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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8 - K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 24, 1999
The Newhall Land and Farming Company
( a California Limited Partnership )
(Exact name of registrant as specified in its charter)
California
(State or other jurisdiction of incorporation)
1-7585 95-3931727
(Commission File Number) (IRS Employer Identification No.)
23823 Valencia Blvd., Valencia, CA 91355
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 661-255-4000
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2.
Item 5. OTHER EVENTS
Attached to this report on Form 8-K is a news release issued by the
Partnership on March 24, 1999.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE NEWHALL LAND AND FARMING COMPANY
(a California Limited Partnership)
Registrant
By Newhall Management Limited Partnership,
Managing General Partner
By Newhall Management Corporation,
Managing General Partner
Date: March 31, 1999 By / S / DONALD L. KIMBALL
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Donald L. Kimball, Vice President - Finance
and Controller
Newhall Management Corporation
(Principal Accounting Officer)
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[LETTERHEAD]
THE NEWHALL LAND AND FARMING COMPANY
23823 Valencia Blvd. - Valencia, California 91355 - (805) 255-4000
FOR IMMEDIATE RELEASE Contact: Marlee Lauffer
The Newhall Land and
Farming Company
(805) 255-4247
Fred Mickaelian, Jr.
Mickaelian Associates
(323) 268-1152
LOS ANGELES COUNTY BOARD OF SUPERVISORS
GIVES FINAL APPROVAL ON NEWHALL RANCH PROJECT
WESTRIDGE GOLF COURSE COMMUNITY RECEIVES INITIAL APPROVAL
VALENCIA, California, March 24, 1999 - The Newhall Land and Farming
Company (NYSE, PSE/NHL) announced that yesterday the Los Angeles County Board of
Supervisors approved unanimously the Company's Newhall Ranch Project, which is
located adjacent to Valencia on the remaining 12,000 acres the Company owns in
Los Angeles County. The plan contains 21,600 homes and 1,000 acres of
commercial, industrial and mixed-use development. It also will feature the
dedication of 6,200 acres of high country and river open space, a significant
amenity for the community.
The action constitutes approval of the general plan amendment, zone change,
conditional use permit and vesting tentative parcel map associated with the
Newhall Ranch Specific Plan. The Company plans to begin processing subdivision
maps and applications for permits, which need to be approved before development
can occur. Initial development is expected to begin in 2002.
The Board of Supervisors also gave initial approval to the Company's 1,711
home Westridge Golf Course Community. Final approval is expected this summer.
The 18 hole Tournament Players Club golf course will be a joint venture between
Newhall Land and the PGA TOUR Golf Course Properties. TPC at Valencia is
designed to serve as the sight for an annual PGA TOUR-sanctioned golf
tournament, enhancing the local economy and bringing national recognition to
Valencia.
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Thomas L. Lee, chairman and chief executive officer, said, "Today's action
by the Board of Supervisors concludes a long entitlement process to receive
Specific Plan approval of Newhall Ranch. While there still is work ahead of us
before development commences, approval of Newhall Ranch positions the Company as
the dominant supplier of residential homes in North Los Angeles County."
"In working closely with Los Angeles County and neighbors of Newhall Ranch,
we have designed a balanced, environmentally sensitive community that will
assist in meeting the needs of a growing population over the next three
decades."
Newhall Land is a developer of new towns and master-planned communities.
Its primary activity is the new town of Valencia, California. Newhall Ranch and
Valencia together form one of the nation's most valuable landholdings. They are
located on the Company's 37,000 acres, 30 miles north of downtown Los Angeles.
The Company maintains a web site through the Internet at http://www.
newhall.com.
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