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): September 9, 1998
Stratus Properties Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-19989 72-1211572
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation or Number)
organization)
98 San Jacinto Blvd., Suite 220
Austin, Texas 78701
(address of principal executive offices)
Registrant's telephone number, including area code: (512)478-5788
Item 5. Other Events.
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The following news release was made by Stratus Properties Inc. on
September 9,1998:
AUSTIN, TEXAS, September 9, 1998 - Stratus Properties Inc. (NASDAQ:
STRS) announced today that the Hays County District Court has ruled that
the Water Quality Protection Zone (WQPZ) enabling legislation is
constitutional. In addition, the court confirmed the validity of a WQPZ
which includes approximately 550 acres of STRS' Circle C development
properties. The WQPZ legislation provides for development of defined
areas outside of municipalities if the development conforms to state-
approved water quality standards. The WQPZ legislation prohibits
adjoining municipalities, such as the City of Austin, from enforcing
inconsistent land use or development ordinances and from annexing any
portion of a WQPZ prior to certain events. It is anticipated that the
City of Austin will appeal the Hays County decision. The primary issue
in the anticipated appeal, the constitutionality of the WQPZ enabling
legislation, is already currently pending before the Texas Supreme Court
on appeal from a recent Travis County District Court ruling, which held
that the WQPZ enabling legislation is unconstitutional.
STRS is a diversified real estate company currently engaged in the
development and marketing of real estate in the Austin, Dallas, Houston
and San Antonio, Texas areas.
SIGNATURE
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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, thereunto duly authorized.
Stratus Properties Inc.
By: /s/ C. Donald Whitmire
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C. Donald Whitmire
Vice President-Controller
(authorized signatory and
Principal Accounting Officer)
Date: September 10, 1998
