvals from regional, state and federal agencies, and will begin the detailed engineering work necessary for construction to begin.

About Tejon Mountain Village

As a part of the Tejon Ranch Vision of conservation, continued ranching, and limited development, Tejon Ranch and DMB Associates are carefully planning the development of Tejon Mountain Village. With approximately 80 percent of its land preserved as natural open space, Tejon Mountain Village will be a remarkable, environmentally sensitive mountain resort community. www.TejonMountainVillage.com.

About DMB Associates

DMB Associates is Tejon Ranch’s partner in Tejon Mountain Village. DMB is one of the most respected real estate companies in the West, known for creating sustainable communities that thoughtfully and responsibly address the environment. DMB”s business practices are predicated on creating truly great places and on forging lasting, mutually beneficial partnerships with stakeholders, municipalities, landowners and communities. More information about DMB Associates can be found online at www.dmbinc.com.

About Tejon Ranch

Tejon Ranch Co. is listed on the New York Stock Exchange under the symbol TRC. Tejon Ranch 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 www.tejonranch.com. # # #

Contact: Barry Zoeller, Vice President Director of Corporate Communications Tejon Ranch Company (661) 663-4212 bzoeller@tejonranch.com