Bolsa Chica Project Receives Favorable Court Ruling.NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif.--(BUSINESS WIRE)--Feb. 21, 1996--In response to Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, media reports and contrary to claims by project opponents, Koll Real Estate Group, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : KREG) announced that it believes the Company received a favorable ruling from the Orange County Superior Court on a lawsuit related to the Company's Bolsa Chica project in Orange County, California Orange County is a county in Southern California, United States. Its county seat is Santa Ana. According to the 2000 Census, its population was 2,846,289, making it the second most populous county in the state of California, and the fifth most populous in the United States. . The court rejected all but one of the arguments in the lawsuit, brought by several groups in an attempt to overturn the County's 1994 approval of the Company's wetlands restoration and 3,300-home community plan. The Company believes that the only adverse aspect of the court's decision was its ruling to require additional public review and comment regarding the tidal inlet portion of the wetlands restoration plan. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Lucy Dunn, senior vice president of Koll Real Estate Group, the court's decision is not expected to result in a substantial delay in the development of the Bolsa Chica project, however, the Company cannot be certain of the precise impact of the court's ruling until the final court order is drafted and accepted. The Company is considering its legal options in response to the court's decision. However, Dunn said: "We are pleased that the court rejected all of the substantive arguments by the project opponents. Furthermore, the court did not comment on whether a tidal inlet should or should not be included in the project; it simply ruled that more public review and comment will be required. The court decision relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the tidal inlet amounts to an issue of process, not of substance." The recent court decision relates to one of two existing lawsuits that have been brought against the County of Orange and Koll Real Estate Group. The Company expects to announce an agreement in principle with two Huntington Beach Huntington Beach, city (1990 pop. 181,519), Orange co., S Calif., on the Pacific coast, across from Santa Catalina Island, in an oil-producing area; inc. 1909. It manufactures aerospace vehicles, aircraft parts, optical instruments, and heat transfer equipment. school districts on the only remaining lawsuit related to the County of Orange's approval of the Bolsa Chica project. Ultimate finalization of a settlement agreement with the two districts is expected to result in dismissal of that lawsuit. Koll Real Estate Group provides residential and commercial real estate development services on a national and international basis. The Company holds a large residential land inventory in Southern California. CONTACT: Koll Real Estate Group, Inc. Lucy Dunn, 714/379-6488 Raymond J. Pacini, 714/830-3030 x291 |
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